Q2 FY27 results analysis · November 13, 2026
Jubilant Pharmova Q2 FY27 Results Analysis: PAT Plunges 74%, Margin Compresses 708 bps (JUBLPHARMA)
−74.2%PAT year on year, Rs. 31.00 Cr
Source: Quarterly results filing (BSE)
Quick summary
Jubilant Pharmova Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 2,370.00 Cr (+20.52% YoY) and PAT growth of -74.15% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 13, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,370.00 Cr (+20.52% YoY) |
| PAT (Q2) | Rs. 31.00 Cr (-74.15% YoY) |
| EBITDA margin | 10.69% (-708 bps YoY) |
| EPS (Q2) | Rs. 1.97 (-74.05% YoY) |
Quarter Snapshot
Revenue grew 20.5% YoY to Rs.2,370.0 Cr with all five segments expanding, but every cost line grew faster, driving EBITDA margin down 708 bps YoY to 10.69% and PAT down 74.2% to Rs.31.0 Cr. The margin slide continued past Q1, contradicting the assumption that Q1 was the trough, while CDMO Sterile Injectables swung to a loss despite 36% revenue growth. The H2 FY27 margin guide of 17-18% requires roughly 600+ bps of back-to-back margin expansion with no evidence yet of the Montreal SPECT mix recovery, and the capex program is being debt-funded with H1 FCF of Rs.(487.0) Cr.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "likely ahead on mix recovery, with the SPECT release the swing factor" | +20.52% YoY, +6.31% QoQ; Generics +64.13%, CDMO SI +35.99% | Played out |
| Margin | "compressing YoY at the trough, expanding sequentially off Q1's 11.9%" | 10.69% vs Q1's 11.91% — down 1.22pp QoQ, 7.08pp YoY | Contradicted |
| SPECT release (residual ~$7 Mn Q2 impact) | "if releases slipped, the residual impact lands mostly in Q2" | Radiopharma result Rs.69.8 Cr, −26.9% YoY; filing silent on releases — proxy shows drag persisted | Not observable |
| USD/INR ~1.4% depreciation tailwind | "a translation tailwind to the 95% USD-denominated book" | Not separable in the filing | Not observable |
| GST SCNs | "contested, no P&L charge guided" | Exceptional nil; no provision movement disclosed | Played out |
| Leverage test | "the balance-sheet item to test against the NCD proceeds" | Net debt +Rs.720.0 Cr vs Mar-26; 2.24× computed basis — deteriorated | Contradicted |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Consolidated EBITDA margin 17–18% by H2'FY27 | CFO on Q1'FY27 earnings call: "H2 margins would be in the range of 17% to 18%" | Q2'FY27 10.69% (company basis); H1 11.28% — but trajectory is moving away from it | Too Early |
| Radiopharma revenue: low double-digit growth FY27 | FY27 guidance, Q4'FY26 earnings call | H1 +15.04% YoY | On Track |
| Line 3 revenue USD 60–80 Mn FY27 | Q1'FY27 earnings call guidance | CDMO SI revenue +35.99% YoY, +7.66% QoQ; Line 3 split undisclosed — proxy | On Track |
| Montreal FY27 loss similar to FY26's ~Rs.200 Cr; breakeven FY28 | Q4'FY26 / Q1'FY27 communications | CDMO SI result −Rs.4.2 Cr in Q2 (vs +Rs.71.0 Cr); H1 +Rs.3.1 Cr vs +Rs.114.1 Cr — to a loss plan | On Track |
| Net Debt/EBITDA "range bound" | Management commentary, Q1'FY27 earnings call | Net debt +Rs.720.0 Cr vs Mar-26; 2.24× TTM EBITDA on computed BS basis (company basis differs) — deteriorated on computed basis | Missed |
| FY27 capex ~Rs.1,668 Cr (similar to FY26) | Management capex guidance, FY26 communications | H1 Rs.867.2 Cr (~Rs.1,734 Cr annualised) | On Track |
| Generics margin 15% "moving forward" | Management commentary, earnings calls | Q2 1.86% | Too Early |
| "These batches are expected to be released in Q2'FY27" (Montreal SPECT) | Q1'FY27 press release (Aug 10, 2026) | Filing makes no statement on batch releases; Radiopharma result −26.9% YoY, margin 6.92% vs 10.65% — no sign the high-margin mix returned at scale | Not confirmed in the filing |
| "All the SPECT Radiopharmaceutical products are expected to be available [by H2'FY27]… margins to start to expand from H2'FY27 onwards" | Chairman, Q1'FY27 release | Q2 margin fell QoQ to 10.69%; H2 not yet begun — trajectory negative | Too Early |
| Generics "improving growth & profitability outlook" | Prior releases | Revenue +64.13% YoY; result +Rs.5.1 Cr vs −Rs.0.3 Cr | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | Q2'FY26 | Q3'FY26 | Q4'FY26 | Q1'FY27 | Q2'FY27 |
|---|---|---|---|---|---|
| Revenue (Rs. Cr) | 1,966.4 | 2,123 | 2,290 | 2,229.4 | 2,370.0 |
| EBITDA (Rs. Cr) | 351.1 | 310 | 363 | 267.9 | 254.9 |
| EBITDA margin | 17.77% | 14.5% | 15.7% | 11.91% | 10.69% |
| Normalised PAT (Rs. Cr) | 124 | 86 | 129 | 56 | 31.0 |
Key Investment Insights
Key Positives
- Revenue grew 20.52% YoY to Rs.2,370.0 Cr and 6.31% QoQ
- Generics revenue grew 64.1% YoY to Rs.274.1 Cr and returned to a positive segment result of Rs.5.1 Cr from a Rs.(0.3) Cr loss
- CDMO Sterile Injectables revenue grew 36.0% YoY to Rs.559.6 Cr on the Spokane/Line 3 ramp following USFDA approval in August 2026
- Allergy Immunotherapy grew 18.3% YoY with a 28.6% EBIT margin
- Radiopharma revenue grew 12.51% YoY, consistent with the low-double-digit FY27 guidance
- H1 operating cash flow of Rs.380.2 Cr was ahead of H1FY26's Rs.369.0 Cr
- Exceptional items were nil this quarter; reported PAT of Rs.31.0 Cr is the normalized figure
Risk Factors
- PAT fell 74.15% YoY to Rs.31.0 Cr and PBT fell 67.58% YoY to Rs.61.7 Cr despite 20.5% revenue growth
- Company-basis EBITDA margin compressed 708 bps YoY to 10.69%, the weakest of the last five quarters, and fell 122 bps QoQ past the Q1 trough
- CDMO Sterile Injectables swung from a Rs.71.0 Cr profit to a Rs.(4.2) Cr loss, a Rs.(75.2) Cr YoY swing despite 36.0% revenue growth
- Radiopharma segment result fell 26.9% YoY to Rs.69.8 Cr with EBIT margin at 6.92% vs 10.65%, indicating high-margin SPECT mix has not returned
- CRDMO margin halved to 5.8% from 9.3% YoY amid competitive intensity
- Effective tax rate jumped to 49.76% on a Rs.35.9 Cr deferred tax charge; gross borrowings rose Rs.672.7 Cr in H1 and H1 FCF was negative Rs.487.0 Cr
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