Jubilant Ingrevia Ltd (NSE: JUBLINGREA) Q1 2026 Earnings Call dated Jul. 31, 2025
Corporate Participants:
Unidentified Speaker
Pavleen Taneja — Head of Investor Relations
Shyam Sunder Bhartia — Founder and Chairman
Deepak Jain — Chief Executive Officer
Varun Gupta — President & Chief Financial Officer
Analysts:
Unidentified Participant
Pradeep Thakur — Analyst
Rohit Nagraj — Analyst
Rohan Mehta — Analyst
Janel Sheikh — Analyst
Surabhi — Analyst
Siddharth Gadekar — Analyst
Shreya Bandhya — Analyst
Presentation:
operator
Ladies and Gentlemen, good day and welcome to jubilant ingrievous Q1 FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Pavleen Taneja, Head of Investor Relations at Jubilant Ingrieva Ltd. Thank you and over to you Mr. Taneja.
Pavleen Taneja — Head of Investor Relations
Thank you Rhea Good evening everyone. Thank you for joining the quarter one of financial year 2026 earning conference call of Jubilant Engravedia Ltd. I would like to remind you that some of the statements made on the call today could be forward looking in nature and a detailed disclaimer in this regards has been included in the press release and results presentation that has been shared on our website. On the call today we have Mr. Shyam Bhartia, Chairman, Mr. Deepak Jain, CEO and Managing Director and Mr. Varun Gupta, CFO Jubilee Nigeria Ltd. I now invite Mr. Shyam Bhartia to share his comments.
Over to you Sir. Thank you.
Shyam Sunder Bhartia — Founder and Chairman
Thank you Pavlin. A very good evening to everyone. Thank you for joining us on the quarter one of the financial year 2026 earnings conference call of AVR Ltd. We are pleased to present the financial results for the first quarter of this fiscal year. Our specialty chemical business has continued to perform strongly growing in double digit year on year and with stable performance on quarter on quarter. Our chemical intermediate business has started to cover marginally quarter on quarter. Ongoing cost optimization initiatives further enhance profitability with EBITDA for the quarter rising 29% year on year and profit after tax increasing by an impressive 54% year on year.
Let me share the overall market update with you all. The global chemical sector is emerging from the inventory destocking phase. Specialty chemicals are seeing volume growth though pricing remains stable. Commodity segments continue to face demand challenges with prices stabilizing at the lower levels. The pharmaceutical end use market continues to show steady growth driven by stable pricing and consistent volume growth across various derivatives as well as intermediate segment. The agrochemical sector continues its upward momentum driven by strong volume growth both year on year and quarter on quarter basis. Average prices have been stable for last few quarters now.
Nutrition market saw stable volumes during the quarter. Niacinamide demand remained muted as customers delayed purchases amid competitive offerings while Korean demand rose notably with prices holding steady. The China plus one micro trend is creating more opportunities for us especially in our Specialty segment specialty Chemical segment where we are witnessing healthy panels across sub segments. The recent deposition of anti ducting beauty in EU on Chinese choline products Vitamin B4 is expected to significantly enhance our competitive positioning in this choline chloride market across Europe. Now let me share a few details on our future outcome. FY26 we anticipate continued growth and improved performance driven by advancements in our specialty chemicals and nutrition businesses and expected recovery in ECBDI’s portfolio.
Alongside, we remain committed towards our Lean 2.0 cost efficiency initiatives to further improve our margins. We are on track to deliver. The. Mixed IDMO order in early 2026. Which Should further accelerate our growth trajectory in coming with this, I now hand over to Deepak to discuss the business model in detail. Thank you.
Deepak Jain — Chief Executive Officer
Thank you Mr. Bhatia. A very good evening to all of you. I would like to thank you all for joining us today for the Q1 FY26 investor call of Jibil and India Limited. As you know, we launched our Pinnacle 345 strategy last year with bold growth aspirations. In last one year we have made significant progress across every building block of our new strategy, the early results of which are visible in our last 3/4 results. With significant growth in our specialty and Nutrition portfolio and increased ebitda margins in Q1 FY26, we continued building on our Pinnacle journey and achieved several new milestones.
Let me share a few highlights to demonstrate the progress the Specialty and Nutrition segment continues to maintain a steady and dominant position, demonstrating significantly improved customer engagement that is actively fueling a strong and expanding business pipeline. This portfolio now contributes approximately 63% of the company’s total revenue and an impressive 90% of its EBITDA. Underscoring its strategic importance, our core product platforms continue to drive growth and leadership in Q1 of FY26. A few examples within the Pyridine and Sicoline segment, we successfully maintained our global leadership and market share in both pyridine and beta percholine markets. Under our fine chemicals business we sustained a robust growth trajectory delivering over 15% year on year growth.
Our leadership position across a broad portfolio of 36 credit and derivatives remained intact, supported by strong customer engagement and operational excellence. We also witnessed encouraging momentum in our Dictane derivatives segment characterized by high capacity utilization levels to support future growth and meet rising demand. We have already initiated capacity debottlenecking and expansion efforts for new product lines. Additionally, we expanded our Cosmetic Ingredients portfolio during the quarter which has seen promising initial traction, particularly with key multinational customers. Under our CDMO business, the pharma segment saw a significant expansion in its opportunity pipeline with the funnel doubling in size in last few months.
This growth has been done by strong traction with innovative pharmaceutical companies and tier one PDMOs across key global markets including the EU, US and Japan. In the agro segment, we started deliveries for first agro contract, progressed well on the plant construction for the second one and continued several other discussions with innovators. In the semiconductor segment, we now have over 12 opportunities in the pipeline reflecting growing interest and demand. To support this momentum, we have made strategic investments in R and D and established a dedicated team focused on advancing our capabilities and offerings in this space.
Under our nutrition business, we continue to maintain our leadership position in vitamin B3, particularly in the animal feed segment. Additionally, we are actively ramping up our presence in the cosmetic and food grade segments supported by the commissioning of our new production facility. In animal nutrition, we are witnessing strong traction in export markets especially across Europe, with our specialty portfolio registering double digit growth across markets. On the human nutrition front, we have established a dedicated team that is now scaling up efforts in Choline Fluoride and Choline Bicarcrate and also developing several premix solutions for marquee customers.
Furthermore, two to three new molecules are currently in the pipeline aimed at expanding our offerings and strengthening our position in the human efficiency segment. In the acetyl segment, we successfully retained our market share in both domestic and EU markets for acetic and hydride, reaffirming our position as a reliable supplier in these geographies. Additionally, we achieved volume growth across other key products including ethyl acetate and acetaldehyde, driven by consistent demand and operational efficiency. Throughout the quarter, we maintained a strong focus on cost optimization initiatives and have actively pursued capacity debottlenecking measures to support future scalability and enhance support across our product lines.
In assetas, the key Account management initiative is gaining momentum evidenced by noticeable increase in inbound inquiries across pharma, agrochemicals, semiconductors, cosmetics and nutrition segments. Currently, There are over 70 high priorities opportunities being actively pursued within the sales funnel reflecting robust market interest and potential for future growth. To further capitalize on can momentum, we have strengthened our business development teams across key geographies including the us, European Union and Japan, enabling deeper customer engagement and broader market coverage. As a result, we are witnessing a notable increase in revenue contribution from the US and rest of the world markets, with the US revenue growing by 11% year over year and rest of the world revenue surging by an impressive 40%.
This growth has been primarily driven by strong performance of our specialty chemicals and nutrition business segments. We are actively upgrading our plants to a sustained focus on safety, ESG and the disciplined implementation of 5S methodologies. As part of our Lean 2.0 cost optimization program, we have set a target of achieving annualized savings exceeding 100 crore in FY26 and have progressed well in Q1. In parallel, we have initiated the integration of Genai within our R and D functions and aimed at accelerating pipeline development and enhancing agility in product innovation and formulation processes. On the CAPEX front, we continue to make strategic investments to support future growth and key capital expenditure milestones being successfully achieved.
We successfully completed the plant modification for our first key ADMO CD model and started the deliveries with a first time right approach in Q1 FY26. Also, CapEx execution remains on track for the $300 million Big Agro contract and we expect to start the supplies in early 2026. The commissioning of the new boiler at our Bharuch facility is scheduled for Q2 of FY26 with more than 99% work already completed. In addition, debottlenecking initiatives are actively underway to unlock additional capacity across our four platforms including Dicadine and Fridine. We have also commenced detailed engineering work for a new multipurpose plant at our site, further reinforcing our commitment to expanding capabilities and supporting long term demand.
We expect to start the construction in next few months. For this month, with above progress, we are confident that our top line and margins will continue to show the expected. Growth trajectory in next few quarters. Now let me invite Varun to take you through the financial updates on all our three business segments individually and also give an overall financial update.
operator
Thank you, Deepak. A very good evening to Varun. Really sorry, this is the operator. Actually the audio is sounding a little choppy. Maybe if the MIC could be adjusted a little closer. Okay. Is it better?
Varun Gupta — President & Chief Financial Officer
Yes, much better.
Varun Gupta — President & Chief Financial Officer
Thank you, Deepak. A very good evening to all of you. Let me start with specialty chemicals. During the quarter, the Specialties chemicals Segment revenue grew 11% on year on year basis on account of higher sales coming from fine chemicals and CDMO businesses. During the quarter, specialty chemicals once again achieved its highest ever EBITDA of 130cr and the EBITDA margin of 27%. The EBITDA for specialty chemicals grew by 52% on a year on year basis. For nutrition and health solution business segment during the quarter, revenue margin declined by 4% year on year on account of lower niacinamide prices and shipment delays as customers opted for lean inventories.
The sequential drop in EBITDA was mainly driven by lower volumes and margins dropped in prices of near Cinnamide Chemical Intermediate business segment. Segmental revenue and EBITDA improved sequentially during the quarter with revenue up 1.5% quarter on quarter primarily driven by uptick in acetic and hydride volumes. EBITDA went up by 170bps to 4.4 versus last quarter driven by our focus cost initiatives in this segment. Regarding the overall financial update, the overall revenue during the quarter stood at rupees 1,038 crore as against 1024 crores in quarter one financial year 25. It is critical to note that our. Volumes grew by 5% in this quarter despite the macro challenges and typical muted momentum in quarter one in most segments, the bigda for the quarter was 153 cr reflecting 29% rise on year on year basis. The growth in EBITDA was primarily driven by margin improvements in the specialty chemicals and nutrition business segments along with various cost optimization initiatives. The net debt of the company as of 30th June was 700 crores and then debt to EBITDA ratio remains stable at 1.18 times calculated on the basis of trading 12 months EBITDA. The capital expenditure incurred during the quarter was around 54 crores which was mainly utilized towards the upcoming CDMO agro plant at Barouche and was primarily funded through internal approval.
In financial year 26 we planned to invest rupees 600cr in capex. The PAT for the quarter was 75 crores as against 49 crore in quarter one which financial year 25 witnessing an increase of 54% on year on year basis. We’ll now be happy to address any questions that you have.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask questions may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from Siddharth Garekar from Equirus. Please go ahead.
Unidentified Speaker
Hi sir, Good evening. So the first question is on Choline Chloride. Can you give some sense on with this anti dumping duty on China? What kind of opportunities this can open for us and what kind of volumes and pricing data that we can see in this segment.
Deepak Jain
Yeah, thank you Siddharth. That’s a good question and definitely an opportunity that we are very excited about. Polyn chloride as you may know is a core product in our portfolio. We have been doing it for several years now and we are the market leader in India with more than 50% share and we have been exporting it to other markets as well. Recently European Union had put 125% duty on Chinese cooling chloride which opens up an opportunity for us while we are still getting a sense of overall market. The initial numbers we have gathered from different sources run into tens of thousands of tons of market in Europe.
We are already working on getting our product ready for European Union and we are hopeful that within next couple of weeks our first shipments will go to Europe. And once the product is accepted by the market we are hoping we will be able to scale it up. Like we have created a leadership position for ourselves for vitamin B3 in European market. We are hopeful that in vitamin B4 which is choline chloride also in zero, will be able to build a leadership position for ourselves in coming years.
Unidentified Speaker
Just on the realization difference, what could be the realization difference between India and Europe because of this anti dumpling duty?
Deepak Jain
It’s too early to say that Siddharth. What we do know is before the duties were put, there was already a premium that European market was paying to choline chloride versus what prices in India are. And with the duties being put, we are hopeful that the premium will only increase. The exact quantum of that we will know once we start sending materials to the customers. We are in touch with the customers. So I don’t want to speculate the prices right now but definitely the realizations will be better than India.
Unidentified Speaker
So secondly, the multi purpose plant that you spoke about, can you give some sense on what kind of capex that we would be doing for the new multi purpose plant and is this for the new customer or contract that we would be looking to sign up or this is setting up capacities in anticipation of the demand?
Deepak Jain
Yeah, so this is as I mentioned in my opening remarks, this is a multi purpose plant and that by definition will be serving several product categories in our fine chemicals as well as CDMO portfolio. Very much similar to the way over seven existing multipurpose plants serve our CDMO and fine chemicals business from Gajwala today. So no, it is not a dedicated plant for any particular contract but it is in anticipation of the products and the volumes we are expecting in some of our core as well as new product categories in the Next year or so.
And for most of them we are already in advance stages of discovery with the customers and we are building the, or at least conceptualizing right now the plant in a way that there is enough fungibility in the plant to fit in multiple products as per the need. And linking it back to the other comment I made in my opening remarks. We are in discussion with our key accounts for almost 70 plus different opportunities and we are hopeful many of them will start materializing in coming quarters. So we want to be ready with capacity as we get confirmations from our customers.
Unidentified Speaker
Okay, so thank you. That’s it.
Deepak Jain
Thank you.
operator
The next question is from Pradeep Thakur from Edelweiss Mutual Fund. Please go ahead.
Pradeep Thakur
Yeah, good evening. Thank you for the opportunity. So my question is during the recent investor meet the company had guided that the additional 2,000 crore investment that you would have done you would reach a peak revenue of 8,000 crore by FY27. Does the management still maintain this outlook, Sir?
Varun Gupta
Pradeep, you’re right. We have invested 2000 crore and with the dedicated plant that we are building in Bharuch for the big agro contract that 2,000 crore will get completed later this year. But the peak potential of that I think even in the investor day was not 8,000 crore but we had said around 6,500 crore depending on the pricing. And we maintain that view that from today once all of this capex gets fully utilized and hopefully in FY27 we will get closer to that number. But as I mentioned in the investor it also a lot depends on pricing as well because in certain segments pricing are still volatile and have not come back completely.
So let’s see how prices come back. But we do hope to utilize the capacity built through this 2000 crore to be almost 70, 80% utilized by end of February 27.
Pradeep Thakur
All right, so my second question is regarding the agro CDMO discussions that the company is engaged in. When can we expect few other agro CDMO contracts to be awarded to us? Sir?
Varun Gupta
Yeah, no, so but we are working on them and obviously we announced two last year in October. There are at least five to six more. Have been updating all of you in these quarterly calls. A couple of them are in advanced stages. It also depends on the global macro environment which has just started to turn around. So we are hopeful in coming months or couple of quarters we’ll get more confirmations. But we are in constant touch with the customers. We have sent samples also in couple of them. So all of that is on track. Is hopefully just a matter of time.
Pradeep Thakur
Last question is. Now that you are seeing demand coming, that’s why in most of your segments, how confident are you that this demand won’t fade away and there would be a meaningful recovery?
Varun Gupta
So Pradeep, obviously like chemical business goes through cycles and we are coming out of a very deep negative cycle. And if you look at segment by segment agrochemical volumes, you look at the results of the MNCs as well as our Indian peers, we are seeing improvement in volumes. In pharma also. There is stability in volumes and prices are holding up. Nutrition is also by and large holding up the volumes. So given that it’s been almost 7, 8/4 of low volume acetyls also, by the way, as Varun mentioned in his notes that there is some increase in volumes in the last quarter.
So we are hopeful that we are coming out of the deep trough we were in. Obviously if some other external global event happens or if the tariff situation moves against us not just as a country but as an industry, then anything can happen. But at least at this stage, based on the indications we have from our customers, based on the results we are seeing of our peers as well as customers and our own volumes in different segments, we are hopeful that this will be a more sustained recovery. The pace of which of course varies depending on which segment you’re talking about.
Pradeep Thakur
Okay. Thank you sir. Thank you very much.
operator
Thank you. The next question is from Rohit Nagaraj from BNK Securities. Please go ahead.
Rohit Nagraj
Thanks for the opportunity. First question is the 70 molecules pipeline that you talked about? So two parts. One is what is the kind of addressable market for these molecules? And second, is there any particular geography that we are concentrating either in terms of imposed substitution or maybe certain markets like Europe or. So just little clarity on this will be helpful. Thank you.
Shyam Sunder Bhartia
Yeah. So I think I won’t give specific numbers but what I can say is given that these 70 opportunities we have kind of created by engaging deeply with our key accounts, 30 plus key accounts over the last two years. These are reasonably scaled opportunities. And at an overall level the overall addressable market will run into thousands of crores. Now of course they are at different stages of maturity in our sales funnel. I’m hopeful that over a period of time 70, 80% of that will materialize. But we’ll see. As I said earlier, it also depends on lot of external factors, customers own plans. But at this stage we are quite, quite well poised and we’re doing everything from our side to give comfort and confidence to our customers. That we are the right partner for these opportunities. To your second question, the opportunities are spread across the three geographies which I mentioned in my opening comments, which are eu, which has been a traditionally strong market for us. US where we are focusing very heavily and we have doubled our business in FY25 versus FY24 and Japan where we are relatively new.
But we have gotten very good traction in the last one year there and we are getting new opportunities from there as well.
Pradeep Thakur
Thanks. So second question, in terms of paired in Piccolo where we have global leadership position. So in terms of the pricing, do we not have any material advantage given that we are the largest producer and we can dictate the prices to some extent similar to what Chinese players usually do. So do we not have that kind of an advantage here? And it’s not what deters us in terms of the pricing volatility. Is it predominantly demand led or are there any other factors to it? Thank you.
Shyam Sunder Bhartia
So we are the leader, as you rightly said, we run our plants at 80% capacity utilization in and picolens. We do have some price advantage, particularly in the US market where we are sweetly pleased with the Chinese. We do get some price premium sometimes in European market also for specific segments, particularly for picolins. But I think that segment is driven more by our scale and cost because we continuously keep working on the cost structure and keep optimizing it and hence our imperative as well as intent there is always to ensure we protect our market share and run our plants at 80% plus utilization.
So while we do have some power to command premium, particularly in markets like us and for certain specific applications in that segment, our focus is always to get maximize our volumes and keep our cost structure the leanest.
Rohit Nagraj
Sure. Thanks a lot and all the best sir.
Shyam Sunder Bhartia
Thank you.
operator
Thank you. Next question is from Rohan Mehta from Ficom family office. Please go ahead.
Rohan Mehta
Hello sir. Thank you so much for the opportunity. So. So I wanted to understand what percentage of ethyl acetate in terms of is part of your chemical intermediates revenue? That’s the first question. And secondly, on the entire chemical intermediate space, I think we saw a bounce back in terms of EBITDA margins. Last quarter you reported at about 2.5 to 3% margin and this quarter it’s. So do you feel that that bottom now has been made and prices can at least stabilize in the interim at these levels? Yes.
Deepak Jain
So to the first question, Rohan, unfortunately I won’t be able to give you specific numbers but all I would say because we never disclose at product level numbers externally. But what I can say is ethyl acetate is a, is a key product in our portfolio along with acetic and nitrite that the two products together from bulk of our acetyl segments. And we are pushing hard on both. And we have significant share of the market in particularly domestic market for both the products. And we intend to protect that position. And we have been growing volumes in both in the last few quarters.
As I said in my opening remarks. To the second question, yes, we are all hopeful. Apetyles have gone through a long low cycle now almost six to eight quarters. And. We have seen some upticks in volumes particularly and applications in agrochemicals for acetic anhydride and some of the industrial segments for ethyl acetate. So we are hopeful that volumes will hold up now. And as that happens and with all the cost initiatives we have taken to optimize our cost structure for both the products, we hope to continue to be competitive in the market and maintain our share, if not grow it further. And with that we are hopeful that margins should improve. Now of course that market is volatile so anything can happen within a week’s time.
But looking at the fundamentals, the growth coming back in the key segments of agrochem, as I was saying, as well as pharma and some of the consumer segments where these two chemicals go, we are hopeful that we have seen the worst and we are coming out of it. The pace of recovery could be slower than what we have seen in the past for this product, at least based on the initial indication that I have heard from our customers. But let’s see. I think we’ll have to see for another quarter or two how this pans out and whether the volumes hold up or not to be able to draw any meaningful conclusion on the long term trajectory.
Rohan Mehta
Okay, okay. And my second question is. So I think one of your domestic competitors in the assetized space, you actually reported EBITDA on this front. So I’m just trying to understand was it purely the acidic asset prices which helped you or apart from your lean initiatives, was there something more to the margins jumping?
Deepak Jain
See, I won’t be able to comment on any other players performance but regarding our business, it’s a combination. Like I said, our volumes have grown. So that has clearly given us the scale. Our cost initiatives we have been continuously working on. So that are helping us as well. Pricing has been muted. In fact sometimes or most times it has acted negatively, especially versus last year on a quarter to quarter basis. I think it’s Been pretty stable if I remember correctly. So it’s largely driven by the volume increase as well as the cost initiatives.
Rohan Mehta
Okay. Okay, thank you so much.
operator
Thank you. Next question is from Janel Sheikh from Oregon Capital. Please go ahead.
Janel Sheikh
Good evening Deepak. Firstly I’d like to applaud the team for what you guys communicated on Spechm and you and you guys have been very consistent on the profitability margins in that division Sorry. Yeah, yeah. So my question is on the choline side as obviously. Sorry. The last four quarters in the nutrition segment we’ve been in that 180, 185 crores run rate. I just wanted to see that in the next, in the short term, at least around 12 months out, what can we expect out there? I know you’ve commented on that, just. But at least in the next 12 months if we talk about certain expectations, that’ll be great.
Deepak Jain
Yeah. So nutrition segment, there are various forces acting on that portfolio and part of it we had explained in our investor day presentation also in February. So on one side we have our core vitamin B3 portfolio which has both feed and now increasingly growing non feed segment which serves the food and cosmetic segment. So where for the food and cosmetic segment we expect that to grow and with the new plant which got commissioned in March and is now stabilizing, we are hoping the growth will accelerate as we fill up that plant with new orders from a couple of months marquee customers.
So hopefully in next couple of quarters we’ll see a step change coming from there. The feed segment has been volatile. Those of you who have been tracking us there, between price and volume there is always some volatility but we hope that from a long term trend perspective it will stay stable. And with the US market opening up for us, particularly for food grade on NIA Sim, we hope to grow volume significantly there. The second component of that is our B4 segment where unfortunately prices have gone down significantly in domestic market but we have increased the volume significantly versus last year and we are building a specialty portfolio which will again drive support at this stage.
We feel the combination of specialty and export growth which I responded to Siddharth’s first question on European polychloride growth, we should be able to grow that portfolio as well. And third is we have recently started the human nutrition business and we are focusing on premature should start hopefully to give us some upside in next couple of quarters. The combined effect of all of that we are hoping the negative forces which come because of the volatility in the feed segment and prices of polyme chloride will get more than offset by the growth in our specialty as well as the exports growth putting together, we do hope to grow this business at 2025% year on year which is what we have communicated in Investor Day as well.
Janel Sheikh
Thanks Deepak and good luck.
Deepak Jain
Thank you.
operator
Thank you. Next question is from Surabhi from NV Alpha. Please go ahead.
Surabhi
Thanks for the opportunity. Could you just break down your CDMO pipeline in terms of segments? You know what proportion would come from pharma versus Advochem and within the pharma segment also if you could indicate any major therapy areas that you’ll be contributing to.
Deepak Jain
Yes Siddhi, we have three parts to. Our CDMO business and some of this information we had shared in our Investor day presentation in February which is publicly available. So including the number of molecules in each of the three sub segments at that stage that will give you a good sense. But there are three parts. This pharmacist where as I said in my opening remarks, our funnel has just doubled in the last one year with all the push we have given and mostly we are interacting with innovators and tier one CDMOs in Europe and US. The agro segment, as you would probably know, there are only four or five big customers.
We are in touch with all of them and like I said in response to one of the questions, we announced two contracts last year which one of which we served the revenues against in this quarter and the second one hopefully will start early 2026 and there are another half a dozen which are in various stages of discussion and semiconductor is nascent for us as well as for India as an industry, Indian chemical industry. But we have a dozen of semiconductor related CDMO opportunities which most of which we have supplied the samples for and we are hopeful some of them will convert into commercial opportunities.
But initially we expect very little revenues from them because these are still early days for semiconductor chemicals for us as well as for the industry and customers are still testing waters here.
Surabhi
Got it. Thank you.
operator
Thank you. Next question is from Siddharth Gadegar from Eqirus. Please go ahead.
Siddharth Gadekar
One more question on our capex. So what all projects are in our pipeline currently in terms of the plans that we are likely to put up in this year?
Deepak Jain
Yeah. So Siddharth, part of it is the flow on the 2000 crore plan we had announced. So obviously as I said earlier, there is a big dedicated plant we are creating in Baruch which will get completed hopefully by end of this year. That is a major One Second is the boiler project which also we are expecting to fire within next month or two. Thirdly, we have existing multipurpose plants in both Baruch and and the Jolla which we are debottlenecking and creating at least 15 to 20% additional capacity to serve all immediate requirements. Fourth is the MPP8 which I mentioned.
The multipurpose plant in the Jolla which should the detail engineering has already started and we are hoping we’ll start the construction in next couple of months. And on our niacinamide plant also, which we commissioned in March, we are doing some changes to convert it into a multi purpose plant for the human nutrition segment. So these are the four or five major ones and these along with what we have already invested and announced in the past. As I was saying earlier, we are hopeful that the target that we have for FY27 will have enough capacity in our system to solve that.
Siddharth Gadekar
Okay, forgot it. Thank you.
operator
Thank you. Next question is from Shreya Bandhya from Oakland Capital Management. Please go ahead.
Shreya Bandhya
Yeah. Thanks for the opportunity to know as we have reported a strong growth share of the specialty segment. So how do you see sustainable basis? What would be the contribution from the specialty chemicals to the overall EBITDA going forward? Yes.
Deepak Jain
Yeah, Shreya. So specialty segment, if you observe our business over the last eight quarters, it has increased significantly. Now specialty and nutrition together are close to 90%. Specialty is I think close to 60, 65, 70, 70% plus. So we do hope that in steady state even after acetyls bounces back, which we are hoping in next few quarters, as we were just discussing, specialty will be at least at 65, 70% of our overall company level EBITDA. Could you throw some light on the semiconductors that we. Yes. So I just responded to the previous question. We have 12 odd molecules in different stages. Many of them we have sent samples to and we are hoping they will move into commercial stage in near future. Even though we don’t expect a big impact on revenue coming from these next few quarters because at least customers in the initial stages are just testing waters and once they get comfortable they are hopeful that will start giving revenues. Besides that, of course I can’t disclose what kind of molecules are. But these are high value and low volume products and focus on synthesis part of the value chain.
Shreya Bandhya
Okay, thank you.
operator
Thank you. Next question is from Harsh Mehta from Perpetual Capital Advisors. Please go ahead.
Unidentified Speaker
Hi sir, can you hear me? Yeah. Yes sir. So my first question was what form of Capex is being done for the CDMO business? And in the last call you had mentioned that majority of Capex that I want to understand in the CDMO business. What kind of gross terms to expect, what kind of margins and what kind of working capital cycle will be there for a CDMO business. Harsh.
Deepak Jain
So as we have been saying of the 2000 crore we invested almost 70% of that has gone into specialty and most of it has gone into creating multipurpose plants or dedicated plants to serve our CDMO and fine chemicals business. And many of the multi purpose plants are used interchangeably to serve our fine chemicals and and CDMO plants. Now to the broadest terms I can say that at the at least revenue level we expect 1.2 to 1.3x at least and sometimes even 1.4, 1.5x on the capex. The revenue to Capex ratio, the rest of it of course varies so much based on the specific products and their profile that it’s hard to generalize.
Unidentified Speaker
Okay. And so one more question is that there’s a new product that you’ve started to export. If I’m not wrong it’s a key ingredient to produce Pyronipin which is an anti malarial. And the average revenue per unit for this particular intermediate was $300 plus. So I wanted to understand how big can this opportunity be for the company.
Deepak Jain
So I will neither confirm nor deny what you said. So because we never disclose any specific information related to our CDMO products. But what I can say is this product, the one which we have started to export in this quarter we are hopeful that in next couple of years the full potential will be at least 4 to 5x of what we will do this year. Right.
Unidentified Speaker
Okay. Thank you so much sir.
operator
Thank you very much. That was the last question. I would now like to hand the conference over to the management team for closing comments.
Pavleen Taneja
We thank you all for joining this call today. We hope we have been able to answer your queries. For further clarification we would request you to contact me and get in touch with me. Thank you once again for your interest in jubilant engagement. Good day. Thank you very much.
operator
On behalf of. On behalf of Jubilant Engraver limited that concludes the conference. Thank you for joining us ladies and gentlemen, you may now disconnect your lines.