Jagsonpal Pharmaceuticals (JAGSNPHARM) Q4 24/25 earnings summary

Executive summary

• FY25 revenue grew 28.8% year-over-year to Rs. 2,687 million, with operating EBITDA up 59% to Rs. 579 million, reflecting strong cost management and a 410 bps margin expansion.

• Major acquisition of Yash Pharma's India-Bhutan business expanded therapeutic coverage, especially in dermatology and pediatrics, while the Resilience acquisition was terminated due to unmet conditions.

• Strategic divestment of the Faridabad facility for Rs. 410 million freed up growth capital and resulted in exceptional income.

• Indocap became the first Rs. 50 Cr brand, reinforcing leadership in pain management; new launches and acquisitions expanded the therapeutic footprint.

• Audited standalone financial results for FY25 were approved with an unmodified audit opinion; board recommended a final dividend of Rs. 2.5 per share.

Financial highlights

• FY25 revenue was Rs. 2,687 million, up 28.8%; operational EBITDA was Rs. 579 million, up 59%; PAT reached Rs. 554 million, more than doubling year-over-year.

• Q4FY25 revenue was Rs. 586 million, up 34.7% year-over-year; operational EBITDA grew 97% to Rs. 97 million; PAT margin improved to 11.2%.

• Gross margin improved to 64.1% in FY25 from 61.7% in FY24; EBITDA margin rose to 21.5% from 17.4%.

• Cash and cash equivalents stood at Rs. 1,456 million as of March 31, 2025, after significant investments and higher dividends.

• Net working capital reduced to 3.5% of sales, with cycle days dropping from 59 to 13 over three years.

Outlook and guidance

• FY26 revenue growth expected at 15%+, with operating EBITDA margin improvement of 100-150 bps.

• Beyond FY26, revenue growth is projected at 12-14% annually, with margin expansion year-on-year.

• Growth guidance is primarily organic, with inorganic contributions not factored into forecasts.

• Focus remains on organic growth, sales force empowerment, and targeted acquisitions to expand therapeutic reach.