BLUEJET
Large CapBlue Jet Healthcare Limited
Pharma
Blue Jet Healthcare is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products with a CDMO approach. It commercializes 51 products across Contrast Media Intermediates, High Intensity Sweeteners, and Pharma Intermediates & API, operating 3 facilities with 1,175.60 KL reaction capacity.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -31% YoY · PAT -42% YoY · margin compression · +22% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹235 Cr | -30.9% | +22.4% |
| EBITDA | ₹71 Cr | -49.3% | +51.1% |
| Operating margin | 30.0% | -1100 bps | +600 bps |
| PAT | ₹64 Cr | -41.8% | +60.0% |
| PAT margin | 27.2% | -512 bps | +640 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue rose 22% QoQ to Rs 2,347 mn, with EBITDA up 52% to Rs 713 mn (30% margin) driven by higher advanced contrast media sales. However, YoY, Q4 revenue fell 31% and EBITDA 49% due to negligible sales of one PI molecule and customer inventory normalization. FY26 revenue declined 8% YoY.
Q4 FY26 saw strong sequential recovery in revenue and margins, primarily from contrast media. However, the significant YoY decline in Q4 and FY26, driven by the PI & API segment's "negligible sales" of a molecule and inventory normalization, indicates underlying stress. Management expects normalization, but execution is key.
Revenue contribution (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Advanced Contrast Media Sales
The increase in Revenue from Operations during current quarter is due to higher sales of Advance Contrast media.
Forward Integration in Contrast Media
Company continues to forward integrate into more advanced intermediates for Contrast Media, aiming for higher realization and profitability.
Pharma Intermediates & API Adjacencies
Leveraging long-standing customer relationships to continue entering adjacencies in the pharma intermediate and API category.
Outsourcing Trend in Pharma
Increased propensity to outsource manufacturing of intermediates & APIs enables asset light model and provides cost advantages and supply chain efficiencies.
Vizag Project
Vizag Project ground-breaking ceremony completed and project activities have commenced.
R&D Centre Hyderabad
R&D Centre Hyderabad civil construction commenced, expected to be completed on or before September 2026.
Additional Production Capacity
Company strategy includes building additional production capacity to keep in step with the envisaged increase in customer demands.
Strong Contrast Media Performance
Higher sales of Advance Contrast media drove the increase in Q4 FY26 revenue from operations.
Favourable Product Mix
Gross Margin for Q4 FY26 was higher due to favourable product mix and higher sales of Contrast media intermediates.
PI De-stocking Completion
Pharma Intermediate [PI] de-stocking and inventory normalization completed by customer.
Growing Medical Imaging Market
The global Medical Imaging Market is projected to grow at a CAGR of 6.4% from 2024-2029F.
PI Vertical Sales Decline
Q4 FY26 YoY revenue decreased by 31% due to negligible sales of one of our molecules in the PI vertical.
Order Phasing & Inventory Normalization
Revenue performance reflects timing-related order phasing in select PI accounts, along with customer-side inventory normalization.
Increased Operating Costs
FY26 EBITDA Margin decreased from 37% to 31% primarily due to an increase in certain operating costs coupled with lower sales volumes.
Customer Concentration
Company has 4 to 27 years of relationship with 3 of the largest contrast media manufacturers in the world, indicating customer concentration.
Product Specific Sales Volatility
Negligible sales of one molecule in the PI vertical led to a significant YoY decline in Q4 FY26 revenue and EBITDA.
Highly Concentrated Industry
The global Contrast Media industry is highly concentrated and dominated by multi-national corporations, collectively holding ~75% of global sales.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess sequential momentum and the recovery in the Contrast Media business and margins. YoY comparison is essential to understand the impact of the PI & API segment's decline and the overall annual performance against the previous year's base.
Gross Margin
Gross Margin for Q4 FY26 was at 56%, higher compared to Q3 FY26 (52%), mainly driven by favourable product mix and higher sales of Contrast media intermediates. FY26 Gross Margin was 54% vs FY25 at 55%.
EBITDA Margin
EBIDTA Margin stands at 30% for Q4 FY26, higher due to improved gross margin, lower employee cost, and operating leverage. FY26 EBITDA Margin decreased from 37% to 31% YoY due to increased operating costs and lower sales volumes.
R&D Centre Progress
R&D Centre Hyderabad civil construction commenced, expected to be completed on or before September 2026. Hiring of Key Resources has been initiated.
USFDA Approvals/Inspections
Received USFDA Establishment Inspection Report of Blue Circle Organics Private Limited for Unit II. Company develops advanced intermediates for NCEs under trials for US-FDA approvals.
PI Segment Normalization
Management maintains strong visibility on underlying demand and expects normalization to reflect in upcoming quarters for the PI vertical.
Robust PI Revenues Expected
Robust revenues are expected, backed by orders from the Pharma Intermediate segment in the coming quarters.
R&D Centre Completion
The R&D Centre Hyderabad civil construction is expected to be completed on or before September 2026.
Capacity Expansion
Management plans to build additional production capacity to keep pace with envisaged increases in customer demands.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PI & API Segment Revenue | Q4 FY26 revenue decreased 90.5% YoY. | Normalization and robust revenue growth in coming quarters as per management expectations. |
| Vizag Project Progress | Ground-breaking completed, project activities commenced. | Timely execution and commissioning updates for the new facility. |
| R&D Centre Hyderabad | Civil construction commenced. | Completion on or before September 2026 and successful hiring of key resources. |
| Advanced Contrast Media Sales | Higher sales drove Q4 FY26 QoQ revenue growth. | Continued strong growth and successful conversion of trial orders from new customers (e.g., Japanese customer). |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
The company will add another 1,000 KL capacity in the next 2-3 years.
"will add another 1,000 KL capacity"
The backward integration facility in Mahad is on track for commissioning by H2 FY '26.
"facility is on track for commissioning by H2 of FY '26"
Phase-I of the Vizag site, including 4 blocks for Contrast Media, high-intensity Sweetener, and multipurpose new chemistries, will be completed by FY '28.
"by FY '28, we will complete Phase-I"
Commercial scale production of the new iodinated intermediate is expected in Q4 of this financial year.
"iodinated intermediate is expected to go commercial in Q4"
Trend score and candlestick chart
47NeutralSMA20 -1.4% / mo
Technical chart
BLUEJETdaily · 3Y-19.2%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 55.
- SMA20 rising (~2.0% over last month) — short-term momentum positive.
- RSI(14) at 55 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 44% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 93.2%.
- Quality contributes 20/20 to the score.
- Valuation contributes 22/30 to the score.
Main drags
- Growth is weaker at 4/25; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
- Balance sheet is weaker at 9/15; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 35th percentile within Pharma. Main check: results consistency is weak at 5/100.
Healthy Trust Lite: Promoter holding is 79.8%. Key concern: Promoter holding fell 6.2%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 35th pctile, median 70 · Large: 24th pctile, median 74
56 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 79.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸ROCE is 57.3%.
Trust risks
- ▸Promoter holding fell 6.2%.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 55.50
- P/B
- —
- EV/EBITDA
- 34.85
- Market Cap
- 7822.00Cr
Profitability
- ROE
- 52.10%
- ROCE
- 57.30%
- ROA
- 25.37%
- Dividend Y
- 0.27%
Growth (CAGR)
- Revenue 5Y
- -7.25%
- EPS 5Y
- -6.21%
- Revenue 3Y
- -7.25%
- EPS 3Y
- -6.21%
Balance Sheet
- Debt/Equity
- 0.16
- Interest Coverage
- 41.20×
- Altman Z
- 9.29
- Book Value
- —
Cash Flow
- FCF Yield
- 1.00%
- FCF Positive Y
- 2/5
- OCF
- 129.00 Cr
- EPS TTM
- 1396.49
Shareholding
- Promoter Hold
- 79.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.