JUBILANT INGREVIA

Jubilant Ingrevia is a well-run, well-integrated company. It is the largest non-Chinese pyridine producer, a toptwo name in Vitamin B3 and in merchant acetic anhydride, and it has a strong balance sheet. Q1 FY27 was its best quarter in fifteen. Our question in this X-Ray is different. We ask, business by business: where does Jubilant have something that a Chinese competitor cannot copy within two or three years? Our answer is uncomfortable. We find one such place, and it is small.