Blue Jet Healthcare (BLUEJET) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 revenue was ₹1,924.14m, down 40% YoY; EBITDA fell 62% and PAT fell 39%, amid destocking, product mix and one-time costs.

• 9M FY26 revenue rose 3% to ₹7,126.53m, while EBITDA and PAT each declined 6%.

• FY27 growth prospects include new product ramps, contrast-media capacity and backward integration, though recovery timing remains uncertain.

Financial highlights

• Q3 revenue rose 16% QoQ; EBITDA declined 15% and PAT declined 23%.

• Q3 EBITDA was ₹469m and PAT ₹401.66m; Q3 gross margin was 52%, versus 55% YoY and 65% QoQ.

• 9M revenue was ₹7,126.53m, EBITDA ₹2,228m and PAT ₹1,834.73m; revenue growth was driven by pharma-intermediate sales.

• 9M gross margin was 53%, versus 55% a year earlier; management cited a normalized 50%–55% range depending on product mix.

• 9M other income was ₹457.34m, up 34% YoY, mainly on higher foreign-exchange gains and treasury income.

Outlook and guidance

• Destocking and supply-chain realignment may take one to two quarters to normalize; management expects the opportunity to recover to normal or better levels afterward.

• FY27 growth is expected from two capacity lines with customer orders, Unit 3 backward integration and iodinated contrast media; commercial launch and ramp-up are expected from Q1 FY27.

• About six late-stage API/PI assets may begin contributing in roughly two years; a positive pipeline update was expected next quarter.

• Vizag has board approval for ₹1,000 crore of investment over 3–4 years; FY27 deployment specifics were expected next quarter.