Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,777.70 last close on 30 Oct 2026 +0.95%
Research updated
Blue Jet Healthcare Ltd.
NSE: BLUEJETHealthcareBiotechnology
- Last close
- ₹504.55
- Day change
- +₹1.00 (+0.20%)vs
- Market cap
- ₹9,031 crIndian rupees
- Research updated
- 1 report
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About Blue Jet Healthcare
Blue Jet Healthcare Ltd. is a leading provider in the pharmaceutical sector, primarily known for manufacturing active pharmaceutical ingredients (APIs) and complex chemical substances. With a strong commitment to quality and innovation, the company serves a diverse client base, including prominent pharmaceutical and biotechnology firms globally. Blue Jet Healthcare Ltd. is distinguished by its advanced research and development capabilities, allowing it to deliver custom solutions and develop specialized formulations that meet specific client needs. The company plays a critical role in the pharmaceutical supply chain, ensuring the availability of high-quality raw materials necessary for drug production. As a pivotal player in the healthcare and life sciences industry, Blue Jet Healthcare Ltd. contributes significantly to the creation and availability of essential medications, impacting both the domestic and international markets. Its focus on sustainability and compliance with rigorous industry standards underscores its reputation as a reliable and ethical supplier in the pharmaceutical landscape.
- Sector
- Healthcare
- Industry
- Biotechnology
- Listing
- NSE: BLUEJET
- Next results
- Employees
- 581
- Headquarters
- Thane, India
- ISIN
- INE0KBH01020
- Website
- bluejethealthcare.com
Public research · Report of
Business model & financial foundation
Blue Jet Healthcare (NSE: BLUEJET), Pharma intermediates & specialty chemicals CDMO (contrast media intermediates, sweeteners, PI/API): revenue of ₹947.3 crore in FY26 (-8.0% on FY25), an EBITDA margin of 31.0%, net profit of ₹247.8 crore and net cash of ₹414.1 crore.
- Revenue, FY26 (₹ crore)
- 947.3
- standalone
- Revenue growth, FY26
- -8.0%
- on FY25
- Net profit, FY26 (₹ crore)
- 247.8
- to owners
- Return on equity, FY26
- 19.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -414.1
- Borrowings less gross cash, bank and treasury investments
Company profile
Blue Jet Healthcare is a Mumbai-based specialty chemistry CDMO with manufacturing sites in Maharashtra (Ambernath, Shahad, Mahad). It makes advanced intermediates for iodinated contrast media under long-term contracts with three of the largest global contrast media makers, high-intensity sweeteners for over 300 customers, and pharma intermediates and APIs, notably an intermediate for an innovator cardiovascular drug. It is building backward integration at Mahad, an R&D centre in Hyderabad and a greenfield site at Vizag, funded by an INR 800 crore QIP completed in July 2026.
| Item | Value |
|---|---|
| Legal name | Blue Jet Healthcare Limited |
| Exchange and ticker | NSE: BLUEJET; BSE: 544009 |
| ISIN | INE0KBH01020 |
| CIN | L99999MH1968PLC014154 |
| Sector | Healthcare |
| Industry | Pharma intermediates & specialty chemicals CDMO (contrast media intermediates, sweeteners, PI/API) |
| Headquarters | Thane, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | KKC & Associates LLP |
| Market capitalisation | ₹9,802 crore (18 Oct 2026) |
| Shares outstanding | 17.35 crore shares (FY26) |
| Price | ₹520.7 (close, 18 Oct 2026) |
| 52-week range | ₹325.0 - ₹688.5 (to 18 Oct 2026) |
| Website | https://bluejethealthcare.com |
Corporate structure and shareholding
No subsidiary is recorded.
Promoter group (Arora family) held 79.81% before the July 2026 QIP; no material subsidiaries reported, results filed on a standalone basis.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 79.81% | 79.81% | 79.81% | 73.15% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 1.14% | 0.89% | 0.40% | 0.81% |
| Domestic institutions | 4.65% | 4.51% | 4.65% | 7.48% |
| of which mutual funds | 2.01% | 1.62% | 1.72% | 4.10% |
| Retail | 8.94% | 9.81% | 9.85% | |
| Other | 5.47% | 4.99% | 5.29% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Blue Jet Healthcare (NSE: BLUEJET) is a standalone specialty-chemistry CDMO with three Maharashtra sites (Shahad 200.6 KL, Ambernath 833.6 KL, Mahad 141.4 KL; 1,175.6 KL at 31 Mar 2026). FY26 revenue from operations INR 947.321 crore: contrast media intermediates 495.084, PI/API 297.847, sweeteners 131.449, other 22.941. Customers are GE Healthcare, Bracco and Guerbet in contrast media and an innovator cardiovascular (bempedoic acid) programme in PI. Exports 89.94%; two customers 71.09% of FY26 product revenue. It controls chemistry and capacity; it does not control end-demand timing, inventory policy of customers, or iodine prices.
| Peer | Why the dossier compares them |
|---|---|
| Divi's Laboratories (DIVISLAB) | |
| Neuland Laboratories (NEULANDLAB) | Mid-cap API/CDMO with innovator-customer concentration and lumpy NCE-driven revenue, similar to Blue Jet's PI/API business. |
| Aarti Pharmalabs (AARTIPHARM) | Pharma intermediates, APIs and xanthine derivatives plus CDMO; similar intermediates chemistry and size. |
| Anupam Rasayan India (ANURAS) | Custom synthesis specialty chemicals for multinational customers under long-term contracts; comparable customer concentration. |
| Cohance Lifesciences (COHANCE) | Indian CDMO (formerly Suven) serving innovators with advanced intermediates. |
| Laurus Labs (LAURUSLABS) | |
| Sai Life Sciences (SAILIFE) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 678.5 | 720.5 | 711.6 | 1,030 | 947.3 |
| Cost of revenue (vendor classification) * | 293.7 | 344.3 | 320.4 | 461.2 | 446.2 |
| Other operating costs (vendor classification) * | 90.3 | 95.8 | 86.7 | 163.3 | 105.5 |
| EBITDA (vendor classification) * | 266.7 | 235.8 | 244.8 | 424.0 | 342.7 |
| EBIT * | 246.5 | 218.0 | 220.3 | 406.2 | 338.8 |
| Finance costs | 3.28 | 1.36 | 0.16 | 0.10 | 6.24 |
| Profit before tax | 243.2 | 216.6 | 220.1 | 406.1 | 332.5 |
| Total tax expense | 61.6 | 56.6 | 56.3 | 100.9 | 84.7 |
| Profit after tax (standalone) | 181.6 | 160.0 | 163.8 | 305.2 | 247.8 |
| Diluted EPS (₹) | 10.47 | 9.23 | 9.44 | 17.59 | 14.29 |
| Materials consumed plus purchases and inventory changes | 314.4 | 461.2 | 435.8 | ||
| Employee benefits expense | 53.2 | 61.0 | 73.5 | ||
| Other expenses | 114.8 | 130.0 | 143.9 | ||
| Operating EBITDA excluding other income | 229.2 | 377.7 | 294.1 | ||
| Other income | 28.9 | 46.3 | 68.7 | ||
| Depreciation and amortisation expense | 28.1 | 17.8 | 24.0 | ||
| Exceptional items: positive gain / negative loss | -9.74 | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 521.5 | 681.5 | 845.2 | 1,133 | 1,360 |
| Bank and financial institution borrowings (excludes leases) | 17.3 | 3.44 | 1.61 | 0.00 | 0.00 |
| Cash and equivalents plus other bank balances | 75.4 | 65.4 | 41.0 | 119.8 | 148.9 |
| Trade receivables | 227.4 | 239.4 | 176.9 | 349.5 | 339.0 |
| Inventories | 105.0 | 125.7 | 129.8 | 263.9 | 187.4 |
| Trade payables (MSME plus other creditors) | 56.6 | 53.8 | 30.3 | 89.1 | 56.9 |
| Property plant and equipment net | 3.52 | 5.18 | 1.64 | 259.6 | 252.9 |
| Capital work in progress | 5.44 | 42.4 | 161.2 | 88.9 | 301.4 |
| Total assets * | 713.4 | 862.1 | 1,059 | 1,418 | 1,641 |
| Current investments | 186.7 | 226.7 | |||
| Borrowings less gross cash, bank and treasury investments | -306.5 | -414.1 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 174.6 | 188.5 | 241.3 | 45.8 | 334.1 |
| Free cash flow (vendor definition) * | 123.5 | 82.3 | 67.0 | -34.1 | 114.7 |
| Dividends paid (the provider's sign: an outflow is negative) * | 0.00 | 0.00 | 0.00 | -17.4 | -20.8 |
| Purchase of PPE including CWIP and intangible assets (outflow) | -21.5 | -58.9 | -172.9 | -79.9 | -219.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 17.35 | 17.35 | 17.35 | 17.35 | 17.35 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 208.3 | 318.4 | 340.4 | 354.8 | 165.5 | 192.4 | 234.7 | 293.1 |
| Cost of revenue (vendor classification) * | 89.5 | 144.4 | 153.5 | 182.9 | 92.9 | 102.2 | 137.1 | |
| Other operating costs (vendor classification) * | 33.9 | 35.1 | 31.0 | 33.4 | 33.6 | 42.7 | 37.8 | |
| EBITDA (vendor classification) * | 81.6 | 137.3 | 152.2 | 129.3 | 60.1 | 94.2 | 113.3 | |
| EBIT * | 76.9 | 132.5 | 147.3 | 123.6 | 54.1 | 87.7 | 106.6 | |
| Finance costs | 0.02 | 0.02 | 0.03 | 0.69 | 4.63 | 0.34 | 0.58 | 0.66 |
| Profit before tax | 76.9 | 132.5 | 147.2 | 122.9 | 68.7 | 53.8 | 87.1 | 105.9 |
| Total tax expense | 18.6 | 33.5 | 37.1 | 31.7 | 16.6 | 13.6 | 22.8 | 27.7 |
| Profit after tax (standalone) | 58.3 | 99.0 | 110.1 | 91.2 | 52.1 | 40.2 | 64.3 | 78.3 |
| Diluted EPS (₹) | 3.36 | 5.71 | 6.35 | 5.26 | 3.01 | 2.32 | 3.71 | 4.51 |
| Materials consumed plus purchases and inventory changes | 89.5 | 144.4 | 153.5 | 182.9 | 57.9 | 92.8 | 102.2 | 137.1 |
| Employee benefits expense | 15.4 | 14.8 | 16.0 | 17.4 | 18.6 | 19.1 | 18.5 | 20.1 |
| Other expenses | 33.9 | 35.1 | 31.0 | 33.4 | 34.1 | 33.6 | 42.7 | 37.8 |
| Operating EBITDA excluding other income | 69.5 | 124.0 | 140.0 | 121.0 | 54.9 | 46.9 | 71.3 | 98.1 |
| Other income | 12.1 | 13.2 | 12.2 | 8.25 | 24.3 | 13.2 | 22.9 | 15.2 |
| Depreciation and amortisation expense | 4.62 | 4.75 | 4.95 | 5.70 | 5.87 | 5.98 | 6.46 | 6.71 |
| Exceptional items: positive gain / negative loss | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 36.9% | 6.2% | -1.2% | 44.7% | -8.0% |
| EBITDA margin | 32.2% | 36.7% | 31.0% | ||
| Net margin | 26.8% | 22.2% | 23.0% | 29.6% | 26.2% |
| Return on equity | 42.2% | 26.6% | 21.5% | 30.9% | 19.9% |
| Return on capital employed | 53.0% | 35.6% | 28.8% | 41.0% | 27.2% |
| Return on assets | 29.1% | 20.3% | 17.0% | 24.6% | 16.2% |
| Net debt (₹ crore) | -306.5 | -414.1 | |||
| Net debt / EBITDA | -0.81x | -1.41x | |||
| Interest cover | 75.2x | 160.3x | 1,368.0x | 4,144.9x | 54.3x |
| Asset turnover | 1.09x | 0.91x | 0.74x | 0.83x | 0.62x |
| Receivable days | 122 | 121 | 91 | 124 | 131 |
| Inventory days (on revenue) | 57 | 64 | 67 | 94 | 72 |
| Payable days (on revenue) | 30 | 27 | 16 | 32 | 22 |
| Cash conversion | 0.96x | 1.18x | 1.47x | 0.15x | 1.35x |
| Capex intensity | 3.2% | 8.2% | 24.3% | 7.8% | 23.2% |
| Free cash flow (₹ crore) | 153.2 | 129.6 | 68.4 | -34.1 | 114.7 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 5.7% | 8.4% |
| EPS, diluted (₹) | 10.47 | 9.23 | 9.44 | 17.59 | 14.29 |
| Book value per share (₹) | 30.07 | 39.29 | 48.73 | 65.31 | 78.40 |
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less gross cash, bank and treasury investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Blue Jet Healthcare includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
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