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Jubilant Pharmova Ltd
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NSE: JUBLPHARMA BSE: 530019 INE700A01033 Healthcare Pharma 🔎 Screen
NIFTY 500 Smallcap 250
₹15,231 Cr
Market Cap
38.4
P/E
0.82
PEG
9.0%
ROCE
6.6%
ROE
0.51
D/E
15.3%
OPM
+22.0%
% from 52W High
39
α RS
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
Shareholding
About

Jubilant Pharmova Ltd is an integrated global pharmaceuticals company having three business segments i.e. pharmaceuticals, contract research and development services and proprietary novel drugs.

✓ Strengths 2
  • Company has been maintaining a healthy dividend payout of 43.9%
  • Company's working capital requirements have reduced from 28.6 days to 13.4 days
! Concerns 3
  • The company has delivered a poor sales growth of 6.31% over past five years.
  • Company has a low return on equity of 5.80% over last 3 years.
  • Company might be capitalizing the interest cost
Key Ratios Snapshot
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📈 Growth Pattern
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3-Statement Financial Model
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Mixed quarter: revenue grew 19% YoY, but EBITDA margin fell 272 bps to 15.7% and normalized PAT declined 7% due to lower production at CMO Montreal and higher depreciation/interest costs. quarter Investor Presentation One-Pager? Mar 2026
Revenue
₹2,290 Cr
+19% YoY (from ₹1,929 Cr)
EBITDA Margin
15.7%
Down 272 bps YoY (from 18.4%)
Normalised PAT
₹129 Cr
-7% YoY (from ₹139 Cr)
Net Debt / EBITDA
1.3x
Up from 1.1x in Mar'25; still range-bound
What Went Right
  • Consolidated revenue ₹2,290 Cr (+19% YoY) driven by growth across all segments except Radiopharmaceuticals EBITDA. CDMO Spokane revenue +48% YoY (₹1,714 Cr FY26) and EBITDA +59% (₹463 Cr) with margins expanding 190 bps to 27%.
  • Ruby-Fill install base grew 35% in FY26 (vs 21% in FY25), ahead of management's plan, demonstrating superior value proposition.
  • Generics business showed strong turnaround: FY26 revenue +13% to ₹774 Cr and EBITDA +250% to ₹83 Cr, margins up 7.2 ppts.
  • Allergy Immunotherapy delivered FY26 revenue +12% to ₹785 Cr and EBITDA +13% to ₹278 Cr, maintaining a 35% margin in normalized range.
  • Onboarded one of the world's largest oncology products on CDMO Spokane Line 3, with 10+ products undergoing tech transfer; commercial batches expected late FY27 subject to FDA approval.
What to Watch
  • Q4 EBITDA margin declined 272 bps YoY to 15.7% due to shortage of SPECT products at CMO Montreal and underabsorption of costs. Radiopharmaceuticals segment EBITDA fell 22% YoY to ₹106 Cr in Q4 (margin 33% vs 46% in Q4'FY25).
  • Normalised PAT decreased 7% YoY to ₹129 Cr in Q4, dragged by higher depreciation (ramp-up of Line 3) and interest costs.
  • CDMO Sterile Injectables overall EBITDA margins decreased YoY due to Montreal facility shutdown in Q2/Q3; Montreal EBITDA still loss-making.
  • API business revenue declined YoY due to industry-wide pricing pressure; management is shifting mix toward profitable products but near-term drag remains.
  • Net Debt/EBITDA increased to 1.3x from 1.1x in Mar'25 as the company invested in capacity expansion (PET network, Line 4) and working capital.
Management Guidance
  • Management expects EBITDA margins to strengthen from H2'FY27 onwards after stabilization of production at CMO Montreal (commercial batch production to start in Q1'FY27).
  • Line 4 capacity expansion in Spokane is on track to generate technology transfer revenues by Q4'FY27.
  • Radiopharmaceuticals revenue and EBITDA to normalize from H2'FY27 as supply resumes at Montreal.
  • Vision 2030 targets: double FY24 revenue (₹6,703 Cr) by FY30, 25% EBITDA margin, zero net debt, and high-teens RoCE.
  • Proposed US$50 Mn investment in PET manufacturing network (3→9 sites) by FY28, expected to deliver asset turnover of 1.0x and RoCE >20%.
Investor Lens
The thesis of high-growth specialty pharma with scalable CDMO and radiopharma franchises remains intact, but near-term profitability is under pressure from the Montreal remediation, which hit Q4 and will likely continue through H1'FY27. Positively, Spokane Line 3 is ramping faster than expected (large oncology product onboarded) and the 35% Ruby-Fill install growth shows strong competitive moat. The key watch items are: (1) timing of Montreal commercial batch restart and its impact on normalized margins, (2) FDA approval of Line 3 products to unlock peak revenue by FY28, and (3) the pace of PET network expansion given the $50 Mn investment. Net debt increased but remains manageable at 1.3x EBITDA; free cash flow generation will be critical as capex continues. Investors should temper FY27 margin expectations but look for recovery from H2'FY27 onwards.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Revenue surges 19% YoY but PAT falls 21% due to margin compression.
Revenue
Revenue grew 18.7% YoY to ₹2,290 Cr, with sequential growth of 7.9%. Top-line performance remains robust.
Profitability
Net profit declined 21.2% YoY to ₹119 Cr, with EPS falling from ₹9.64 to ₹7.50. However, profit more than doubled QoQ from a weak Dec quarter.
Margins
Operating profit margin fell to 15% from 18% YoY, indicating cost pressures. Higher interest (₹56 Cr) and depreciation (₹117 Cr) also dragged profitability.
Cash Flow
Cash flow data is not available in this summary. Monitoring CFO quality relative to PAT is advisable.
Balance Sheet
Total borrowings stand at ₹3,615 Cr with a debt-to-equity ratio of 0.44. Reserves are ₹7,077 Cr. ROCE and ROE are both around 9.5%.
Key Risks
Operating margin contraction despite revenue growth is a concern. High debt levels (₹3,615 Cr) and YoY decline in operating profit (-1.7%) add to risk.
Outlook
Focus on margin recovery and debt reduction remains critical. Revenue growth trend is positive, but sustained profitability improvement is needed.
Generated by AI · Mar 2026 results · Not investment advice
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Revenue by Segment

Segment Q2FY26 Q3FY26 Trend
Allergy Immunotherapy
194
EBIT 75
193
EBIT 46
Contract Development and Manufacturing Organisation - Sterile Injectables
412
EBIT 71
462
EBIT 36
Contract Research, Development and Manufacturing Organisation
313
EBIT 29
306
EBIT 32
Generics
167
EBIT 0
226
EBIT 11
Proprietary Novel Drugs
0
EBIT -3
0
EBIT -3
 —
Radiopharma
897
EBIT 96
934
EBIT 88
Unallocable corporate
16
EBIT 0
15
EBIT 0
Total 1,998 2,136

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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