JUBLPHARMA
Large CapJubilant Pharmova Limited
Pharma
Jubilant Pharmova is an integrated global pharmaceutical company with businesses in Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables, CRDMO, Generics, and Proprietary Novel Drugs. It operates 45 radiopharmacies in the US and serves top global innovators with a team of 5,500 people.
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.
Weak 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 · 0/0 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 · 2/100PAT -21% YoY · margin compression · Rev +19% YoY · +8% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,290 Cr | +18.7% | +7.9% |
| EBITDA | ₹339 Cr | -1.7% | +17.3% |
| Operating margin | 15.0% | -300 bps | +100 bps |
| PAT | ₹119 Cr | -21.2% | +112.5% |
| PAT margin | 5.2% | -263 bps | +256 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
FY26 revenue grew 14% YoY to Rs. 8,280 Cr, driven by CDMO Sterile Injectables. EBITDA grew 8% YoY to Rs. 1,326 Cr, but margins declined due to temporary production issues at the Montreal facility. Normalised PAT increased 7% YoY.
The company's strategy of investing in specialty products and services, particularly CDMO Sterile Injectables and Radiopharma, is yielding revenue growth. However, operational challenges at the Montreal facility are temporarily compressing margins. Management's plan for margin recovery from H2'FY27 and ongoing capacity expansions are critical for thesis validation.
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
CDMO Sterile Injectables (Spokane Line 3)
Achieved one of the fastest revenue ramp-ups in the industry, onboarding a world's largest oncology product.
Radiopharma (Ruby-Fill®)
Install base grew 35% in FY26, demonstrating superior value proposition and increasing EBITDA margins.
PET Manufacturing Network Expansion
US$50 million investment to expand from 3 to 9 sites by FY28, strongly positioning the network for future growth.
Generics Business Turnaround
Delivered strong growth (13% YoY) and double-digit operating profitability (EBITDA margin up 7.2 percentage points) in FY26.
CDMO Sterile Injectables - Spokane Line 3
Launched in Q2'FY26, successfully ramping up technology transfer revenues. Commercial batch production expected late FY27.
CDMO Sterile Injectables - Spokane Line 4
Installation on track, expected to start generating technology transfer revenues by Q4'FY27.
CDMO Sterile Injectables - Montreal Line 5
New isolator-based fill-and-finish line under construction, expected to generate revenues from FY29 onwards.
Radiopharmacy - PET Manufacturing Network
Proposed investment of US$50 million to expand from 3 to 9 sites in the US by FY28.
CDMO Demand-Supply Gap
Global CDMO-SI market demand-supply gap is widening, with a projected 700 Mn vials by 2027.
Innovator Shift to US Manufacturing
Large innovator pharma companies are increasingly seeking high-quality, US-based manufacturing due to new US tariffs.
US Radiopharmaceutical Market Growth
Driven by new PET imaging products and advanced therapies, with multiple billion-dollar M&A deals in the sector.
Biosecure Act Advantage
India is uniquely positioned to benefit from friendshoring, with rising interest in specialized technologies like ADCs in CRDMO.
Montreal Facility Production Issues
Temporary shutdown of CDMO Sterile Injectables facility in Montreal for remediation, impacting Radiopharma SPECT production and overall EBITDA margins.
API Pricing Pressure
Industry-wide pricing pressure continues to affect the API business, leading to decreased revenue and EBITDA margins in FY26.
Increased Competitive Intensity (Drug Discovery)
Management expects competitive intensity to increase in the large-pharma customer segment in the short term.
Regulatory Compliance & Production Disruption
Temporary shutdown of Montreal facility due to FDA observations highlights the risk of regulatory non-compliance impacting production and financial performance.
Execution Risk of Capacity Expansion
Timely commissioning, FDA approvals, and successful ramp-up of new lines (Spokane Line 3/4, Montreal Line 5, PET facilities) are critical for future growth.
Sustained Pricing Pressure
Continued industry-wide pricing pressure, particularly in the API and potentially Generics segments, could hinder profitability and revenue growth.
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.
YoY comparison is essential for assessing overall financial health and annual trends across seasonal pharma segments. QoQ is crucial for monitoring sequential momentum, especially for the ramp-up of new CDMO lines and the recovery of the Montreal facility.
Domestic Formulations Growth
Generics business revenue grew 13% YoY in FY26.
US/Export Growth
US market constitutes 80% of FY26 revenue. CDMO Sterile Injectables (Spokane) revenue grew 48% YoY in FY26.
Launch Pipeline
Radiopharma plans 7 new PET/SPECT products from FY28-FY29. Generics launched 4 new products in the US in FY26.
Approvals
Commercial batch production for Spokane Line 3 expected late FY27, subject to FDA approval. MIBG NDA filing expected by H2'FY27.
Vision 2030 Targets
Aims to double revenues to Rs. 13,500 Cr, achieve 23-25% EBITDA margin, and zero net debt by FY30.
EBITDA Margin Recovery
Expects EBITDA margins to strengthen from H2'FY27 onwards, post stabilization of production at the Montreal facility.
Strategic Partnerships for Growth
Announced a strategic partnership with Pierre Fabre to expand CRDMO footprint in Europe for biologics (mAbs) and Antibody-Drug Conjugates (ADCs).
Operational Efficiency Initiatives
Combined drug discovery and API businesses into "Jubilant Biosys" to improve operational efficiency and enhance brand recall for end-to-end CRDMO services.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Montreal Facility Production Stabilization | Temporary shutdown, under-absorption of costs. | Resumption of commercial batch production in Q1'FY27 and normalization of revenue/EBITDA from H2'FY27. |
| Spokane Line 3 Commercial Batch Production | Ramping up technology transfer programs. | Commencement of commercial batch production in late FY27 and progress towards full utilization. |
| PET Manufacturing Network Expansion | Investment underway to expand from 3 to 9 sites. | Timely commissioning of new facilities by FY28 and associated revenue ramp-up. |
| API Custom Manufacturing Mix | Revenue mix shifting towards profitable products. | Increase in custom manufacturing revenue mix in FY27 to drive utilization and improve margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +1.0% / mo
Technical chart
JUBLPHARMAweekly · 1Y-11.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 49.
- SMA20 rising (~1.0% over last month) — short-term momentum positive.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 22% off 52W high · 24% 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
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1036.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; 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: +0 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 42nd percentile of the scored universe and 29th percentile within Pharma. Main check: results consistency is weak at 47/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 29th pctile, median 70 · Large: 22nd pctile, median 74
80 documents indexed, but claim history is not strong enough yet.
0 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 pledge is zero.
- ▸11 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.6%.
- ▸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
- 35.60
- P/B
- 2.18
- EV/EBITDA
- 11.29
- Market Cap
- 15571.00Cr
Profitability
- ROE
- 6.55%
- ROCE
- 8.99%
- ROA
- 2.56%
- Dividend Y
- 0.51%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -13.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 47.00%
Balance Sheet
- Debt/Equity
- 0.51
- Interest Coverage
- 5.94×
- Altman Z
- 2.71
- Book Value
- 445.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 11/5
- OCF
- 1227.00 Cr
- EPS TTM
- 25.02
Shareholding
- Promoter Hold
- 47.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 40%
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.