Jubilant Ingrevia Ltd. · NSE:JUBLINGREA
Jubilant Ingrevia — Investor Day (February 2025)
64 slides from Jubilant Ingrevia's investor day presentation, Feb 28, 2025
Slide 1: Exchange filing cover letter for investor and analyst meet
February 28, 2025 BSE Limited National Stock Exchange of India Limited Floor 25, P.J. Tower Exchange Plaza Dalal Street, Fort Bandra Kurla Complex, Mumbai - 400 001 Bandra (E) Mumbai - 400 051 Scrip Code: 543271 Trading Symbol: JUBLINGREA Sub.: Presentation for Investor and Analyst Meet Ref: Regulat
Slide 2: Investor & Analyst Meet 2025
Investor & Analyst Meet 2025 2 8 t h Fe b r u a r y 2 0 2 5 1
Slide 3: Company Overview
Company Overview Hari S Bhartia Co-Chairman and Whole Time Director 2
Slide 4: Forward-looking statements disclaimer
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product
Slide 5: Company Overview
Company Overview Deepak Jain CEO & MD 4
Slide 6: Agenda
• Company Overview • Pinnacle 345 Growth Roadmap • BU wise Growth Plans and Progress • Financial Plan and Discipline • Investment Thesis 5
Slide 7: Strong presence in diverse sectors
Strong presence in diverse sectors • Pharmaceuticals • Contract Research & Development Services • Life Science Ingredients • Therapeutics • Performance Polymers • Auto Dealerships • Food Service (QSR) • Oil and Gas services Global presence through investments • India • Europe • Africa • USA • Singap
Slide 8: Key Rationale for Demerger
INGRE + VIE Ingredients for Life* *in French Key Rationale for Demerger Unlock shareholder Create separate & Capture attractive value focused entities growth opportunities 7
Slide 9: Transformation into Forward Speciality Leader
Transformation into Forward Speciality Leader Expansion & Integration 2023 onwards Origin Diversification 2011 - 2023 1978 – 1990 1978 – 1990 • Expansion of Pyridine • Started as VAM • Forward integration into • Foray into Pyridine derivatives Organics Pyridine derivatives Chemistry • Foray into Dik
Slide 10: Speciality Chemicals, Nutrition, Chemical Intermediates
1 2 3 Speciality Nutrition Chemical Chemicals & Health Solutions Intermediates • CDMO • Fine Chemicals • Animal Nutrition and Health Solutions • Acetic Anhydride • Acetaldehyde • Pyridine and Picolines • Human Nutrition Solutions • Ethyl Acetate • Bio Acetic Acid Globally #1 Globally #2 Globally #2
Slide 11: Business, Application and Geography wise Split
Business wise Split Application wise Split Geography wise Split 9M FY25 9M FY25 9M FY25 Consumer 4% ROW Nutrition North 9% & Health Agro America Solutions 20% Pharma 9% 18% Speciality 32% India Chemicals 53% 43% Europe & Japan Chemical Industrial 29% Intermediates 22% 40% Nutrition 22% Speciality Ch
Slide 12: Manufacturing facilities and operational capabilities
Gajraula Bharuch Nira Savli Ambernath Uttar Pradesh, India Gujarat, India Maharashtra, India Gujarat, India Maharashtra, India Integrated facility for CDMO & Fine Chemicals Chemical Intermediates Animal Nutrition Microbial Control Speciality Chemicals & with Agro-Actives and Facility & Health Soluti
Slide 13: R&D Centers
R&D Center G. Noida UP, India Pilot Plant at Gajraula UP, India 3 150 26 R&D Centers Scientists PhDs 12
Slide 14: Leadership team
SS Bhartia HS Bhartia Deepak Jain Chairman Co-Chairman & Whole CEO & MD Time Director 20 yrs exp Business Leaders Function Leaders Speciality Chemicals Nutrition & Health Chemical Intermediates Ambrish Dixit Ashish Kr. Sinha Himanshu Dhapola Varun Gupta Vijay Kumar Srivastava Head of Speciality Busi
Slide 15: Certifications and Recognitions
Our Certifications Global and Domestic Recognitions Rasayan Udyog Ratna Award for contribution in Chemistry by Indian Chemical Society USFDA audit completed with Zero 483 observations in EIR1 report at Bharuch facility ASQ-South Asia “Company of the Year” award from FICCI team excellence Award 14 No
Slide 16: Bio-based content and greening plans
High bio-RM share in key building blocks Maximizing renewable energy consumption helping customers lower Scope 3 emissions by 2025 35% Greening plans across Ingrevia sites leveraging 81% 65% Solar and Wind energy by FY’26 Bio Content Bio Content Bio Pyridine Bio Picoline USD 6Mn+ Investment in putti
Slide 17: Pinnacle 3.4.5 Growth Roadmap
Pinnacle 3.4.5 Growth Roadmap 16
Slide 18: Purpose, Vision, Pillars and Values
PURPOSE VISION Enable a Sustainable World through Chemistry Leading provider of innovative solutions in our core chemistries globally World-class, Customer Innovation & People Safe Operations ESG Leader CAPABILITIES/ Centricity Technology Focused CORE PILLARS Inspire Challenge Innovate Excel Collabo
Slide 19: Pinnacle 3.4.5 growth path
We set out on an ambitious growth path — Pinnacle 345 —jusuanr INGREVIA 3 times “2H by ives it 5 voar atl REVENUE EBITDA HORIZON
Slide 20: Pinnacle 3.4.5 targets for FY30
PINNACLE3.4.5 PINNACLE 3.4.5 TTM DEC’24 (A) FY30 Revenue ~12K* (INR Crore) ~4.2K (~25% CAGR) EBITDA ~500 ~2K (INR Crore) (~12%) (17-18%) ROCE 12% 17-20% (%) *Including Inorganic growth 19
Slide 21: Today vs Tomorrow
Today Today Tomorrow Tomorrow Portfolio High dependence on commoditized chemicals Higher focus on Speciality chemicals (downstream value-added products, CDMO) Mindset Primarily product / manufacturing first mindset “Customer-centric” approach R&D focus Focus on incremental innovation of existing pro
Slide 22: Growth Pillars
PINNACLE3.4.5 PINNACLE 3.4.5 G R O W T H P I L L A R S New Growth Areas A Speciality Chemicals B Nutrition & Health solutions C Chemical Intermediates Pyridine & Picoline Retain Global leadership (#1 position, cost leadership) Animal Nutrition Acetic Anhydride Scale up Oilfield chemicals Feed Vit B3
Slide 23: BU, Region and Sector wise revenue mix
BU wise Revenue mix: Region wise Revenue mix Sector wise Revenue mix Spec Chem & Nutrition ~80% of Americas and EU to become Increasing share of Consumer revenue by FY30 much bigger (new areas) and Agro 100% Consumer Consumer ROW ROW ROW Consumer 90% Acetyls (CI) America America Industrial Industria
Slide 24: Agro, Pharma, Nutrition and Cosmetics markets
AGRO PHARMA Agro Intermediates Market Global Pharma Intermediate Market $B $B 6.7% 5.0% 5.9 47 4.2 4.0 35 37 2023 2024 Column3 2030 2024 2025 Column3 2030 NUTRITION COSMETICS Food Ingredients Market Global Chemicals Market $B $B ~5.5% 4.9% 466 32 351 368 24 25 2024 2025 Column3 2030 2024 2025 Column
Slide 25: Key milestones and achievements
WEF Lighthouse award at Davos Commissioning of Cosmetic Grade 120 Cr+ of Lean/Surge/BE Europe/US/ Japan Turnaround in CDMO contract with Niacinamide plant initiatives roadshows - 100+ Speciality and Agro Innovator#2 Received Rasayan customers Nutrition with ($300M+) Udyog Ratna Award DIKETENE Deriva
Slide 26: Progress on strategic priorities
• Significant YoY volume growth: Pyridine & Picoline, Niacinamide, Choline Core product platform growth • Retained/Grew Market share across core products Increasing share of • 60% revenue share (LY: 53%) Speciality & Nutrition • ~80% EBITDA share (LY: 60%) • US: 9% Revenue share (vs 5% LY, ~70% YoY
Slide 27: Quarterly revenue and EBITDA margin
5.0% FY23 FY24 FY25 180 160 158 0.0% 151 160 148 Highest 135 ever 5.0% 140 125 126 EBITDA 119 Margin in 0.0% 111 120last 11 104 101 quarters 13.0% 13.6% 12.9% 14.0% 5.0% 12.3% 12.4% 100 11.6% 10.8% 11.6% 9.7% 9.4% 0.0% 80 5.0% 60 0.0% 40 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25
Slide 28: Segment revenue and EBITDA, 9M FY25
Speciality Chemicals Nutrition & Health Solutions Chemical Intermediates EBITDA (Rs Cr.) EBITDA (Rs Cr.) EBITDA (Rs Cr.) Y.o.Y Growth 62% Y.o.Y Growth 37% Y.o.Y De-Growth -39% 293 159 72 181 53 97 16% 22% 10% 13% 11% 8% 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 Revenue 1,110 1,331 +20% Revenue
Slide 29: Geography wise split
Geography wise Split Geography wise Split 9M FY24 9M FY25 RoW RoW North America North America Europe India Europe India US (70% growth) and EU (30% growth) led by increased NHI, P&P and FC shipments 28
Slide 30: BU-wise Growth Plans and Progress
BU-wise Growth Plans and Progress 29
Slide 31: Speciality Chemicals
Speciality Chemicals Ambrish Dixit Head of Speciality Chemicals 30
Slide 32: Pyridine & Picoline, Fine Chemicals, CDMO
A Geographical Revenue Split Diverse Industry End-Use Split Pyridine & Picoline (P&P) (9M FY25) (9M FY25) 7% Globally #1 in Bio-Pyridine, Bio-Beta Picoline 9% Globally biggest producer of Bio-Pyridine & Picolines; only 13% 38% 47% scaled non-Chinese player globally 53% 33% B Fine Chemicals Domestic
Slide 33: Speciality Chemicals growth drivers
Revenue: ~6Kcr Growth Drivers EBITDA Margin: ~25% CDMO and Fine Chemicals driving major growth 3x+ CAPEX for future pipeline Revenue: ~1800+ Crs Revenue: ~1600 Crs EBITDA Margin: ~20% EBITDA Margin: ~15% New growth areas- Semiconductor and Cosmetics Inorganic Growth Opportunities FY24 TTM Dec'24 FY3
Slide 34: Pyridine and Picoline volume growth and drivers
A Pyridine Volume Growth Growth Drivers & Trends 150% Captured 75% share in Vertellus opportunity accounts Maintained market share at 25%+ and acquired new 9M FY24 9M FY25 customers for Beta Picoline Beta-Picoline Volume Growth ~10% Oilfield chemicals to drive future revenue growth Focus on cost red
Slide 35: Fine Chemicals expected to grow >2x by FY30
B Pyridine- Derivatives Volume Growth Diketene Derivatives Revenue Growth ~45% ~15% 9M FY24 9M FY25 9M FY24 9M FY25 6 portfolio products; 4 more to be launched in FY26 #1 in 36 Pyridine- derivatives products globally Existing plants capacity already running at 70%+ ~55% MS in top products across Pyr
Slide 36: Cosmetics: attractive market and capabilities
B Existing Product Customer Portfolio, Attractive Relationships and Chemistry Capabilities Attractive Market Market Access & Differentiation » Attractive market: $24B » Single-use additives: Anti- » Existing ties with both end- » Strong expertise in market (CAGR 5%); High Dandruff (Piroctone Olamine
Slide 37: CDMO Agro, Pharma, Semicon
C CDMO CDMO AGRO CDMO PHARMA CDMO SEMICON Focused growth on each vertical with dedicated team being set up for Pre-sales, BD and R&D/Tech 36
Slide 38: CDMO progress by vertical
C CDMO AGRO CDMO PHARMA CDMO SEMICON 2 commercial order being Accelerated BD efforts 8 CDMO molecules under served; 2 new orders with hiring in discussion, commercial announced in last quarter Japan/US/Europe revenues starting FY26 are on track albeit in small quantities 3-4 more molecules in 9 mole
Slide 39: CDMO revenue growth and drivers
C Revenue Growth Growth Drivers Multi-year contracts with Top Clear visibility on 70% Agro Innovators value for FY27 based 2x (2 confirmed + advance discussions in on existing orders progress for 3-4 more) Focused BD efforts across geographies on CDMO Pharma (9 molecules under development) 5x Growth
Slide 40: Nutrition & Health Solutions
Nutrition & Health Solutions Ashish Kr. Sinha Business Head - ANHS 39
Slide 41: Animal and Human Nutrition
Geographical Revenue Segment Split Split (9M FY25) (9M FY25) A Animal Nutrition 26% 31% Globally #2 globally in Vitamin B3 Domestic leader in Vitamin B4 74% 69% Pre-mixes portfolio in India and neighboring markets; 18+ Domestic Exports Animal Nutrition products Human Nutrition 450+ Customers Base B
Slide 42: Nutrition growth drivers
Revenue: 2Kcr+ EBITDA Margin: 18-20%+ Growth Drivers New cosmetic grade B3 plant to drive growth 3x Doubling down on human nutrition through Speciality Revenue: ~750 Crs Revenue: ~650 Crs EBITDA Margin: ~12% premix and CC/CBT EBITDA Margin: ~8% New products across vitamins and minerals FY24 TTM Dec'
Slide 43: Revenue split base vs speciality
Revenue Split (Base vs Speciality*) Growth Drivers & Trends Doubling down on Human Nutrition through Speciality Premix in 33% 36% Human Nutrition; Dedicated Human Nutrition team 67% Push on CC/CBT; CAPEX to be taken up soon 67% 64% New Niacinamide plant commissioned for cosmetic grade; 33% already s
Slide 44: Chemical Intermediates
Chemical Intermediates Himanshu Dhapola Business Head Chemical Intermediates 43
Slide 45: Acetic Anhydride and other products
Geographical Revenue Diverse Industry End-Use Split A Split (9M FY25) (9M FY25) Acetic Anhydride: Among top 2 producers in the world in 6% 1% Merchant Market 29% 15% 40% 71% 38% B Industrial Pharma Domestic Exports Agro Nutrition Among the top players of Ethyl Acetate in Domestic market Consumer 19
Slide 46: Chemical Intermediates growth drivers
Revenue: 2.5Kcr+ EBITDA Margin: 10-12% Growth Drivers 1.5x Retain/Grow Market Share across Revenue: ~1800 Crs products in India; Grow AA share in Revenue: ~1700+ Crs EBITDA Margin: ~9% Europe EBITDA Margin: ~8% Push across new geographies such as US, South Korea, SEA, Latin America Increase in price
Slide 47: Market share in India and Europe
Domestic Market Share Europe Market Share 73% 74% 16% 16% FY24 FY25 (P) FY24 FY25 (P) MKT MKT 146 123 205 214 (KT) (KT) Retained MS in India despite market slump due Navigated the red sea crisis to maintain the MS in to paracetamol and acephate demand Europe Recovery expected in next 1-2 quarters, b
Slide 48: Ethyl Acetate, Propionic Anhydride, Acetaldehyde volumes
Ethyl Acetate Volumes Propionic Anhydride Volumes Acetaldehyde Volumes ~15% ~30% ~180% 9M FY24 9M FY25 9M FY24 9M FY25 9M FY24 9M FY25 Continue to push on higher volumes to navigate tough market conditions and focus on cost reduction initiatives to improve margins 47
Slide 49: Building Blocks
Focus areas for today 6 1 Improved productivity metrics 30+ Key Account Mapped High retention ratio; diversity hiring Customer-first 120+ senior leadership meetings People / Org approach (Key Account Mgmt) 5 2 120+ Crs. Savings through Lean Program World-class Ops Agile, Lean, Efficient, and Digitiz
Slide 50: Key Account Management highlights
Key Highlights KAM Philosophy 30+ Key Accounts, program institutionalized with the Customer Full Potential View : Understand Goal of Increasing Customer Centricity & Engagement customer key requirements, offer customized solutions Over 120+ senior leadership meetings with customers Building a Global
Slide 51: Operations
Operations Vijay Kumar Srivastava Chief Operating Officer & Whole Time Director 50
Slide 52: Cost optimization savings
All values in INR Crs. Key Initiatives ~120 Lean and Surge initiatives: Energy, Norms, Efficiency. Productivity improvement across sites Agile Supply Chain, Overhead reductions Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Total Savings Aspiration to continue optimize costs by 100 Crs+ every year 51
Slide 53: Operational initiatives
Initiatives Lean Man Energy Effluent Norms Digital power ~17% cost ~13% cost 1% - RM 20% 30 High reduction - reduction - norms productivity impact overall energy effluent enhancement initiatives cost (vs FY24) treatment of employees delivered: cost Surge program 52
Slide 54: ESG Vision
ESG Vision ENVIRONMENT SOCIAL GOVERNANCE 6% reduction in Scope 1 & 2 ~1 million lives impacted via CSR Fully Compliant Annual Sustainability Report 49,000 tCO2e GHG emission 90,000+ health consultations, released in Q4 FY25. reduction provided to communities ESG Rating Agencies: 19% re
Slide 55: Project Apollo safety program
Launched Project Apollo with zero tolerance mindset towards incidents or injuries arising from unsafe workplaces or processes Process Safety Management Program Permit to Work System Key Projects In-house Digitization: Incident management (IRIS) for Lag Indicators and Sanchetna for Lead indicators Vi
Slide 56: Digital interventions across sites and plants
Capabilities Talent Ways of working Tools & Tech Data Digital CoE Setup Digital Innovation Culture 100% cloud adoption DPM, Insights/ Dashboards 26+ FTEs Pipeline of 300+ ideas Digital Councils @ Sites 60+ members 5i methodology adopted Sales productivity app; ANHS customer app Process mapping: SOP
Slide 57: Financial Plan and Discipline
Financial Plan and Discipline Varun Gupta Chief Financial Officer 56
Slide 58: Increasing ROCE and key drivers
Increasing ROCE Key Drivers 17-20% Shift in portfolio mix with Speciality and Nutrition driving the growth 12.2% Focus on cost savings- 100+Crs savings each year 8.4% Disciplined investment- Only investing in assets which meet our ROCE criteria Dec-23 Dec-24 FY 30 57
Slide 59: Cash conversion and Net Debt/EBITDA
Cash Conversion to EBITDA % Net Debt/ EBITDA Ratio 102% 100%+ 93% 1.5 1.5 1-1.3 FY 23 FY 25 (P) FY 30 FY 24 FY 25(P) FY 30 KEY HIGHLIGHTS • Cash Conversion expected to remain at around 100% range going • Debt/EBITDA ratio remains healthy at 1.5x and is forward projected to stay within the range of 1
Slide 60: Investments made and needed
Investments already made Investments needed for the future Acetic Anhydride Plant MPPs in Gajraula to drive our FC Business (Diketene, Pyridine, Cosmetics) Diketene Plant (2 Phases) GMP Plant Agro and Pharma MPP in Bharuch to drive our Niacinamide Cosmetic Grade CDMO business; Dedicated
Slide 61: Robust internal controls and process automation
Establish and Maintain Robust Strategic Initiative to Automate 40% Internal Controls and Drive to 100% of Our Financial Processes Sustainable Growth within the Next 6 months to 1 Year End to End Automation through BOT (Procure to Pay) Automated Data Analytics Automated consolidation and Project Mana
Slide 62: FY30 financial targets
3x Revenue reaching topline of 10K-12K Crs in FY30 4x EBITDA reaching 2K Crs in FY30 Increase ROCE TO 20%+, focusing on portfolio mix, cost savings, and disciplined investments Debt EBITDA ratio in the range of 1-1.3 61
Slide 63: Investment Thesis
Attractive end-user segments (Pharma, Agro, Nutrition, Cosmetics) 1 High growth, high margin; increased outsourcing to India Rapid growth, high margins in next 5 years: 2 Growth driven by CDMO, Fine Chem and Speciality Nutrition segments; 20%+ EBITDA margins Increased focus towards high value Specia
Slide 64: Thanks! We are open to questions
Thanks! We are open to questions 63