Meeting Details
The 48th Annual General Meeting of Jubilant Pharmova Limited was held on Wednesday, August 26, 2026, at 11:00 A.M. (IST) through Video Conferencing/Other Audio Visual Means. The meeting commenced at 11:00 A.M. and concluded at 12:13 P.M. (IST).
Attendance
- Total members attended: 86 members representing 7,07,21,051 equity shares
- Directors present: 10 directors including Mr. Shyam Sunder Bhartia (Chairman), Mr. Hari Shanker Bhartia (Co-Chairman), Mr. Priyavrat Bhartia (Managing Director), Mr. Arjun Shanker Bhartia (Joint Managing Director), and 6 independent directors
- Key personnel present: Mr. Ashish Mukkirwar (CFO) and Mr. Naresh Kapoor (Company Secretary)
- Invitees: Representatives from statutory auditors (Walker Chandiok & Co LLP), secretarial auditors (Sanjay Grover & Associates), and scrutinizer (Mr. Rupinder Singh Bhatia)
Resolutions Passed
All four resolutions were passed with requisite majority:
1. Ordinary Resolution: Consideration and adoption of:
- Audited Standalone Financial Statements for FY ended March 31, 2026 with Reports of Board of Directors and Auditors
- Audited Consolidated Financial Statements for FY ended March 31, 2026 with Report of Auditors
Voting results: 99.9996% in favor (11,68,35,019 votes for, 503 against)
2. Ordinary Resolution: Declaration of dividend of ₹5 per equity share of face value ₹1 each for FY ended March 31, 2026
Voting results: 99.9997% in favor (11,69,05,448 votes for, 323 against)
3. Ordinary Resolution: Re-appointment of Mr. Hari S. Bhartia [DIN: 00010499] who retired by rotation
Voting results: 99.4611% in favor (11,62,75,754 votes for, 6,30,017 against)
4. Ordinary Resolution: Re-appointment of Mr. Arjun Shanker Bhartia [DIN: 03019690] who retired by rotation
Voting results: 99.6401% in favor (11,64,85,038 votes for, 4,20,733 against)
Financial Performance Highlights (FY 2025-26)
- Consolidated revenue from operations: ₹83 billion (14% growth)
- EBITDA: ₹13 billion (8% growth)
- Normalized Profit After Tax: ₹4 billion (7% growth)
- Net Debt-to-EBITDA ratio: 1.3x (increased from 1.1x)
- Business segment performance:
- Radiopharmaceuticals: EBITDA margins of 41%
- Allergy Immunotherapy: EBITDA margins of 35%
- CDMO Sterile Injectables: Revenue growth 38%, EBITDA growth 8%
- CRDMO: Revenue growth 15%, EBITDA growth 11%
- Generics: Revenue growth 13%, EBITDA growth 250%
Strategic Updates
- Successful launch of Line 3 at Spokane facility (CDMO Sterile Injectables)
- Transfer of API business to Jubilant Biosys Limited
- Partnership with Novartis to distribute Pluvicto® (radioligand therapy)
- Investment program for six PET manufacturing facilities
- Progress on clinical trials for proprietary novel drugs JBI-802 and JBI-778
- Four product launches in US generics market
Q1 FY27 Performance
- Revenue: ~₹22 billion (17% year-on-year growth)
- EBITDA: ₹2.7 billion
- Profitability impacted by temporary unavailability of high-margin SPECT radiopharmaceutical products and incremental remediation costs at Montreal facility
- Expected production normalization in Q2 FY27 with product releases
- Margin strengthening expected in H2 FY27
Dividend Declaration
Board recommended dividend of ₹5 per equity share of ₹1 each for financial year ended March 31, 2026.
Scrutinizer Report
Mr. Rupinder Singh Bhatia, Practicing Company Secretary (CP No. 2514), was appointed as scrutinizer. Remote e-voting period was from August 23, 2026 (9:00 AM IST) to August 25, 2026 (5:00 PM IST). Cut-off date for voting rights was August 19, 2026.
Future Outlook
- FY28 expected to be inflection year driven by new radiopharmaceutical products, commercial production from Line 3, and technology-transfer revenues from Line 4
- Line 4 at Spokane scheduled to commence technology transfers in FY27 and commercial manufacturing in FY28
- Line 5 at Montreal expected to begin contributing revenue from FY29
- Multiple product launches expected across US and international markets in Generics business
- Key clinical milestones expected for Proprietary Novel Drugs programs