JUBLINGREA - Jubilant Ingrevia Limited Share Price

Question 1: "On the Nutrition segment, firstly, on the choline chloride, I'm trying to understand that after EU's anti-dumping duty, what sort of shipments are you currently exporting to Europe versus Q1? And what has so far been the market feedback on this? And also when it comes to the realization, what sort of premium currently are you seeing versus the domestic market?"

Answer: We are seeing strong traction with European customers after the anti-dumping duties were imposed on Chinese players. We've sent a few shipments to Europe in the last quarter, and the pipeline looks healthy. The market is estimated at around 30,000 to 40,000 tons. We're working closely with customers for product qualification and expect a premium over domestic prices.

Question 2: "What is the capacity utilization for niacinamide currently? And given quarter 1 was lean in inventory, what sort of customer offtake have you seen since? Any improvements in realization in October?"

Answer: We've seen a significant increase in niacinamide volumes compared to last quarter, driven by high-value categories like cosmetic and food grades. We're aiming to increase utilization by 25-30% shortly. Realization did dip last quarter but is showing signs of recovery, and we expect further improvements ahead as we ramp up production.

Question 3: "You're planning to break ground for the Gajraula plant in late 2026. Does this contribute to the INR1,200 crore peak revenue figure you mentioned?"

Answer: Yes, the new plant in Gajraula will serve products that contribute to the INR1,200 crore peak revenue. We plan to ramp up volumes starting in 2027, supported by our existing multipurpose plants for the interim needs in 2026.

Question 4: "Is the INR2,000 crore EBITDA target by FY '30 still on track?"

Answer: Yes, we remain hopeful of achieving the INR2,000 crore EBITDA target. We're actively working on various fronts, including inorganic and partnership opportunities to meet our projections.

Question 5: "About the orders from the EU; are preliminary numbers factored into Q2 revenue, or should we expect them in Q3?"

Answer: Yes, some of the revenue from pre-booked EU orders is factored into Q2 numbers, though the total impact is relatively small. As product approvals finalize, we anticipate a more significant uptick in revenue in Q3 and Q4.

Question 6: "Could you clarify the anticipated contribution of the 10 new molecules in Q2's revenue?"

Answer: While I can't give a specific percentage for Q2, generally, new CDMO contracts ramp up 15-20% in the first year, potentially reaching peak revenue over three years. We're hoping to see revenue contributions starting this fiscal year.

Question 7: "What is the impact of recent US tariffs on your business?"

Answer: Only 2% of our business is affected by tariffs, and even in that segment, we remain competitive. The existing business hasn't seen any significant impact, and we believe that as customers seek alternate suppliers outside of China, our prospects will remain strong.

Question 8: "Where do we stand on the Semiconductor R&D lab in Noida, and what are the next steps?"

Answer: We're establishing a dedicated R&D facility for semiconductors in Noida to support our initiatives. We're investing in specialized equipment and building our R&D team to accelerate innovation and collaboration with customers. A pilot plant may follow in the future.

Question 9: "How is the capacity and ramp-up process for the vitamin B3 plant going?"

Answer: The vitamin B3 plant was commissioned in March. We've ramped up shipment volumes for cosmetic grades and are now shipping human-grade products. We're targeting 60-70% utilization within the next year as customer approvals finalize.

Question 10: "What has been the contribution of renewable energy to your operational costs?"

Answer: We've successfully integrated renewables to cover 28% of our power needs, expecting that number to rise to around 35% shortly. The rate for renewable energy is lower than traditional grid power, significantly impacting our overall energy costs, which have already decreased by 16% year-on-year.