Blue Jet Healthcare (BLUEJET) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue reached a quarterly record ₹3,757.44m, up 28% QoQ and 127% YoY; EBITDA was ₹1,188m and profit for the period ₹1,025.17m.

• H1 revenue was ₹6,688.57m, up 29% YoY; EBITDA rose 23% to ₹2,168m and profit for the period increased 26% to ₹1,807.81m.

• Growth was led by Pharma Intermediates & API and Contrast Media; Hyderabad R&D became operational and a new Contrast Media Intermediate was validated with an innovator.

• The statutory auditor’s limited review found nothing indicating material misstatement or non-compliance with required disclosures.

Financial highlights

• Q2 revenue from operations was ₹3,757.44m versus ₹1,654.81m YoY; total income was ₹4,019.52m.

• Q2 EBITDA was ₹1,188m and PAT ₹1,025m, up 21% and 31% QoQ; YoY growth was 116% and 97%, respectively.

• H1 revenue was ₹6,688.57m versus ₹5,202.39m YoY; profit for the period was ₹1,807.81m versus ₹1,433.07m.

• H1 EBITDA was ₹2,168m, up 23% YoY; other income rose to ₹414m from ₹325m, mainly on higher net foreign-exchange gain.

• Q2 gross margin was 48.5%, versus 53.2% QoQ and 65.0% YoY; H1 gross margin was 50.6%, versus 53.7%.

Outlook and guidance

• Order visibility and customer engagement were encouraging across PI/API and Contrast Media; management cautioned against extrapolating Q2 results or giving specific sequential-growth guidance.

• Select customer price increases are expected from Q3; margin recovery depends on input costs, product mix and timing.

• Amino Acid Derivatives for Peptide Fragments are expected to be commercialized or shipped in Q4 FY27.

• Growth priorities include converting development programs into commercial opportunities, adding capacity and advancing higher-value Contrast Media intermediates and Pharma/API adjacencies.

• Major future CDMO growth is expected from new capacity; lateral-entry volumes are primarily tied to Vizag Phase I coming on stream.