Financial Performance Overview

Q2 FY27 Consolidated Results:

  • Revenue: Rs. 2,370 Cr. (21% YoY growth from Rs. 1,966 Cr. in Q2 FY26)
  • Total Income: Rs. 2,384 Cr. (21% YoY growth)
  • EBITDA: Rs. 255 Cr. (27% decline YoY from Rs. 351 Cr.)
  • EBITDA Margin: 10.7% (708 bps contraction from 17.8% in Q2 FY26)
  • Reported PAT: Rs. 31 Cr. (74% decline YoY from Rs. 120 Cr.)
  • Reported PAT Margin: 1.3% (477 bps contraction from 6.1%)

H1 FY27 Consolidated Results:

  • Revenue: Rs. 4,599 Cr. (19% YoY growth from Rs. 3,867 Cr. in H1 FY26)
  • Total Income: Rs. 4,634 Cr. (19% YoY growth)
  • EBITDA: Rs. 523 Cr. (20% decline YoY from Rs. 653 Cr.)
  • EBITDA Margin: 11.3% (550 bps contraction from 16.8%)
  • Reported PAT: Rs. 87 Cr. (61% decline YoY from Rs. 222 Cr.)
  • Reported PAT Margin: 1.9% (383 bps contraction from 5.7%)

Segment-wise Performance

Radiopharma Segment:

  • Q2 FY27 Revenue: Rs. 1,009 Cr. (13% YoY growth)
  • Radiopharmaceuticals: Rs. 342 Cr. (18% YoY growth)
  • Radiopharmacies: Rs. 667 Cr. (10% YoY growth)
  • Q2 FY27 EBITDA: Rs. 115 Cr. (11% margin)
  • Radiopharmaceuticals: Rs. 110 Cr. (32% margin, 1,140 bps contraction)
  • Radiopharmacies: Rs. 5 Cr. (1% margin)
  • Ruby-Fill® install base grew 37% annualized in Q2 FY27
  • Announced CAD 94.5 Mn. capex to double Ruby-Fill® capacity at Montreal facility
  • Expect to commercialize 2 new products in H2 FY28
  • MIBG NDA filing expected by Q4 FY27 after FDA meeting

Allergy Immunotherapy Segment:

  • Q2 FY27 Revenue: Rs. 230 Cr. (18% YoY growth)
  • Q2 FY27 EBITDA: Rs. 69 Cr. (30% margin, 940 bps contraction)
  • Growth driven by strong performance in US and outside US markets
  • Expect full year margins to normalize

CDMO Sterile Injectables Segment:

  • Q2 FY27 Revenue: Rs. 522 Cr. (33% YoY growth)
  • Q2 FY27 EBITDA: Rs. 37 Cr. (7% margin, 1,690 bps contraction)
  • Spokane facility revenue: Rs. 521 Cr. (36% YoY growth)
  • Spokane EBITDA margin: 23%
  • 13+ products undergoing technology transfer on Line 3
  • USFDA approved commercial batch manufacturing for first product on Line 3
  • Signed master service agreement for manufacturing one of world's largest oncology products
  • Line 4 media fills completed, technology transfers expected to start in Q4 FY27
  • CMO Montreal: SPECT radiopharmaceutical production restarted, products released and sold in Q2 FY27

CRDMO Segment:

  • Q2 FY27 Revenue: Rs. 320 Cr. (7% YoY growth)
  • Drug Discovery Services: Rs. 180 Cr. (11% YoY growth)
  • CDMO API: Rs. 140 Cr. (2% YoY growth)
  • Q2 FY27 EBITDA: Rs. 50 Cr. (16% margin)
  • Drug Discovery Services: Rs. 36 Cr. (20% margin)
  • CDMO API: Rs. 14 Cr. (10% margin, 570 bps contraction)
  • API margins impacted by industry-wide pricing pressure and raw material cost increases from West Asia conflict

Generics Segment:

  • Q2 FY27 Revenue: Rs. 274 Cr. (64% YoY growth)
  • Q2 FY27 EBITDA: Rs. 20 Cr. (7% margin)
  • Strong growth driven by multiple new product launches in FY27
  • Preparing to launch multiple products in FY27 to drive growth

Proprietary Novel Drugs Segment:

  • Q2 FY27 Revenue: Rs. 0 Cr.
  • Q2 FY27 EBITDA: -Rs. 10 Cr.
  • JBI-802 Phase 1/2 trial for Essential Thrombocythemia showing positive clinical data
  • JBI-778 Phase I trial for non-small cell lung cancer actively enrolling patients
  • Presented initial clinical data at SOHO 2026 Annual Meeting

Balance Sheet and Capital Structure

  • Net Debt: Rs. 2,637 Cr. as of September 30, 2026 (vs Rs. 1,952 Cr. as of March 31, 2026)
  • Net Debt/Equity: 0.32 (vs 0.28)
  • Net Debt/EBITDA (TTM): 2.2x (vs 1.5x)
  • Successfully raised Rs. 800 Cr. through Non-convertible debentures
  • Proceeds to be used for debt refinancing and capex

Management Commentary

Chairman Shyam S Bhartia and Co-Chairman Hari S Bhartia stated: \"We are pleased to announce revenue of Rs. 2,370 Cr. for Q2'FY27, which reflects a solid growth of 21% on YoY basis. Revenue growth is broad based across all our business segments, but particularly strong in CDMO Sterile Injectables on the back of technology transfer revenues from the new and third line. EBITDA margins declined year-on-year, primarily due to the unavailability of high-margin SPECT radiopharmaceutical products in the Radiopharmaceuticals business. Additionally, margins were impacted by higher operating expenses, including incremental remediation costs at the CMO Montreal facility.\"

Future Outlook and Guidance

  • Expect production and supply of SPECT products to improve in H2 FY27
  • Ruby-Fill® capacity expansion underway with CAD 94.5 Mn. investment
  • Investing USD 60+ million in six new PET manufacturing facilities in US (to be operational in FY28)
  • Line 3 commercial revenues expected from H2 FY28
  • Line 4 technology transfers expected to start in Q4 FY27
  • Targeting zero net debt by FY30
  • Vision 2030: Aspire to double revenues by FY30

Key Developments

  • Received VAI status after USFDA inspection at Spokane facility
  • Signed agreement with large radiopharmaceutical player for PET diagnostic product distribution
  • Completed sale and transfer of API business to Jubilant Biosys (wholly owned subsidiary)
  • Presented first clinical data for JBI-802 at SOHO 2026 Annual Meeting
  • Plan to present at American Society of Hematology annual meet in December 2026

Capital Allocation Priorities

  • FY27-28: Complete committed capex projects with ROCE threshold
  • FY29-30: Accelerate growth and deleverage toward zero net debt
  • Fund through internal accruals, grants and concessional loans first
  • Significant operating cash flow generation expected

Sustainability and Governance

  • Team of approximately 5,500 multicultural people across globe
  • Executive leadership team includes Shyam S Bhartia (Chairman), Hari S Bhartia (Co-Chairman), Priyavrat Bhartia (Managing Director), and Arjun S Bhartia (Joint Managing Director)
  • Compliance with SEBI Listing Regulations and regulatory requirements