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Revenue
₹1,085 Cr
verification pending
Revenue YoY
8%
reported change
EBITDA
₹319 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
JB Pharma delivered a solid Q2 FY26 with revenue of 1085 crores (+8% YoY), EBITDA of 319 crores (+12% YoY), and PAT of 208 crores (+19% YoY). Domestic business grew 9% YoY to 644 crores, outpacing IPM growth by 3-4 percentage points, driven by chronic portfolio expansion (+20%). CDMO segment surged 20% YoY to 113 crores, while international formulations were muted (+2%) due to South Africa and US softness. Gross margins expanded 200 bps to 68.2% on cost optimization and favorable mix. Management guided for 12-14% domestic growth and 12-14% CDMO growth for FY26, with EBITDA margins sustaining 27-29%. Ophthalmic portfolio (perpetual license from Dec 2026) offers medium-term margin upside. Risk: acute seasonality and international formulation recovery remain key monitorables.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects domestic business to grow 12-14% for the full year, driven by chronic segment and volume growth outpacing IPM by 3-4 percentage points.
- CDMO segment is expected to grow 12-14% for the full year, with H1 growth at 14% and strong order book for H2.
- Gross margins are expected to remain in the range of 67-69% for the full year, supported by cost optimization and product mix.
- EBITDA margins are expected to be in the range of 27-29% for the full year, consistent with earlier guidance.
Risks flagged
- Muted acute season in Q2 affected legacy brands like Metrogyl and Rantac, leading to slower domestic growth. Future quarters may see similar variability.
- International formulations grew only 2% in Q2 due to subdued South Africa and US markets. Management expects high single-digit growth in H2, but recovery is not guaranteed.
- Remaining ESOP charge of INR 47 Cr (INR 20 Cr in FY26, INR 27 Cr in FY27) will continue to impact reported profits, though excluded from operating EBITDA.
Key quotes
- We continue to outpace the market and will continue to outpace like we will continue to outpace the market and IPM will continue to grow by 3 to 400 bits better.
- Our chronic portfolio has grown at over 20%. Some of our key brands like Silaka, Silakart T. Silakar plane has grown at almost 14%, Silakart continues to grow at 26%.
- We have a good order book for rest of the world and we should see high single-digit growth in H2 in rest of the world market and South Africa also will bounce back.
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