Jubilant Pharmova (530019) Q3 25/26 earnings summary

Executive summary

• Q3'FY26 revenue grew 17% year-over-year to ₹21,161 million, driven by strong performance across all business segments, especially CDMO Sterile Injectables and CRDMO.

• EBITDA increased 5% YoY, with margin at 14.5% for the quarter; normalized PAT declined due to higher depreciation.

• Net profit for the quarter was ₹558 million, compared to ₹1,199 million in the previous quarter and ₹1,007 million in the same quarter last year.

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

• The company completed the sale and transfer of its API business to a wholly-owned subsidiary, now classified as discontinued operations.

Financial highlights

• Q3'FY26 revenue: Rs. 2,123 Cr (+17% YoY) / ₹21,161 million; 9M'FY26 revenue: Rs. 5,990 Cr (+13% YoY).

• Q3'FY26 EBITDA: Rs. 310 Cr (+5% YoY); margin at 14.5%.

• Normalized PAT for Q3'FY26: Rs. 86 Cr (-17% YoY); 9M'FY26: Rs. 313 Cr (+13% YoY).

• Net profit for the quarter was ₹558 million; EPS at ₹3.52 (basic and diluted).

• Q3'FY26 exceptional expense: Rs. 39 Cr due to labor code changes and temporary plant suspension; total exceptional expenses ₹397 million, including Canadian remediation and debt costs.

Outlook and guidance

• Revenue expected to normalize from Q2'FY27 after temporary supply shortages in SPECT products.

• PET radiopharmacy expansion and new product launches to drive future growth.

• CDMO Sterile Injectables to double capacity at Spokane, with commercial batch production from FY27.

• Proprietary novel drugs to explore monetization post clinical data readouts in CY2026.

• The company continues to monitor regulatory changes, including new Labour Codes and proposed tax regime changes.