Jubilant Agri and Consumer Products Limited

Basic Materials — Specialty Chemicals · NSE

₹1,858.10−₹16.90 (−0.90%)

DalalBaazaar Score

72 / 100

🟢 Good

Verdict

REASONABLE

Risk

Low

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Jubilant Agri and Consumer Products Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Jubilant Agri and Consumer Products Limited manufactures and sells performance polymers, chemicals, and agri products in India and internationally. It operates through Performance Polymers & Chemicals, P&K Fertilizers, and Agri Nutrients segments.

IndustrySpecialty Chemicals

SectorBasic Materials

Employees1,579

Annual revenue₹1,887 Cr

How does it make money?

Turns over ₹1,887 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹11 left at the operating level before interest, tax and depreciation. Each of its 1,579 employees supports ₹1.19 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin10.8%

Net margin6.8%

Revenue / employee₹1.19 Cr

Who are its competitors?

The closest listed comparisons in its industry are ASIAN PAINTS LIMITED, PIDILITE INDUSTRIES LTD, SRF LTD, UPL LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

ASIAN PAINTS LIMITEDP/E 46.9x · ROE 22.3%

PIDILITE INDUSTRIES LTDP/E 57.8x · ROE 24.4%

SRF LTDP/E 33.8x · ROE 15.4%

UPL LIMITEDP/E 21.5x · ROE 6.1%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 34.9%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 27.8% against a peer median of 22.3% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE34.9%

ROE27.8%

Peer median ROE22.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 2 years revenue moved +51% while net margin moved +185% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+51%

Margin effect+185%

DalalBaazaar Score

72/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

80/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

75/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

21.8x

2Y Median

39.2x

22 monthly readings · mean 46.2x · range 22.3x–114.7x

Sector Median

40.4x

median of 4 sector peers

🟢Current valuation is approximately 45% below its 2y median of 39.2x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 46% below the peer median of 40.4x.

vs. its own history

Cheap

39.2x median over 22 months · -45%

vs. sector peers

Cheap

40.4x median of 4 peers · -46%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

21.8x

P/B

6.12x

EV/EBITDA

14.0x

PEG

0.20

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well7

Margins are improving
EBITDA margin is up from 8.6% to 10.8% over 2 years.
Debt is being paid down
Total debt is down 68% over 2 years.
Return on equity is rising
ROE has improved from 12.6% to 27.8%.
Return on capital is rising
ROCE has improved from 20.2% to 34.9%.
High return on capital employed
ROCE of 34.9% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 21.8x the stock trades 45% below its own median of 39.2x.
Very low debt
Debt/Equity of 0.11x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 34.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 8.6% to 10.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 68% over 2 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 45% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 46% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 22.8% CAGR
Latest reported year was 18.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 9%✓ 10.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹35 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 32%✓ 34.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹2,815 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.8x

Fair

Fairly valued against the generic band

P/B Ratio

6.12x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹85.41

Profitable

Profitable on a per-share basis

ROE

27.8%

Strong

Strong capital efficiency

ROCE

34.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.11x

Low

Conservative leverage

Revenue Growth (YoY)

18.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

4.2%

Modest

Slow profit growth

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹35 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹1,858.1

Operating Margin

12.0%

Average

Average margins

Net Margin

6.6%

Average

Average bottom-line conversion

Current Ratio

1.63

Comfortable

Healthy short-term liquidity

52W Range Position

31%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

2019.0 / 2094.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

11.2

Oversold zone

Financial Trend (3-Year)

Metric	FY24	FY25	FY26	2Y CAGR
Revenue	₹1,251 Cr	₹1,556 Cr	₹1,887 Cr	+22.8%
EBITDA	₹108 Cr	₹148 Cr	₹204 Cr	+37.5%
EBITDA Margin	8.6%	9.5%	10.8%	—
PAT (Net Profit)	₹30 Cr	₹88 Cr	₹128 Cr	+107.4%
EPS	₹19.72	₹57.17	₹83.31	+105.5%
ROE	12.6%	27.0%	27.8%	—
ROCE	20.2%	35.0%	34.9%	—
Total Debt	₹162 Cr	₹77 Cr	₹51 Cr	-43.8%
Free Cash Flow	₹56 Cr	₹94 Cr	₹35 Cr	-20.5%

🟢 Revenue has grown at 22.8% a year over 2 years.

🟢 EBITDA has grown at 37.5% a year over 2 years.

🟢 EBITDA Margin has risen from 8.6% to 10.8% over 2 years (+2.2 pts).

🟢 PAT (Net Profit) has grown at 107.4% a year over 2 years.

🟢 EPS has grown at 105.5% a year over 2 years.

🟢 ROE has risen from 12.6% to 27.8% over 2 years (+15.2 pts).

🟢 ROCE has risen from 20.2% to 34.9% over 2 years (+14.6 pts).

🟢 Total Debt has shrunk at 43.8% a year over 2 years.

🔴 Free Cash Flow has shrunk at 20.5% a year over 2 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹935 Cr

Total Liabilities

₹476 Cr

Total Debt

₹51 Cr

Cash & Equivalents

₹6 Cr

Operating Cash Flow

₹75 Cr

Capex

-₹40 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

76.8%

Peer Comparison

Company	P/E	ROE
ASIAN PAINTS LIMITED	46.9x	22.3%
PIDILITE INDUSTRIES LTD	57.8x	24.4%
SRF LTD	33.8x	15.4%
UPL LIMITED	21.5x	6.1%

Recent News

3 positive2 mixed1 general

Jubilant Agri And Consumer Products Ltd. Peer Comparison – Compare with Others

Value Research, 27 Aug

Jubilant Agri Q4 Profit Jumps 24% to ₹19.9 Crore as Revenue Hits ₹480 Crore

Sahi, 26 MayResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Jubilant Agri & Consumer Products Q1 FY27: Revenue Up 18%, EBITDA Margin at 13.03%

scanx.trade, 11 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Jubilant Agri and Consumer Products Q1 FY27 Results: Revenue Rs 523 Cr, PAT Rs 46 Cr and Key Highlights

Univest, 12 AugResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Jubilant Agri & Consumer Products consolidated net profit rises 4.49% in the June 2026 quarter

Business Standard, 12 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Additional Considerations Required While Assessing Jubilant Agri and Consumer Products' (NSE:JUBLCPL) Strong Earnings

Simply Wall Street, 03 JunResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate12.4/20

🟢Financial HealthStrong17.6/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong11.8/15

🟡ValuationFair9.1/15

🔴RiskHigh2.3/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 17% a year22.8% CAGR
✓EBITDA margin holds above 9%10.8%
✓Free cash flow remains positive₹35 Cr
✓Debt / EBITDA stays below 2x0.3x
✓ROCE stays above 32%34.9%