Blue Jet Healthcare (BLUEJET) Q4 25/26 earnings summary

Executive summary

• FY26 revenue was INR 9,473.21m, down 8% YoY, while PAT fell to INR 2,478.16m; lower PI/API sales partly offset robust Contrast Media growth.

• Q4 revenue was INR 2,346.68m, up 22% QoQ and down 31% YoY; quarterly results improved QoQ but remained below Q4 FY25 amid PI inventory normalization and negligible sales of one molecule.

• FY27 visibility is improving with expected PI recovery, double-digit Contrast Media growth and new launches, alongside continued capacity investment and uncertain costs.

• Statutory auditors gave an unmodified opinion on the annual results.

Financial highlights

• FY26 revenue from operations was INR 9,473.21m versus INR 10,299.85m; EBITDA was INR 2,941m, down 22% YoY, and PAT was INR 2,478.16m versus INR 3,052.03m.

• Q4 revenue was INR 2,346.68m versus INR 3,404.45m in Q4 FY25; PAT was INR 643.44m versus INR 1,100.95m.

• FY26 total income was INR 10,159.75m versus INR 10,762.41m; profit before tax was INR 3,325.12m versus INR 4,060.99m.

• Other income increased to INR 687m from INR 463m, mainly due to foreign exchange gains; it included INR 36 crore in exchange gains and INR 5 crore from an insurance claim.

• Operating cash flow was INR 3,341.46m versus INR 457.65m in FY25.

Outlook and guidance

• FY27 Contrast Media growth is expected to be double-digit, supported by customer visibility, higher volumes, one or two validations and a commercial launch.

• Three to four new Contrast Media products are expected to launch in FY27; customer forecasts indicate mid-single-digit growth for the flagship product.

• PI shipments are recovering after destocking, with orders in hand and shipments started; robust revenues are expected in coming quarters, including recovery beyond FY25 peak sales for the cardiovascular intermediate.

• Two PI/CDMO opportunities may enter commercialization in FY27; major lateral-entry volumes depend on Vizag capacity coming online in 24–30 months.

• FY27 remains investment-intensive, with product development spending set to increase; margin visibility should improve after Q1 cost trends become clearer.