Jubilant Pharmova (530019) Q4 25/26 earnings summary

Executive summary

• FY26 revenue grew 14% year-over-year to INR 8,280 crores, with EBITDA up 8% to INR 1,326 crores, driven by strong performance in CDMO Sterile Injectables, Generics, and Allergy Immunotherapy, while Radiopharma faced temporary margin pressure due to lower production at Montreal.

• Audited standalone and consolidated financial results for FY26 were approved with an unmodified auditor's opinion.

• Vision 2030 targets doubling revenues by FY30, EBITDA margin of 23–25%, zero net debt, and high teens ROCE.

• Board recommended a final dividend of ₹5 per equity share, subject to shareholder approval.

• The API business was sold to a wholly-owned subsidiary, classified as discontinued operations in standalone results.

Financial highlights

• FY26 consolidated revenue was INR 8,280 crores (₹82,796 million), up 14% year-over-year; EBITDA was INR 1,326 crores, up 8%; normalized PAT was INR 442 crores, up 7%.

• EBITDA margin for FY26 was 15.9%, down 99 bps year-over-year; normalized PAT margin at 5.3%.

• Net debt stood at INR 1,900 crores; Net Debt/EBITDA at 1.3x; interest coverage improved to 6.3x.

• FY26 exceptional expense of Rs. 59 Cr mainly due to temporary suspension at Montreal facility.

• Consolidated net profit for FY26 was ₹3,975 million, down from ₹8,363 million in FY25, due to exceptional items and regulatory expenses.

Outlook and guidance

• FY27 expected to see low double-digit revenue growth and margins in the 38%-40% range; Vision 2030 targets doubling revenue by FY30, EBITDA margin of 23–25%, zero net debt, and high teens ROCE.

• EBITDA margin in FY27 will be lower in H1 due to SPECT product shortages, but expected to strengthen in H2 as Montreal production stabilizes.

• Free cash flow and deleveraging anticipated from FY28 as new lines commercialize.

• Expansion of PET manufacturing facilities and new product launches to drive future growth.

• The company is monitoring the impact of new Indian Labour Codes and will account for changes as needed.