1. OVERVIEW

Jubilant Ingrevia Limited (the ‘Company' or ‘Jubilant Ingrevia') is a globally integrated Life Sciences

& Specialty Chemicals company, serving Pharmaceutical, Nutrition, Agrochemical, Consumer and Industrial customers. It has a portfolio of over 130+ products and customized solutions that are innovative, cost-effective and conform to global quality standards.

It has over 40 years of legacy in the chemicals industry and is amongst the top players globally in Pyridine & Picolines, Pyridine derivatives, Acetic Anhydride, Vitamin-B3 and many other products. Jubilant Ingrevia

Limited has a fast-growing Custom Development and Manufacturing business (CDMO) serving pharma, agrochemicals and semi-conductor sectors. The Company serves customers in US, EU, Japan, Middle

East, Southeast Asia and other geographies, in addition to domestic market from its 50 plants across 5 manufacturing facilities in India with a workforce of over 2,100+ employees. Its three R&D centres employ over 145 scientists working on cutting-edge research and innovation.

Jubilant Ingrevia is a Responsible

Care certified Company and ranked highly in global ESG indices such as Ecovadis and Dow Jones Sustainability Index. In 2024, Jubilant

Ingrevia Limited was also recognised by the World Economic Forum

(WEF) and entered its prestigious Global Lighthouse Network (GLN) for deployment of 4IR technologies.

2. RESULTS OF OPERATIONS AND STATE OF COMPANY'S AFFAIRS

The financial performance of the Company for FY 2025 is summarised below:

In FY 2025, on a standalone basis, your Company recorded total revenue from operations Rs. 39,412 million as against 39,872 million in FY 2024. EBITDA stood at Rs. 5,557 million with

EBITDA margins at 14 % in FY 2025 as against EBITDA of Rs. 4,384 million with EBITDA margins at 11 % in FY 2024 and PAT was Rs. 2,634 million in FY 2025 as against Rs. 1,624 million in FY 2024.

The Consolidated Financial

Statements, prepared in accordance with the provisions of the Companies

Act, 2013, (the ‘Act'), the Securities and Exchange Board of India

(Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Listing Regulations') and Indian Accounting Standards (Ind-AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under

Section 133 of the Act form part of the Annual Report.

On a consolidated basis, your Company reported revenue from operations Rs. 41,776 million in FY 2025 as against Rs. 41,358 million in

FY 2024, EBITDA was Rs. 5,569 million in FY 2025 as against Rs. 4,564 million in FY 2024 and PAT was Rs. 2,512 million in FY 2025 as against Rs. 1,829 million in FY 2024. iii. Performance Review

During FY 2025, the segment revenue from the Specialty Chemicals was

18,180 million as against Rs. 15,855 million in FY 2024, Nutrition and Health Solutions was Rs. 7,473 million in FY 2025 as against Rs. 6,800 million in FY 2024 and Chemicals Intermediates revenue was Rs. 16,123 million in FY 2025 as against 18,703 million in

FY 2024. The overall EBITDA in FY 2025 was Rs. 5,569 million as against

4,564 million in FY 2024 translating to EBITDA margin of 13 % in FY 2025 as against 11 % in FY 2024.

The net profit attributable to the owners of the Company was Rs. 2,512 million in FY 2025 as against Rs. 1,829 million in FY 2024 and the basic EPS stood at Rs. 15.89 (Diluted Rs. 15.84 ) in

FY 2025 as against Rs. 11.56 (Diluted

11.55) in FY 2024.

A detailed note on Performance Review is given under ‘Management Discussion and Analysis Report'.

3. PARTNERED WITH O2 RENEWABLE ENERGY XVIII PRIVATE LIMITED (‘O2 ENERGY') FOR ACQUISITION OF UPTO 28% STAKE

The Company partnered with O2

Renewable Energy XVIII Private

Limited, a group company of O2 Power SG PTE. Ltd., Singapore, a leading renewable energy developer for acquisition of upto 28% stake for purchase of renewable energy power generated from the Captive

Generating Plant. This partnership marks a significant step for the

Company towards establishing renewable energy power generation using hybrid open access through solar and wind sources. The Company aims to access renewable energy through a captive arrangement, fulfilling the Company's power requirements and meeting its increasing demand from green energy to power its manufacturing facilities at Gajraula, Uttar Pradesh and Savli, Gujarat. This represents an important milestone in the Company's sustainability journey by reducing dependence on non-renewable energy sources and reducing its carbon footprint. Up till March 31,

2025, the Company has acquired

19.97% stake in O2 Renewable Energy XVIII Private Limited.

Further, in FY 2025, the Company through its subsidiary company,

Jubilant Infrastructure Limited (‘JIL'), entered into a strategic partnership with O2 Renewable Energy III Private

Limited to enhance Company's Special Economic Zone (SEZ) manufacturing facility located in Bharuch, Gujarat.

This initiative advances the Company's commitment to clean energy adoption, complementing our previous efforts at the Savli and Gajraula manufacturing sites.

Our ongoing collaboration with O2 Power is a testament to our dedication to sustainability and responsible business practices. The agreement for the Bharuch facility ensures that 50% of its total power requirements will be sourced from renewable energy, which will be integrated into its operations.

With this agreement in place, over

35% of Jubilant Ingrevia's total energy needs across all manufacturing units will now be fulfilled through renewable sources. This initiative not only supports our goal of reducing our carbon footprint but also plays a vital role in propelling India's transition toward clean and sustainable energy, all while delivering long-term value to our stakeholders.

4. ACQUISITION OF SHARES OF FORUM I AVIATION PRIVATE LIMITED (‘FAPL')

During FY 2025, JIL, a wholly owned subsidiary of the Company has acquired 6.67% equity Share of FAPL.

Post-acquisition, JIL holds 15.79% equity shares of FAPL.

5. TRANSFER TO RESERVES

During the financial year, no amount was transferred to general reserves by the Company.

6. DIVIDEND

Your Directors are pleased to recommend a final dividend of Rs. 2.50 (250%) per equity share of

1 each, which if approved at the ensuing Annual General Meeting (‘AGM'), will be paid to all those

Equity Shareholders of the Company whose names appear in the Register of Members and whose names appear as beneficial owners as per the beneficiary list furnished for the purpose by National Securities

Depository Limited (‘NSDL') and Central Depository Services (India) Limited (‘CDSL') as on record date i.e.

Friday, July 25, 2025.

Additionally, during the year, the Board of Directors of the Company declared an interim dividend of

2.50 (250%) per equity share at its Board Meeting held on January 28, 2025. The total dividend for the year would be Rs. 5 (500 %) per equity share aggregating to Rs. 796 million (Rupees seven hundred and ninety-six million only).

Your Company believes in maintaining a fair balance between cash retention and dividend distribution. Cash retention is required to finance acquisitions and future growth and also as a mean to meet any unforeseen contingencies. Pursuant to Regulation 43A of the Listing

Regulations the Company has formulated its Dividend Distribution

Policy which specifies the financial parameters, internal and external factors that are to be considered by Board while declaring a dividend. Dividend Distribution Policy is uploaded on the website of the Company which can be accessed at https://www.jubilantingrevia.com/ investors/corporate-governance/ policies-and-codes/dividend-distribution-policy

In view of the changes made under the Income Tax Act, 1961, by the

Finance Act, 2020, dividends paid or distributed by the Company shall be taxable in the hands of the Shareholders.

The Company shall, accordingly, make the payment of the final dividend after deduction of tax at source (TDS).

7. CHANGE IN NATURE OF BUSINESS

During FY 2025, there was no change in the nature of Company's business.

8. CAPITAL STRUCTURE

During the financial year, there was no change in the authorised share capital of the Company. As on March

31, 2025, the subscribed, issued and paid-up share capital of the Company stood at Rs. 159.28 million comprising 159.28 million equity shares of

1 each.

Further, during the financial year, the

Company has not raised the funds through preferential allotment or qualified institutions placements.

The Company has ‘Jubilant

Ingrevia Employees Stock Option

Plan 2021' (‘ESOP-2021') and a General Employee Benefits Scheme namely ‘Jubilant Ingrevia General

Employee Benefits Scheme-2021' (‘JIGEBS-2021') (collectively referred as "Schemes') for the employees of the Company and its subsidiary companies. These Schemes aims to attract and retain talented employees, motivate them with incentives and rewards, achieve sustained growth and shareholder value by aligning employee interests with long-term wealth creation, and foster a sense of ownership and participation among employees.

ESOP-2021 and JIGEBS-2021, instituted by the Company, are in compliance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (‘SEBI ESOP Regulations'). Disclosures in compliance with SEBI ESOP Regulations, are uploaded on the website of the Company at https://www.jubilantingrevia.com/ investorsfinancials/annual-reports

The certificate from the Secretarial

Auditor on the implementation of the ESOP-2021 and JIGEBS-2021 in accordance with Regulation 13 of the SEBI ESOP Regulations, has been uploaded on the Company's website at https://www.jubilantingrevia.com/ investors/financials/annual-reports . Furthermore, the Company has adhered to the applicable accounting standards in this regard.

During the year under review, the Company did not provide any loans to its employees for the purchase of Company's shares.

9. SUBSIDIARIES,

Highlights of performance of subsidiaries & associate companies and their contribution to the overall performance of the Company during the period under report is provided in note no. 46 to the consolidated financial statements. The Company does not have any joint venture. A separate statement containing the salient features of financial statements of subsidiaries and associates of the Company in the prescribed form AOC-1 forms a part of consolidated financial statements, in compliance with Section 129(3) and other applicable provisions, if any, of the Act read with the rules issued thereunder.

Brief particulars of the subsidiaries and associate companies on a stand-alone basis are given below:

JIL, a wholly owned subsidiary of the

Company has developed a sector specific Special Economic Zone (‘SEZ') for chemicals in Gujarat with the best-in-class infrastructure facilities and utility Plants like boiler, effluent treatment, incinerator, roads and DM water. The construction of a Captive Power Plant of 10MW with 98TPH high pressure boiler will be completed by FY 2026. This will facilitate meeting out the requirement of steam & power of JIL, Jubilant Agro Sciences Limited (‘JASL') and Jubilant

Ingrevia at optimized cost.

JIL has three units of Jubilant Ingrevia and one unit of JASL in SEZ.

Total income of JIL during the FY 2025 was 2,158 million as against Rs. 2,117 million in FY 2024.

JASL, a wholly owned subsidiary of the Company, has set up its Crop protection chemicals and Agro active/ intermediates manufacturing facilities in Bharuch.

During FY 2025, JASL has entered into an agreement for Contract

Manufacturing of an Agro intermediate with a leading Agrochemical Company to produce an Agro Intermediate for one of the key Agro actives of the Customer.

Total income of JASL during FY 2025 was Rs. 126 million as against Rs. 30 million for FY 2024.

JI-USA, incorporated in Delaware-USA, is a wholly owned subsidiary of the Company. The name of the company was changed from Jubilant

Life Sciences (USA) Inc. to Jubilant Ingrevia (USA) Inc. effective from April

17, 2025. JI-USA undertakes sales, distribution and business transactions of the Company's products in Americas.

Total income of JI-USA during

FY 2025 was Rs. 3,124 million as against

2,404 million reported for FY 2024.

JLSIL, incorporated in Singapore, is a wholly owned subsidiary of the Company.

Total income of JLSIL during FY 2025 was Rs. 70 million as against

65 million reported for FY 2024.

JLS-Shanghai, incorporated in China, is a wholly owned subsidiary of

Jubilant Life Sciences International Pte. Limited, Singapore (JLSIPL).

It undertakes sales, distribution and business transactions of the Company's products in China.

Total income of JLS-Shanghai during

FY 2025 was Rs. 945 million as against

901 million reported for FY 2024.

JLS NV is a wholly owned subsidiary of the Company. It undertakes sales, distribution and business transactions of the Company's products in the

European markets. Total income of JLS NV during FY 2025 was

5,798 million as against Rs. 6,030 million reported for FY 2024. As on

March 31, 2025, the Company JLS

NV was material subsidiary as per the parameters laid down under the

Listing Regulations, as amended.

The Company's policy on material subsidiaries can be accessed at https://www.jubilantingrevia.com/ investors/corporate-governance/ policies-and-codes/policy-for-determining-material-subsidiaries.

Details of material subsidiary including the date and place of incorporation and the name and date of appointment of the statutory auditors of JLS NV are stated below:

Your Company holds 37.98% of equity share capital of MVFPL on a fully diluted basis through conversion of existing Convertible Preference shares into Equity Shares as well as through subscription of Equity Shares on rights basis.

MVFPL is engaged in the development and manufacturing of plant-based meat analogues and soya chaap products and mainly markets its products in India. This is a growing segment in the domestic market with potential for scale up.

Your Company holds 26% of equity share capital of AMP Energy. The

Company has entered into a Power

Purchase Agreement (‘PPA') with AMP Energy to procure 100% of the output of solar energy produced for next 20 years as per the rates negotiated in the agreement. During the year the Company sourced the Power as per the PPA.

In terms of provisions of Section 139 of the Act, M/s. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013), were appointed as Statutory Auditors of the Company, for a term of 5 (five) consecutive years from the conclusion of 1st Annual General Meeting (AGM) till the conclusion of the 6th AGM to be held in the year 2025.

Accordingly, M/s Walker Chandiok & Co LLP would be completing their first term as the Statutory Auditors of the Company at ensuing AGM.

On the recommendation of the Audit Committee, the Board of Directors of the Company recommended reappointment of M/s Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/ N500013), as the Statutory Auditors of the Company for a second term of 5 (five) years, till the conclusion of the 11th AGM of the Company to be held in the year 2030. M/s Walker Chandiok & Co LLP, being eligible, have consented to act as the Statutory Auditors of the Company for the second term of 5 (five) years.

M/s. Walker Chandiok & Co. LLP have confirmed that they are not disqualified from continuing as

Statutory Auditors of the Company and satisfy the prescribed eligibility criteria.

The Report given by the Statutory Auditors on the financial statements of the Company is part of this Annual

Report. The said Report was issued by the Statutory Auditors with an unmodified opinion and does not contain any qualification, reservation, adverse remark or disclaimer. During the year under review, the Auditors have not reported any instances of fraud under Section 143(12) of the

Act and therefore disclosure of details under Section 134(3)(ca) of the Act is not applicable.

In terms of Section 134 of the Act read with Rule 8 of the Companies

(Accounts) Rules, 2014, the cost accounts and records are prepared and maintained by the Company pursuant to the provisions of Section

148(1) of the Act.

Pursuant to Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Central Government has prescribed audit of cost records for certain products. Accordingly, the Company carries out cost audit of its products. The Cost Audit Report for FY 2024 was filed with Ministry of Corporate Affairs.

Based on the recommendations of the Audit Committee, the Board of

Directors have re-appointed M/s J. K. Kabra & Co., Cost Accountants, as Cost Auditors of the Company to conduct cost audit for FY 2026. M/s J. K. Kabra & Co., being eligible, have consented to act as the Cost Auditors of the Company for FY 2026.

The Board of Directors on the recommendation of the Audit Committee have approved the remuneration payable to Cost Auditors. In terms of Section 148 of the Act and rules made thereunder.

Members are requested to consider the ratification of remuneration payable to M/s J.K. Kabra & Co., Cost

Accountants for FY 2026.

The Cost Audit Report issued for

FY 2025, does not contain any qualification, reservation, or adverse remark. During the year under review, the Cost Auditors have not reported any instances of fraud under Section

143(12) of the Act and therefore disclosure of details under Section

134(3)(ca) of the Act is not applicable.

For further details on the proposed ratification of remuneration payable to the Cost Auditors, please refer to the Notice of the 6th AGM.

In terms of provisions of Section 204 of the Act, read with the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors (the Board), at its meeting held on October 22,

2024, had appointed M/s Sanjay

Grover & Associates, Company

Secretaries (Firm Registration No.:

P2001DE052900, Peer Review

Certificate No.: 4268/2023) to conduct the Secretarial Audit for FY 2025.

The Secretarial Audit Report and

Secretarial Compliance Report for FY2025, does not contain any qualification, reservation, or adverse remark. During the financial year, the

Secretarial Auditors have not reported any instances of fraud under Section

143(12) of the Act and therefore disclosure of details under Section

134(3)(ca) of the Act is not applicable. The Secretarial Audit Report for

FY2025 is annexed to this report as

Annexure -1.

The Board, at its meeting held on May 13, 2025, based on the recommendation of the Audit Committee, has considered, approved, and recommended to the Members of the Company the appointment of M/s. DMK Associates, Company Secretaries (Firm

Registration No.: P2006DE003100,

Peer Review Certificate No.: (6896/2025) as Secretarial Auditors of the Company.

The proposed appointment is for a term of 5 (five) consecutive years from FY 2026 to FY 2030, on payment of such remuneration as may be mutually agreed upon between the Board and the Secretarial Auditors from time to time.

M/s. DMK Associates, Company Secretaries have confirmed that they are not disqualified from being appointed as the Secretarial Auditors of the Company and satisfy the prescribed eligibility criteria.

For further details on the proposed appointment of Secretarial Auditors, please refer to the Notice of the 6th AGM.

The Company has generally complied with all the applicable provisions of

Secretarial Standard on Meetings of Board of Directors (SS-1) and

Secretarial Standard on General

Meetings (SS-2), respectively issued by Institute of Company Secretaries of India.

As on the date of this Annual Report, the Board comprises a diverse mix of Executive and Non-Executive Directors including Independent Directors.

• Mr. Chandan Singh Sengar (DIN: 09657339), Co - CEO & Whole time Director superannuated from the services of Company effective from close of business hours of October 31, 2024. The

Board places on record its sincere appreciation for his contribution towards the success of the Company, during his tenure as Co-CEO & Whole-time Director of the Company.

• The Board on recommendation of the Nomination, Remuneration &

Compensation Committee (‘NRC') of the Company, appointed Mr. Vijay Kumar Srivastava (DIN: 07381359) as Chief of Operations

& Whole-time Director of the

Company effective from November 1, 2024 for a period of 5 years. The appointment was duly approved by the members of the Company through postal ballot on January 21, 2025.

• Mr. Arjun Shanker Bhartia (DIN: 03019690) resigned as Director on the Board of the Company effective from July 31, 2025. The

Board places on record its sincere appreciation for his contribution towards the success of the Company during his tenure as Director of the Company.

• In terms of the applicable provisions of the Act and the Articles of Association of the

Company, Mr. Hari S Bhartia (DIN: 00010499) and Mr. Deepak Jain (DIN: 10255429), are liable to retire by rotation at the ensuing AGM and being eligible have offered their candidature for re-appointment.

The re-appointment of directors liable to retire by rotation has been recommended to the Board by the NRC.

• The Board on recommendation of the NRC, appointed Ms. Aashti Bhartia (DIN 02840983) as an

Additional Director of the Company effective from August 1, 2025. She holds office up to the date of ensuing AGM of the Company and is eligible for appointment as a Director of the Company. A resolution proposing her appointment will be placed before the shareholders for their approval.

The appointment of Ms. Aashti

Bhartia, director liable to retire by rotation, has been recommended to the Board by the NRC.

• Ms. Sudha Pillai (DIN: 02263950), Mr. Sushil Kumar Roongta (DIN: 00309302), Mr. Arun Seth (DIN: 00204434), Mr. Pradeep Banerjee (DIN: 02985965), Mr. Siraj Azmat Chaudhry (DIN: 00161853) were appointed as

Non-Executive Independent Directors of the Company for a term of 5 (Five) consecutive years, i.e., from February 6, 2021 to February 5, 2026. It is proposed to reappoint them for a second term with effect from

February 6, 2026 up to February

5, 2031. The NRC and the Board of Directors of the Company have, vide resolutions passed at their respective Meetings on May 13, 2025, recommended and approved, the re-appointment of

Ms. Sudha Pillai (DIN: 02263950), Mr. Sushil Kumar Roongta (DIN: 00309302), Mr. Arun Seth (DIN: 00204434), Mr. Pradeep Banerjee (DIN: 02985965), Mr. Siraj Azmat Chaudhry (DIN: 00161853) as the Non-Executive Independent Directors of the Company in terms of applicable provisions of the

Listing Regulations, Sections 149,

150 and 152, Schedule IV and other applicable provisions, if any, of the Act read with the Companies

(Appointment and Qualification of Directors) Rules, 2014 (including any statutory amendment(s) or modification(s) thereto or enactment(s) or re-enactment(s) thereof for the time being in force), to hold office for the second consecutive term commencing from February 6, 2026 to February

5, 2031, not liable to retire by rotation, subject to the approval of the Members. The Company has received the consents from

Ms. Sudha Pillai (DIN: 02263950), Mr. Sushil Kumar Roongta (DIN: 00309302), Mr. Arun Seth (DIN: 00204434), Mr. Pradeep Banerjee (DIN: 02985965), Mr. Siraj Azmat Chaudhry (DIN: 00161853) and also their declarations confirming that they are not disqualified from being re-appointed as Directors in terms of Section 164 of the Act and that they meet the criteria of independence as provided under Section 149(6) of the Act as well as Regulation 16(1) (b) of the Listing Regulations. They have also confirmed that they are not debarred from holding office of

Director by virtue of any SEBI order or any such authority.

In compliance with Section 150 of the Act, read with Rule 6 of the Companies

(Appointment and Qualification of Directors) Rules, 2014, the details of all the Independent Directors have been registered with the databank maintained by the Indian Institute of

Corporate Affairs (IICA). Further, all the

Independent Directors have passed the online proficiency self-assessment test conducted by IICA except those who have been exempted by the Act.

In the opinion of the Board, the Independent Directors of the Company are persons of high repute, integrity and possesses the relevant expertise and experience in the respective fields. They fulfil the conditions specified the in Act, Rules made thereunder and Listing

Regulations and are independent of the management.

None of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any other statutory authority.

Brief resume, nature of expertise, disclosure of relationship between Directors inter-se, details of directorships and committee membership held in other companies of the Directors proposed to be appointed/re-appointed, along with their shareholding in the Company, as stipulated under Secretarial Standard

2 and Regulation 36 of the Listing

Regulations, is appended as an Annexure to the Notice of the 6th AGM.

Pursuant to the provisions of Section

203 of the Act, Mr. Deepak Jain, CEO & Managing Director, Mr. Vijay Kumar

Srivastava, Chief of Operations &

Whole Time Director, Mr. Varun

Gupta, President & Chief Financial

Officer and Ms. Deepanjali Gulati,

Company Secretary & Compliance

Officer are the Key Managerial

Personnel of the Company as on

March 31, 2025.

During the financial year, Mr. Chandan

Singh Sengar, Co-CEO & Whole-time Director, superannuated from the services of the Company effective from close of business hours of

October 31, 2024 and Mr. Vijay Kumar

Srivastava was appointed as Chief of Operations & Whole-time Director of the Company effective from November

1, 2024 for a period of 5 years.

Mr. Prakash Chandra Bisht, President & Chief Financial Officer superannuated from the services of Company effective from close of business hours of June 30, 2024 and

Mr. Varun Gupta was appointed as President & Chief Financial Officer of the Company effective August

12, 2024.

During the financial year, 5 (five) meetings of the Board of Directors of the Company were held.

For details of these Board meetings, please refer to the section on Corporate Governance of this Annual Report.

The Board has constituted an Audit

Committee that performs the roles and functions mandated under the Act and

Listing Regulations.

During the financial year, the Board has accepted the recommendations of the Audit Committee on various matters, with no instances where such recommendations have not been accepted.

For further details on the composition of the Audit Committee, its terms of reference and attendance at its meetings, please refer to the Corporate Governance Report.

The Company has, inter-alia, received the following declarations from all the

Independent Directors confirming that:

(i) they meet the criteria of independence as prescribed under the provisions of the Act, read with the Rules made thereunder, and the Listing Regulations. There has been no change in the circumstances affecting their status as

Independent Directors of the Company;

(ii) they have complied with the

Code for Independent Directors prescribed under Schedule IV to the Act; and

(iii) they have registered themselves with the Independent Director's Database maintained by the Indian Institute of Corporate

Affairs.

The Independent Directors have also confirmed that they are not aware of any circumstance or situation that exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence.

The Board has taken on record the declarations and confirmations submitted by the Independent Directors after undertaking due assessment of the veracity of the same. In the opinion of the Board, all Independent Directors possess requisite qualifications, experience, expertise and hold high standards of integrity required to discharge their duties with an objective independent judgment and without any external influence.

List of key skills, expertise and core competencies of the Board, including the Independent Directors, forms a part of the Corporate Governance Report of this Annual Report.

The Company has implemented

Appointment and Remuneration Policy pursuant to the provisions of Section 178 of the Act and Regulation 19 read with Part D of Schedule II to the

Listing Regulations. Salient features of the Policy and other details have been disclosed in the Corporate Governance Report attached to this

Report. The Policy is available at the weblink https://www.jubilantingrevia. com/investors/corporate-governance/ policies-and-codes/appointment-and-remuneration-policy.

The details of annual performance evaluation of the Board, its committees and of individual Directors form part of the Corporate Governance Report attached to this Report.

Your Directors, based on the representation received from the management, confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2025 and of the profits of the Company for the year ended March 31, 2025;

(iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the Directors have prepared the annual accounts on a going concern basis;

(v) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively.

Based on the framework of internal financial controls including the Controls Manager for financial reporting and compliance systems established and maintained by the Company, work performed by the Internal, Statutory and Secretarial Auditors and the reviews performed by the management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during

FY 2025; and

(vi) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Information relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo required to be disclosed pursuant to Section 134 of the Act read with the Companies (Accounts)

Rules, 2014 is given as Annexure-2 and forms part of this Report.

Disclosures with respect to the remuneration of Directors and employees as required under Section

197(12) of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (Rules) have been appended as an Annexure -3 and forms an integral part of this Report.

The statement containing particulars of employee remuneration as required under provisions of Section 197(12) of the Act and Rule 5(2) and 5(3) of the Rules, forms part of this Report.

In terms of Section 136(1) of the

Act, the Annual Report is being sent to the Shareholders, excluding the aforesaid statement. The statement is available for inspection by the shareholders at the Registered Office of the Company during working hours of the Company [(i.e., from Monday to Friday between 11:00 am to 5:00 pm)]. Any shareholder interested in obtaining a copy of the said annexure may write to the Company Secretary of the Company or send an email at the following email address: investors. ingrevia@jubl.com.

Risk-taking is an inherent trait of any enterprise. However, if risks are not properly managed and controlled, they can affect the Company's ability to attain its objectives. The

Board of Directors constituted a Risk

Management Committee (‘RMC') to formulate a detailed risk management policy and oversee risk management processes & systems. The Risk Management Committee acts as a governing body to monitor the effectiveness of the risk management framework.

The Board, Audit Committee, Risk Management Committee and Senior Management play a critical role in fostering a strong risk culture of the Company by identifying the risks impacting the Company's business and documenting the process of identification, evaluation, prioritisation, mitigation, monitoring and communication of risk as a part of the risk management policy. The

Company's commitment to sound governance extends beyond policy.

The Company has established a foundation of well-defined and communicated corporate values. Clear lines of accountability, appropriate delegation of authority, and a comprehensive set of processes and guidelines ensure transparency and responsible decision-making across the organization. The Company's growth strategy thrives on calculated risk-taking and to ensure long-term success, the Company prioritize the implementation of robust risk management practices and comprehensive internal financial controls. These frameworks serve as the foundation for Company's operations, guiding decision-making and safeguarding the ability to achieve established strategic objectives.

There exists a well-designed risk management framework and the same is reviewed by the Board on a periodic basis. Some of the key risks identified in various businesses of the Company are specified below:

i) Environment, Health and Safety (EHS) risk ii) Geo-Economic, Geo-Political & Macroeconomic Instability risk (Emerging Risk) iii) Inadequate Research &

Development risk iv) Delay in growth projects / capex risk v) Loss of market & competitiveness risk vi) Human resource risk: acquiring and retaining skilled talent vii) Regulatory & compliance risk viii) Cyber threats risk ix) ESG & Sustainability risk x) Individual & Group activism risk

The Company promotes strong ethical values and high levels of integrity in all its activities, which in itself is a significant risk mitigator.

With the growth strategy in place, risk management holds the key to the success of the Company's continued

to conduct self-assessments against the Risk and Control

Matrices (RACM) on a quarterly basis. The CSA process plays a crucial role in enabling the Company to continuously monitor and enhance the adequacy and effectiveness of our internal control environment.

Further, statutory compliances are monitored through online tool ‘Conformity'. Amendments or new statutory requirements are also updated on a regular basis in the tool for effective tracking and adherence. This reinforces the Company's commitment to adopt best corporate governance practices.

(iii) Independent assurance

The Company has appointed a Big Four firm as Internal

Auditors to perform systematic independent audit of every aspect of the business to provide independent assurance on the effectiveness of the internal controls and highlight the gaps for continuous improvement.

The Audit Committee reviews observations reported by Internal Auditors and implementation status of audit recommendations & improvements.

Additionally, the Statutory Auditors audited financial statements of the Company included in this Annual Report and have issued an Independent report on the Company's internal control over financial reporting (as defined in Section 143 of the Act). The Audit Committee acts as a governing body to monitor the effectiveness of the Internal Financial

Controls framework.

To improve the controls in operations, the Company has established, for each line of business, the concept of financial decision making through operational committees. The entire purchase, credit control and capital expenditure decisions are taken jointly in committees.

A detailed note on Internal Control

Systems and Risk Management is given under Management‘

• The Company demonstrates its commitment towards Environment, Health, Safety and Security of its Employees, Work places, Surroundings including Communities by implementing Responsible Care RC 14001:2023 under American

Chemistry Council's (ACC) Responsible CareR program. The Company is certified by DNV for RC 14001:2023 (Responsible CareR14001:2023) system at its Corporate Office in Noida and Manufacturing sites in Gajraula,

Uttar Pradesh, Bharuch in Gujarat and Nira in Maharashtra. • The Company's Corporate Office in Noida and Manufacturing facilities;

Gajraula in Uttar Pradesh, Bharuch in Gujarat, Savli in Gujarat, Nira in Maharashtra, & Ambernath in Maharashtra have been awarded for Responsible Care Logo (RC Logo) by Indian Chemical Council (ICC).

• Responsible Care initiative encompasses comprehensive environmental management system, occupational health and safety, product stewardship, security, community outreach and transportation safety and aims at achieving and sustaining high standards of performance. • Our manufacturing facilities; Gajraula in UP, Bharuch and Savli at Gujarat and Nira in

Maharashtra are certified under Integrated Management System program for ISO 9001:2015

(Quality Management System), ISO 14001:2015 (Environmental Management System) and ISO 45001:2018 (Occupational Health and Safety Management System).

• The Corporate Office in Noida and Branch offices Mumbai and Hyderabad are certified for Quality Management System ISO

9001:2015.

• The Corporate Office in Noida is certified for Information Security Management System ISO/IEC

27001:2013.

• Gajraula manufacturing facility has been certified for the American Chemistry Council Technical Specification standard RC

14001:2023, Energy Management System (ISO 50001:2018), Food Safety System Certification Standard (FSSC 22000 Version 6), and the Certification Scheme for Food Safety Management System (ISO 22000:2018) for

FSSAI products. Company's quality control laboratory has been accredited by National

Accreditation Board for Testing and Calibration Laboratories (NABL) for chemical testing in accordance with the ISO/IEC 17025:2017. This manufacturing facility has Kosher and Halal certifications for several products.

• Bharuch manufacturing facility has been certified for the

American Chemistry Council

Technical Specification standard

RC 14001:2023 and Energy

Management System (ISO 50001:2018). The Niacinamide manufacturing facility has been certified for WHO GMP, Food Safety Management System Certification Standard (FSSC 22000 Version 6) for the manufacturing and sale of Niacinamide for food application.

The Company has also got GMP certification by SGS, GMP in compliance with FAMI-QS code (version 6) for the production of relevant food/feed ingredients and other ingredients. The Company's quality control laboratory has been accredited by the National

Accreditation Board for Testing and Calibration Laboratories (NABL) for chemical testing in accordance with the ISO/IEC 17025:2017. The facility is certified by Kosher, Halal-

India, Halal-Indonesia, and FSSAI.

The Manufacturing facility for

Niacinamide is registered with US-

FFR (Food facility registration) and audited /approved by the USFDA.

• Nira manufacturing facility has been certified for American Chemistry Council Technical Specification standard RC 14001:2023. This facility has been certified for Food Safety System Certification Standard (FSSC 22000 Version 6) and Certification Scheme for Food Safety Management System

(ISO 22000:2018) for relevant food applications. This facility is certified by Kosher, Halal India, and FSSAI.

• Savli manufacturing facility has been certified for Feed Safety Management System including GMP in compliance with FAMI-QS code (version 6) to produce specialty feed ingredients.

• Ambernath manufacturing facility is

ISO 9001:2015 certified for Quality Management Systems.

At Jubilant Ingrevia, our people are the heart of our purpose and progress. Every achievement–from innovation to transformation–is powered by their passion, resilience, and commitment. Our culture is intentionally designed to empower individuals, foster inclusion, and unlock potential at every level of the organization. The recent Great

Place to Work certification stands as a testament to the trust, pride, and camaraderie that define life at Jubilant Ingrevia affirming our belief that when people thrive, performance follows.

Our people philosophy is deeply rooted in our core values of Caring, Sharing, and Growing:

Safety is non-negotiable. We embed it into leadership behaviors, workplace practices and employee engagement through structured safety walks, digital tools and employee-led initiatives like 5S.

Our 24/7 Employee Wellness Assistance Program supports emotional, legal, nutritional, and financial well being. Inclusion is a key driver of progress–initiatives like

WINGS, Ascend, and Empow(H)er have increased women's representation to

6.7%, with a record 12% women hiring and reduction in women attrition by 10%.

We've enhanced onboarding through the SUPER-X pre-onboarding, and Aarambh onboarding programs, creating a more inclusive and supportive experience for new joiners.

To stay agile and future-ready, we've refreshed our talent pool with clear

KRAs, performance-driven culture and structured succession planning. We deliver an average of 3.8 training days per employee, with leadership development through global programs like Wharton and our in-house

Leadership Academy.

Campus engagement and apprenticeships bring in fresh talent - strengthening our pipeline and promoting diversity. Targeted initiatives have also improved retention and engagement scores.

Digital transformation is accelerating through tools like Concur, SURGE, Wrench, and cloud-based HRIS. HR bots and real-time support portals enhance employee experience, while over 200 connects, including townhalls ensure transparent communication.

Our Rewards & Recognition framework engages 39% of employees, utilizing 98% of the allocated budget to celebrate excellence quarterly.

Our people extend their impact beyond the workplace. CSR initiatives in healthcare, education, and infrastructure–supported by NGOs like Ekta, Goonj, and Muskan reflect our commitment to community and sustainability. We celebrate life milestones, including retirement ceremonies with family participation, reinforcing our belief that people matter beyond their roles.

Sustainability is embedded in our ESG vision - Our performance is benchmarked by DJSI, Global Vadis and BRSR and we uphold rigorous standards in procurement and governance.

As we advance on our PINNACLE 3 4 5 journey, we remain committed to building a workplace where every individual is valued, inspired and equipped to lead change. Through strategic development, inclusive practices and a culture that celebrates both performance and potential, our people will continue to be the catalyst for innovation, resilience and sustainable growth at Jubilant Ingrevia.

Your Company has an established vigil mechanism for Directors and employees to report their genuine concerns, as approved by the Board on the recommendation of the Audit Committee.

The Whistle Blower Policy of the

Company is formulated and uploaded on the Company's website at the followinghttps://www.jubilantingrevia. com/investors/corporate-governance/ policies-and-codes/whistle-blower-policy.

The Policy provides for adequate safeguards against victimization of employees who avail of the mechanism and also provides for direct access to the Chairperson of the Audit Committee. It is affirmed that no personnel of the Company have been denied access to the Audit Committee.

Corporate Social Responsibility (CSR) constitutes a fundamental pillar of Jubilant' s corporate philosophy. CSR initiatives are strategically aligned with the United Nations Sustainable

Development Goals (SDGs)." At

Jubilant, the CSR projects are conceptualised and implemented by

Jubilant Bhatia Foundation (JBF), formed in 2007, the not-for-profit arm of Jubilant Bhartia Group. The key focus area under CSR initiatives are healthcare, education, and livelihood with a 4P (Public-Private-People-Partnership)approach with an aim to uplift and add value to the communities surrounding the operational areas of the Company.

In FY 2025, Jubilant continued working towards its vision of promoting progressive social change by forming strategic multi-stakeholder partnerships. These collaborations focus on generating and sharing knowledge, experiential learning, and cultivating an entrepreneurial ecosystem. The foundation's efforts are dedicated in improving the quality of life for communities near their manufacturing sites through below stated initiatives:

(i) Arogya- Providing affordable basic & preventive health care- The Company through

Jubicare initiative, is catering around 5.7 lakh village population near manufacturing units of the Company namely Gajraula, Nira, Savli and Bharuch with an objective to achieve promote health-seeking behaviour . The project entails , providing effective basic healthcare services to the community through JBF Medical Centre & Mobile Dispensary .

(ii) Muskaan-Supporting Rural Government Primary Education- The aim is to strengthen the education and providing learning environment in rural areas in approximately more than 100 schools and to more than 33,000 beneficiaries (students & teachers) through below stated initiatives:

• Khushiyon Ki Pathshala:

The objective is to create more inclusive and child-friendly environment by training teachers and youths to act as facilitators in transforming the educational environment and to ensure that the students thrive and imbibe values in themselves along with the skills. The key component of the program is to train youths and teachers in making schools inclusive, with an environment where every child feels welcomed and supported. The program helps not only the youths and teachers to develop their own personalities but also to enhance their ability to connect with and support the students effectively.

• Mobile Science Lab: This program aims to provide hands-on science education to students from rural backgrounds.

The purpose of establishing the science lab in schools is to develop & enhance the understanding about science and making science education accessible and interactive for students from rural backgrounds.

• School Digitization: The objective is to improve the mode of learning in government schools. JBF is implementing this school digitization program through HP ALFA Program and Edulab Program.

• Muskaan Kitaab Ghar: Through this initiative, JBF has established library in schools in rural areas so that the books are accessible to every student.

(iii) Nayee Disha is a holistic CSR initiative aimed at empowering rural youth and women around plant locations by fostering sustainable livelihoods through skill development, entrepreneurship, and modern agriculture. The program operates skill development centres at four sites, offering training in tailoring, beautician courses, basic computer skills, Tally, desktop publishing, internet usage, soap and phenyl making, ornament crafting, and bakery production to equip individuals with employable skills.

Under the Didi Ki Dukaan initiative, rural women are supported in launching small businesses through a structured process involving selection, training, financial assistance, access to microfinance, supply chain linkages, and continuous mentoring. Alongside, Neem Pulverization Project operational in Gujarat, focuses on empowering women by involving them in the production of neem-based products. It aims to provide a sustainable income source and promote local entrepreneurship.

Complementing these efforts,

JubiFarm promotes holistic rural development by educating farmers on advanced and climate-resilient farming techniques, encouraging innovative agricultural practices, and diversifying income sources to enhance sustainability and resilience. Together, these integrated efforts aim to build self-reliant communities and drive inclusive growth.

(iv) Bharat Impact, a Jubilant Bhartia Centre for Social Entrepreneurship, is dedicated to nurturing social entrepreneurs by providing incubation support, education, and research facilities. In collaboration with the

Indian Institute of Management Ahmedabad (IIM A) as the knowledge partner, the initiative leverages expert guidance and academic excellence to empower changemakers. Jubilant Bhartia

Foundation (JBF) provides the necessary infrastructure for the centre, ensuring a robust foundation for innovation and impact. As part of its outreach, the Impact Quest program has been launched, bringing together the first cohort of 15 promising social entrepreneurs from across India to accelerate their journey toward creating meaningful change

A detailed note on Sustainability & CSR Committee is given under

Corporate Governance Report ‘ '.

Annual Report on CSR for FY 2025 is attached as

As per the requirement of the Sexual Harassment of Women at

Workplace (Prevention, Prohibition & Redressal) Act, 2013 (POSH Act) and Rules made thereunder, the Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the POSH. The Company has formulated a Policy on Prevention of Sexual Harassment at Workplace for prevention, prohibition and redressal of sexual harassment at workplace. Our POSH Policy is inclusive and gender neutral, detailing the governance mechanisms for prevention of sexual harassment issues relating to employees across genders.

During the financial year, the Company received 1 (one) complaint under POSH, which was disposed off during the financial year. Further, no case was pending for more than ninety days.

The Annual Report as required under POSH Act has been filed.

The disclosure in relation to the

Sexual Harassment of Women at Workplace is also given under

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the annual return for FY 2025 has been uploaded on the Company's website and can be accessed at https:// www.jubilantingrevia.com/investors/ financials/annual-reports

Details of loans, guarantees/ securities and investments along with the purpose for which the loans, guarantees or securities are proposed to be utilised by the recipient have been disclosed in note no. 5 and 6 to the standalone financial statements.

The Company's financial discipline and prudence is reflected in the strong credit ratings ascribed by rating agencies. The details of credit rating are disclosed in the Corporate Governance Report, which forms part of this Annual Report.

The Company has a robust process for approval of Related Party

Transactions (RPT) and dealing with the Related Parties. In line with the requirements of the Act and the

Listing Regulations, the Company has formulated a Policy on Materiality of Related Party Transaction & Dealing with Related Party Transactions (RPT Policy) which is also available on the Company's website at https:// jubilantingrevia.com/investors/ corporate-governance/policies-and-codes/policy-on-rpts.

The RPT Policy intends to ensure that proper reporting, approval and disclosure processes are in place for all transactions between the Company and its related parties.

All RPTs entered into during FY 2025 were in the ordinary course of business and on arm's length basis. Prior omnibus approval is obtained for RPTs which are of repetitive nature and / or entered in the ordinary course of business and are at arm's length. All RPTs are subjected to independent review by a reputed

Chartered Accountant firm to establish compliance with the requirements under the Act and Listing Regulations.

No material RPTs as defined in the ‘Policy on Materiality of Related Party Transactions and Dealing with Related Party Transactions' were entered into during FY 2025 by the Company. Accordingly, the disclosure of RPTs as required under Section 134(3)(h) of the Act in form AOC-2 is not applicable. Your Directors draw attention of the members to note no. 37 to the standalone financial statements which sets out the Related Party disclosures.

During the year under review:

(i) no material change or commitment has occurred after the close of FY 2025 till the date of this Report, which affects the financial position of the Company.

(ii) no significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status of the Company and or its operations in future.

(iii) the Company has complied with

Secretarial Standards issued by the Institute of Company

Secretaries of India on Meetings of the Board of Directors and

General Meetings.

(iv) Neither the Managing Director nor the Whole-time Director(s) of the Company received any remuneration or commission from any of its subsidiaries.

(v) no proceedings are made or pending under the Insolvency and Bankruptcy Code, 2016 and there is no instance of one-time settlement with any Bank or Financial Institution.

(vi) the requirement to disclose the details of the difference between the amount of the valuation done at the time of one-time settlement and the valuation done while taking a loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

(vii) no shares with differential voting rights, sweat equity shares or bonus shares have been issued.

The Company has only one class of equity shares with face value of

1 each, ranking pari-passu.

(viii) the Company has not accepted any deposits from the public during the year. The Company had no outstanding, overdue, unpaid or unclaimed deposits at the beginning and end of FY 2025.

(ix) the Company has complied of the provisions relating to the Maternity BenefitAct 1961.

Conducting our business with integrity and highest level of governance has been core to our corporate behaviour. As a responsible corporate citizen, the Company is committed to maintain the highest standards of Corporate Governance and believes in adhering the best corporate practices prevalent globally.

A detailed Report on Corporate Governance is attached as Annexure-5 and forms part of this Report. A certificate from a Practicing Company Secretary confirming compliance with the conditions of Corporate Governance, as stipulated in Clause

E of Schedule V to the Listing

Regulations is attached to the Corporate Governance Report.

The Management Discussion and

Analysis Report on the operations of the Company as provided under the

Listing Regulations has been given separately and forms part of this Report.

Your Directors acknowledge their gratitude for the co-operation and assistance received from the government and regulatory authorities. Your Directors thank the shareholders, financial institutions, banks/ other lenders, customers, vendors, other business associates for the confidence reposed by them in the Company and its management and look forward to their continued support. The Directors express their deep appreciation to all employees for their hard work, dedication, and commitment and we look forward to their continued support in the future.