Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Jubilant Pharmova Ltd.
NSE: JUBLPHARMAHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹938.30
- Day change
- +₹6.10 (+0.65%)vs
- Market cap
- ₹14,721 crIndian rupees
- Research updated
- 2 reports
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About Jubilant Pharmova
Jubilant Pharmova Ltd. is a prestigious pharmaceutical and life sciences company operating primarily in the healthcare domain. Its core mission is to innovate in the areas of pharmaceutical formulations, contract manufacturing, and related services. Jubilant Pharmova is heavily invested in the research, development, and production of a broad range of pharmaceutical products, significantly impacting the global healthcare and medical research industries. With robust production facilities and a diverse product pipeline, the company serves a myriad of international markets, ensuring the accessibility of essential medications. The role of Jubilant Pharmova in the financial market is crucial, as it offers investors exposure to the fast-evolving pharmaceutical sector, known for its resilience and growth potential amid global health challenges. Established in India, the company's influence extends internationally, bolstered by its commitment to delivering innovative solutions in pharmaceuticals and biosciences.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: JUBLPHARMA
- Chief executive
- Mr. Shantanu Jha
- Employees
- 5,657
- Headquarters
- Noida, India
- ISIN
- INE700A01033
- Website
- jubilantpharmova.com
Public research · Report of
Business model & financial foundation
Jubilant Pharmova (NSE: JUBLPHARMA), Diversified pharmaceuticals and contract development/manufacturing: revenue of ₹8,280 crore in FY26 (+14.4% on FY25), an EBITDA margin of 15.2%, net profit of ₹398.5 crore and net debt of ₹1,952 crore.
- Revenue, FY26 (₹ crore)
- 8,280
- consolidated
- Revenue growth, FY26
- +14.4%
- on FY25
- EBITDA margin, FY26
- 15.2%
- EBITDA excluding other income and associates / revenue
- Net profit, FY26 (₹ crore)
- 398.5
- to owners
- Return on equity, FY26
- 6.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 1,952
- Company net debt
- Market capitalisation (₹ crore)
- 14,871
- at the close of 21 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) |
| Exchange and ticker | NSE: JUBLPHARMA; BSE: 530019 |
| ISIN | INE700A01033 |
| Sector | Healthcare |
| Industry | Diversified pharmaceuticals and contract development/manufacturing |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹14,871 crore (21 Oct 2026) |
| Shares outstanding | 15.85 crore shares (FY26) |
| Price | ₹935.8 (close, 21 Oct 2026) |
| 52-week range | ₹786.0 - ₹1,185 (to 21 Oct 2026) |
| Website | https://www.jubilantpharmova.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Jubilant Pharma Ltd, Singapore | 100% | Global pharmaceutical holding platform |
| Jubilant Pharma Holdings Inc. | 100% | US holding company, material subsidiary |
| Jubilant HollisterStier LLC | 100% | Sterile CDMO and allergy immunotherapy |
| Jubilant DraxImage Inc. | 100% | Canadian radiopharmaceutical manufacturing |
| Jubilant Draximage Radiopharmacies Inc. | 100% | US radiopharmacy distribution |
| Jubilant Biosys Ltd | 100% | Drug discovery and API CRDMO |
| Jubilant Generics Ltd | 100% | Generic formulations |
| Jubilant Therapeutics Inc. | 98.54% | Proprietary novel drug development |
| Jubilant Biosys France SAS | 80% | Biologics and ADC research |
Holdings at 31 March 2026; Radiopharma is a business brand. API internal transfer to Biosys on 1 Sep 2025 does not remove revenue from consolidated CRDMO.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 47.68% | 47.68% | 47.68% | 47.68% |
| Promoter holding pledged | 5.40% | 5.40% | 6.58% | 6.58% |
| Foreign institutions | 15.96% | 15.90% | 15.87% | 15.38% |
| Domestic institutions | 11.23% | 11.62% | 12.40% | 13.02% |
| of which mutual funds | 7.69% | 8.03% | 8.99% | 9.42% |
| Retail | 24.57% | 24.25% | 23.50% | 10.60% |
| Other | 0.57% | 0.56% | 0.55% | 13.33% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Jubilant Pharmova (NSE: JUBLPHARMA) is a pharmaceutical holding group with six operating businesses: radiopharma, allergy immunotherapy, sterile-injectables CDMO, CRDMO, generics and proprietary novel drugs. FY26 revenue was INR8,279.6 cr. Its economics are concentrated in North American radiopharma and sterile capacity. Q1 FY27 operating EBITDA excluding other income was INR248 cr, or 11.1% of revenue; reported EBITDA of INR268 cr includes INR19.9 cr other income.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Radiopharma | 3,690 | 44.6% | 515.0 | 38.8% |
| Allergy Immunotherapy | 785.0 | 9.5% | 278.0 | 21.0% |
| CDMO Sterile Injectables | 1,755 | 21.2% | 314.0 | 23.7% |
| CRDMO | 1,217 | 14.7% | 234.0 | 17.6% |
| Generics | 774.0 | 9.3% | 83.0 | 6.3% |
| Proprietary Novel Drugs | 0.00 | 0.0% | -19.0 | -1.4% |
| Unallocable corporate income/(expenses) | 59.0 | 0.7% | -79.0 | -6.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Gland Pharma (GLAND) | Sterile injectables manufacturing and CDMO |
| Piramal Pharma (PPLPHARMA) | Diversified pharma and global CDMO |
| Syngene International (SYNGENE) | Discovery and development services |
| Divi's Laboratories (DIVISLAB) | API custom synthesis comparator |
| Cohance Lifesciences (COHANCE) | API and CDMO, merger comparability caveat |
| Sai Life Sciences (SAILIFE) | Integrated discovery-development-manufacturing |
| Neuland Laboratories (NEULANDLAB) | API custom manufacturing |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,059 | 6,219 | 6,703 | 7,235 | 8,280 |
| Cost of revenue (vendor classification) * | 1,787 | 2,223 | 2,422 | 2,612 | 2,991 |
| Other operating costs (vendor classification) * | 1,065 | 1,065 | 1,144 | 1,130 | 1,273 |
| EBITDA (vendor classification) * | 1,154 | 814.9 | 977.5 | 1,212 | 1,312 |
| Operating EBIT excluding other income | 768.7 | 196.4 | 518.9 | 805.1 | 819.4 |
| Finance costs | 138.2 | 168.6 | 272.3 | 240.3 | 211.8 |
| Profit before tax | 630.5 | 27.8 | 170.5 | 980.6 | 614.1 |
| Total tax expense | 217.4 | 92.7 | 97.8 | 144.3 | 216.6 |
| Profit after tax before NCI attribution | 413.0 | -64.9 | 72.7 | 836.3 | 397.5 |
| Diluted EPS (₹) | 26.00 | -3.83 | 4.86 | 52.85 | 25.08 |
| Materials, traded goods and inventory changes | 2,141 | 2,317 | 2,644 | ||
| Employee benefits expense | 2,216 | 2,268 | 2,701 | ||
| Other expenses | 1,445 | 1,476 | 1,675 | ||
| EBITDA excluding other income and associates | 900.8 | 1,174 | 1,260 | ||
| Company reported EBITDA | 994.0 | 1,230 | 1,326 | ||
| Other income | 68.7 | 56.8 | 66.0 | ||
| Depreciation, amortisation and impairment | 381.9 | 368.6 | 440.4 | ||
| Exceptional income/(expense) | -168.9 | 359.5 | -59.2 | ||
| Profit/(loss) attributable to NCI | -4.40 | -3.10 | -1.00 | ||
| Share of profit/(loss) of associates | 24.1 | -0.50 | -0.30 | ||
| Profit attributable to owners | 77.1 | 839.4 | 398.5 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 5,316 | 5,392 | 5,421 | 6,239 | 7,096 |
| Current and non-current borrowings excluding leases | 3,192 | 3,677 | 3,664 | 2,437 | 3,220 |
| Cash, bank balances and liquid investments | 980.3 | 1,011 | 953.9 | 1,089 | 1,268 |
| Trade receivables | 928.0 | 961.2 | 915.9 | 891.5 | 1,070 |
| Inventories | 1,255 | 1,381 | 1,290 | 1,129 | 1,232 |
| Trade payables | 567.7 | 821.3 | 856.3 | 1,005 | 1,234 |
| Net property, plant and equipment * | 2,499 | 2,592 | 2,435 | 2,454 | 3,942 |
| Capital work in progress * | 291.8 | 773.3 | 1,252 | 2,726 | 2,980 |
| Total assets * | 9,991 | 11,157 | 11,549 | 12,756 | 15,523 |
| Company net debt | 1,299 | 1,952 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 596.2 | 110.5 | 971.3 | 1,072 | 1,227 |
| Free cash flow (vendor definition) * | 237.6 | -153.8 | 73.6 | -43.5 | -222.3 |
| Dividends paid (outflow negative) | -80.1 | -80.1 | -79.8 | -79.6 | -79.5 |
| Purchase of PPE and intangibles (outflow negative) | -596.5 | -795.9 | -897.7 | -1,116 | -1,449 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 15.92 | 15.91 | 15.85 | 15.84 | 15.85 |
| Company normalised PAT | 195.0 | 415.0 | 442.0 | ||
| Company net debt (constant currency) | 2,457 | 1,299 | 1,952 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,752 | 1,822 | 1,929 | 1,901 | 1,966 | 2,123 | 2,290 | 2,229 |
| Cost of revenue (vendor classification) * | 554.8 | 574.4 | 626.1 | 618.2 | 716.3 | 713.3 | 748.7 | |
| Other operating costs (vendor classification) * | 401.8 | 410.3 | 470.5 | 479.2 | ||||
| EBITDA (vendor classification) * | 301.5 | 309.9 | 363.0 | 267.9 | ||||
| Operating EBIT excluding other income | 198.0 | 196.1 | 250.2 | 191.5 | 236.6 | 168.8 | 222.5 | 120.7 |
| Finance costs | 61.0 | 55.6 | 52.7 | 49.0 | 50.2 | 56.1 | 56.5 | 54.2 |
| Profit before tax | 144.4 | 130.5 | 206.0 | 154.4 | 190.3 | 93.4 | 176.0 | 86.4 |
| Total tax expense | 41.9 | 29.8 | 54.7 | 51.9 | 70.4 | 37.6 | 56.7 | 30.0 |
| Profit after tax before NCI attribution | 102.5 | 100.7 | 151.3 | 102.5 | 119.9 | 55.8 | 119.3 | 56.4 |
| Diluted EPS (₹) | 6.46 | 6.36 | 9.68 | 6.47 | 7.57 | 3.52 | 7.52 | 3.56 |
| Materials, traded goods and inventory changes | 554.8 | 574.4 | 626.1 | 618.2 | 596.5 | 716.3 | 713.3 | 748.7 |
| Employee benefits expense | 564.3 | 560.1 | 590.6 | 591.1 | 636.2 | 706.4 | 766.9 | 753.5 |
| Other expenses | 343.8 | 399.8 | 366.7 | 401.8 | 392.3 | 410.3 | 470.5 | 479.2 |
| EBITDA excluding other income and associates | 289.4 | 287.4 | 345.4 | 289.6 | 341.4 | 289.5 | 339.3 | 248.0 |
| Company reported EBITDA | 311.0 | 296.0 | 357.0 | 302.0 | 351.0 | 310.0 | 363.0 | 268.0 |
| Other income | 21.7 | 9.20 | 11.9 | 12.0 | 9.80 | 20.5 | 23.7 | 19.9 |
| Depreciation, amortisation and impairment | 91.4 | 91.3 | 95.2 | 98.1 | 104.8 | 120.7 | 116.8 | 127.3 |
| Exceptional income/(expense) | -14.2 | -18.9 | -3.30 | 0.00 | -5.80 | -39.7 | -13.7 | 0.00 |
| Profit/(loss) attributable to NCI | -0.30 | -0.20 | -2.30 | -0.40 | -0.40 | -0.10 | -0.10 | -0.10 |
| Share of profit/(loss) of associates | -0.10 | -0.30 | -0.10 | -0.10 | -0.10 | -0.10 | 0.00 | 0.00 |
| Profit attributable to owners | 102.8 | 100.9 | 153.6 | 102.9 | 120.3 | 55.9 | 119.4 | 56.5 |
Consolidated, 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 | 1.6% | 2.6% | 7.8% | 7.9% | 14.4% |
| EBITDA margin | 13.4% | 16.2% | 15.2% | ||
| Net margin | 1.2% | 11.6% | 4.8% | ||
| Return on equity | 1.4% | 14.4% | 6.0% | ||
| Return on capital employed | 9.6% | 2.2% | 5.7% | 9.1% | 8.6% |
| Return on assets | 0.7% | 6.9% | 2.8% | ||
| Net debt (₹ crore) | 1,299 | 1,952 | |||
| Net debt / EBITDA | 1.11x | 1.55x | |||
| Interest cover | 5.56x | 1.16x | 1.91x | 3.35x | 3.87x |
| Asset turnover | 0.64x | 0.59x | 0.59x | 0.60x | 0.59x |
| Receivable days | 56 | 56 | 50 | 45 | 47 |
| Inventory days (on revenue) | 76 | 81 | 70 | 57 | 54 |
| Payable days (on revenue) | 34 | 48 | 47 | 51 | 54 |
| Cash conversion | 12.6x | 1.28x | 3.08x | ||
| Capex intensity | 9.8% | 12.8% | 13.4% | 15.4% | 17.5% |
| Free cash flow (₹ crore) | -0.31 | -685.4 | 73.6 | -43.5 | -222.3 |
| Dividend payout | 103.5% | 9.5% | 19.9% | ||
| EPS, diluted (₹) | 26.00 | -3.83 | 4.86 | 52.85 | 25.08 |
| Book value per share (₹) | 334.0 | 338.8 | 342.0 | 393.8 | 447.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and associates / 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): Company net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and associates.
- 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 2, information to 21 Oct 2026); market data at the close of 21 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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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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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
Reports on Jubilant Pharmova
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 25 Oct 2026.
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