Jubilant Ingrevia (Ingrevia') came out with its Q2FY22 results, which showed significant QoQ de-growth in absolute EBITDA and margins on the back Acetyls (LS Chem EBITDA 14% vs 27% QoQ). Large part of sequential decline was on account of Inventory gains in Q1FY22 and reduction in % spreads. As per us, Q2FY22 can be considered as base for absolute EBITDA in acetyls while the margins may continue to decline on the back of higher Acetic acid prices. Spec Chem margins declined on the back of higher input costs, which should be passed on with a lag. Nutrition business showed sustained volume led growth on the back of Vitamin B3, feed and food business. The stock has had a phenomenal run since our IC on March 18th, 2021 (note) at INR 240 per share, since then the stock is up >3.5x in 7 months! Given the run-up in the chemicals space, we believe Ingrevia remains attractively priced, based on relative valuations as it trades at 12x FY23E EV/EBITDA. We revise our FY22/23 estimates based on the...