Jubilant Ingrevia Ltd Management Discussions

Global Economy

The global economy remained resilient during 2025 despite continued geopolitical tensions, changing trade policies, and uneven regional economic performance. Investments in technology, digital infrastructure, and advanced manufacturing supported economic activity and helped offset the impact of tariffs, supply and evolving regulatory measures.

Global GDP grew by 3.5% in 2025 and expected to grow by 3.0% in 2026, reflecting divergent growth patterns across developed and emerging economies.

Indian Economy

The Indian economy demonstrated stable performance during FY 2026 despite ongoing global trade uncertainties, geopolitical developments, and volatility across international markets. According to the Provisional Estimates (MoSPI), Indias real GDP growth stood at 7.7%, while Gross Value Added (GVA) chaindisruptions, expanded by 7.9%, reflecting the continued strength of the countrys domestic demand-driven growth model.

India continued to remain among the worlds fastest-growing major economies, supported by resilient domestic demand, strong public and private investments, expanding manufacturing activity, and continued structural reforms. India is expected to maintain strong medium-term growth momentum supported by infrastructure expansion, industrial development, digital transformation, and rising economic formalisation.

The outlook for the Indian economy remains positive, with real GDP growth projected in the range of 6.8% to 7.2% for FY 2027.

Industry Overview

Chemical Industry

The global chemical industry, integrated with everyday life and essential to sectors ranging from agriculture to automotive, navigated a challenging operating environment in FY 2026 marked by measured growth, weak demand, and macroeconomic uncertainties. Despite these headwinds, the global market reached a valuation of $5.3 trillion in 2025. Recovery remained uneven across geographies. Developed markets like Europe faced high-cost pressures and subdued industrial output, while emerging economies in Asia provided incremental growth support. This regional disparity was compounded by geopolitical friction in the Middle East, which disrupted energy markets and trade routes, escalating input costs and supply chain constraints.

The Indian chemical industry, currently valued at over $200 billion, is projected to grow at a CAGR of 8-9% over the next five years. Growth is expected to be supported by rising domestic consumption, increasing industrialisation, expanding downstream industries and Indias growing role in global supply chains. According to McKinsey, high-growth sectors such as construction, semiconductors, renewable energy and automotive are expected to create additional demand for chemical products and intermediates over the coming years.

Specialty Chemical Market

Global Chemical Market

The global specialty chemicals market continues to witness steady expansion, supported by rising demand from construction, automotive, electronics, agriculture, water treatment, and advanced manufacturing industries. The global specialty chemicals market is estimated at approximately $1.1-1.2 trillion and is expected to exceed $1.5 trillion over the 5-6 years, growing at around

4-5% CAGR.

Demand for high-performance and application-specific chemicals continues to rise across construction chemicals, electronic chemicals, water treatment additives, adhesives, coatings, and specialty polymers. The accelerating transition toward electric vehicles, semiconductor manufacturing, renewable energy infrastructure, and lightweight materials is also creating new avenues for specialty chemical manufacturers globally.

Indian Specialty Chemical Market

Indias specialty chemicals industry continues to witness steady expansion, supported by rising demand across agriculture, automotive, construction, electronics, pharmaceuticals, and consumer industries.

Indias specialty chemicals sector is also benefiting from favourable Government policies, increasing foreign investments, and supply chain diversification strategies adopted by global manufacturers. The "China Plus One" sourcing approach continues to create opportunities for Indian manufacturers to strengthen export participation and integrate deeper into global chemical value chains.

Industry Segments we operate in:

Pharmaceuticals

During FY 2026, the pharmaceutical industry continued to demonstrate resilient volume-led growth, with most players reporting revenue expansion despite margin pressures arising from supply chain disruptions and the impact of patent expiries. Entering FY 2027, the outlook remains positive, supported by healthy end-market demand and increasing CDMO outsourcing opportunities. Patent expiries continue to create a favourable environment for contract development and manufacturing, while the easing of supply chain disruptions has improved operational stability. Additionally, pricing pressure is gradually moderating, leading to a more balanced market environment and supporting improved business visibility across the value chain.

Industrial

During FY 2026, the industrial market remained mixed, with only marginal improvement in volumes amid subdued demand across construction and manufacturing sectors. Margin pressures persisted as weak industrial activity and a challenging demand environment continued to weigh on profitability. In FY 2027, market conditions remain similar, with volume recovery still gradual and margins under pressure across several sectors. However, India has shown encouraging signs of recovery, supported by improving economic activity and infrastructure spending, providing a more constructive outlook for industrial demand going forward.

Nutrition

During FY 2026, the nutrition market witnessed stable-to-improving volume growth, driven by sustained demand for health supplements and functional ingredients. However, profitability remained under pressure due to fluctuations in raw material prices caused by supply chain disruptions. In FY 2027, the market continues to expand, supported by growing consumer focus on health and wellness, which is driving demand across key nutrition segments. While raw material volatility and competitive pricing persist, easing supply chain challenges and improving product mix are gradually supporting margin recovery, resulting in a more favorable operating environment.

Agrochemicals

During FY 2026, the agrochemical sector witnessed a gradual recovery in volumes, supported by demand normalisation across key markets. However, pricing and margins remained under pressure due to intense competition and excess supply from China, which continued to weigh on industry profitability. In FY 2027, the recovery trend has continued, with improving demand supporting further volume growth. Nevertheless, competitive intensity and persistent oversupply from China continue to impact pricing dynamics, keeping margin recovery gradual and maintaining a challenging operating environment for industry participants.

Personal Care

During FY 2026, the cosmetics and fragrance sector remained resilient, delivering stable volume growth, particularly across premium beauty, skincare, and fragrance categories. Profitability remained steady, supported by new product introductions and continued innovation, which accelerated premiumisation trends and enhanced value creation. In FY 2027, the sector continues to witness healthy growth, driven by rising demand for premium skincare products and cosmetic ingredients. Ongoing portfolio innovation and the launch of differentiated products continue to support premiumisation, while stable profitability reflects the sectors ability to capitalise on evolving consumer preferences and higher-value product offerings.

Electronics & Semiconductors

During FY 2026, the semiconductor market continued to witness strong volume growth, driven by increasing adoption of artificial intelligence (AI), high-performance computing, and advanced electronics applications. While the long-term opportunity remains significant, the market is still at a nascent stage, with extended qualification cycles and long lead times required to scale up commercial volumes. In FY 2027, the momentum has continued, supported by sustained investments in AI infrastructure and next-generation computing technologies. However, the industry remains in the early stages of development, and commercialisation timelines continue to be gradual, with meaningful scale-up expected over the long term.

Company Overview

We are a leading solutions provider of Specialty Chemicals & CDMO globally, serving Pharmaceutical, Nutrition,

Agrochemical, Consumer, Semiconductor and Industrial customers. We offer customised solutions that are innovative, cost-effective and conform with global quality standards, with a broad portfolio of 130+ products.

Refer to Page 6 of the annual report for more details.

Financial Overview

The Company delivered a strong financial performance during FY 2026, supported by its diversified business portfolio, integrated operations, and continued focus on operational efficiency and value-added growth.

Financial Summary

Particulars	FY 2026	FY 2025	YoY Change
Total Revenue ( in crore)	4,388	4,178	5%
EBITDA# ( in crore)	607	557	9%
EBITDA Margin (%)	14%	13%	51 bps
ProfitAfter Tax (PAT) ( in crore)	278	251	11%
PAT Margin (%)	6%	6%	32 bps
EPS ( per share)	18	16	11%
Net Debt (Mar 31, 2026) ( in crore)	591	658	-11%
Net Debt / EBITDA (times)	0.97x	1.18x	-
Working Capital Days	62 days	66 days	-

#EBITDA Include/adjusted with other Income

Business Segment

Specialty Chemicals Market

Financial Performance of Specialty Chemicals

Metric	FY 2026	FY 2025
Segmental revenue ( crore)	1,937	1,818
% Share of Overall Revenue	44%	44%
EBITDA ( crore)	510	422
EBITDA margin (%)	26%	23%
Contribution to overall EBITDA (%)#	75%	67%

# Before adjustment of Unallocated corporate expense/Income

In FY 2026, the segment reported revenue of 1,937 Crore, reflecting a YoY growth of 7%, while EBITDA 21% to 510 Crore. During the fourth quarter, the segment recorded its highest EBITDA in the last 15 quarters at 139 Crore, with EBITDA margin improving to 27%. This growth was supported by sustained volume expansion across key product categories, increasing contribution from high-margin businesses such as CDMO and Fine Chemicals, and an improved product mix with a higher share of value-added specialty offerings. Continued focus on cost optimisation and operational efficiency initiatives also contributed to enhanced profitability during the

FY 2026 Highlights

• Segment revenue: 1,937 Crore (+7% YoY); EBITDA: 510 Crore (+21% YoY)

• Specialty EBITDA margin: 26% – sustained above 25% for six consecutive quarters

• 75% contribution to overall EBITDA

• Pharma CDMO pipeline grown 3x in two years with innovators and Tier-1 CDMOs

• Agro CDMO facility commissioned within 14 months; despatches commenced in March 2026

• Semiconductor R&D Lab approved at Greater Noida to support emerging applications

Outlook

The Company remains aligned with its Pinnacle strategy, with the Specialty Chemicals segment expected to maintain its growth momentum through continued investments in multi-purpose manufacturing facilities, new CDMO infrastructure, personal care, semiconductor & electronics, diketene derivatives capacity expansion. In addition, the Company is progressing the development of a new multipurpose plant, which is expected to enhance manufacturing capacity and provide greater flexibility to support the growing pipeline across the Fine Chemicals and CDMO offerings.

Nutrition and Health Solutions

Nutrition & Health Solutions represents an attractive platform for the Company to leverage its integrated chemistry capabilities, global customer relationships, regulatory systems and application expertise. The business operates across Human Nutrition and Animal Nutrition, serving customers in human nutrition, animal nutrition, personal care, nutraceuticals, food fortification and related end-use industries.

The business environment during FY 2026 remained mixed. Demand for Niacinamide remained resilient across feed, food and cosmetic applications; however, pricing in certain categories remained under pressure by due to global supply-demand imbalance and competitive intensity. Cosmetic-grade demand continued to grow steadily, while food-grade demand remained encouraging. Choline demand remained stable, although domestic pricing continued to be affected by imports from China.

Financial Performance of Nutrition & Health Solutions

Metric	FY 2026	FY 2025
year.
Segmental revenue ( crore)	790	747
% Share of Overall Revenue	18%	18%
EBITDA ( crore)	100	102
EBITDA margin (%)	13%	14%
Contribution to overall EBITDA (%)#	15%	16%

# Before adjustment of Unallocated corporate expense/Income

The Nutrition & Health Solutions segment contributed

18% to the Companys overall revenue during FY 2026. Segmental revenue stood at 790 Crore, while EBITDA was 100 Crore, translating into an EBITDA margin of 13%. The segment accounted for 15% of the Companys overall EBITDA before adjustment for unallocated corporate expenses/income.

FY 2026 Highlights

• Segment revenue: 790 Crore (+6% YoY); EBITDA: 100 Crore

• Highest B3 volumes in eight quarters in Q4 FY 2026

• Increasing traction for Cosmetic and Food-grade B3 across EU and US customers

• Premix portfolio expanded with growth across domestic markets and launch of Human Premix solutions

Outlook

Nutrition & Health Solutions is evolving from a volume-led market to one increasingly defined by specialisation, compliance, traceability, application support and long-term customer partnerships. The Companys strategic focus will be to:

• Ramp up the Bharuch cGMP Niacinamide facility for cosmetic-grade, food-grade and nutraceutical-grade demand

• Strengthen the human nutrition portfolio through food-grade Choline Chloride, Choline Bitartrate and other value-added ingredients

• Increase the share of premium, margin-accretive products under the Companys growth plans

• Develop new products for nutrition and cosmetic applications by leveraging chemistry capabilities and global customer relationships

• Drive growth in branded premixes and differentiated formulations across human and animal nutrition

Chemical Intermediates

The Chemical Intermediates segment continues to remain a foundational pillar of Jubilant Ingrevia Limited. Within this structure, the Chemical Intermediates business serves a dual role, acting both as a stable cash-generating business and as a key enabler for internal value-chain integration.

Performance of Chemical Intermediates

Metric	FY 2026	FY 2025
Segmental Revenue ( crore)	1,662	1,612
Contribution to Total Revenue (%)	38%	39%
EBITDA ( crore)	73	108
EBITDA Margin (%)	4%	7%
Contribution to Overall EBITDA (%)#	11%	17%

# Before adjustment of Unallocated corporate expense/Income

In FY 2026, the Chemical Intermediates segment reported revenue of 1,662 Crore as compared to 1,612 Crore in FY 2025, reflecting a growth of 3%

YoY. The segment contributed approximately 38% to the Companys total revenue during the year, compared to year. 39%intheprevious

Segment EBITDA stood at Rs. 73 Crore during FY 2026 as against 108 Crore in FY 2025, resulting in EBITDA margin declining to 4% from 7% in the previous year. Consequently, the segments contribution to the

Companys overall EBITDA reduced to 11% during the year from 17% in FY 2025.

The segments performance was impacted by continued weakness across key end-use markets, particularly in the Paracetamol value chain, which affected demand for

Acetic Anhydride. Pricing pressure across the product portfolio also impacted overall margins during the year.

FY 2026 Highlights

• Segment revenue: 1,662 Crore (+3% YoY)

• Strong volume growth across Acetic Anhydride and Ethyl Acetate

• Maintained 70%+ domestic market share

• Expanded market presence in Europe

• Continued focus on cost optimisation and operational excellence

• EBITDA reported at Rs. 73 Crore

Outlook

The Chemical Intermediates segment is expected to witness gradual stabilisation and improvement in performance as demand conditions recover across key end-use industries. Although pricing trends remained soft during FY 2026, management expects the business cycle to approach stability, with recovery anticipated over the near to medium term.

Manufacturing Infrastructure

Jubilant Ingrevia Limiteds manufacturing ecosystem is built on a fully integrated and digitally monitored network of six world-class manufacturing facilities across India. Through backward and forward integration across critical raw materials, intermediates, and finished specialty products, the Company maintains strong control over quality, compliance, operational reliability, and customer responsiveness.

The Companys manufacturing operations are supported by a long-standing focus on regulatory compliance, operational discipline, advanced technologies, robust SOPs, and real-time monitoring systems. This enables the delivery of safe, sustainable, and timely solutions across the Specialty Chemicals, Nutrition & Health Solutions, and Chemical Intermediates businesses. Each manufacturing facility is strategically positioned to support specific business segments and leverage regional strengths:

1. Gajraula, Uttar Pradesh: Integrated manufacturing platform for Specialty Chemicals and Chemical Intermediates.

2. Bharuch SEZ, Gujarat: Multipurpose manufacturing site catering to Specialty Chemicals, Nutrition & Health Solutions, and Chemical Intermediates.

3. Nira, Maharashtra: Dedicated manufacturing facility for Chemical Intermediates.

4. Savli, Gujarat: Manufacturing hub for Animal Nutrition & Health Solutions.

5. Ambernath, Maharashtra: Dedicated facility for microbial control solutions under the Specialty Chemicals segment.

6. Bengaluru, Karnataka: Dedicated manufacturing facility for human nutrition premixes, nutraceuticals and pharmaceutical formulations through Remidex Pharma.

6

world-class manufacturing facilities across India

Commitment to Excellence, Compliance, and Sustainability

All manufacturing facilities are supported by dedicated utility infrastructure, including steam boilers, chilled-water systems, and brine units, designed with built-in redundancy and spare capacities to ensure uninterrupted operations during maintenance shutdowns and peak production periods.

As part of the Companys zero-liquid-discharge commitment, wastewater generated across facilities undergoes a multi-stage treatment process. Initial treatment includes solids removal and pH neutralisation through Effluent Treatment Plants, followed by reverse-osmosis systems and polishing filters to remove dissolved salts and organic compounds. The concentrated brine is further processed through multi-effect evaporators, enabling heat recovery, water reuse, and a significant reduction in waste generation. Residual off-gases are treated through incinerators and thermal oxidisers equipped with continuous online emission monitoring systems to ensure regulatory compliance and minimise environmental impact.

Certifications and Accreditations

The Company has implemented Responsible Care under the ACC programme (RC 14001:2015) and continues to maintain globally recognised management system standards, including ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 across manufacturing sites. Facility-specific certifications and accreditations include:

• Gajraula: ISO 50001, FSSC 22000, FSSAI, NABL (ISO/IEC 17025), Halal, and Kosher certifications

• Bharuch: US FDA and WHO GMP-approved facility with ISO 50001, FSSC 22000, FAMI-QS, NABL (ISO/ IEC 17025), Halal, and Kosher certifications.

• Nira: FSSC 22000, ISO 22000, Halal, and

Kosher certifications.

• Savli: FAMI-QS feed safety management certification.

• Ambernath: ISO 9001:2015 certification.

The only Indian company to receive the World Economic Forums Global Lighthouse Recognition (2024)

Business Excellence

In FY 2025-26, Business Excellence strengthened a culture of continuous improvement across the organisation through a disciplined framework combining Lean Six Sigma (DMAIC), Kaizen-led improvement via the Sankalp portal, enterprise-wide 5S deployment under Mission Parivartan, and targeted digital initiatives through SURGE. Supported by robust governance, structured project reviews, finance-validated benefit tracking, and capability building, the function delivered 50 DMAIC projects focussed on capacity enhancement, consumption optimisation and operational efficiency, while implementing over 4,000 Kaizens across sites. A dedicated Technology Excellence initiative established benchmarking as a key value-creation lever, evaluating multiple molecules against global best practices and identifying opportunities that have progressed to pilot and commercialisation stages.

The organisation also achieved 100% employee training in 5S, developed 16 model areas across manufacturing locations, and strengthened its improvement capability through a certified practitioner base of 5 Black Belts, 63 Green Belts, 198 Yellow Belts and 156 White Belts. These efforts were further recognised through four external awards, including a Gold Award at the CII Kaizen Competition 2025 and three honours at the South Asia Team Excellence Awards, reinforcing the strength of the organisations improvement culture and execution excellence.

Resilient Supply Chain in a Geopolitically Uncertain Environment

In FY 2026, the Company successfully navigated multiple global disruptions, including the ongoing Red Sea crisis, evolving global trade realignments, and the

Iran-Israel-US conflict towards the end of the year.

These uncertainties were managed through enhanced responsiveness, end-to-end coordination, focussed cost and inventory optimisation initiatives, strategic sourcing, and effective logistics management, resulting in improved supply reliability at optimised costs.

Despite continued global uncertainties, the Company utilised the evolving environment as an opportunity to develop new strategic sourcing relationships across multiple geographies, further strengthening the sustainability and diversification of its supply chain network.

The focus during the year remained on ensuring volume security through global contracting arrangements while optimising procurement costs through opportunistic buying strategies across key commodities. In the process, the Company strengthened strategic relationships with global suppliers while also leveraging available domestic sourcing opportunities in India. Consolidation of the vendor portfolio for indirect procurement through digital interventions and centralisation initiatives helped strengthen governance mechanisms and improve controls over tail-spend categories such as MRO and services procurement.

Digital initiatives, including enhanced visibility across export shipments and domestic freight movements, improved transparency and strengthened control over safety-related incidents, which reduced during FY 2026 as compared to the previous year. In addition, analytics-driven monitoring of key commodities using advanced AI-based algorithms enabled faster response to rapidly evolving sourcing and procurement environments.

Key Initiatives FY 2026

• Ocean and Domestic freight rates were optimised better than market benchmarks, adding to the bottom line

• Formula-based contracts for raw materials, utilities and freight delivered predictability and reduced cash-flow risk

• Inclusive sourcing with clean-energy and circular-economy MSMEs, alongside platinum Responsible Care membership

• Full digital procurement transformation: reverse auctions, e-platforms, RPA invoicing and real-time spend analytics

• Deployment of low-carbon transport options and launch of e-catalogues to harmonise pricing and drive transparency

• Together, these initiatives have strengthened our resilience, reduced cost volatility and reinforced our commitment to reliability and agility across the supply chain

Research & Development

Research & Development continues to play a crucial role in supporting Jubilant Ingrevia Limiteds long-term vision and growth roadmap. During FY 2026, the Company further expanded its R&D capabilities while deepening expertise across existing technology platforms. Acting as a key catalyst for growth, the R&D function enables the development of high-quality and cost-effective customised products, strengthening the Companys position as a preferred partner for customers requiring highly specialised chemical solutions.

The Companys three state-of-the-art R&D centres located at Greater Noida, Bharuch, and Gajraula employ more than 150 scientists, focussed on advancing complex chemistries and process intensification capabilities. A fully equipped pilot plant works in close integration with the R&D teams to identify potential technical and process safety challenges and refine scale-up strategies. This integrated approach helps minimise risks, reduce time-to-market, and ensure smooth and economical commercial-scale implementation of new processes.

The Company has increasingly leveraged GenAI-based platforms to strengthen research and process development activities. GenAI integration is being implemented across the value chain, ranging from literature search and process design to simulation, optimisation, and development activities. Multiple deep-tech solutions have also been onboarded to support growth while maintaining sustainability objectives.

During FY 2026, the Company made significant progress across emerging growth areas such as cosmetics and semiconductor chemicals. The research teams developed multiple innovative processes to manufacture highly pure compounds while maintaining sustainability standards and reducing carbon footprint. In the semiconductor chemicals segment, the Company continues to make significant

Human Resource

At Jubilant Ingrevia, people remain at the centre of the Companys purpose, performance, and growth journey. During FY 2026, the Company further strengthened its high-performance culture through enhanced talent, performance, and capability-building initiatives, while continuing to be recognised externally as a Great Place to Work? for the second consecutive year and among the Top 50 Manufacturing Workplaces in India. Multiple industry awards across manufacturing, supply chain excellence, sustainability, and team excellence further reflected the strength of its people practices, workplace culture, and operational capabilities.

The Company continued to prioritise employee well-being, safety, inclusion, and development through a holistic people agenda. Focussed initiatives under WINGS (Women Inclusion & Growth Support) helped increase womens representation to 7.2%, supported Landfill ambitions. As by programmes such as Ascend and Empow(H)er. Leadership development, succession planning, digital learning through LinkedIn Learning, AI and future-skills training, and structured capability-building programmes investments in specialised equipment and technical talent to achieve extremely high product precision levels measured in parts per billion (ppb).

Going forward, the Companys R&D efforts will continue to focus on developing highly specialised chemicals through sustainable and innovation-led processes. Continued investments are being made towards strengthening scientific talent, training, process safety, digital integration, and R&D infrastructure. The Company remains focussed on continuously learning, innovating, and integrating advanced technologies to develop niche chemical solutions catering to sectors such as nutrition, agrochemicals, cosmetics, and semiconductors, with R&D continuing to remain a key backbone of future growth and innovation.

4.2 man-days

of training per employee during the year

enabled the Company to strengthen workforce-readiness, delivering an average of 4.2 man-days of training per employee during the year. Employee engagement was further reinforced through active listening platforms, leadership interactions, and recognition programmes.

Beyond the workplace, employees continued to contribute meaningfully to community development through CSR initiatives in healthcare, education, and social welfare, supported by the Bharat Impact platform. The Company also advanced its ESG commitments, including Carbon

Neutrality, Scope 1 & 2 reduction, and Zero Waste to Ingrevia progresses on its PINNACLE journey, it remains focussed on building a future-ready, inclusive, and digitally enabled organisation where employees are empowered to grow, innovate, and drive sustainable long-term value creation.

Environment, Health, and Safety (EHS)

At Jubilant Ingrevia, EHS is embedded across operations and is a key pillar of the Companys PINNACLE strategy. Through Project JIVAN, the Company is advancing its commitment to sustainability by integrating ESG into business growth, strengthening digital capabilities, enhancing ESG awareness, and driving measurable environmental outcomes. In FY 2026, the Company

reduced Scope 1 and 2 emissions by ~12,200 tCO2^e,

maintained water recycling to 45%, reduced specific water consumption by 2.8%, and achieved Zero Liquid Discharge (ZLD) status at 3 of 5 manufacturing plants. Operational excellence initiatives delivered approximately 1,800 million in annual efficiency savings while supporting the expansion of sustainable product offerings.

Safety remains a core organisational value, anchored in ISO 45001, Responsible Care principles, and the Companys flagship Project Apollo initiative aimed at creating a zero-harm workplace. The Company strengthened Process Safety Management, standardised safety frameworks across locations, implemented

12 Life Saving Rules, empowered employees to stop unsafe work, and enhanced contractor and project safety oversight. Digital platforms such as Sanchetna and IRIS support hazard tracking, incident investigation, and continuous improvement, while over 34,000 man-days of safety drills were conducted during the year.

Approximately 31 million was invested in EHS initiatives to further strengthen safety infrastructure and systems.

These efforts delivered strong outcomes, including two consecutive years of Zero Lost Time Injury (LTI) and Zero Fatality across operations. The Gajraula site earned a Distinction at the British Safety Council International Safety Awards and achieved an 86% score in Process Safety Management and workplace safety audits, reflecting the Companys continued progress towards world-class safety, environmental stewardship, and responsible manufacturing.

For detailed disclosures, please refer to the BRSR annexure.

Information Technology and Digital Transformation

In FY 2026, Jubilant Ingrevia Limited accelerated its digital transformation journey, driving significant progress across innovation, operational excellence, and execution capabilities through multiple strategic digital initiatives.

Manufacturing Digital and Analytics (DnA) Initiatives

To strengthen operational excellence at scale, the Company deployed a comprehensive suite of

Manufacturing Digital and Analytics (DnA) initiatives across key manufacturing locations. During FY 2026, more than 20 high-impact digital interventions were implemented across 13 key molecules at the Gajraula, Bharuch, and

Nira sites.

These initiatives leveraged advanced analytics, process optimisation tools, and AI/ML-based decision support systems to enhance throughput, yield, and overall cost efficiency. Boiler efficiency optimisation initiatives undertaken at the Nira and Gajraula facilities, along with deployment of predictive maintenance solutions, contributed towards improving asset reliability and operational performance. In addition, Advanced Process Control (APC) systems were implemented in Niacinamide operations to further optimise process efficiency and process stability.

Digital Sourcing Platform

To strengthen supply chain agility and improve cost efficiency, Jubilant Ingrevia Limited partnered with a leading B2B e-commerce platform to digitise procurement processes end-to-end. The platform enables catalogue-based procurement, real-time tracking, integrated inventory and logistics management, warehouse optimisation, and advanced analytics-driven decision-making.

The platform has been seamlessly integrated with the Companys core IT systems, enabling automated order creation and standardised pricing through Annual Rate Contracts (ARCs), while also providing comprehensive inventory and stock management capabilities.

Corporate Social Responsibility

Corporate Social Responsibility remains an integral part of Jubilant Ingrevias business philosophy and is aligned with the Companies Act, 2013 and the UN

Sustainable Development Goals (SDGs) 2030. CSR initiatives are implemented through the Jubilant Bhartia

Foundation (JBF), the Groups not-for-profit arm, which focusses on Healthcare, Education, Livelihood and Social Entrepreneurship through a collaborative Public-

‘SuperNOVA Digital Transformation Program

Building on the strong digital foundation created through the SURGE programme, which delivered core digital capabilities and measurable value across the value chain, Jubilant Ingrevia Limited launched ‘SuperNOVA in

January 2026 as its flagship enterprise-wide Digital and AI

Transformation Programme.

SuperNOVA represents the next phase of the Companys digital transformation and value creation journey. The programme is designed to embed digital capabilities deeply across the organisation and extends beyond manufacturing, supply chain, and sales & marketing functions to cover nine business and support functions. Structured as a wave-based roadmap, SuperNOVA is expected to deliver more than 50+ high-impact initiatives over the next two years by leveraging next-generation technologies such as Generative AI (GenAI) and Agentic AI to drive transformational outcomes across operations and business processes.

Private-People Partnership approach. During FY 2026, JBF continued to strengthen community engagement and promote inclusive socio-economic development across regions surrounding the Companys operations.

Key programmes include Arogya, which provided affordable and preventive healthcare services through mobile medical units, reaching approximately 0.5 million people; Muskaan, supporting over 33,000 students and teachers across more than 100 rural government schools through digital and experiential learning; and Nayee Disha, which advanced livelihoods and womens empowerment through skill development, entrepreneurship, and agricultural initiatives such as Didi Ki Dukaan, JubiFarm, and Samriddhi.

The Company also continued to promote social innovation through Bharat Impact – Jubilant Bhartia Centre for Social Entrepreneurship, which supported the incubation of 36 early-stage social enterprises during the year. Together, these initiatives reflect Jubilant Ingrevias commitment to creating sustainable social impact and improving the quality of life in communities around its operating locations.

Further details are available at Jubilant Bhartia Foundation

Internal Control Systems and Their Adequacy

Our internal control systems are effective and robust, ensuring efficient use and protection of resources and compliance with policies, procedures, financial reporting, and statutory requirements. Well-documented guidelines, procedures and processes are integral to our overall governance and regulatory framework.

Internal Financial Control Framework

Section 134(5)(e) of the Companies Act, 2013 requires a company to establish an internal financial controls (IFC) system and ensure that it is adequate and operating effectively. Our IFC framework incorporate the following five elements:

1. Orderly and efficient conduct of business

2. Safeguarding of assets

3. Adherence to company policies

4. Prevention and detection of fraud and errors

5. Accuracy and completeness of accounting records, and timely preparation of reliable financial information

We have an adequate IFC framework in place. It sets out guidelines, policies, processes and structures commensurate with the nature, size and complexity of our operations and business processes.

Implementation Of Internal Financial Controls

Our internal controls are tailored to the size and scope of the Companys operations and are designed to provide reasonable assurance across all IFC elements. To ensure a robust IFC framework, we follow a three-lines-of-defence strategy:

First Line of Defence - Building internal controls into operating processes: We maintain detailed Delegation of Authority and Standard Operating Procedures

(SOPs), ensure financial decision-making through committees, integrate IT controls into processes and uphold clear segregation of duties. A strong budgetary control framework, comprehensive accounting policies and manuals, period-end closing checklists, basis of accounting estimates support consistency. Further, Entity-level controls including our Code of Conduct and

Ombudsperson Office are established.

For better Governance, operational controls have been implemented through Enterprise Resource Planning (ERP) system and other IT applications. Operational committees such as the Purchase, Capex and Credit Committees respectively oversee procurement, capital expenditure and credit control decisions to improve controls over operations.

Second Line of Defence - Establishing an efficient review mechanism: We conduct monthly business performance reviews and monthly / quarterly functional reviews by the Chief Executive Officer & Managing Director

(CEO & MD). A quarterly online Controls Self-Assessment (CSA) process through Companys own "I-Assurance" tool enables process owners to perform self-assessment against the Risk and Control Matrices (RACM), helping us monitor the internal control environment. Statutory compliances are also tracked through the online

Conformity tool, which is regularly updated to reflect new requirements. This reinforces our commitment to adopt the best corporate governance practices.

Third Line of Defence - Independent assurance: A

Big Four firm acts as our internal auditor, systematically auditing all business aspects to provide independent assurance on control effectiveness and identify improvement areas. The Audit Committee reviews internal audit findings and monitors the implementation of Action plans. Our statutory auditor also audits the financial statements included in this Annual Report and issue an independent report on internal control over financial reporting (as defined in Section 143 of the Companies Act, 2013). The Audit Committee acts as a governing body to monitor the effectiveness of the entire IFC framework.

Internal control is an essential element of good governance. We remain committed to maintaining an effective Internal control environment that provides assurance to the Board of Directors, the Audit Committee and management that a structured system is established throughout our organisation.

Key Risk Categories and Mitigation Strategies

Risk Management

Our Vision for Risk Management

Our vision for risk management is to empower our organisation to achieve its strategic objectives by embedding a proactive and comprehensive risk-management culture that anticipates, identifies and mitigates risks, ensuring sustainable growth and protecting stakeholder value.

Risk Management Strategy and Structure

The Board of Directors has constituted a Risk

Management Committee (RMC) to formulate a detailed risk-management policy and oversee risk management processes and systems. The RMC ensures that appropriate methodologies, processes, and systems are in place to monitor the effectiveness of the risk management framework.

Our risk-management structure comprises the Board of Directors and the RMC at the apex level, supported by the Enterprise Risk Management (ERM) Council. The ERM Council includes the CEO & MD, President & Chief

Financial Officer, Head of Business, Chief of Operations &

WTD, Sr. Vice President - Supply Chain, Head – Human

Resources, Head CSR, Head Corporate Affairs,

Head – Risk & Management Assurance, Chief Digital &

Information Officer and Head IT Security. The Head

Risk & Management Assurance acts as enabler to the ERM Council and reports to the CEO & MD on all risk-management activities.

The ERM Council sets enterprise-risk objectives, strategies and guiding principles, establishing the overall tone for a risk-minimisation culture. It identifies and prioritises key risks through sensitivity analysis and stress testing, including extreme or uncommon scenarios of risks. Risk & mitigation plans are discussed at various review forums chaired by the CEO & MD and progress being periodically monitored.

Risk Governance

Clear roles are defined in the Risk Management Policy for risk and mitigation-plan owners, the ERM Council, RMC and Board for setting standards and overseeing the risk management activities, the Head of Internal Audit to provide independent assurance on the effectiveness of risk-management activities.

The internal audit function serves as an independent reviewer and objectively assesses the companys internal controls, risk-management processes and compliance with operational procedures, internal policies, and regulatory requirements across the organisation.

Risk Management Processes

Risk Review

We maintain a robust framework for identifying (including emerging) risks, prioritising, mitigating, monitoring, assessing and reporting potential internal or external risks. Processes, guidelines, and robust oversight mechanisms, including monitoring at the Board, RMC, and ERM Council levels, are maintained and operating effectively. We promote strong ethical culture and high level of integrity in all our activities, which in itself mitigates risk.

Risk management is continuous process. New and emerging risks are identified and added to the Risk

Library, existing risks are updated in the Risk Library. And each risk is evaluated for exposure, which is based on impact, likelihood of occurrence, business relevance and geographical location etc. This assessment is conducted using a standard risk-assessment scale and risks are categorised by their overall assessment score.

Risk Exposure

The ERM Council reviews risk-management activities, defines new mitigation plans, enhances existing ones and monitors progress to stay ahead of evolving threats. The RMC similarly reviews overall risk assessment at least twice a year and advises the Board on risk tolerance and strategy.

Risk Appetite and Tolerance

The Company has a Board-approved risk management process, including defined risk scoring guidelines and clearly established risk appetite and tolerance limits, aligned with its strategic objectives. The ERM Council and Risk Management Committee undertake periodic review of all identified risks, ensuring comprehensive oversight. This approach enables proactive evaluation of risk exposures and ensures that appropriate mitigation actions are identified and implemented even where risks remain within acceptable limits, thereby strengthening overall resilience and supporting sustained business performance.

Risk-Management Process Audit

Quarterly internal assessments are conducted to enable effective risk identification, prioritisation and mitigation across the organisation. Risk management is further embedded within internal audit reviews carried out by an independent third party (Big 4) auditor on an annual basis, providing assurance on the adequacy and operating effectiveness of the processes & mitigation plans.

Additionally, Companys risk management practices are periodically reviewed by an independent third party (Big 4) consultant, typically once every 2-3 years, to ensure continued alignment with globally accepted standards and evolving industry best practices.

Risk Culture

We promote a strong risk culture across the organisation.

Our Risk Culture Survey confirmed that employees understand our processes and that the framework operates effectively. Risk-management training modules are provided organisation-wide and RMC members receive periodic education on best practices. Employee performance appraisals include risk-management metrics, linking incentives to effective practices.

Managements Assessment of Risk

The ERM Council identifies and evaluates risks (both established and emerging) through brainstorming sessions, with corresponding mitigation plans. Some of the key risks and their mitigation measures are detailed below:

Environment, Health and Safety (EHS) Risk

Description: The accelerating pace of customer expectations, heightened societal scrutiny, and increasingly stringent EHS regulations are redefining the complexity of compliance. In todays environment, any failure to secure or uphold requisite permits or to maintain regulatory alignment can expose organisations to significant risks, including regulatory fines, remediation obligations, reputational damage, personal injury claims, and potential operational disruptions.

Mitigation Plan:

• EHS Excellence Promotion: Environmental, Health, and Safety (EHS) excellence is deeply integrated into our organisational culture through our unwavering commitment to sustainability, Responsible Care? principles, climate action, and green supply chain initiatives. These pillars guide our operations, ensuring that we not only meet regulatory standards but also proactively contribute to a safer, healthier, and more sustainable future.

• Zero Harm and Compliance: Introduced 12 LifeSaving Rules as a cornerstone of our Zero Harm vision, reinforcing a culture of accountability, safety, and regulatory compliance. These rules serve as non-negotiable safety principles, empowering employees to make safe choices and aligning our operations with world-class safety standards.

• EHS Assurance Function: Our EHS Assurance Function operates as a strategic governance pillar, ensuring enterprise-wide implementation of advanced EHS standards. Through rigorous audits, real-time compliance tracking, and integrated assurance mechanisms, we uphold global best practices in safety, health, and environmental stewardship. A key component of this framework is the EHS assessment by Cross Functional Team, which brings together cross-functional expertise to evaluate site-level EHS performance, identify systemic risks, and drive continuous improvement.

• Environmental Care: Our commitment to environmental care is driven by the globally recognised 5R waste management principles – Reduce, Reuse, Recycle, Recover, and Refuse. We leverage advanced digital monitoring systems, implement zero liquid discharge processes, and invest in sustainable practices such as rainwater harvesting, solar and hybrid energy solutions, renewable fuel sourcing, and expansive green-belt development. These initiatives reflect our dedication to ecological responsibility and sustainable growth on a global scale.

• Process Safety Enhancement: Strategic investments are continually made to upgrade process safety systems and controls, under the leadership of a dedicated EHS&S Head. Key initiatives –including Hazard Identification, Risk Assessment,

Management of Change (MoC), and Recognised and Generally Accepted Good Engineering Practices (RAGAGEP) – are systematically embedded across operations to elevate our process safety standards to global benchmarks.

• Digital Transformation: Implementation of advanced software tools for Process Hazard Analysis (PHA) to improve the quality and consistency of risk assessments. Use of data analytics for incident trend analysis, enabling proactive risk mitigation and informed decision-making. We have adopted UPDAPT – ESG-based software where we are evolving to meet the growing demands of ESG reporting and analytics, empowering organisations to make data-driven decisions with confidence and clarity. The enhanced dashboard experience will give us a cockpit view for strategic oversight which offers us a more intuitive, visually engaging interface, real time decision support with live data and trends. With the help of this, we can access critical ESG metrics at a glance & provide deeper insights and predictive capabilities. It will also provide additional support to compliance and governance by keeping critical metrics visible.

• Employee participation:Employee participation is encouraged through ‘Sanchetna, IRIS incident reporting, refresher trainings, Emergency Response Teams and mock drills.

• Project Apollo: To drive continuous improvement in safety, we have implemented a comprehensive Safety Improvement Plan across all operational sites. This is complemented by horizontally deployed Process Safety Management (PSM) guidelines, ensuring consistent safety standards and best practices are maintained throughout the organisation.

These initiatives mitigation and operational excellence. conflicts and tensions continue

• Occupational Health: Our Occupational Health Centre

(OHC)operates24/7,

Medical Officer (FMO) trained in Occupational Health and Advanced Cardiac Life Support (ACLS), along with BSc/GNM Nurses trained in Basic Life Support (BLS). The OHC is accessible to all employees and visitors, addressing immediate health needs and preventing workplace injuries or illnesses through health promotion programmes.

Twice a year, employees undergo health check-ups, with health promotion activities planned throughout the year. The facility supports sustainability by using energy-efficient medical equipment, being mercury-free, and ensuring sustainable biomedical waste management. Eco-conscious treatment methods, such as Antimicrobial Resistance (AMR) strategies, are also incorporated.

• Cultural Transformation: Embedded safety culture through in-house surveys, strengthened practices, procedural enhancements, and active engagement of employees and contract workers.

• Regulatory Engagement: Company engages with government and industry forums to support responsible

EHS regulations. A full-fledged EHS team conducts periodic safety audits and training programs to address environmental safeguards continuously.

Geo-Economic, Geo-Political & Macroeconomic Instability Risk (Emerging Risk)

Description: Evolving geo-economic and geopolitical realignments including ever changing trade policies, protectionist policies & measures, supply chain regionalisation & disruptions and shifting global manufacturing footprints present a forward-looking external risk for Jubilant Ingrevia. While recent developments

(Recent conflicts: US/Israel-Iran tensions, Russia-Ukraine

provide early signals, the structural implications are expected to unfold over the next few years as global trade ecosystems continue to transition.

For JVL, these shifts could translate into increased procurement costs for some of the key raw materials, higher international logistics costs and margin pressures. In addition, evolving trade regimes and market access dynamics may impact export competitiveness in key geographies, requiring realignment of sourcing strategies and customer/product mix.

Given the evolving, external, and uncertain nature of these developments, the risk has the potential to materially impact JVLs cost structure, supply chain resilience, and long term growth trajectory, necessitating continuous monitoring and strategic recalibration.

Possible Impact:

• OngoingMiddleEastern to exert both demand-side and supply-side pressures through heightened market uncertainty, weakened customer sentiment and constrained logistics. This has resulted in intermittent availability risk for select key raw materials, sharp price volatility across select raw materials and fuels impacting margins and elevated international freight costs due to shipping shortages and additional war risk surcharges (7-8%).

• Regulatory changes such as the US 45Z ethanol rule have disrupted traditional import channels, leading to supply constraints and increased reliance on fragmented and less reliable domestic sources.

• Potential revisions to Indonesias mining laws may disrupt global supply of critical minerals, while Indias continued dependence on coal imports exposes the company to price volatility. Any adverse policy changes could drive coal index inflation, increasing energy costs and pressuring margins, necessitating a shift towards local sourcing to keep cost in check.

Mitigation Plan: To address these emerging risks, we have implemented a multi-layered strategy:

• Supplier Diversification & Localisation: Actively developing alternate vendors and promoting external manufacturing within India through indigenisation & to reduce dependency on any particular supplier or risk prone country for business continuity.

• Integrated Digital Supply Chain & Price Intelligence:

Predictive analytics is helping forecast key bulk raw material trend and informed decision-making. Live tracking of all purchase requests online for reducing turnaround time. Invested in tools for Exports and domestic shipment visibility to reduce detentions and improve on-time deliveries. BOTs are built to improve productivity and reduce any manual errors and interventions.

• Agile Business and Operations Planning: Monthly planning / scheduling reviews along with Business and continuous SCM updates to Management increases the agility in Business operations in volatile times. Regular Market feeds shared by SCM with Business for timely and informed decisions.

• Contractual Adjustments: We have arrived at a healthy mix of Contractual and Spot arrangement with Suppliers to maximise market price advantages and volume security.

• Supplier & Logistics Collaboration: Maintaining strong relationships with suppliers and logistics partners through regular engagement to ensure timely and cost-effective deliveries.

• Response to geo-economic disruptions (US-Israel-

Iran tensions & tariff uncertainties): In addition to existing supply chain strengthening initiatives, focussed actions include continuous monitoring of RM and logistics dynamics, agile sourcing through selective spot buying and contractual arrangements, energy optimisation, structured pricing actions to support supply continuity and cost optimisation, and key account and product prioritisation.

Margin Pressure Due To Increased Competition Risk

Description: A significant share of our business comes from exports, and we face stiff competition in domestic and international markets. Manufacturers in China who gain from economies of scale, favourable policies, and lower costs may adversely affect our ability to maintain market leadership, achieve planned growth, and generate planned margins. Price wars, low-cost new entrants, and regulatory shifts can impact our market share, margins, and growth trajectory.

Mitigation Plans: To combat the risk of rising competition and to ensure that cost competitiveness is maintained, we continue to explore all options, including:

• Focus on High-Value Products: Commercialising advanced specialty intermediates and ingredients, including cosmetic-grade Niacinamide, Diketene derivatives, and forward-integrated Pyridine platforms.

• Portfolio Optimisation: Expanding and refining our product mix across nutrition and other categories, including herbal vitamin-mineral premixes and multi-tiered pricing strategies.

• Geographical Expansion & Strategic Customer Engagement: Penetrating new markets and strengthening key account relationships through tailored offerings and long-term contracts with volume-linked pricing.

• Flexible Pricing Strategy: Adopting dynamic pricing and supply models based on market intelligence and demand-supply trends.

• Manufacturing Agility & Efficiency: Operating multi-purpose plants for product flexibility, in capacity expansion, and driving manufacturing efficiency improvement plans by undertaking projects under the Business Excellence programme and applying many tools and techniques, e.g. SURGE, SuperNova, Six Sigma,5S and Total Productive Maintenance.

• Supplier Network Strengthening: Building a robust supplier base and optimising inventory through micro-level planning to mitigate input cost and availability risks.

• Growth Acceleration & Strategic Partnerships:

Exploring M&A opportunities, forming strategic alliances, and driving transformation through a dedicated Transformation Management Office (TMO).

Delay In Growth Projects / Capex Risk

Description: Investments in new technologies and large-scale growth projects inherently carry risks related to stabilisation, troubleshooting, and implementation delays.

Such setbacks can impact launch timelines, cost efficiency, and revenue growth.

Mitigation Plans: To address these risks, we have implemented a robust framework and key mitigation plan includes:

• Setting up of dedicated Technology Cell: Established a dedicated cell led by experts to oversee new product delivery from concept to commissioning and boost innovation.

• Enhanced Design & Engineering Capabilities:

Enhanced Design & Engineering, building R&D and pilot plant capabilities, standardising plant design by engaging Top tier consultant and experts. Streamlining process and improving overall efficiency. Established a dedicated DE Review cell for improved detailed engineering review.

• Project & Construction Management: Established a Project Management Office (PMO) to enhance planning and execution through turnkey solutions, digital monitoring platforms, and structured weekly management reviews.

• Continuously Adopting Advanced Technologies:

Strengthening project execution through deployment of advanced tools including 3D plant design modelling, digitising project procurement & billing process and "Wrench" tool to enhance project execution investing and efficiency.

Inadequate Research & Development Risk

Description: The effectiveness of our Research &

Development (R&D) function is critical to deliver innovative, cost-effective, and high-quality products. Any shortfall in meeting business expectations such as target product costs, scalability, or regulatory compliance can delay product launches, reduce market competitiveness and impact financial performance. Additionally, emerging technologies and evolving standards pose a risk if not proactively addressed.

Mitigation Plan: To address these risks, we have implemented a comprehensive and integrated strategy:

• Product Innovation & Development: Dedicated team actively works on new products, with close collaboration across R&D, sales and plant functions to accelerate time-to-market.

• Process Optimisation & Sustainability: R&D continuously improves existing processes to enhance cost efficiency, carbon footprint, and atom economy. Initiatives include green chemistry, process intensification through catalysis, and development of environmentally friendly manufacturing methods with fewer steps and lower utility consumption.

• Agile & Scalable Development: Institutionalised Quality by Design (QbD), stage-gate tools, and proven methodologies ensure timely, cost-effective, and scalable product launches. The agile development process enables rapid response to commercial needs while maintaining alignment with regulatory standards, process safety and industry best practices.

• Capability Building & Talent Acquisition:

Strengthened R&D through strategic capability building and targeted talent acquisition. A dedicated team is driving cost optimisation and effluent management, supported by infrastructure expansion and development of new technology platforms including flow- chemistry etc.

• Leveraging Generative AI: To accelerate development cycles, improve predictive insights and enhance process design

Human Resource Risk: Acquiring And Retaining Skilled Talent

Description: The strength of our organisation lies in the capabilities and commitment of our people. As we continue to pursue ambitious growth, the ability to attract, retain and develop skilled talent remains a critical success factor. In a rapidly evolving business landscape, human resources must adapt to ensure operational excellence and business continuity. Any lapse in talent management, compliance or workforce development poses a significant risk to our long-term sustainability.

Mitigation Plan: We have implemented a comprehensive and forward-looking HR strategy to proactively mitigate this risk:

• Strategic Talent & Workforce Planning: An integrated talent framework encompassing succession planning, structured early career pipelines (GET & MT programs) and targeted retention of high-potential talent ensures leadership continuity and bench strength across critical roles.

• Talent Acquisition & Role Fitment: Our hiring approach focusses on aligning talent with business priorities by ensuring the right skills are deployed in the right roles at the right time, building a resilient workforce capable of adapting to evolving business demands.

• Internal Talent Mobility & Capability Building: We actively promote internal mobility through job rotations, cross-functional movements and cascade promotions enabling better utilisation of existing talent. To foster continuous growth and adaptability, we have introduced academy-based learning for role-based leadership and functional skill development in key areas such as sales and operations.

• Inclusion & Diversity: We continue to strengthen an inclusive workplace through focussed gender diversity initiatives that promote equal opportunity and a culture of belonging.

• Leadership & Managerial Effectiveness: Managers are equipped with tools and capability-building interventions to lead effectively, foster inclusive teams and drive accountability and ownership across the organisation.

• Performance & Recognition: A strong performance culture is reinforced through performance-linked rewards, transparent compensation structures, and recognition programs aligned to individual and business outcomes.

This integrated approach enables us to build a resilient, future-ready workforce while maximising internal talent potential and supporting sustainable growth.

Regulatory & Compliance Risk

Description: We operate in a highly regulated environment with evolving global and domestic compliance requirements. Across our businesses in Speciality Chemicals, Agro chemicals, Health & Nutrition etc. we adhere to stringent laws and applicable standards. Regulatory changes or approval delays can impact timelines, raise costs, or limit market access While non-compliance may result in penalties and reputational risk.

Mitigation Plan:

• Compliance Committee: A dedicated committee periodically reviews compliance status and audit findings to ensure accountability.

• Compliance Management System: Real-time digital tracking of regulatory changes and facility-wide compliance monitoring. Regular engagement with internal and external stakeholders (regulators, policy advocacy forums, suppliers, customers) and internal teams ensures proactive compliance. Material issues are also escalated promptly which ensures transparency.

• Training & Awareness: Periodic training sessions and plant visits to strengthen employee understanding of compliance requirements and reporting practices.

• Enhanced Regulatory Processes: Strengthened Research, Development & Technology capabilities enable faster testing, timely submissions, and accelerated product launches, supporting business agility in a dynamic regulatory landscape.

Cyber Threats Risk

Description: As the backbone of our operations, IT environments face an expanding threat landscape includinglandfill towards circular economy, water IP theft, OT attacks, AI-assisted phishing, ransomware and double-extortion schemes, supply chain compromise, credential-based attacks, insider threats, and inadvertent data exposure. These risks amplified by geopolitical tensions and growing third-party dependencies – can disrupt business continuity, compromise sensitive data, and impact regulatory compliance.

Mitigation Plan:

• Information Security Systems & Compliance: We have ISO 27001-certified processes aligned to NIST

CSF 2.0 framework. Annual audits cover networks,

OS hardening, firewalls, software licensing, and cloud configurations, with risk-based corrective actions tracked to closure.

• Incident Management & Cyber Defence: 24/7 Cyber Defence Centre monitors and triages security events. Integrated playbooks support rapid containment and recovery, backed by regular incident response preparedness and tabletop exercises at technical & leadership level.

• Employee Awareness & Training: Mandatory role-based cyber awareness training delivered annually, covering AI-related risks, phishing simulations, and secure remote working, with completion and phishing click-through metrics reported to senior management.

• Advanced Cyber Security Technologies: Periodic Red Teaming, and Penetration Testing across IT environments, supported by technologies like Multi-Factor Authentication (MFA), Privileged Access Management (PAM), Endpoint Detection & Response (EDR), Web Application Firewall (WAF) to strengthen detection and response capabilities.

• Data Protection & Cloud Security: Data Leakage Prevention (DLP) controls and Cloud Security Posture Management (CSPM) tools limit exposure and monitor for misconfigurations across cloud environments, underpinned by privacy-by-design principles.

ESG &

Sustainability Risk

Description: ESG performance influences investor, customer and stakeholder decisions. Failure to meet benchmarked ESG performance standards can harm competitiveness and reputation.

Mitigation Plan:

• We deliver targeted ESG training and competency building; ESG rating requirements are communicated to relevant teams

• ESG Initiatives include GHG emission and energy reduction, renewable energy sourcing, waste diversionfrom conservation including Rainwater Harvesting, enhancing

Biodiversity, promoting gender diversity, Zero Harm and

Social Entrepreneurship

• Our ratings (i) 97^th percentile rank in S&P Global DJSI (ii) Silver from EcoVadis (top 92^nd percentile) (iii) ‘B (Management) score in Water Security and a ‘B (Management) score in Climate for CDP

Individual & Group Activism Risk

Description: Heightened NGO and activist scrutiny over environmental issues may trigger complaints, fines or operational disruptions.

Mitigation Plan:

• Regular community-interface meetings & Interactions at each site to address concerns and feedback integration into program implementation

• Social projects in health, education and livelihood sectors to build trust

• Perception studies gauge communication effectiveness

• SOPs and assigned responsibilities manage activism incidents

Lag In Digitalisation (Emerging Risk)

Description & Possible Impact: Failure to keep pace with rapidly evolving digital technologies such as Artificial

Intelligence, advanced analytics, IoT and robotics represents a forward-looking and externally driven risk that could materially impact the Companys long-term competitiveness. As industry-wide digital adoption reshapes operating models and customer expectations, delayed or inadequate integration may adversely affect productivity, operational efficiency, procurement effectiveness, innovation capabilities and customer experience. Given the evolving and uncertain trajectory of digital disruption, this risk requires continuous monitoring, capability building and proactive investments to ensure sustained value creation and resilience.

Mitigation Plan:

• Integrated Digital/AI Transformation Program:

Building on a strong digital foundation established through the SURGE program, which delivered core capabilities and tangible value across the value chain, Jubilant Ingrevia continues to advance its transformation journey through the "SuperNOVA" program. SuperNOVA is a strategic initiative focussed on strengthening capabilities across manufacturing, supply chain, commercial, finance, R&D, HR, quality, and projects, with over 50+ initiatives driving enhanced visibility, data-driven decision-making, operational agility, and scalable efficiencies. Key initiatives include AI and GenAI-based R&D process optimisation and TAT reduction, advanced analytics based manufacturing excellence, capex and engineering inventory management, RFP automation, advanced Lab Information Management System (LIMS) and integrated project management tools. The program also focusses on strengthening internal digital capabilities to support sustained business resilience and performance.

• Digital & IT Governance Structure: Strengthened the Digital & IT governance framework with enhanced leadership oversight and cross-functional alignment to drive effective prioritisation and execution of digital initiatives. The framework emphasises clear accountability, structured decision-making and continuous capability building to ensure sustained adoption and alignment of digital programs with strategic business objectives.

Cautionary Statement

This Management Discussion and Analysis contains forward-looking statements that reflect the current views of Jubilant

Ingrevia Limited with respect to future events, business outlook, and financial performance. These statements are based on managements present expectations, estimates, assumptions, and projections and are subject to various uncertainties and risks that may cause actual outcomes to differ materially.

Words such as "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "project", and similar expressions are intended to identify such forward-looking statements. These statements may include projections relating to revenue, profitability, market demand, growth opportunities, business strategies, future plans, investments, and the impact of regulatory, economic, and market developments.

Actual results may differ materially from those expressed or implied in these statements due to several factors, including fluctuations in raw material prices, supply chain disruptions, regulatory changes, environmental conditions, global and domestic economic developments, foreign exchange movements, competitive intensity, geopolitical developments, and other risks and uncertainties beyond the Companys control.

The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required under applicable laws and regulations.

SL Section header	Value/Forecast	Source(s)
1 Global Economy	Global GDP growth of 3.5%.	World Economic Outlook (IMF) - July Release
2 Indian Economy	Indian GDP - 7.7% and GVA - 7.9%	MoSPI, PIB (Provisional Estimates)
3 Indian Economy - Outlook	GDP of 6.8% - 7.2%	PIB
4 Chemical Industry	Global Market valuation - $5.3 trillion	Business Research Company, Markets Research
5 Chemical Industry	The Indian chemical industry, currently valued at over $200 billion, is projected to grow at a CAGR of 8-9% over the next five years	Niti Ayog
6 Global Specialty Chemical Industry	The global specialty chemicals market is estimated at approximately US$1.1-1.2 trillion and is expected to exceed US$1.5 trillion over the 5-6 years, growing at around 4-5% CAGR	Mordor Intelligence, Grand View Research & Precedence