JB Chemicals & Pharmaceuticals / Q3-FY26

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Positive2026-01-19Back to JBCHEPHARM

Revenue

₹1,065 Cr

verified against source

Revenue YoY

11%

reported change

EBITDA

₹305 Cr

latest reported figure

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Actual signal trajectory

Where this quarter sits.

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PAT (₹ Cr)PositiveWatchNegative
1 actual records
Actual quarterly PAT (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q3 FY26: 198 · Positive source sentiment · 2026-01-19Q3 FY26198198
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

JB Pharma delivered a strong Q3 FY26 with revenue of INR 1,065 Cr (+11% YoY), EBITDA of INR 305 Cr (+13% YoY), and PAT of INR 198 Cr (+22% YoY). Domestic business grew 10% to INR 620 Cr, outperforming IPM growth of 9% (IQVIA Dec 2025). International formulations surged 20% to INR 306 Cr, driven by Russia, South Africa, and US. Gross margins expanded 200 bps to 69.1% on better mix and stable RM costs. EBITDA margin improved 60 bps to 28.7%. Management reiterated FY26 EBITDA margin guidance of 27-29% and expects domestic growth to exceed IPM by 200-300 bps. International business is guided to high single-digit growth for FY26. Key risk: slowdown in acute gastro portfolio impacting domestic growth trajectory.

Colored figures show movement against the previous available record.

Guidance to track

  • Management reiterated EBITDA margin guidance of 27-29% for FY26, with Q3 margin at 28.7%.
  • Domestic business expected to outperform IPM by 200-300 bps, with Q3 growth of 10% vs IPM 9%.
  • International business expected to end FY26 with high single-digit growth, driven by strong order book in Q4.
  • CDMO segment expected to grow 10-12% in FY27, with current quarterly run rate of 115-120 Cr.

Risks flagged

  • Domestic growth was impacted by slowdown in acute gastro portfolio, which could persist and drag overall domestic growth.
  • Merger closure expected in Q4 FY26, but management was evasive on timeline and synergies, indicating potential delays.
  • CDMO segment remained flat due to high base in Q3 FY25; growth may be lumpy going forward.

Key quotes

  • Our operating AITA excluding non-cash ESOP stood at 305 crores up 13%.
  • We reiterate our guidance for operating margins between 27 to 29% for F26.
  • Our guidance continues to be going better than the market two to 300 pips.

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