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Jubilant Pharmova's revenues grew 19.7% YoY to ₹2249 crore

ICICIdirect Research 11 Aug 2026 DISCLAIMER

News: Jubilant Pharmova's revenues grew 19.7% YoY to ₹2249 crore driven by CDMO Sterile injectables(34% growth), Radio Pharma(18% growth) and Allergy Segment(18% growth). Other segments like Generics and Drug Discovery also witnessed growth of 4% and 8% respectively. CDMO API business de-grew 4% on a YoY basis. EBITDA degrew ~16% to ₹ 244.5 crore, as growth in topline was offset by margin dilution in Generics and CDMO Sterile. EBITDA margins stood at 10.8%(447 bps decline), whereas GPM improved by 112 bps to 68.6%.

View: During the quarter, CDMO Sterile injectables witnessed strong growth momentum on the back of technology transfer revenues from the new & third line while Radiopharmaceuticals growth was driven by start of Commercial batch production for SPECT and radiopharmaceuticals business saw increase in volume from certain PET products. Margins for Radiopharmaceuticals decreased due to unavailability of certain SPECT products; however, as supply resumes, EBITDA expected to normalize from H2FY27 onwards.  Additionally, margins were impacted by negligible third-party revenues and higher operating expenses, including incremental remediation costs at the CMO Montreal facility. CDMO Sterile injectables growth was driven by Line 3 tech transfer programs. On Drug Discovery Services, management expects scale-up due to large pharma contracts. In Allergy Immunotherapy company witnessed increase in demand from both markets, US and Outside US. We continue to focus on these flagship segments due to their potential and high-margin profile. Overall, we believe the business is in good shape and future performances are critical in order to achieve the management’s aspirational target for FY30- doubling of overall revenues (FY24 base), EBITDA margins range of 23-25% and RoCE in high teens

Impact: Positive

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