Blue Jet Healthcare Ltd
BLUEJET NSE
Blue Jet Healthcare Ltd
HealthcareNSE: BLUEJET BSE: 544009 Pharmaceuticals & Biotechnology
Incorporated in 1968, Blue Jet Healthcare (earlier called Jet Chemicals Pvt Ltd) is a pharmaceutical and healthcare ingredient & intermediate company and the first manufacturer of saccharin and its salts (artificial sweeteners) in India.[1]
AI Verdict: HOLD Confidence: 5%
Blue Jet Healthcare trades at a PE of 31.3x with deteriorating near-term fundamentals — TTM sales declining 8% and profits down 17%. However, the company's debt-free balance sheet and strong 3-year ROE of 24% provide a margin of safety, making it a hold until growth visibility improves.
Key Fundamentals
MicrocapPharmaceuticalsHealthcareMarket Cap
₹9,391 Cr
Volatility
Moderate
P/E Ratio
36.9
EBITDA
₹215 Cr
Return on Equity
39.96%
Debt to Equity
0.24
Book Value
₹78.4
EPS
₹9.47
52W High
₹1,027.8
52W Low
₹325
Technical Indicators
Key Insights
Strengths
2- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.0%
Weaknesses
1- Working capital days have increased from 158 days to 224 days
Growth Rate
Revenue Growth
-6.62% ↘
Net Income Growth
-6.34% ↘
Cash Flow Change
5.34% ↗
ROE
-44.11% ↘
ROCE
-38.82% ↘
EBITDA Margin (Avg.)
4.83% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 20d agoHOLD
Risk high
Blue Jet Healthcare trades at a PE of 31.3x with deteriorating near-term fundamentals — TTM sales declining 8% and profits down 17%. However, the company's debt-free balance sheet and strong 3-year ROE of 24% provide a margin of safety, making it a hold until growth visibility improves.
Bull Case 7
- Company is virtually debt-free, providing financial flexibility and low interest burden in a high-rate environment
- Strong 3-year ROE of 24% and 5-year ROE of 26% indicate efficient capital allocation and high-quality earnings
- 5-year compounded sales CAGR of 14% demonstrates sustained long-term revenue growth trajectory
- 5-year compounded profit CAGR of 12% shows consistent bottom-line expansion over the medium term
- 3-year compounded profit CAGR of 16% outpaces sales CAGR of 10%, indicating margin expansion over recent years
- 60% of analyst ratings are buy recommendations (3 out of 5 analysts), reflecting majority positive sentiment
- Dividend yield of 0.27% provides some income return while maintaining growth reinvestment capacity
Bear Case 8
- Stock price has declined 51% over the past 1 year, signaling severe loss of market confidence
- TTM sales growth is negative at -8%, indicating demand slowdown or order book weakness
- TTM profit growth is negative at -17%, showing accelerating earnings deterioration beyond revenue decline
- Working capital days have increased sharply from 158 days to 224 days, indicating cash conversion cycle stress and potential inventory or receivables buildup
- PE ratio of 31.3x is elevated for a company with negative near-term growth, implying downside risk if de-rating continues
- Price-to-book of 5.7x is premium and leaves limited margin of safety if ROE compresses below 20%
- Last year ROE of 20% has declined from the 3-year average of 24%, suggesting deteriorating return profile
- 40% of analysts rate the stock a sell (2 out of 5), indicating meaningful bearish conviction among coverage analysts
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 20d ago Positives 1
- ₹10,000M fundraise for growth May 28
Blue Jet Healthcare scheduled an EGM on June 17, 2026 to approve raising up to ₹10,000 million for business growth, working capital, and debt repayment. Shareholders on record as of June 10 can vote via remote e-voting from June 14-16.
Neutral 1
- Q4 & FY26 earnings call scheduled May 19
Blue Jet Healthcare scheduled an analyst and investor conference call on May 25, 2026 at 4:00 PM IST to discuss Q4 and FY26 audited standalone financial results.
TL;DR: Blue Jet Healthcare is pursuing a significant ₹10,000 million fundraise signaling growth ambitions, though the end-use includes debt repayment alongside expansion. No negative developments surfaced in the period. The trend appears constructive with the company actively investing in its future, but investors should watch for potential dilution once the fundraise structure is disclosed.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 217 | 180 | 181 | 167 | 184 | 163 | 208 | 318 | 340 | 355 | 165 | 192 | 235 |
| Expenses | 147 | 121 | 119 | 112 | 131 | 119 | 139 | 194 | 200 | 234 | 111 | 146 | 163 |
| Operating Profit | 70 | 59 | 63 | 55 | 53 | 44 | 69 | 124 | 140 | 121 | 55 | 47 | 71 |
| OPM % | 32% | 33% | 35% | 33% | 29% | 27% | 33% | 39% | 41% | 34% | 33% | 24% | 30% |
| Other Income | 6 | 5 | 8 | -3 | 9 | 9 | 12 | 13 | 12 | 8 | 24 | 13 | 23 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 5 | 0 | 1 |
| Depreciation | 6 | 6 | 6 | 8 | 8 | 3 | 5 | 5 | 5 | 6 | 6 | 6 | 6 |
| PBT | 70 | 58 | 64 | 44 | 54 | 49 | 77 | 132 | 147 | 123 | 69 | 54 | 87 |
| Tax % | 27% | 24% | 26% | 27% | 27% | 24% | 24% | 25% | 25% | 26% | 24% | 25% | 26% |
| Net Profit | 51 | 44 | 48 | 32 | 40 | 38 | 58 | 99 | 110 | 91 | 52 | 40 | 64 |
| EPS in Rs | 2.92 | 2.54 | 2.76 | 1.85 | 2.29 | 2.18 | 3.36 | 5.71 | 6.35 | 5.26 | 3.01 | 2.32 | 3.71 |
Profit & Loss
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 538 | 499 | 683 | 721 | 712 | 1,030 | 947 |
| Expenses | 325 | 292 | 434 | 502 | 481 | 652 | 653 |
| Operating Profit | 214 | 207 | 249 | 219 | 231 | 378 | 294 |
| OPM % | 40% | 41% | 36% | 30% | 32% | 37% | 31% |
| Other Income | 6 | 9 | 19 | 24 | 18 | 46 | 69 |
| Interest | 7 | 5 | 3 | 1 | 0 | 0 | 6 |
| Depreciation | 18 | 20 | 22 | 25 | 28 | 18 | 24 |
| PBT | 194 | 190 | 243 | 217 | 220 | 406 | 333 |
| Tax % | 25% | 26% | 25% | 26% | 26% | 25% | 25% |
| Net Profit | 145 | 142 | 182 | 160 | 164 | 305 | 248 |
| EPS in Rs | 24,118 | 1,429 | 10.47 | 9.23 | 9.44 | 17.59 | 14.29 |
| Div. Payout % | 0% | 0% | 0% | 0% | 11% | 7% | 8% |
Balance Sheet
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.6 | 10 | 35 | 35 | 35 | 35 | 35 |
| Reserves | 198 | 330 | 487 | 647 | 811 | 1,098 | 1,325 |
| Borrowings | 74 | 52 | 19 | 5 | 3 | 21 | 42 |
| Other Liabilities | 92 | 142 | 173 | 176 | 211 | 263 | 239 |
| Total Liabilities | 364 | 534 | 713 | 862 | 1,059 | 1,418 | 1,641 |
| Fixed Assets | 107 | 139 | 156 | 151 | 172 | 300 | 316 |
| CWIP | 2 | 3 | 3 | 30 | 147 | 89 | 301 |
| Investments | 26 | 37 | 94 | 189 | 250 | 187 | 252 |
| Other Assets | 229 | 355 | 460 | 491 | 489 | 841 | 771 |
| Total Assets | 364 | 534 | 713 | 862 | 1,059 | 1,418 | 1,641 |
Cash Flow
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Operating | 122 | 137 | 146 | 142 | 241 | 46 | 334 |
| Investing | -45 | -61 | -76 | -147 | -264 | -35 | -276 |
| Financing | -72 | -21 | -56 | -4 | -2 | -19 | -31 |
| Net Cash Flow | 5 | 55 | 14 | -10 | -24 | -8 | 28 |
| Free Cash Flow | 106 | 85 | 125 | 83 | 68 | -34 | 115 |
| CFO/OP | 80 | 66 | 70 | 92 | 109 | 36 | 151 |
Ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 80 | 105 | 121 | 121 | 91 | 124 | 131 |
| Inventory Days | 120 | 253 | 133 | 137 | 151 | 209 | 157 |
| Days Payable | 90 | 128 | 72 | 58 | 35 | 70 | 48 |
| Cash Conversion Cycle | 110 | 231 | 183 | 199 | 206 | 262 | 240 |
| Working Capital Days | 55 | 89 | 103 | 120 | 92 | 157 | 224 |
| ROCE % | — | 58% | 53% | 35% | 30% | 40% | 26% |
Documents
1
Clarification sought from Blue Jet Healthcare Ltd
12 Jun - Exchange has sought clarification from Blue Jet Healthcare Ltd on June 12, 2026, with reference to Movement in Volume. 12 Jun - Exchange has sought clarification from Blue Jet Healthcare Ltd on June 12, 2026, with reference to Movement in Volume.
3
Closure of Trading Window
24 Mar - Trading window closed from April 1, 2026 until 48 hours after audited FY2025-26 results. 24 Mar - Trading window closed from April 1, 2026 until 48 hours after audited FY2025-26 results.
4
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 Mar - Investor one-to-one meeting with Muddy Waters Capital on March 16, 2026; no unpublished price-sensitive information disclosed. 12 Mar - Investor one-to-one meeting with Muddy Waters Capital on March 16, 2026; no unpublished price-sensitive information disclosed.
5
Announcement under Regulation 30 (LODR)-Newspaper Publication
14 Feb - Newspaper publication for Unaudited Financial Results for the quarter and nine months ended December 31, 2025 14 Feb - Newspaper publication for Unaudited Financial Results for the quarter and nine months ended December 31, 2025
Frequently Asked Questions about Blue Jet Healthcare Ltd
What does Blue Jet Healthcare Ltd do?
Incorporated in 1968, Blue Jet Healthcare (earlier called Jet Chemicals Pvt Ltd) is a pharmaceutical and healthcare ingredient & intermediate company and the first manufacturer of saccharin and its salts (artificial sweeteners) in India.[1]
Where is Blue Jet Healthcare Ltd (BLUEJET) listed?
Blue Jet Healthcare Ltd is listed on the Indian stock exchanges. It is listed on NSE: BLUEJET and BSE: 544009. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Blue Jet Healthcare Ltd belong to?
Blue Jet Healthcare Ltd operates in the Healthcare sector within the Pharmaceuticals & Biotechnology industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Blue Jet Healthcare Ltd?
Blue Jet Healthcare Ltd has a market capitalisation of approximately ₹9391.42 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Blue Jet Healthcare Ltd?
The Price-to-Earnings (PE) ratio of Blue Jet Healthcare Ltd is 36.90. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Blue Jet Healthcare Ltd?
Over the past 52 weeks, Blue Jet Healthcare Ltd has traded between a low of ₹325 and a high of ₹1,027.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does Blue Jet Healthcare Ltd pay dividends?
Yes, Blue Jet Healthcare Ltd has a dividend yield of 0.23%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Blue Jet Healthcare Ltd?
Blue Jet Healthcare Ltd has a Return on Equity (ROE) of 39.96%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Blue Jet Healthcare Ltd on Tapetide?
On Tapetide, you can view Blue Jet Healthcare Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 1968, Blue Jet Healthcare (earlier called Jet Chemicals Pvt Ltd) is a pharmaceutical and healthcare ingredient & intermediate company and the first manufacturer of saccharin and its salts (artificial sweeteners) in India.[1]
Website bluejethealthcare.com
CEO Mr. Akshay Bansarilal Arora
Employees 196
Listed 2023-11-01
Face Value ₹ 2
Issued Size 17,34,65,425