Specialty chemicals company Jubilant Ingrevia has received board approval to enter into a binding agreement to acquire a 40% strategic stake in electronics design and manufacturing company Zettaone Technologies India for ₹189.2 crore. According to reports from Business Standard, the company's board has formally approved the entry into a binding term sheet with Zettaone Technologies for the acquisition. The proposed acquisition will make Zettaone Technologies an associate company of Jubilant Ingrevia once completed. The transaction is structured as a two-tranche deal, with the first tranche targeted for closure by November 2026 and the second by September 2027. The acquisition cost stands as a cash-based transaction and represents a decisive pivot by Jubilant Ingrevia to transition beyond its core specialty chemicals capabilities.
As reported by Business Standard, Jubilant Ingrevia stated that the acquisition will strengthen its presence in the Electronics Development and Manufacturing Services (EDMS) space and allow it to offer an integrated proposition across electronics and semiconductors. The company highlighted that Zettaone's PCB design and manufacturing capabilities will complement its semiconductor chemicals business and expand its presence across the electronics value chain. Chairman Shyam S Bhartia and Co-Chairman & Whole-Time Director Hari S Bhartia emphasized that the investment is aligned with the company's Pinnacle growth strategy and provides a strong platform for its play in EDMS space. The move positions the firm to tap into government-driven local manufacturing tailwinds, potentially leading to a valuation re-rating once the segment starts contributing materially to the consolidated top-line.
According to Business Standard, Zettaone Technologies, co-founded by Harikrishnan, Sureshkumar, Prabu, and Arunkumar, operates as an electronics design and manufacturing platform with integrated capabilities across the electronics and semiconductor industries. The company delivers engineering solutions for aerospace, defence, semiconductor, automotive, medical, and industrial applications through a comprehensive service portfolio spanning R&D, design, and prototyping to manufacturing, assembly, and box build. CEO Harikrishnan Gopal noted that the team has built lasting relationships through consistency, quality, and commitment to solving complex engineering challenges, expressing happiness to be part of the Jubilant Bhartia Group. The acquisition will allow Jubilant Ingrevia to capitalize on Zettaone's proven manufacturing and customer-centric capabilities in the CDMO space while strengthening engagement across the electronics and semiconductor value chain.
Zettaone Technologies has demonstrated strong financial growth with historical annual turnover reaching ₹98.1 crore in FY26, compared to ₹79.1 crore in FY25 and ₹51.1 crore in FY24. This represents a growth of approximately 24.02% year-over-year and 91.98% over two years. The company's operational trajectory shows strong top-line scaling, positioning it as an attractive acquisition target for Jubilant Ingrevia. The strategic acquisition of this fast-growing tech associate for ₹189.2 crore represents a highly positive medium-term growth driver, complementing the firm's strong core performance.
According to Business Standard, Jubilant Ingrevia shares were up 0.08% to currently trade at ₹726.50 on the BSE following the board approval announcement. The stock has shown resilience with a 35% recovery from year's low and is marginally up 3% in the current year. The company announced its Q1 FY27 results on July 23, 2026, delivering a total revenue of ₹1,300.3 crore, up 25.3% YoY from ₹1,038 crore in Q1 FY26. Total EBITDA grew by 40% YoY to ₹199.1 crore, up from ₹153 crore in the year-ago period, with EBITDA margin expanding to 15.3% from 13.7% in the corresponding quarter last year. The stock has remained volatile since reaching a record high of ₹885 in January, with the current price down 18% from that peak. The company's market capitalisation stands at ₹11,562.22 crore, with the stock trading 8.69% below its 52-week high and 35.61% above its 52-week low.
