J B Chemicals and Pharmaceuticals Ltd — Q4 FY26

JB Chemicals reported a weak Q4 FY26 with revenue of ₹904 crore, down 5% YoY, as the quarter was an operational reset post Torrent Pharma's acquisition. Adjusted EBITDA margin improved to 27% (up 200 bps YoY) driven by discontinuation of low-margin trade generics and distribution optimization. India branded business grew 8% (vs reported 2%), while international formulations declined due to container shipment disruptions. Management expects gradual normalization: India branded growth to return to low teens in a couple of quarters, international single-digit growth from Q2. CDMO business faces execution delays but has strong customer pipeline. Merger with Torrent expected to complete in 1-2 months. Key risk: West Asia shipping disruptions may persist, delaying international recovery.