How has been the historical performance of Jubilant Ingrev.?

Revenue and Profit Trends

Since reporting negligible sales in the fiscal year ending March 2020, Jubilant Ingrev. has seen a rapid expansion in net sales, reaching over ₹4,177 crores by March 2025. The company’s total operating income closely mirrors this growth, reflecting a steady business expansion. However, the peak revenue was recorded in March 2022 at nearly ₹4,950 crores, followed by a slight decline in subsequent years.

Operating profit (PBDIT) excluding other income peaked at ₹831.83 crores in March 2022, before moderating to ₹519.08 crores in March 2025. Despite this, the operating profit margin has remained relatively stable, with a margin of 12.59% in the latest fiscal year, indicating efficient cost management amid fluctuating sales.

Profit after tax (PAT) has followed a similar pattern, rising sharply from ₹54.36 crores in March 2021 to a high of ₹476.76 crores in March 2022, before settling at ₹251.19 crores in March 2025. The PAT margin, while lower than its peak of 9.7% in 2022, still stands at a respectable 6.09%, underscoring sustained profitability.

Cost Structure and Margins

The company’s raw material costs have consistently accounted for roughly half of total operating income, with ₹2,050 crores spent in the latest fiscal year. Power costs and employee expenses have also increased steadily, reflecting operational scaling. Other expenses have risen from ₹96.33 crores in 2021 to ₹669.67 crores in 2025, indicating expanded operational activities.

Despite rising costs, Jubilant Ingrev. has maintained a gross profit margin above 12% in recent years, a commendable feat given the volatility in input prices. The operating profit margin, while lower than the peak years, remains above 10%, signalling effective operational control.

Balance Sheet and Financial Position

Jubilant Ingrev.’s total assets have grown from ₹3,366 crores in 2021 to over ₹5,015 crores in 2025, driven by investments in fixed assets and capital work in progress. The net block of assets increased significantly, reflecting ongoing capacity expansion and capital expenditure.

Shareholders’ funds have strengthened from ₹1,922 crores in 2021 to ₹2,927 crores in 2025, supported by rising reserves. The book value per share has appreciated from ₹120.73 to ₹185.11 over the same period, indicating enhanced net worth per share.

On the liabilities side, total debt has fluctuated, peaking at ₹756 crores in 2025 after a low of ₹228 crores in 2022. The company’s long-term borrowings have increased, while short-term borrowings have also risen, suggesting a strategic use of leverage to fund growth initiatives.

Cash Flow and Liquidity

Cash flow from operating activities has shown a positive trend, increasing from ₹112 crores in 2021 to ₹508 crores in 2025. This reflects improved operational cash generation capacity. However, cash flow from investing activities has been consistently negative, indicating ongoing capital expenditure and investment in growth.

Financing activities have varied, with a net outflow of ₹128 crores in 2025 after a positive inflow in previous years. The company’s closing cash and cash equivalents stood at ₹69 crores in March 2025, slightly down from ₹78 crores the previous year, but still maintaining adequate liquidity.

Summary of Historical Performance

Overall, Jubilant Ingrev. has exhibited robust growth since its early years, with a strong ramp-up in sales and profitability. The company’s margins have moderated from peak levels but remain healthy, supported by effective cost management. Its balance sheet shows a solid foundation with growing net worth and manageable debt levels. Cash flow trends indicate sustained operational strength alongside strategic investments for future expansion.

Investors should note the company’s ability to maintain profitability amid fluctuating revenues and rising costs, as well as its commitment to capital expenditure to support long-term growth. The historical data suggests Jubilant Ingrev. is on a steady path of financial consolidation and expansion within its sector.

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