Blue Jet Healthcare Ltd — Q3 FY26

Blue Jet Healthcare reported a sharp 40% YoY decline in Q3 FY26 revenue to ₹192.4 crore, with EBITDA down 62% and PAT down 39%, driven by destocking in the key pharma intermediate (bempedoic acid) and supply chain realignment. Contrast media revenue was flat sequentially despite strong dispatches, with goods-in-transit normalization expected in Q4. Gross margin contracted to 52% due to product mix and a 1% inventory write-off. Management guided that destocking may persist for another quarter or two, but remains confident in FY27 recovery backed by three large contrast media molecules (NC intermediate, iodinated product, backward integration unit) and a ₹1,000 crore greenfield capex at Visakhapatnam. Key risk: the bempedoic acid supply chain realignment could lead to permanent volume loss if the innovator shifts share to new suppliers.