Jubilant Pharmova Ltd Q4 FY26 Results Analysis: PAT Plunges 68.6%, CDMO Sterile Injectables Surge 46.8%

CompoundingAI Research Updated May 22, 2026 2 min read

Neutral

Jubilant Pharmova Ltd's Q4 FY26 numbers came in mixed, with revenue of Rs. 2,290.00 Cr (+18.70% YoY) and PAT growth of -21.10% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	May 22, 2026
Quarter	Q4 FY 2025-2026
Revenue (Q4)	Rs. 2,290.00 Cr (+18.70% YoY)
PAT (Q4)	Rs. 119.30 Cr (-21.10% YoY)
EBITDA margin	15.85% (-267 bps YoY)
EPS (Q4)	Rs. 7.55 (-22.30% YoY)
Market cap	Rs. 16,231.89 Cr
CMP	Rs. 1,018.95

Quarter Snapshot

JUBLPHARMA delivered 18.7% YoY revenue growth in Q4 FY26, led by a 46.8% surge in CDMO Sterile Injectables and a confirmed turnaround in Generics. However, EBITDA margin compressed 267 bps to 15.85%, net debt rose 44.8% to Rs.1,952 Cr, and normalized PAT (excluding exceptional items) declined 68.6% YoY. The company is on track for its Vision 2030 revenue target but faces a stretch to achieve the 23-25% EBITDA margin goal and zero net debt.

Key Investment Insights

Key Positives

Revenue grew 18.7% YoY in Q4 FY26 to Rs.22,900 Mn, accelerating from the full-year growth of 14.4%
CDMO Sterile Injectables revenue surged 46.8% YoY in Q4, validating the tariff-tailwind thesis
Generics segment swung from a loss of Rs.232 Mn in FY25 to a profit of Rs.276 Mn in FY26
Allergy Immunotherapy segment posted 41.3% EBIT margin in Q4, the highest among all segments
Operating cash flow of Rs.12,268 Mn was 3.09x reported PAT, indicating high earnings quality
Net exceptional items were a gain of Rs.592 Mn on a pre-tax basis, mainly from the Salisbury facility sale

Risk Factors

EBITDA margin compressed 101 bps YoY (FY26: 16.01% vs FY25: 17.00%), with employee cost and depreciation growing faster than revenue
Normalized PAT (excluding exceptional items) declined 68.6% YoY to Rs.3,592 Mn
Net Debt increased 44.8% YoY to Rs.19,524 Mn, moving away from the Vision 2030 Zero Net Debt target
Radiopharma EBIT margin declined 370 bps YoY to 7.9% in Q4 due to Ruby-Fill supply constraints expected to persist for two more quarters
Free cash flow was negative Rs.2,223 Mn for FY26 due to heavy capex of Rs.14,491 Mn
Effective tax rate rose to 35.3% in FY26 from 14.7% in FY25, primarily due to the absence of deferred tax credits

Disclaimer: This is an AI-generated analysis based on public filings. It is not investment advice, not a recommendation to buy/sell/hold any security, and is not prepared by a SEBI-registered Research Analyst or Investment Adviser.