Jubilant Pharmo Q1 FY27 Results (NSE: JUBLPHARMA)
Signal: Steady quarter
The read
The trajectory has shifted from the prior quarter's 15% OPM and 1193 million PAT to 12% EBITDA margin and 564 million PAT: revenue growth accelerated to 17.3% YoY, but profit conversion deteriorated as employee costs grew 27.4%, Sterile Injectables CDMO profitability weakened and Generics remained loss-making.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,229.4 Cr | 17.3% | -2.6% |
| EBIT | ₹140.6 Cr | -30.9% | |
| Net profit | ₹56.5 Cr | -45.1% | |
| EPS | ₹3.57 | -45.0% | |
| EBIT margin | 12% |
P&L walk
Revenue increased 17.3% YoY to ₹22,294 million, but EBITDA declined 11.2% to ₹2,679 million as employee costs rose 27.4% and depreciation rose 29.7%, while Generics swung to a ₹101 million loss from a ₹4 million loss.
Segments
Sterile Injectables CDMO was the fastest-growing major segment at ₹5,198 million, +32.4% YoY, but its result fell to ₹73 million from ₹431 million; Generics also moved to a ₹101 million loss from a ₹4 million loss, dragging consolidated profitability despite Radiopharma revenue growth of 17.7%.
Key positives
- Consolidated revenue increased 17.3% YoY to ₹22,294 million, with Sterile Injectables CDMO revenue growing 32.4% to ₹5,198 million.
- Radiopharma remained the largest segment at ₹10,221 million revenue and ₹780 million result, with revenue up 17.7% YoY.
- Segment assets increased 22.8% YoY to ₹159,737 million while depreciation increased 29.7% to ₹1,273 million, a clean depreciation-to-asset-base cross-check.
- Standalone EBITDA rose 10.0% YoY to ₹121 million and standalone PAT rose 25.9% to ₹73 million, indicating the parent itself was not the source of consolidated earnings weakness.
Key concerns
- EBITDA fell 11.2% YoY to ₹2,679 million even as revenue grew 17.3%, with EBITDA margin at 12%.
- Employee benefits expense rose 27.4% YoY to ₹7,535 million, materially faster than revenue growth.
- Sterile Injectables CDMO result declined to ₹73 million from ₹431 million despite 32.4% revenue growth, while Generics reported a ₹101 million loss.
- PAT fell 45.1% YoY to ₹564 million and EPS fell 45.0% to ₹3.57, reversing the stronger profit trajectory seen through FY25.
Earnings quality: includes non-operating other income
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