On track towards Vision 2030
Strong growth in Revenue along with EBITDA & PAT Margin expansion
Start of revenue from new & third line in CDMO Sterile Injectables business at Spokane, US
| Particulars (Rs. Cr.) | Q2’FY25 | Q1’FY26 | Q2’FY26 | Y-o-Y | H1’FY25 | H1’FY26 | Y-o-Y | |
| Revenue | 1,752 | 1,901 | 1,966 | 12% | 3,484 | 3,867 | 11% | |
| Total Income | 1,774 | 1,913 | 1,976 | 11% | 3,520 | 3,889 | 10% | |
| EBITDA | 311 | 302 | 351 | 13% | 577 | 653 | 13% | |
| EBITDA Margin (%) | 17.5% | 15.8% | 17.8% | 24 bps | 16.4% | 16.8% | 40 bps | |
| Normalised PAT1 | 103 | 103 | 124 | 21% | 172 | 227 | 32% | |
| Normalised PAT Margin | 5.8% | 5.4% | 6.3% | 50 bps | 4.9% | 5.8% | 96 bps |
Normalised PAT is after adjusting for exceptional items and corresponding tax.
The Board of Jubilant Pharmova Limited met today to approve financial results for the quarter and half year ended Sep 30, 2025.
Commenting on the Company’s performance in Q2’FY26, Mr. Shyam S Bhartia, Chairman Jubilant Pharmova Limited and Mr. Hari S Bhartia, Co-Chairman & Non-Executive Director, Jubilant Pharmova Limited said, “We are pleased to announce revenue of Rs. 1,966 Cr. for Q2’FY26, which reflects a growth of 12% on YoY basis. Revenue growth is driven by incremental revenue generation that has started from the new & third line in CDMO Sterile Injectable business. We expect this growth momentum to further accelerate as we make progress in the second half of current financial year. EBITDA for the period grew by 13% YoY to Rs. 351 Cr. due to improved performance in Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables and CRDMO business. Normalised PAT grew by 21% to Rs. 124 Cr. on the back of improved operating performance and reduced finance cost. As we are consciously investing in Radiopharma, CDMO Sterile Injectables and CRDMO business to secure future growth, Net Debt / EBITDA increased from 1.1x in Mar’25 to 1.5x in Sep’25.
During Q2’FY26, we saw exceptional growth momentum in the Ruby-Fill® installs. In the Allergy Immunotherapy business, we witnessed increase in demand from the US market. In the CDMO Sterile Injectables business, we launched the third line at our Spokane Campus and started revenue generation from technology transfer programs. In the CRDMO business, we continue to invest in business development to drive revenue growth. We also completed that sale transaction of API business to Jubilant Biosys Limited. In the Generics business, we are foreseeing growth & profitability improvement. Lastly, in our Proprietary Novel drugs business, we continue to make progress in JBI-802 and JBI-778 clinical trials.”
H1’FY26 Financial Highlights
- Revenue grew by 11% on a YoY basis to Rs. 3,867 Cr. on the back of growth in revenue across all business units.
- EBITDA grew by 13% on a YoY basis to Rs. 653 Cr. due to improved performance across all business units.
- Normalised PAT increased by 32% on a YoY basis to Rs. 227 Cr. on the back of improved operating performance and reduced finance cost. Reported PAT in H1’FY25 at Rs. 584 Cr. was higher because of one-time net exceptional income of Rs. 382 Cr.
Segmental Business Performance
Radiopharma – Leading Radiopharmaceutical manufacturer & 2nd largest Radiopharmacy network in the US
Radiopharmaceuticals Q2’FY26 revenue grew by 16% to Rs. 291 Cr. and EBITDA increased by 6% YoY at Rs. 127 Cr. The business continues to maintain a strong position in the high margin SPECT imaging product portfolio. In the Ruby-Fill® as we are able to demonstrate superior value proposition against competition, we are able to attract new channel partners. In the last one year, our Ruby-Fill® install base has grown by 24%. This improved scale is also helping to increase EBITDA margins in this product category. We are on track to introduce multiple new products in the PET and SPECT imaging from FY27 to FY29. The dosing for Phase 2 clinical trial for MIBG is complete and we are preparing data package to be submitted to FDA by H2’FY26.
Radiopharmacy Q2’FY26 revenue grew by 7% YoY to Rs. 607 Cr. EBITDA margins for Q2’FY26 stands at 1%. EBITDA margins remained weak due to increased competitive intensity in the SPECT business. Last year, two of our PET radiopharmacies have started distributing PYLARIFY®, which is an industry leading prostate cancer diagnostic imaging agent. We continue to see increase in revenue from PET radiopharmacies.
The proposed investment of US$ 50 million in PET radiopharmacy network is underway. This investment will take the overall PET radiopharmacy network to Nine (9) sites, thereby solidly positioning Jubilant Pharmova’s radiopharmacy network as the second largest in the US and shall drive the future business growth.
Allergy Immunotherapy – No. 2 in the US Sub-Cutaneous allergy immunotherapy market
As the sole supplier of Venom in the US, the business is expanding the overall market by increasing customer awareness. In the US Allergenic extracts, the business is working to increase revenues. The business is also working to increase penetration in the outside US markets.
In Q2’FY26, revenues grew by 14% to Rs. 194 Cr. on the back of growth in revenues from US market. EBITDA increased by 65% on a YoY basis to Rs. 76 Cr. EBITDA margins increased by 1210 bps on a YoY basis to 39%. We anticipate outside US sales to gradually improve.
CDMO Sterile Injectables – Leading contract manufacturer in North America, serving top global innovators
Q2’FY26 revenue grew by 30% to Rs. 393 Cr. due to increase in sales volume in Line 1 & 2 in Spokane and incremental revenue from Line 3 from Technology transfer programs. EBITDA grew by 6% to Rs. 94 Cr due to incremental EBITDA from Line 3. EBITDA margins were lower YoY due to shutdown at Montreal facility on account of internal quality system improvements and facility upgrades to address the current “OAI” status.
The capacity expansion program in Spokane, Washington, USA is on track. We successfully launched new Sterile Fill & Finish line, third at our Spokane Manufacturing Facility in Washington, US with a total investment of US $ 132 million. The launch was marked by the successful production of the inaugural batch, initiating revenue generation from the technology transfer programs. Currently, we are running technology transfer programs for 5 to 6 products across multiple formats (vial sizes) on Line 3. We expect commercial batch production to start from FY27 post FDA approval of these products. In the wake of new tariffs imposed by the US Government, large innovator pharma companies are looking for high quality, US manufacturing facilities. Therefore, we are witnessing a very strong traction in Requests for Proposals (RFPs) for the New Line and expect to reach full utilisation for the Line 3 in the next 3 years. Also, the next phase of capacity expansion at Spokane, Line 4, is also on track and we expect to start commercial production by FY28.
CRDMO – Indian leader for integrated drug discovery & formidable API player
In Q2’FY26, the Drug Discovery business revenue grew by 7% to Rs. 162 Cr. EBITDA margins for Q2’FY26 stands at 21%. Revenue continue to increase due to increase in revenue from large Pharma customers. We have integrated new R&D facility in France and are now investing in business development. EBITDA margins are lower YoY due to change in project mix and investment in business development. Overall, the medium term outlook continues to be positive on the back of the increase in large pharma clients and the addition in new capabilities.
The API business revenue grew by 8% to Rs. 137 Cr in Q2’FY26. EBITDA for the quarter increased by 70% YoY to Rs. 21 Cr. EBITDA margins are higher YoY due to continued focus on profitable products . We have completed the sale and transfer of API Business to Jubilant Biosys Limited, a wholly owned subsidiary of the Company. This transaction has resulted in housing of the drug discovery business and CDMO API business in a single business entity. This combined platform will improve the operational efficiency in the business and lead to superior brand recall of “Jubilant Biosys Limited” as provider of end-to-end CRDMO services by the large pharmaceutical & Biotech customers. The transaction will also help to improve asset utilisation of API business by improving the revenue mix towards Custom manufacturing & CDMO.
Generics – Building a growing, profitable & agile business model
In Q2’FY26, the Generics business revenue stands at Rs. 167 Cr. EBITDA for the period stands at Rs. 14 Cr. In H1’FY26, EBITDA margins increased by 460 basis points to 8%.
We plan to launch 6 to 8 products per annum in our US and non-US international markets. In line with our plan, we are ramping up exports to the US markets in a meaningful and gradual manner. We have also started supply of products from our Contract manufacturing partners to the US market.
Proprietary Novel Drugs – Innovative biopharmaceutical company developing breakthrough therapies
The global clinical trials for our lead programs, Phase II trial for JBI -802 for Essential Thrombocythemia (ET) and other Myeloproliferative Neoplasms (MPN) and Phase I trial for JBI -778 for non-small cell lung cancer (NSCLC) and high grade Glioma are actively enrolling patients and progressing in line with our expectations.
