Blue Jet Healthcare (BLUEJET) Q2 25/26 earnings summary

Executive summary

• H1 FY26 revenue from operations was INR 5,202.39 million, up 40.2% YoY; EBITDA rose 54.7% to INR 1,759 million and profit rose 49.1% to INR 1,433.07 million.

• Q2 revenue fell 20.5% YoY and 53.4% QoQ, reflecting Pharma Intermediates channel de-stocking and delayed contrast-media shipments.

Financial highlights

• Q2 revenue was INR 1,654.81 million, EBITDA INR 549 million at a 33.2% margin, and profit INR 521.36 million.

• Q2 EBITDA declined 20.9% YoY and PAT declined 10.6%; QoQ EBITDA fell 54.6% and PAT fell 42.8%.

• H1 EBITDA margin was 33.8% versus 30.6% YoY; PAT margin was 27.5% versus 25.9%.

• H1 gross margin was 53.7% versus 56.0% YoY; Q2 gross margin rose to 65.0% from 48.4% QoQ, partly reflecting goods in transit and inventory accounting.

• Q2 other income was INR 243 million, up from INR 83 million QoQ; H1 other income rose 56% YoY to INR 325 million, aided by FX gains and treasury income.

Outlook and guidance

• Management aims to maintain FY EBITDA margin at ~35%; no specific revenue guidance was provided.

• Contrast-media H2 revenue is forecast to be stable; management cited encouraging 12–18-month visibility and a strong order book for MRI contrast media.

• An iodine-based advanced contrast-media intermediate is expected to reach commercial scale in Q4 FY26; three late-stage NCE candidates have FY27 as the indicated timeframe, subject to CDMO project timing.

• Capacity is planned to increase by 1,000 KL over 2–3 years; Vizag phase one is targeted for completion by FY28, with further phases expected from FY29 onward.

• Similar margins are expected over the next 18–24 months; R&D spending and senior-management expansion could raise operating expenses.