On track towards Vision 2030

Solid revenue growth of 17% on the back of Line 3 in CDMO sterile Injectables

EBITDA margins to expand going forward as production stabilizes at Montreal facility and revenue ramps up at Spokane facility of CDMO Sterile Injectables business

Particulars (Rs. Cr.)Q3’FY25Q2’FY26Q3’FY26Y-o-Y9M’FY259M’FY26Y-o-Y
 Revenue 1,8221,9662,12317%5,3065,99013%
 Total Income1,8311,9762,14317%5,3516,03213%
 EBITDA2963513105%87396310%
 EBITDA Margin (%) 16.20%17.80%14.50%(172) bps16.30%16.00%(36) bps
 Normalised PAT110412486-17%27731313%
 Normalised PAT Margin5.70%6.30%4.00%(168) bps5.20%5.20%2 bps

1.  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 nine months ended Dec 31, 2025.

Commenting on the Company’s performance in Q3’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. 2,123 Cr. for Q3’FY26, which reflects a solid growth of 17% on YoY basis. Revenue growth is particularly driven by incremental revenue generation from the new & third line in CDMO Sterile Injectable business. We expect this growth momentum to continue as we make progress in the last quarter of current financial year. EBITDA for the period grew by 5% YoY to Rs. 310 Cr. due to improved performance in CDMO Sterile Injectables and CRDMO business. Normalised PAT for the quarter stood at Rs. 86 Cr. As we are consciously investing in Radiopharma, CDMO Sterile Injectables and CRDMO business to secure future growth, Net Debt / EBITDA remains range bound at 1.3x in Dec’25, lower from 1.5x in Sep’25.

During Q3’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 ramped up revenue generation from technology transfer programs at Line 3 in Spokane. In the CRDMO business, we continue to invest in building CDMO capabilities. 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.

During the quarter, we witnessed a decline in EBITDA margins, primarily due to the temporary shutdown of our CDMO Sterile Injectables facility in Montreal for remediation following FDA observations. Production has resumed at our Montreal site in Q4’FY26. We anticipate EBITDA margins to strengthen going forward, effectively offsetting higher depreciation costs and driving net profit growth.”

9M’FY26 Financial Highlights

  • Revenue grew by 13% on a YoY basis to Rs. 5,990 Cr. on the back of growth in revenue across all business segments.
  • EBITDA grew by 10% on a YoY basis to Rs. 963 Cr. due to improved performance across all business segments.
  • Normalised PAT increased by 13% on a YoY basis to Rs. 313 Cr. on the back of improved operating performance and reduced finance cost. Reported PAT in 9M’FY25 at Rs. 685 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 Q3’FY26 revenue grew by 12% to Rs. 298 Cr. and EBITDA for the quarter stood at Rs. 122 Cr. The business continues to maintain a strong position in the high margin SPECT imaging product portfolio. In the Ruby-Fill® as we can demonstrate superior value proposition against competition, we are able to attract new channel partners. Our Ruby-Fill® install base has grown by 37% in 9M’FY26 on an annualised basis vs 21% in FY25. 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 latest by Jun’26.

Radiopharmacy Q3’FY26 revenue grew by 11% YoY to Rs. 637 Cr. EBITDA margins for Q3’FY26 stood 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. We have also started distributing Pluvicto, which is a leading radiopharmaceutical to treat Prostate cancer.

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.