Jubilant Ingrevia Ltd (NSE: JUBLINGREA) Q4 2025 Earnings Call dated May. 13, 2025
Corporate Participants:
Palveen Taneja — Head of Investor Relations
Shyam Bhartia — Chairman
Deepak Jain — Chief Executive Officer and Managing Director
Varun Gupta — President and Chief Financial Officer
Analysts:
Rohan Mehta — Analyst
Siddharth Gadekar — Analyst
Resham Jain — Analyst
Rohit Nagraj — Analyst
Vidit Shah — Analyst
Nitesh Dhoot — Analyst
Gokul Maheshwari — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Jubilant Engrave Limited Q4 and FY ’25 Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I now hand the conference over to Mr. Praveen Taneja, Head of Investor Relations at Jubulent In Limited. Thank you, and over to you, sir.
Palveen Taneja — Head of Investor Relations
Thank you, Ryan. Good evening, everyone. Thank you for joining the quarter-four of financial year 2025 earnings conference call of Jubiland Ingraveya Limited. 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 regard has been included in the press release and the results presentation that has been shared on our website. On the call today, we have Mr Shyam, Chairman; Mr Hari Bharthia, Co-Chairman; Mr Deepak Jain, CEO and Managing Director; and Mr Varun Gupta, CFO, Jubilanding Limited. I now invite Mr Shyam Bhatia to share his comments.
Shyam Bhartia — Chairman
Thank you. A very good evening to everyone. Thank you for joining us on the quarter-four of the financial year 2023 of Ingrevia Limited we are pleased to announce sustained growth in revenue and margins for our specialty Chemicals and nutrition businesses. Our ongoing cost-reduction efforts have further boosted our profitability with quarters EBITDA margin reaching 14.7% and profit-after-tax increasing by 153% on year-on-year basis. We are glad to share that the Board has recommended a final dividend of 250%, that is INR2.5 per share, equity share of face value of INR1 each for the INR2,000 — for the FY ’25. This will result in a cash-flow — cash outflow of INR39.8 crores. During the year, company has already declared an internal dividend of 250%, that is INR2.50 per equity share of INR1 each and the total dividend for FY ’25 works out to be 500% that is INR5 equity per share of INR1 each amounting to INR79.8 crores cash outflow. Let me share the overall market update with you all. The global chemicals and specialty chemicals sector has largely moved past the inventory destocking phase, showing volume recovery in specialty materials. Commodity segments continue to have volume under pressure, though prices remain muted across segments and have stabilized at a new normal. Pharmaceuticals end-use market is experiencing steady demand, supported by stable pricing and consistent volume placements. Our pharma portfolio with Fine Chemicals business reflects these positive trends. However, we continue to face low volumes in acetyle business due to low demand in the paracetanol segment. Agrochemical segment has maintained its upward momentum this quarter fueled by sales growth on both year-on-year and quarter-on-quarter basis. Consequently, average prices in the sector have shown signs of recovery, suggesting potential price improvement during the ensuing quarters. Nutrition market saw a consistent rise in volumes. Demand held steady with prices remaining stable throughout the quarter. Meanwhile, demand experienced a notable surge though its pricing remained under pressure due to China imports. In the light of recent global tariffs imposed by US government, we are pleased to report that the impact on our US sales has been minimal. Approximately 10% of our total sales are in US and only 25% of those fall under additional 10% dutyable items this means just 2.5% of our overall global sales might be affected by US tariff. Additionally, the potentially higher tariff on Chinese exports to US compared to Indian exports, we anticipate favorable conditions on both volume and pricing of our US export portfolio in the coming quarters. Now let me talk about our business updates. In Specialty Chemical business segment, overall volumes remain stable. We are observing continuous growth momentum across our pyridine and, fine chemicals and CDMO businesses. With an expanded pipeline of newer opportunities for the coming quarters. In certain segments, we have started to see slight price uptick as well. Nutrition and Health Solutions business segment saw substantial year-on-year and quarter-on-quarter volume growth primarily fueled by significant increases in choline product volumes. While volumes remained stable. Pricing within the segment remained stable throughout the quarter. We are witnessing a strong interest and customer inquiry in our human and cosmetic grade products and anticipate increasing production at our newly commissioned CGMP compliant Niacinamide plant and Bharuj Gujarat in the coming quarters. In the Chemical Intermediate business segment, we observed sustained growth in aesthetic sales volumes both quarter-on-quarter and year-on-year. However, acetic volumes remained slow due to weak demand from sector. Overall prices in this segment stayed relatively benign, which affected our margins. Now let me give you an update on our capex. In our strategic shift towards value-added specialty chemical products, our capex execution track-record highlights our dedication of expanding and diversifying our business mix to enhance profitability. To achieve our goals, we have invested INR1,745 crores in last three years out-of-the announced capex plans of INR2,000 crore in FY ’22. Looking ahead to FY ’26 and beyond, we plan to invest in high-growth projects such as multipurpose plants for fine chemicals, dietine derivatives, new CDMO projects and Human Nutrition and Health Solutions portfolio. Now let me share a few details on our future outlook. We expect sustained growth and improved business performance-driven by advancements in specialty chemicals and nutrition and health solutions along with efficient cost management. We remain committed to our clinical 345 vision and on-track to achieve our envisaged growth plans. With this, now I hand it over to Deepak to discuss the business in detail. Thank you.
Deepak Jain — Chief Executive Officer and Managing Director
Thank you, Mr. Bhartia. A very good evening to all of you. At the outset, I would like to thank you all for joining us today for the Q4 of FY ’25 investor call of Jubilant Limited. Let me first take you through the overall market overview. In pharmaceuticals, during the quarter, we observed consistent volume demand across pharma and use segments, particularly in our fine chemicals portfolio. Prices remained stable across various end-use segments with some areas experiencing increases. However, demand for paracetamol and use was subdued as customers operated their plants below optimal capacity. In the agrochemical sector, the global inventory destocking issues have eased, leading to a gradual rebound in agrochemical volumes and stabilized pricing. Agrochemical products are experiencing a steady recovery in both volumes and prices contributing to consistent growth in our P&P portfolios. In the nutrition sector, Choline has seen continued traction with significant year-on-year and quarter-on-quarter volume increases despite prices remaining under pressure. Has experienced year-on-year improvements in both volume and prices. Additionally, we are witnessing significant growth in-human and cosmetic grade nutrition products driven by the recent commissioning of our CGMP vitamin B3 plant. As you know, we have rolled-out several new initiatives in the last few quarters in-line with our 345 growth roadmap. Let me share a few highlights on the progress from last few months. First one, our core product platforms continued to drive growth and leadership in Q4. In and, we have achieved globally number-one position and we are the only scaled non-Chinese player with significant volume growth in FY ’25 and price increases in select segments. We are now world-leader in almost 35 of derivatives. In neocineamide, we have maintained our top two leadership position in-field with year-on-year growth in volumes and an uptick in prices while our new cosmetic grid plant should further strengthen our global market-share and position. In, we have maintained the number-one position in the dry CC domestic market with market-share recovery in both quarter-on-quarter and year-on-year basis. In the acetyle segment, we have retained our market-share in anhydride and increased our share in thyl acetate and acetyl. Secondly, we have increased our revenue-share of the Specialty and nutrition businesses in the portfolio to 64%, up from 62% last quarter and its EBITDA share in the overall portfolio has increased to 94%, up from 73% last quarter. Our and its derivatives, dietine and nutrition segments are showing strong year-on-year growth in. Growth areas such as CDMO pharma, semiconductor chemicals and for cosmetics end-use continue to gain strong traction. In our CDMO business, we added 25 plus new molecules in our funnel in FY ’25 across pharma, agrochemical and semiconductor, thus creating new growth vectors, which we hope to scale-up in coming quarters and years. Number three, on our international revenue, the revenues have grown to 45% share versus 34% last year with a 47% year-on-year increase. Our US revenue grew 22% year-on-year and 4% quarter-on-quarter, while revenue from Europe, Japan also increased. We continue to focus on key accounts and are expanding our business development teams across US, Europe and Japan with senior sales leaders recently hired for Japan and Europe already. Number four, our key efficiency initiatives from last year continue to deliver substantial annualized savings of over INR120 crores from surge, lean business excellence and other energy-saving programs. We have now launched Phase-2 of our cost optimization program, aiming to achieve even higher efficiencies of INR100 crores to INR150 crores in the coming quarters, thereby further improving our margins. On the capex front, our recently commissioned food and cosmetic grade and Niersen plant at has witnessed rapid volume scale-up over the last three months. Additionally, CapEx is progressing as planned for the two new agro CDMO orders announced in previous quarters. As Mr Bharthia already mentioned, we have already invested INR1,745 crores over the past three years from the announced capex plans of INR2,000 crore in FY ’22. Looking ahead, in FY ’26, we plan to invest INR600 crore of additional capex, including some spillover from FY ’25, which will be largely funded through internal accruals. In future years, the investment will go into high-growth projects in a modular manner, including multipurpose plants for fine chemicals, dice, new CDMO projects and human nutrition portfolio. In the coming quarters, we will announce the launch of more capex projects in-line with our long-term growth strategy. On the sustainability front as well, our core initiatives remain on-track to keep our leadership position intact. I’m pleased to announce that we have retained our ESG ranking, achieving a gold rating and being in the top 96th percentile in the rating. Additionally, our score of Dow Zone Sustainability Index has improved further, placing us in the 92nd percentile within the global chemical industry. As we announced earlier, I’m delighted to share that during the last quarter, Jubilant Ingrevia Limited has partnered with O2 Power to source 50% of the energy for its manufacturing facility from renewable sources. This marks another step-in our journey towards clean-energy adoption following similar initiatives at our and manufacturing facilities last year. With this agreement, over 35% of our energy needs across all manufacturing units will now be met through renewables, reinforcing our commitment to a greenfrastructure. With such initiatives, we are proud to be driving impactful change as we integrate sustainability into our operations. This will not only contribute significantly to the reduction of Scope 2 emissions, but also to reduce our power cost in coming quarters. Likewise, we have taken several other green initiatives which will help — which will help us have significant impact both environmentally and commercially. Now let me take you through the updates on all of our three business segments individually. In Specialty Chemicals, during the year, Specialty Chemicals segment revenue grew 15% on year-on-year basis on account of improved sales from and its value-added derivatives, bacterine derivatives and CDMO businesses. During the quarter, Specialty Chemicals once again achieved its highest-ever EBITDA of INR129 crore and the highest EBITDA margin of 27% in the last 15 quarters. EBITDA for Specialty Chemicals grew by 93% on year-on-year basis. Improvement in absolute EBITDA and elevated margins were achieved on account of cost optimizations and higher-growth in and derivatives. The CDMO business continued to grow with the substantial increase in volumes both quarter-on-quarter and year-on-year basis, fueled by rising number of inbound inquiries from the agropharma and semiconductor sectors. Capex for two orders announced last quarter is progressing on-schedule and will add to specialty chemicals business revenue and margins in the coming quarters. In nutrition business, during the quarter, revenue for the nutrition business increased by 15% year-on-year on account of higher volumes of both Neocinamide and segments. EBITDA for the quarter increased by 237% year-on-year and 17% quarter-on-quarter, driven by higher sales of products. Additionally, increased year-on-year sales volumes and pricing of contributed to this growth. Our continuous cost optimization efforts are also contributing to higher margins. With our CGMP facility ramping-up well, we observed a significant increase in-demand for cosmetal grade products, while our food grade volumes continued to remain steady. During the quarter, our colon products maintained strong volume traction on both quarter-on-quarter and year-on-year basis with stable pricing. We achieved positive traction through ongoing cost rationalization efforts and an improved product mix. Additionally, food grade CCBT continued to gain traction, experiencing growth in volumes over the quarter. In the Chemical Intermediates business, quarterly revenue and EBITDA for the segment declined due to ongoing challenges in the primary and used market for paracetamol, which negatively impacted both the volumes and pricing of acetate anhydride. Additionally, lower prices of ethyl acetate led by intense competition also impacted adversely. Since acetate anhydride continues to face challenges from its main end-markets such as paracetamol and we are facing greater emphasis on ethyl acetate and acetyldehyde volumes to offset the impact of lower acetic anhydride volumes. Before I hand over to Varun, I’m also pleased to share with you that Jubilant in got Great Place to Work certification in the last quarter, which is just a substantiation of all the efforts we are putting in to make our company a better place to work for our people. With that, let me just hand over to Varun to take you through the financials.
Varun Gupta — President and Chief Financial Officer
Thank you, Deepa. A very good evening to all of you. I would like to thank you all for joining us today for the quarter-four investor call of Jubilant India Avia Limited. The overall revenue during the quarter stood at INR1,051 cr as against INR1,071 crores in-quarter four last year. The revenue was lower mainly due to the lower year-on-year revenue from our Chemical Intermediary business segment. The EBITDA for the quarter stood at INR155 crores, reflecting 54% rise on year-on-year basis and a 5% increase sequentially over the last quarter. The growth in EBITDA was primarily driven by margin improvements in the Specialty Chemicals and Nutrition and business segments along with the various cost optimization initiatives which we have highlighted in the earlier calls. The net-debt of the company as on 31st March 2025 was INR658 and net-debt to EBITDA ratio has now reduced to 1.18 times as against 1.36 times in the previous quarter, calculated on the basis of trailing-12 months EBITDA. The capital expenditure incurred during the quarter was INR65 crores and INR365 crores for the completed financial year, which was primarily funded through internal accruals. In financial year ’26 too, we plan to invest INR600 crores, including the carryforward of the previous year’s projects in capex to be again funded primarily through internal accruals. Net working capital percentage to turnover for quarter-four ’25 reduced further at 17% as against 18.3% in-quarter three 2025. Similarly, number of days of working capital has further reduced to 61 as against 65 days in-quarter three. This risk is reflective of our continuous efforts towards having an optimal working capital and reproving our ROCE, which has shown continuous improvement in the ongoing — in the last few quarters. Lastly, the PAT for the quarter was INR74 crores as against INR29 crores in-quarter four financial year ’24, witnessing an increase of 153% on a year-on-year basis. We’ll now be happy to address any questions that you guys may have. Thanks.
Questions and Answers:
Operator
Thank you. [Operator Instructions] The first question comes from the line of Rohan Mehta from Ficom Family Office. Please go ahead.
Rohan Mehta
Hi, thank you so much for the opportunity. Am I audible? Yeah. Please go-ahead, Ron. Okay. So I wanted to understand what are the current spreads in the and hydride business and also when can we expect a bottoming of both the acetyle cycle? That is my first question. And also on the Specialty Chemical segment, purely from a next quarter perspective, how do you see the current export volumes on the specialty chemical side, especially derivatives.
Deepak Jain
Yeah. Thank you, Rohan, for the questions. Let me start by talking about the business cycle. As I shared in the previous two quarters as well, we are going through a down-cycle in business, primarily driven on the acetic anhydrate side at least, primarily driven by the low demand on couple of big segments, end-use segments such as paracetamol as well as agrochemical segment where acetic anhydrate goes as a key ingredient. What we have observed is over the last few quarters, there was a stocking of excess inventory in both the segments, but at least based on what we are hearing from our customers and our own analysis suggests that most of the inventory is now cleared up or will get cleared up in the in the coming quarter. And hence, we are hoping that we are very close to the bottom of the cycle and demand will start to pick-up again in both paracetamol and in acephate at least, which is one of the key and end-use segment of, we are already seeing some volumes coming back gradually. So we are hopeful that as that happens, in the coming few months, the pressure on the segment will start to ease off. And as a result, we hope to see an uptick both on volumes as well as price of acidic hydride. Coming to your second question on specialty chemical exports, the exports have been increasing. Even in the last six months, if you analyze data, you will see our exports have increased significantly. Derivatives, now derivatives also, we got couple of big orders in the last quarter, which will continue through the year and then hopefully in the coming years as well for some of our newer products in the dieting value chain as well as our CDMO business where in the coming months, we will start to supply volumes against the CDMO contracts that we have announced in the past few months. So across the three parts of our specialty Chemical business, our exports volume are growing in a very significant way, which is also reflected in our overall business mix where exports have grown almost 50% versus last year in the overall portfolio.
Rohan Mehta
Got it. That’s all from my side, sir. Thank you so much.
Operator
Thank you. The next question comes from the line of Siddharth Gadekar from Equirus. Please go ahead.
Siddharth Gadekar
Hi, sir. Good evening. Sir, the first question is on FY ’25 revenue growth. It seems that the revenue was despite the kind of performance we are seeing, we have not seen any material revenue growth. How should we think about this under our 3450 program?
Deepak Jain
Yes. That’s a good question, Sidart. You will have to dissect our growth rates by businesses. If you look at specialty as well as nutrition segment, they have grown quite significantly. Specialty segment growth is 15% year-on-year for the whole year FY ’25 and volume growth is even higher than that because pricing decline in couple of segments, the net growth in revenue terms is 25% and the nutrition segment has also grown by almost 10%. And these are the two segments we — where we have been investing heavily. And as we shared in our opening remarks also, bulk of the INR2,000 crore of investment or INR1,800 crore of investment that we have made in the last three years has gone into specialty and Nutrition segment. And we are in the process of ramping-up the capacity utilization of these two businesses or the capacity which has come up in these two businesses. So we are — we are pretty sure that we’ll be able to maintain almost 15% to 20% growth in these two segments on a year-on-year basis in the coming years, which is very critical to meet our Pinnacle 3, 4, 5 vision. Acetyle is the only business which as I explained in response to the first question, which is going through a downcycle. But as I mentioned, it is very close to the bottom of the cycle and we see an uptick in both volumes and price, which will further give boost to the growth on the business, but also on the overall company revenue. So at this stage, we are hopeful that we will be able to maintain a 20% year-on-year growth trajectory to meet our Pinnacle 345 aspirations by FY ’30. At the overall company-level.
Siddharth Gadekar
Yes. Sir, second question is on the second EBITDA for the full-year. Our EBITDA has grown by almost 70% from INR248 crores to INR422 crores. Out of this EBITDA, how much of this would be attributed to the cost-saving initiatives that we have done.
Deepak Jain
See, we have been — and I’ve been sharing those updates in the quarterly calls, we have been working on both sides. One is increasing the volumes in specialty Chemicals. And as I just said, the volumes have grown even faster than or more than 15% last year. And at the same time, we are focusing on cost optimization efforts as well. We haven’t shared the exact breakdown in the market because of the confidentiality reasons. But what I can tell you is both sides have contributed in a very healthy way to the overall growth of EBITDA, which we have seen.
Siddharth Gadekar
Sir, lastly, on the Lane 2.0, where we are expecting INR100 crore INR150 crores of incremental cost-savings, should we look at that coming entirely in FY ’26, so that can spill-over to FY ’27?
Deepak Jain
The intent is to deliver those kind of savings during the year itself. But of course, as we — as we talk, we are still in the process of defining as well as executing some of those initiatives. We are moving as fast as we can to ensure that bulk of it gets aggregated into FY ’26 P&L itself. There could be some minor spillover, but at this stage at least we are hopeful and working towards ensuring all of it or most of it comes in FY ’26 itself.
Siddharth Gadekar
Okay, sir. Thank you so much.
Operator
The next question comes from the line of Resham Jain from DSP Asset Managers. Please go ahead.
Resham Jain
Yeah, hi, good evening, team. Congratulations, first of all for a very strong performance in FY ’25. So I think there are three questions from my side. First is the overall INR2,000 crore capex including some spillover in FY ’26. What is the kind of revenue you are expecting overall? How much has been achieved and what is that incremental which is yet to come by?
Deepak Jain
Yeah, Resham, that’s a good question. So out-of-the INR2,000 crore, as we said, we have committed close to INR1,800 crores, some part is over into FY ’26, particularly against the big project that we announced on the agro CDMO side couple of quarters back. But as we shared in the previous calls as well, our revenue to CapEx ratio for most of the specialty and nutrition investment is close to 1.3. And on the side, it’s close to 1.6%, 1.8, of course, depending on what price acetic anhydride is floating at. But at an overall level, average revenue to ratio has been close to INR1.5, which means the full potential revenue coming from this INR1,800 crore of investment and then if I take-out some of the infrastructure investment like in the boiler, et-cetera, will be close to INR2,000 crores to INR2,500 crores. Of course, part of it is dependent on what price level market is operating at. I would say at this stage, based on the capacity utilization as well as the revenue, the mix of revenue from new areas in our FY ’25 revenue, I can tell you almost 50% of that has already been achieved and the incremental group of another 50% will be coming or INR1,000 crore odd will be coming from the same assets as we start utilizing them at a higher capacity levels.
Resham Jain
Okay, understood. So basically, if I look at the revenue at aggregate level, we have improved on margins, but revenue maybe because of price has — it has still not fully visible, but you expect a good healthy growth in FY ’26 just because of all this utilization level, okay. Got it.
Deepak Jain
Yeah. No, Nisham, absolutely right. And if you look at our revenues, just compare it FY ’23 revenue will FY ’25, you will see the chemical Intermediates revenues have come down to almost INR1,000 crores. So what has happened is we have added new revenue of about INR1,000 crore-plus through all these investments, but that got offset by the decline in chemical intermediates, which is what I was saying, almost if on the back of this new capacity, if the total incremental revenue expected were INR2,000 to INR2,000 crore INR2,500 crore, half of that we have achieved. But of course, that half got offset by whatever happened in Chemical Intermediates. But the other half of INR1,000 crore-plus is yet to come, which we are hoping to achieve in next year or so.
Varun Gupta
Resham, Varun here. Just to add to what we mentioned, if you see our full-year results, our specialty has grown by 15%. Our nutrition has grown double-digit at 10%. So the growth drivers that we have highlighted are continuing to firing is just the pricing chemical at an overall level makes the results look muted. But the growth drivers are performing in-line with what we have highlighted earlier.
Resham Jain
Yeah, correct. Yeah. The second question is with respect to nutrition. So if I look at FY ’22 levels, you did almost like INR160 odd crores of EBITDA in the — sorry, am I audible? Yeah, we can hear. Yeah, yeah. INR160 odd crores EBITDA. We have seen good improvement this year compared to last year, but still much lower than what we did in FY ’22. So should one expect that what happened in FY ’22 can was aberration or maybe at — what would be the normalized level of EBITDA compared to what you did in the past?
Deepak Jain
See, FY ’22, as we all know, abration was a peak year for everyone and in all chemical categories. So I won’t set that as a benchmark. We have always said that in the nutrition business, our steady-state EBITDA should be around 16% to 18%. And if you look at last quarter or let’s say, FY ’25 overall, we are at 14%, while last quarter is at 16%. So we are close to where it should be based on the existing set of assets. So I think maybe there is some improvement potential from INR101 crores that we have announced in FY ’25, but I don’t think at least on current asset, it will go back to INR160 crores. Having said that, we have recently commissioned the new plant, which is high-margin, high-priced product that will add significantly in the in the next three or four quarters and we are already seeing good ramp on the volumes from the new plant. Number two, even in our Animal nutrition portfolio, we are adding new products on the premixes side, which are high-margin products for us. And number three, in the Human Nutrition portfolio, as I have announced in the past, both straight molecules like CCCBT as well as some of the premixes we are working on should add further to the overall growth as well as margin profile of that business. Stepping back, currently, our nutrition business is about INR750 crores. As we shared in the Investor Day also in February, we have plans to take that business to 2, 2.5 times in the next five years as part of our journey and the EBITDA margin falling close to 16% to 18% in steady-state.
Resham Jain
Yeah, got it. The last question is, we saw a very good margin growth this year as a whole. So the EBITDA grew much faster than revenue and given that you have cost-saving initiatives, should we expect similar momentum in FY ’26 as well in terms of EBITDA growing faster than revenue.
Varun Gupta
Hi, Resham. So yes, EBITDA growth will continue in the very similar trajectory. But next year, as Deepak mentioned, for us, we are intending to grow aggressively in 2026. So EBITDA growth will definitely outpace the growth in revenue, predominantly because of the portfolio shift as well as the savings initiatives. So logically, it will be pacing ahead of growth.
Resham Jain
Okay, understood. All the best-in the next year. Thanks.
Operator
Thank you. The next question comes from the line of Siddharth Gadekar from Equirus. Please go ahead.
Siddharth Gadekar
Hi, sir. One more question on the CDMO side. What was our CDMO revenues in FY ’25? And we spoke about 25 new opportunities we are closing on the CDMO side. Can you give some color on what kind of opportunities are those and when we will see actually those shaping up?
Deepak Jain
Yes. Hello again. The — first of all, we never disclose the segment-wise revenues within specialty. So I won’t be able to give you a specific number. But what I can tell you is our CDMO business is meaningful and will scale-up pretty rapidly on the back of the contracts we have signed on the agrochemical side as well as the traction we are getting on the pharma and semicon side. Now coming back to the second part of your question on these 25 plus molecules, as we have shared in the past, our CDMO business has three parts, agro, pharma and semiconductor. We have sales funnels, which we have created along with dedicated team for each of the three parts and we are doing aggressive business development in terms of meeting the customers in US, Europe and Japanese markets. On the back of that, these are 25 molecules which we added in FY ’25 itself. They are at various stages. For instance, in pharma, a lot of leads which come are at Phase-2, Phase-3 levels, so they will take time to scale-up. But these are high-quality molecules and falling in our chemistries and that’s why customers have confirmed even samples for many of these to us. So we are hoping that as they scale-up in coming quarters and years, the pharma side of CDMO business will scale-up. Similarly, on the agro side, there are two commercial projects which we have already announced to the market, so I won’t talk about them, both are scaled projects and will add substantially to our overall revenue as well as margins by end of this fiscal year, but there are at least half a dozen other opportunities or molecules where customers have shown a strong interest and they are again in various stages of discussions with the customers. On the semiconductor side, I’ve shared in the last quarterly call as well as in Investor Day presentation that we have close to eight to 10 molecules and almost half a dozen for half a dozen molecules, we have already sent the samples also to the customers. Small volumes, small value to start with, but because this is just the start of semiconductor for us, we are hoping on the back of this, we’ll be able to create both capabilities as well as credibility with the customers to scale-up this business in the coming years.
Siddharth Gadekar
Sir, just on the semiconductor part, how long does it take from Samsung to actual deliveries, like what is the time for customers to approve a vendor?
Deepak Jain
See, this is a — that as you will appreciate, semiconductor chemicals is new to India assets, not just to us and even the customers who are outsourcing these molecules are testing the water. So they are — they are navigating in a calibrated manner. So I think they have moved within a year, almost six of them moving from just a plain-vanilla leak to sampling is actually faster than at least what I thought last year-around this time. We are hopeful that they will move to commercial revenues in next couple of quarters. But the revenue contribution of that could be small to start with because this is how the semiconductor space works and anyway, as I said, customers are also moving in a calibrated manner.
Siddharth Gadekar
Got it, sir. Thank you so much.
Operator
Thank you. The next question comes from the line of Rohit Nagraj from B&K Securities. Please go ahead.
Rohit Nagraj
Thanks for the opportunity and congrats on good set of numbers. First question again on the CDMO front. So given that our strong focus incrementally on CDMO with three sub-segments catering to, what are the capabilities that we have developed over the last couple of years and where we are differentiating probably from other competitors offer from their offerings. So how everything is shaping up from the capabilities and the chemistry point-of-view? And are there any unique chemistries that we are working on where probably we’ll have some kind of an advantage? Thank you.
Deepak Jain
Thank you, Rohit. Yeah, definitely. I think the customers also keep asking us the same question and we have been able to give a credible answer to them. That’s why we are getting these leads. But while I cannot go into the technicalities and details of that, what I can tell you is there are three, four areas where we have invested heavily in last couple of years. Number-one is, we have a strong R&D team of 150 plus people and we have hired a bunch of new folks in our R&D — new R&D center in Greeka, Noida, which we had announced two years back. So the core R&D capability has been deeped up significantly in last two years and we are still going through that process. Even this year, we will be investing heavily in our R&D to create that muscle. Number two, while we have 30-plus chemistries where in the last four decades, we have done plenty of work. There are 10 to 12 chemistries which are core to us where we have done probably more amount of work than anyone else in India. And in those chemistries, the customers always prefer us. Number three, we have some core product platforms for chemistries like pyridine or many other even acetize and hydride, etc. Whenever customers have a requirement in these chemistries or whether wherever there is — the KSM is dependent on these chemistries, we are the first-call. So the two agrochemical contracts we announced a couple of quarters back are linked to these kind of product platforms where we have the unique advantage vis-a-vis anyone else, not just in India, but in the world. And fourthly, even in terms of our BD capabilities and the level of engagement we have had with the customers over the last 1.5 years with almost 120 plus customer meeting that I myself have done, which I told in last two quarters as well. And the whole business team as well as the business development teams that we are strengthening as well as scaling up in-markets like US, Europe and Japan, we are getting very strong traction. The customers believe in our story and they are seeing what we are delivering in the projects which have already been awarded to us. So a combination of all these four, five things is leading to a very strong flywheel for us, which has started to spin, and I’m very confident that in the coming quarters, it will move even faster.
Rohit Nagraj
Yeah. Thanks. That’s a detailed explanation. The second question in terms of again coming back to 345, in terms of incremental capex to reach that 3x and 4x revenue and EBITDA respectively, what is the kind of capex which will be required beyond FY ’26 where we have already spelled out the capex number.
Deepak Jain
Yeah. So we gave a directional answer there even in our Investor Day in February. Rohit, the short answer is, over the next three, four years, we’ll need at least INR600 crore to INR800 crore of investment every year to achieve the organic part of that Pinacle 345 vision that we have crafted, which means over the — if you take the four years, anywhere between INR2,000 crore INR2,500 crore of additional investment. Of course, this comes with a disclaimer that we are making certain assumptions on the pricing of the products, which now seems to have stabilized, but we’ll have to see what happens to pricing in the coming two or three years. If the pricing stays where it is, with that kind of incremental investments, we are hopeful will cross the INR10,000 crore mark, which we said organically we want to do as part of the Pinnacle journey.
Rohit Nagraj
Right. And one last clarification on the CGMP compliance facility. So have we started providing the samples and where are we in terms of the approval process and what are the timelines we are looking at for the initial commercial orders to commence from this project?
Deepak Jain
If you’re talking about the CGMP, right, or the pharma CGMP.
Rohit Nagraj
Yes, the human and the cosmetic grade products.
Deepak Jain
Human and cosmetic grade, okay. So that plant just got commissioned in January. The total capacity is about 4,500 tons. We are hoping that in next 18 months, we’ll be able to get to 70%, 80% utilization levels. The plant is ramping-up well, has started to stabilize now as well. And in the last three months itself, we have done significant volume more than what at least I thought the kind of traction we’ll get. And we are also in discussions with a couple of big customers for long contracts and recurring annualized contracts. So we are quite hopeful. And what will help us in that business is whatever is happening in the US market, because that is one key market for us and we compete against the Chinese and with the tariff situation evolving so-far at least in favor of India, we are quite hopeful that we’ll get a big upside there in the next 12 months, which we’ll be able to capitalize on.
Rohit Nagraj
Yeah that’s all from my side. Thanks and all the best.
Deepak Jain
Thank you.
Operator
Thank you. The next question comes from the line of Vidit Shah from Spark Capital. Please go ahead.
Vidit Shah
Hi, thanks for taking my question. My first question was, you mentioned that we are seeing volume recovery in chemical intermediates and you know parts of specialty chemicals. But can you guide us as to what we are for the prices in FY ’26 and ’27 and how — how impacted they are and when do we expect prices to start seeing some sort of recovery.
Deepak Jain
So Vidit, the answer will — will vary significantly by the three segments. If I look at the Specialty Chemical segment, obviously, prices have come down across segments as we have been sharing in the last few quarters, but we think they have bottomed-out now and they will — for the last six months or eight months also the prices by and large speaking, have been stable. At least based on what we know in terms of the capacity situation globally, particularly in China, we don’t — very — we don’t see a big possibility of price coming back-in a significant manner. But of course, there will be some marginal increase which can come based on the demand-supply factors depending on which segment you’re talking about. That is on specialty. So our base-case scenario and we mentioned or announced that in Investor Day also has been worked out based on today’s pricing, which we hope will remain stable with some upside coming in at least some segments due to the demand-supply factors. On the Nutrition and health solutions segment, the feed segment of B3 will remain stable. There are some short-term volatility during the quarters, but if I take a long-term secular trend, it will remain stable. We don’t see any big upside or pressure there. But the new segments that we are getting into like the high-grade neocinamide, cosmetic grade, food grade and some of the food nutritional products, there we see a price benefit anyway because those are high-value segments, but also in those segments, given the higher demand, I’m hopeful that pricing can go up marginally. On the Chemical intermediates, as I explained in the — in response to the very first question, we are at the bottom of the cycle or very close to that. We are hopeful that pricing will start to go up gradually in next quarter or so, based on at least whatever we are hearing from our customers.
Vidit Shah
Okay. Thanks for that detailed answer. And the second one was on margins. So FY ’26, we’re still implementing some cost-saving initiatives, which you said by the end-of-the year should hopefully be fully through. So FY ’27 and beyond, what would you expect steady-state margins for each of the segments? Nutrition you said is 16% to 18%, but if you guide for the — if you could help us guide for the other two cycles would be great.
Deepak Jain
Yeah. So I think for the specialty Chemicals with everything we are doing and we have said that in the past, also 22% plus margin is visible, hopefully more close to 25% as we build-out scale and continue to work on our cost initiatives. Nutrition, you already said it 16% to 18%. And Chemical intermediates, if you take a long-term secular trend and we see that data regularly, if I take the last 10-year average EBITDA of my Chemical Intermediates business, it will be 10% to 12%. So those are the baseline assumptions, but of course, there are several factors which keep playing every year with it. So just extrapolating it based on that may not be the right thing. But at a company-level, what we are working towards as we announced in our clinical 35 strategy also is more than 17% 18% plus margin across the three segments put together.
Vidit Shah
Got it. And just a last one on the semiconductor business the new products you’re introducing out there, you said you’ll be starting in a small way, but what is the functionality of the products that you all are introducing in this space. Could you be able to share any of that?
Deepak Jain
Yeah. No, on semiconductor, as I mentioned, these are CDMO products. So these are custom synthesis products based on the customers’ requirements. So we can’t share too much about those products. Having said that, we also have our core grading chemistry where we are world-leader. There is an electronic grade also, we are working on that. And as and when we are ready with that product, we will announce to the markets.
Vidit Shah
Okay, sir. Thank you so much for your responses and all the best.
Deepak Jain
Thank you.
Operator
Thank you. We take the next question from the line of Nitesh Dhoot from Anand Rathi. Please go ahead.
Nitesh Dhoot
Hi, sir. Good evening. Sorry, I joined really late. Not sure if this has already been taken-up. So just needed one clarification. So the current capitalization is only around INR200 crores. So while I think the cash spend was around INR400 crores, but most of it is in the seed Blue revenue. So was that just the agro entity that has been commercialized or there are any other CapEx is also?
Varun Gupta
No. So the total capitalization is not INR200 crores. It’s ahead of INR365 crores. That’s the capitalization. Our — so this year we have increased — we have spent north of INR350 in our capex. And second part of it, cash-flow, cash-flow is more in two forms. One is what we have capitalized and second is the capital advances sit in the balance sheet. So we are committed to give the — to invest in the capex to fund the growth. What was the second part?
Nitesh Dhoot
No, just yeah, I wanted to clarify whether it was just the agro entity or was there any other commissionings?
Varun Gupta
And there is a near plant that we have invested in that was — that was highlighted, started — it commissioned in January. That was the big capex that we have invested in this year, which was commissioned FY ’25.
Deepak Jain
So Nikesh, we — as we announced in the past, I think the big investments have gone into, of course, the agro intermediate plant, which we are going to use for the CDMO, big CDMO contract. We have invested in the plant, the CGMP plant. We have invested in boiler. We are investing in other infrastructure to support all the growth initiatives. And there was some spillover from our GMP and MPP plants, which we have — which we have invested behind, including the plant in FY 2024. So that was — those were the four, five big investments in FY ’25.
Nitesh Dhoot
All right. Thank you so much.
Operator
Thank you. The next question comes from the line of Gokul Maheshwari from Awriga Capital Advisors. Please go ahead.
Gokul Maheshwari
Yeah, hi. Thanks. Just clarification on the CDMO project. You had indicated last-time that it will go-live by January of ’26. Is the timeline still pretty much intact?
Deepak Jain
Yes, the big one, we are hoping to commission the plant by end of this calendar year and start the supplies to the customer latest by January, hopefully sooner than that. And we had also announced the second one for which the supplies will go starting this quarter itself.
Gokul Maheshwari
Okay. So in this year, you will see the second, but the smaller order being played out in FY ’26, but the big one, the full combined impact of both these orders will be played in FY ’27.
Deepak Jain
That’s right, but there will be significant impact on hopefully the last quarter numbers from the big one even in this year.
Gokul Maheshwari
All right, sir. Great. Thank you so much.
Operator
Thank you. Ladies and gentlemen, that was the last question and we conclude the question-and-answer session. I now hand the conference over to the management for their closing comments.
Varun Gupta
Thank you. So we thank you all for joining this call today. We hope we have been able to answer your queries. For further clarifications, I will request you to contact our Investor Relations team. Thank you once again for your interest in Jubilant Limited. Good evening to all.
Deepak Jain
Thank you very much.
Operator
[Operator Closing Remarks]