Jubilant Pharmova Limited (JUBLPHARMA)
₹938.60 +0.04% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Jubilant Pharmova's revenue was ₹2,229 Cr, and net profit ₹56.4 Cr; the operating margin was 11.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,229 | — | -2.6% |
| Operating profit | ₹248 | — | -26.8% |
| Net profit | ₹56.4 | — | -52.6% |
| EPS (₹) | 3.57 | -44.7% | -52.4% |
| Operating margin | 11.1% | — | — |
JUBLPHARMA delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.37% of the JUBLPHARMA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.87%. That is close to its usual level. Volume was 0.4 times its average, well below normal. 2 bulk or block deals were reported in JUBLPHARMA in the last 60 days: ₹101 Cr bought and ₹101 Cr sold.
Delivery in the last 5 sessions: 59.0% · 34.3% · 53.0% · 46.5% · 53.4%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 12 Oct | Buy | Abakkus Four2Eight Opportunities Fund | ₹100.65 Cr | ₹915.00 | 1,100,000 | Block |
| 12 Oct | Sell | Quant Mutual Fund | ₹100.65 Cr | ₹915.00 | 1,100,000 | Block |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Jubilant Pharmova has received a credit rating of [ICRA]AA+ (Stable) from ICRA Limited for its proposed Non-Convertible Debentures (NCDs) amounting to ₹1,400 crore. The proposed borrowing is substantial, representing approximately 60.5% of the company's net worth of ₹2,312 crore and about 16.3% of TTM revenue (₹8,607 crore). Currently maintaining low debt of ₹53 crore, this debt issuance indicates plans for upcoming capital deployment, potentially funding ongoing expansions such as the Montreal facility. The high-grade rating signals strong creditworthiness and allows access to debt at competitive interest rates.
- ICRA assigned [ICRA]AA+ (Stable) rating to proposed Non-Convertible Debentures of ₹1,400.00 crore
- Rating communication received from ICRA on October 13, 2026
- Proposed debt represents ~60.5% of net worth (₹2,312 cr) against current debt of ₹53 cr
- Company retains an investment-grade rating enabling cost-effective debt capital access
Jubilant Pharmova's Board of Directors has approved the issuance of listed, rated, redeemable Non-Convertible Debentures (NCDs) aggregating up to ₹800 crore on a private placement basis. The company is also seeking shareholder approval via postal ballot to issue debt securities up to an aggregate limit of ₹2,500 crore over a one-year period. The ₹800 crore issuance has a tenure of up to five years and will be listed on the BSE. Relative to the company's financial profile, the ₹800 crore issuance represents approximately 34.6% of net worth (₹2,312 crore) and 9.3% of TTM revenue (₹8,607 crore).
- Approved issuance of up to 80,000 NCDs of face value ₹1,00,000 each, totaling up to ₹800 crore
- Seeking shareholder approval via postal ballot for debt issuance up to ₹2,500 crore over one year
- Instrument tenure is up to five years from the deemed date of allotment
- Securities will be listed on BSE, with coupon/interest to be discovered via bidding
Jubilant Pharmova's Board of Directors has approved the issuance of listed, rated, redeemable Non-Convertible Debentures (NCDs) aggregating up to ₹800 crore on a private placement basis. The company is also seeking shareholder approval via postal ballot to issue debt securities up to an aggregate limit of ₹2,500 crore over a one-year period. The ₹800 crore issuance has a tenure of up to five years and will be listed on the BSE. Relative to the company's financial profile, the ₹800 crore issuance represents approximately 34.6% of net worth (₹2,312 crore) and 9.3% of TTM revenue (₹8,607 crore).
- Approved issuance of up to 80,000 NCDs of face value ₹1,00,000 each, totaling up to ₹800 crore
- Seeking shareholder approval via postal ballot for debt issuance up to ₹2,500 crore over one year
- Instrument tenure is up to five years from the deemed date of allotment
- Securities will be listed on BSE, with coupon/interest to be discovered via bidding
Jubilant Pharmova's subsidiary, Jubilant Draximage Inc., announced a capital expenditure of CAD 94.5 million to modernize and expand its Kirkland, Québec facility. The expansion is aimed at doubling the production capacity of its flagship radiopharmaceutical product, RUBY-FILL®, driven by customer demand doubling over the last 3 years. The project is backed by CAD 23.8 million in financial support from the Government of Canada through its Strategic Response Fund. With Jubilant's net worth at Rs 2,312 Cr, the ~CAD 94.5M investment (approx. Rs 570-600 Cr) represents a meaningful ~25% commitment relative to net worth.
- Investment of CAD 94.5 million to modernize and expand Kirkland, Québec facility
- CAD 23.8 million financial support provided by the Government of Canada
- Aims to double manufacturing capacity of flagship cardiac PET imaging product RUBY-FILL®
- Customer base for RUBY-FILL® has doubled in the last 3 years
Jubilant Pharmova Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Alankit Assignments Limited confirms that physical share certificates received for dematerialization were processed, mutilated, and cancelled. It also confirms that the depositories' names were substituted as registered owners. This is a mandatory administrative disclosure with zero operational or financial impact.
- Regulation 74(5) compliance certificate submitted for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent M/s Alankit Assignments Limited on October 05, 2026
- Confirms mutilation and cancellation of physical share certificates upon dematerialization
Jubilant Pharmova has released a specimen intimation sent to shareholders holding physical securities whose FY2025-26 final dividend has been withheld due to incomplete KYC or bank details. The action complies with SEBI circular requirements mandating dividend payouts solely via electronic mode. Dividend amounts will be remitted once mandatory forms (ISR-1, ISR-2, SH-13/ISR-3) and validations are completed with the RTA, Alankit Assignments Limited. The record date for this dividend was July 24, 2026. This administrative update has no impact on the company's financial operations or performance.
- Final dividend for FY 2025-26 withheld for physical folios lacking updated KYC details
- Compliance aligned with SEBI Master Circular dated February 6, 2026
- Record date referenced for the relevant dividend was July 24, 2026
- Shareholders must submit Form ISR-1, ISR-2, and SH-13/ISR-3 to RTA Alankit Assignments to claim withheld funds
Jubilant Pharmova announced that the USFDA has concluded its review of the Establishment Inspection Report (EIR) for the Jubilant HollisterStier LLC CMO facility located in Spokane, Washington, USA. The inspection was carried out from June 8, 2026, to June 17, 2026, and the regulator has determined a 'Voluntary Action Indicated' (VAI) classification. A VAI status indicates objectionable conditions were found but no administrative or regulatory sanctions are recommended, clearing immediate regulatory overhang for the site.
- Inspection conducted by USFDA from June 8, 2026, to June 17, 2026.
- USFDA determined the classification as 'Voluntary Action Indicated (VAI)'.
- Communication received by the company on September 10, 2026, at 10:52 AM PST.
- Facility belongs to subsidiary Jubilant HollisterStier LLC, which operates key sterile injectables CMO capacity.
Jubilant Pharmova has received a Show Cause Notice from the Assistant Commissioner of Commercial Taxes (Enforcement)-4, Mysore, proposing a total demand of ₹87.31 crore for FY 2022-23. The demand includes ₹33.58 crore in GST, ₹20.15 crore in interest, and ₹33.58 crore in penalty concerning alleged ineligible/excess ITC and E-way bill records. The proposed demand represents approximately 24.9% of the company's TTM net profit of ₹351 crore. Jubilant Pharmova stated it will file a detailed reply contesting the notice on merits and expects no financial or operational impact.
- Total tax demand proposed of ₹87.31 crore for FY 2022-2023.
- Breakdown comprises ₹33.58 crore GST tax, ₹20.15 crore interest, and ₹33.58 crore penalty.
- Allegations relate to ineligible ITC, excess ITC availed, and differential tax liability based on E-way bill records.
- Notice received on August 31, 2026; company preparing a detailed reply to contest the demand.
Jubilant Pharmova's wholly-owned subsidiary, Jubilant Generics Limited, received a Show Cause Notice from the CGST Division, Roorkee on August 27, 2026. The notice proposes a GST demand of ₹52.75 crore and an equivalent penalty of ₹52.75 crore (totaling ₹105.50 crore plus unquantified interest) for FY 2020-21 and FY 2021-22. The dispute pertains to alleged simultaneous availment of IGST refund under Rule 96 and Advance Authorisation benefits. The company stated the notice is legally incorrect, plans to contest it, and expects no financial impact.
- Subsidiary Jubilant Generics receives Show Cause Notice for FY 2020-21 and FY 2021-22.
- Demands ₹52.75 crore in GST tax and ₹52.75 crore in penalty, totaling ₹105.50 crore plus interest.
- Total quantified demand represents approximately 30.1% of TTM PAT (₹351 crore).
- Company is preparing a detailed response to contest the notice before the Joint Commissioner, CGST Roorkee.
Jubilant Pharmova Limited reported the conclusion and voting results of its 48th Annual General Meeting held on August 26, 2026. Shareholders approved all 4 ordinary resolutions with strong majorities exceeding 99.6% assent. Approved items include the adoption of FY26 standalone and consolidated financial statements and the declaration of a dividend of Rs 5 per equity share of face value Re 1 each. Shareholders also approved the re-appointment of directors Mr. Hari S. Bhartia and Mr. Arjun Shanker Bhartia retiring by rotation.
- Approved final dividend of Rs 5 per equity share of face value Re 1 with 99.9997% voting assent
- Adoption of FY26 standalone and consolidated financial statements passed with 99.9996% assent
- Re-appointment of Mr. Hari S. Bhartia as Director approved with 11.63 crore assent votes
- Re-appointment of Mr. Arjun Shanker Bhartia as Director approved with 99.64% assent
- A total of 86 members representing 7,07,21,051 equity shares attended the meeting
Jubilant Pharmova announced that the USFDA has granted approval for commercial batch manufacturing of the first product on Line 3 at its contract manufacturing facility in Spokane, USA. The approval was received on August 21, 2026 (PST) for the new Isolator-based sterile fill-and-finish line operated by subsidiary Jubilant HollisterStier LLC. This operational milestone enables commercial revenue ramp-up in the high-margin sterile injectables CDMO segment.
- USFDA approval received for commercial batch manufacturing of the first product on Line 3.
- Line 3 is an advanced Isolator-based fill-and-finish line located in Spokane, WA, USA.
- Approval received on August 21, 2026 (12:46 PM PST / August 22, 2026, 01:16 AM IST).
- Operated by Jubilant HollisterStier LLC, a step-down wholly owned subsidiary under Jubilant Pharma Limited.
Jubilant Pharmova announced the outcome of its postal ballot e-voting concluding on August 17, 2026. Shareholders approved the re-appointment and remuneration of Mr. Priyavrat Bhartia as Managing Director with 99.81% majority (12,70,16,638 votes in favour). Concurrently, the re-appointment and remuneration of Mr. Arjun Shanker Bhartia as Joint Managing Director was approved with 99.87% majority (12,70,99,995 votes in favour). Overall voter participation stood at 79.90% of the total outstanding share base.
- Re-appointment of Mr. Priyavrat Bhartia as Managing Director approved with 99.81% votes in favour (12,70,16,638 votes).
- Re-appointment of Mr. Arjun Shanker Bhartia as Joint Managing Director passed with 99.87% votes in favour (12,70,99,995 votes).
- Total voter turnout was 79.90% (12,72,61,215 votes polled across 15,92,81,139 total equity shares).
- Institutional shareholders showed strong backing, voting 99.41% and 99.61% in favour of resolutions 1 and 2, respectively.
Jubilant Pharmova reported Q1 FY27 revenue of Rs 2,229 Cr, a 17% YoY increase driven by broad-based growth across segments, particularly CDMO Sterile Injectables (+34%). However, EBITDA fell 11% YoY to Rs 268 Cr, with margins contracting by 385 bps to 11.9% due to the unavailability of high-margin SPECT radiopharmaceuticals and remediation costs at the Montreal facility. Reported PAT declined 45% YoY to Rs 56 Cr. Management expects margin recovery in H2 FY27 as SPECT products return to market and Spokane Line 3 continues to ramp up.
- Revenue grew 17% YoY to Rs 2,229 Cr, with CDMO Sterile Injectables leading growth at 34% YoY (Rs 496 Cr).
- EBITDA margins contracted to 11.9% from 15.8% YoY, impacted by SPECT product unavailability and Montreal remediation costs.
- Net Debt to EBITDA ratio increased to 1.8x in June 2026 from 1.5x in March 2026 due to ongoing growth investments.
- Spokane Line 3 revenue grew 43% YoY to Rs 494 Cr with EBITDA margins expanding 100 bps to 24%.
- US-based manufacturing accounts for 78% of US revenue, positioning the company to benefit from new US tariffs on non-US innovators.
Jubilant Pharmova reported a consolidated revenue of Rs 2,229.4 Cr for Q1 FY27, representing a 17.3% YoY growth but a 2.6% sequential decline. Profit Before Tax (PBT) fell sharply to Rs 86.4 Cr from Rs 176 Cr in the previous quarter, primarily due to margin compression in the CDMO - Sterile Injectables segment. The Generics business continues to be a drag, reporting an EBIT loss of Rs 10.1 Cr. Radiopharma remains the primary driver, contributing Rs 1,022.1 Cr to the top line with stable margins.
- Consolidated revenue grew 17.3% YoY to Rs 2,229.4 Cr, driven by Radiopharma and CDMO segments.
- CDMO - Sterile Injectables segment profit plummeted to Rs 7.3 Cr from Rs 55.9 Cr in Q4 FY26.
- Generics segment reported an EBIT loss of Rs 10.1 Cr compared to a profit of Rs 17.4 Cr in the previous quarter.
- Radiopharma segment revenue stood at Rs 1,022.1 Cr, accounting for 45.9% of total segment revenue.
- Finance costs remained high at Rs 54.2 Cr, impacting the overall bottom line.
Jubilant Pharmova (Market Cap: Rs 10,966 Cr) has scheduled meetings with 8 major institutional investors, including HDFC AMC and ICICI Prudential, on August 13-14, 2026. These meetings follow the company's Q1 FY27 earnings release scheduled for August 10, 2026. Discussions are expected to focus on the company's TTM revenue of Rs 6,528 Cr and its strategic transition toward high-margin CDMO services. Investors should look for updates on the CAD 145 million Montreal capacity expansion project expected to be operational in H2 FY26.
- 8 institutional investors including HDFC AMC, ICICI Prudential, and Tata Asset Management to participate
- Meetings scheduled for August 13, 2026, and August 14, 2026, in Mumbai
- Q1 FY27 financial results to be officially disclosed on August 10, 2026
- Company reported TTM revenue of Rs 6,528 Cr with an operating profit margin of 14.9%
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2'FY26 grew 12% YoY to INR 1,966 Cr, driven by the new third line in CDMO Sterile Injectables and growth in Radiopharma, Allergy Immunotherapy, and CRDMO. In FY25, CDMO Sterile Injectables EBITDA grew 52% with margins expanding from 17.2% to 23.0%, while CRDMO EBITDA rose 32.3% with margins improving from 15.5% to 19.4%.
Geographic Revenue Split
The US market is the primary revenue driver, contributing 82% of total revenue in H1'FY26. The origin of goods sold in the US is 72% from the US, 17% from Canada, and 12% from India.
Profitability Margins
Normalised PAT Margin for Q2'FY26 stood at 6.3%, an improvement of 50 bps YoY. For H1'FY26, the Normalised PAT margin was 5.8%, up 96 bps YoY. FY25 Consolidated Net Profit surged to INR 836.3 Cr from INR 72.7 Cr in FY24, reflecting a substantial turnaround in the Generics segment and operational excellence.
EBITDA Margin
EBITDA margin for Q2'FY26 was 17.8%, reflecting a 24 bps YoY increase. H1'FY26 EBITDA margin was 16.8%, up 40 bps YoY. Consolidated EBITDA for FY25 was INR 1,230.5 Cr, a 26.9% increase over FY24.
Capital Expenditure
The company is executing a CAD 145 million (approx. INR 900 Cr) modernization and capacity expansion project in Montreal to double sterile production capacity. Additionally, revenue generation has commenced from the new third line at the Spokane, US facility in Q2'FY26.
Credit Rating & Borrowing
The company has outstanding Secured Redeemable Unlisted Non-Convertible Debentures (NCDs) of INR 70 Cr as of March 31, 2025, with the tenure extended by five years. Finance costs were reduced in H1'FY26, contributing to a 32% YoY increase in Normalised PAT to INR 227 Cr.
Operational Drivers
Raw Materials
Active Pharmaceutical Ingredients (API), sterile fill-finish components, and chemicals for radiopharmaceuticals. The API business reported revenue of INR 137 Cr in Q2'FY26, up 8% YoY.
Import Sources
Sourcing is diversified across the US (72% of US sales origin), Canada (17%), and India (12%), with a 'China plus one' strategy implemented to increase backward integration and supplier resilience.
Key Suppliers
Not specifically named in the documents, but the company utilizes select Contract Manufacturing Organisations (CMOs) for its Generics business and maintains a diversified supplier base for its API segment.
Capacity Expansion
CDMO Sterile Injectables: New third line at Spokane, US is now operational. Montreal, Canada: CAD 145 million project to double sterile production capacity is expected to be operational in H2 FY26.
Raw Material Costs
Total operating expenditure for FY25 was INR 6,060.8 Cr on a consolidated basis, representing approximately 83.7% of revenue. The company focuses on cost optimization and improved revenue mix toward high-margin custom manufacturing.
Manufacturing Efficiency
The Generics segment transitioned from in-house manufacturing to a CMO-based model to focus on profitable product lines and margin enhancement. CDMO API asset utilization is being increased by shifting the mix toward custom manufacturing.
Logistics & Distribution
The company maintains a strong sales and marketing presence in the US, leveraging products from its India facility and CMOs to serve major wholesalers and retail chains.
Strategic Growth
Expected Growth Rate
11%
Growth Strategy
Growth will be achieved through the ramp-up of the new third line in Spokane, doubling capacity in Montreal by H2 FY26, and scaling contracts with three new large pharmaceutical companies onboarded in the last year. The company is also exploring monetization of its Proprietary Novel Drugs (JBI-802, JBI-778) through licensing or external fundraising following clinical data readouts in CY 2026.
Products & Services
Radiopharmaceuticals, Allergy Immunotherapy, Sterile Injectables (CDMO), Solid Dosage Formulations (Generics), Drug Discovery Services (CRDMO), and Proprietary Novel Drugs for oncology.
Brand Portfolio
Jubilant Biosys, Jubilant HollisterStier, Jubilant Cadista, Draximage, and Jubilant Therapeutics.
New Products/Services
Proprietary Novel Drugs JBI-802 and JBI-778 are in clinical trials; JBI-2174 has launched a Phase I first-in-human study for cancer sub-sets in India.
Market Expansion
Expansion into new geographies for existing products and increasing partnerships with large pharma companies to leverage expanded infrastructure in India and North America.
Market Share & Ranking
Recognized as a 'Partner of Choice' by leading global pharmaceutical companies; Jubilant HollisterStier is a leading global CMO in sterile fill-finish.
Strategic Alliances
Partnership with the Government of Canada (Strategic Innovation Fund) providing CAD 23.8 million and the Province of Quebec providing CAD 25 million for capacity expansion.
External Factors
Industry Trends
The industry is shifting toward outsourced sterile manufacturing and specialized drug discovery. Jubilant is positioning itself by doubling sterile capacity and integrating API with drug discovery services.
Competitive Landscape
Competes with global CDMOs and generic manufacturers; competitive advantage is derived from a diversified portfolio and manufacturing presence in North America.
Competitive Moat
Moat is sustained by high regulatory barriers (US FDA/international compliance), specialized manufacturing capabilities in Radiopharma and Allergy, and long-term 'Partner of Choice' relationships with large pharma.
Macro Economic Sensitivity
Sensitive to US healthcare spending and biotech funding environments; softening demand in the biotech sector was noted due to uncertain economic conditions.
Consumer Behavior
Increased end-user awareness of cybersecurity risks and a shift toward specialized oncology treatments are driving demand for the company's novel drug pipeline.
Geopolitical Risks
The proposed US Biosecure Act is expected to drive 'friend-shoring' demand toward Indian CROs, benefiting Jubilant's CRDMO business.
Regulatory & Governance
Industry Regulations
Strict adherence to US FDA current Good Manufacturing Practices (cGMP) and Regulation 24A of SEBI Listing Regulations for material subsidiaries.
Environmental Compliance
The company maintains an Enterprise Risk Management program and ESG training for personnel to comply with changing global standards.
Taxation Policy Impact
Effective tax rate for Q2'FY26 was abnormally higher due to a one-time net tax expense of INR 13 Cr related to the slump sale of the API business.
Legal Contingencies
Jubilant Biosys Limited received an Adjudication Order for GST, interest, and penalty for FY 2021-22; the company is contesting this before the GST Appellate Authority and expects no financial impact.
Risk Analysis
Key Uncertainties
Clinical trial outcomes for proprietary drugs; impact of new US government tariffs on Indian-sourced goods (12% of US revenue).
Geographic Concentration Risk
High concentration in the US market (82% of revenue), making the company sensitive to US regulatory and trade policy changes.
Third Party Dependencies
Transition to a CMO-based model for Generics increases dependency on third-party manufacturers for solid dosage production.
Technology Obsolescence Risk
Mitigated by continuous R&D in novel drugs and a CAD 145 million investment in modernizing sterile manufacturing technology.
Credit & Counterparty Risk
The company maintains a transparent framework for periodic evaluation of internal financial controls and annual testing of operational effectiveness.
