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 CDMO Sterile Injectables, Generics, and Radiopharma, despite temporary margin pressure at Montreal.

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

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

• 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: INR 8,280 crores (up 14% YoY); EBITDA: INR 1,326 crores (up 8% YoY); Normalised PAT: INR 442 crores (up 7% YoY).

• EBITDA margin at 15.9% (down 99 bps YoY); Normalised PAT margin at 5.3% (down 40 bps YoY).

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

• FY26 exceptional expense of INR 59 crores mainly due to temporary suspension at Montreal facility.

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

Outlook and guidance

• Revenue expected to double by FY30, with EBITDA margin targeted at 23–25%.

• FY2027 expected to see low double-digit revenue growth and margins in the 38%-40% range.

• Net debt to reach zero and ROCE to rise to high teens by FY30.

• Radiopharmaceuticals and CDMO Sterile Injectables margins to normalize and improve from H2 FY27 onwards.

• Free cash flow and deleveraging anticipated from FY2028 as new lines commercialize.