JUBLPHARMA · Healthcare
Jubilant Pharmova Ltd. reported revenue of ₹2,290 cr for January to March 2026, +18.7% on the year and +7.9% on the quarter. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹8,279 cr, +14.4% on the four before.
Operating profit (EBITDA) was ₹339 cr, a margin of 14.8%, −308 bps on the year and +118 bps on the quarter. Over the last 8 quarters the margin has ranged from 13.6% to 17.9%, averaging 15.7%. Operating costs grew +23.2%, faster than revenue at +18.7%, so operating profit grew less than sales.
Net profit was ₹119 cr, −21.2% on the year and +112.5% on the quarter, with earnings per share of ₹7.50. Profit before other income, one-offs and tax grew faster, at −15.7%; other income, one-offs or tax held the headline back. The tax rate was 32% against an average of 28% over the previous 7 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹397 cr, −52.5% on the four before.
On earnings per share of ₹25.02 over the last four quarters, the stock at ₹964.10 trades at 38.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,680 cr | ₹1,677 cr | ₹1,759 cr | ₹1,732 cr | ₹1,752 cr | ₹1,822 cr | ₹1,929 cr | ₹1,901 cr | ₹1,966 cr | ₹2,122 cr | ₹2,290 cr | ₹2,229 cr |
| YoY | — | — | — | +9% | +4% | +9% | +10% | +10% | +12% | +16% | +19% | +17% |
| EBITDA margin | 14.4% | 13.0% | 15.4% | 14.5% | 16.5% | 15.8% | 17.9% | 15.3% | 17.3% | 13.6% | 14.8% | 11.1% |
| Other income, % of PBT | 19% | 49% | — | 82% | 6% | −8% | 4% | 8% | 2% | −20% | 6% | 23% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 37% | 34% | — | 4% | 29% | 23% | 27% | 34% | 37% | 40% | 32% | 35% |
| Net profit | ₹62.0 cr | ₹66.0 cr | −₹62.0 cr | ₹482 cr | ₹102 cr | ₹101 cr | ₹151 cr | ₹102 cr | ₹120 cr | ₹56.0 cr | ₹119 cr | ₹56.0 cr |
| YoY | — | — | — | +7,933% | +65% | +53% | — | −79% | +18% | −45% | −21% | −45% |
| Core profit YoY | — | — | — | +463% | +72% | +169% | +103% | +58% | +37% | −20% | −16% | −54% |
| EPS | ₹3.92 | ₹4.19 | −₹3.68 | ₹30.26 | ₹6.45 | ₹6.33 | ₹9.64 | ₹6.46 | ₹7.55 | ₹3.51 | ₹7.50 | ₹3.55 |
| Flags | · | 2 | · | 3 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Jubilant Pharmova Ltd. reported revenue of ₹2,290 cr (+18.7% on the year) and net profit of ₹119 cr (−21.2% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −15.7% on the year, against −21.2% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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