Jubilant Pharmova
Jubilant Pharmova
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Strengths
2- Company has been maintaining a healthy dividend payout of 43.9%
- Company's working capital requirements have reduced from 28.6 days to 13.4 days
Weaknesses
3- The company has delivered a poor sales growth of 6.31% over past five years.
- Company has a low return on equity of 4.91% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
Jubilant Pharmova has a market capitalisation of about ₹16,819 crore and trades at 48.2x earnings and 2.39x book value. Sales grew 16% over the trailing twelve months (TTM) and 10% a year over three years. Profit grew 47% a year over three years but fell 20% TTM, and the three-year average ROE is low at 4.91%. The dividend yield is 0.47% with a 43.9% payout ratio, and the working capital cycle has shortened from 28.6 to 13.4 days.
- Sales growth is speeding up: 16% TTM versus 10% a year over three years, 6% over five years and 4% over ten years. That suggests the top-line trend is improving.
- Profit grew 47% a year over three years, which shows earnings have recovered strongly from a low base in the prior period.
- Working capital days fell from 28.6 to 13.4, a drop of about 53%. This points to better cash conversion and tighter control of receivables and inventory.
- The company pays out 43.9% of profit as dividends, a steady return to shareholders even while profit has been volatile.
- ROE has improved to 7% last year from a three-year average of 5% and a five-year average of 3%, so returns on capital are recovering.
- The stock has returned 36% a year over three years, reflecting a market re-rating as the business turned around.
- At a P/B of 2.39, the implied book value is about ₹7,000 crore, which gives a sizeable asset base to support further margin and return improvement.
- Profit fell 20% TTM even though sales grew 16%. That suggests margins are under pressure or costs are rising faster than revenue.
- The P/E of 48.2 is high next to a three-year average ROE of 4.91% and last year's ROE of 7%. The implied earnings yield is only about 2.1%.
- Profit has fallen 13% a year over five years and grown only 1% a year over ten years, so long-term earnings growth has been largely absent.
- The company may be capitalising interest cost. If so, reported profit may overstate underlying earnings and the true cost of debt.
- Sales grew only 6.31% a year over five years and 4% over ten years, which is modest growth over a long period.
- A P/B of 2.39 with an ROE of about 5–7% means investors are paying a premium to book value for returns that are likely below the cost of equity.
- The stock has returned just 3% over one year and 7% a year over ten years. Recent returns have flattened after the three-year rally.
- The dividend yield is only 0.47%, which limits income support at the current valuation.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Weak one-year stock performance Sep 11
The stock has returned -9.99% over the past year and trades at ₹1,025.3 with a market cap of ₹16,351.30 crore, so its recovery from earlier weakness is not yet complete.
- VAI still flags cGMP observations Sep 11
A VAI classification means the US FDA found violations at the Spokane site, but not serious enough for further regulatory action. Any slip in remediation could bring more scrutiny at future inspections.
- Spokane CMO upgraded to VAI Sep 11
The US FDA classified Jubilant HollisterStier's Spokane, Washington facility as VAI after reviewing the EIR for its June 8-17, 2026 inspection. This removes OAI-related limits on new product approvals for the sterile injectables CDMO business.
- Line 3 commercial approval secured Sep 11
Last month, the USFDA approved commercial batch manufacturing of the first product on Line 3, a new isolator-based fill-and-finish line at Spokane. This lets the new capacity start contributing to CDMO revenue.
- Injectable capacity doubling underway Sep 11
The Spokane expansion announced in 2022 will raise injectable filling capacity by 100% at a cost of US$192 million. With the VAI status and Line 3 approval, this capacity is now closer to being used commercially.
- Radiopharma leadership and I131-MIBG progress Sep 11
Jubilant Pharmova is a leading player in the US radiopharmaceutical market, with in-house API manufacturing and an onshore plant in Montreal. Its I131-MIBG program for high-risk neuroblastoma completed patient dosing in the OPTIMUM Phase II trial in April 2024.
- Strong one-month price momentum Sep 11
The stock gained 6.53% over the last month, which suggests investors had partly priced in the regulatory improvements at the Spokane site.
- Flat market reaction to upgrade Sep 11
Shares closed at ₹1,025.65 on the BSE, down just ₹0.05 (about 0.005%) after the announcement. The muted reaction suggests the VAI outcome was largely expected.
- Article timeline appears inconsistent Sep 11
The report describes a June 2026 inspection but also mentions a 2013 warning letter and inspections concluded in April and December 2014, which looks like older material mixed in. Check the exact regulatory history against the company's exchange filing.
- Diversified six-business structure Sep 11
The company runs six businesses: Radiopharma, Allergy Immunotherapy, CDMO of sterile injectables, CRDMO, Generics, and Proprietary Novel Drugs. This spreads its earnings risk beyond any single regulatory outcome.
TL;DR: Jubilant Pharmova's regulatory position at its key US CDMO site has improved: the Spokane facility's VAI classification and last month's Line 3 approval clear the way for new approvals and commercial output from the US$192 million expansion that doubles capacity. The stock rose 6.53% over the past month but is still down 9.99% over the year, and its flat reaction on the day suggests the good news was priced in. Remaining risks include the cGMP observations that come with VAI status and inconsistencies in the source report that should be checked against official filings. The trend looks positive, and the next re-rating likely depends on how quickly the expanded Spokane capacity and the radiopharma pipeline turn into revenue and margin growth.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,587 | 1,680 | 1,677 | 1,759 | 1,732 | 1,752 | 1,822 | 1,929 | 1,901 | 1,966 | 2,122 | 2,290 | 2,229 |
| Expenses | 1,419 | 1,438 | 1,459 | 1,487 | 1,480 | 1,463 | 1,535 | 1,584 | 1,611 | 1,625 | 1,833 | 1,951 | 1,981 |
| Operating Profit | 168 | 242 | 218 | 271 | 252 | 289 | 287 | 345 | 290 | 341 | 289 | 339 | 248 |
| OPM % | 11% | 14% | 13% | 15% | 15% | 17% | 16% | 18% | 15% | 17% | 14% | 15% | 11% |
| Other Income | 9 | 19 | 49 | -151 | 410 | 8 | -10 | 9 | 12 | 4 | -19 | 10 | 20 |
| Interest | 62 | 66 | 71 | 73 | 71 | 61 | 56 | 53 | 49 | 50 | 56 | 56 | 54 |
| Depreciation | 90 | 97 | 95 | 101 | 91 | 91 | 91 | 95 | 98 | 105 | 121 | 117 | 127 |
| PBT | 25 | 98 | 101 | -54 | 500 | 144 | 130 | 206 | 154 | 190 | 93 | 176 | 86 |
| Tax % | 76% | 37% | 34% | 15% | 4% | 29% | 23% | 27% | 34% | 37% | 40% | 32% | 35% |
| Net Profit | 6 | 62 | 66 | -62 | 482 | 102 | 101 | 151 | 102 | 120 | 56 | 119 | 56 |
| EPS in Rs | 0.4 | 3.92 | 4.19 | -3.68 | 30.26 | 6.45 | 6.33 | 9.64 | 6.46 | 7.55 | 3.51 | 7.5 | 3.55 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 5,751 | 5,749 | 5,861 | 7,518 | 9,111 | 5,976 | 6,099 | 6,130 | 6,282 | 6,703 | 7,234 | 8,280 | 8,608 |
| Expenses | 5,141 | 4,493 | 4,510 | 5,995 | 7,367 | 4,428 | 4,695 | 4,980 | 5,503 | 5,802 | 6,061 | 7,020 | 7,390 |
| Operating Profit | 610 | 1,256 | 1,352 | 1,522 | 1,744 | 1,548 | 1,403 | 1,150 | 779 | 901 | 1,173 | 1,260 | 1,218 |
| OPM % | 11% | 22% | 23% | 20% | 19% | 26% | 23% | 19% | 12% | 13% | 16% | 15% | 14% |
| Other Income | 86 | 4 | 19 | 36 | -249 | 225 | 263 | 8 | -9 | -76 | 416 | 7 | 15 |
| Interest | 368 | 371 | 341 | 284 | 220 | 200 | 184 | 145 | 188 | 272 | 240 | 212 | 217 |
| Depreciation | 288 | 347 | 291 | 415 | 371 | 340 | 349 | 382 | 554 | 382 | 369 | 440 | 470 |
| PBT | 40 | 542 | 738 | 859 | 904 | 1,233 | 1,133 | 630 | 28 | 170 | 981 | 614 | 546 |
| Tax % | 200% | 29% | 22% | 26% | 36% | 27% | 26% | 34% | 333% | 57% | 15% | 35% | — |
| Net Profit | -40 | 387 | 575 | 634 | 577 | 898 | 836 | 413 | -65 | 73 | 836 | 398 | 351 |
| EPS in Rs | -3.63 | 24.6 | 36.14 | 40.35 | 36.06 | 56.39 | 52.47 | 25.98 | -3.83 | 4.84 | 52.69 | 25.02 | 22.11 |
| Div. Payout % | -83% | 12% | 8% | 7% | 12% | 9% | 10% | 19% | -130% | 102% | 9% | 20% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 2,438 | 2,951 | 3,420 | 4,071 | 4,793 | 5,588 | 4,726 | 5,303 | 5,383 | 5,418 | 6,239 | 7,077 |
| Borrowings | 4,793 | 4,493 | 4,045 | 3,469 | 4,840 | 4,808 | 2,830 | 3,192 | 3,677 | 3,664 | 2,731 | 3,615 |
| Other Liabilities | 1,372 | 1,280 | 1,417 | 1,902 | 1,670 | 1,898 | 1,192 | 1,319 | 1,853 | 2,240 | 3,598 | 4,564 |
| Total Liabilities | 8,619 | 8,740 | 8,899 | 9,457 | 11,319 | 12,310 | 8,763 | 9,830 | 10,929 | 11,338 | 12,584 | 15,272 |
| Fixed Assets | 4,911 | 5,104 | 5,107 | 5,401 | 5,648 | 6,340 | 4,609 | 4,871 | 5,183 | 5,091 | 5,176 | 6,966 |
| CWIP | 597 | 611 | 684 | 671 | 901 | 768 | 897 | 1,090 | 1,562 | 2,103 | 3,630 | 4,040 |
| Investments | 40 | 85 | 103 | 124 | 115 | 69 | 241 | 239 | 256 | 42 | 44 | 61 |
| Other Assets | 3,071 | 2,939 | 3,006 | 3,262 | 4,654 | 5,133 | 3,017 | 3,631 | 3,928 | 4,101 | 3,735 | 4,205 |
| Total Assets | 8,619 | 8,740 | 8,899 | 9,457 | 11,319 | 12,310 | 8,763 | 9,830 | 10,929 | 11,338 | 12,584 | 15,272 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 783 | 1,099 | 1,268 | 1,303 | 1,122 | 1,543 | 1,784 | 838 | 661 | 971 | 1,072 | 1,227 |
| Investing | -362 | -309 | -465 | -614 | -1,018 | -267 | -727 | -323 | -474 | -596 | 512 | -1,143 |
| Financing | -503 | -843 | -686 | -901 | 657 | -1,050 | -1,709 | -33 | -157 | -432 | -1,453 | 95 |
| Net Cash Flow | -82 | -52 | 117 | -212 | 761 | 225 | -652 | 482 | 30 | -58 | 132 | 179 |
| Free Cash Flow | 434 | 760 | 806 | 819 | 473 | 975 | 1,270 | 241 | -135 | 83 | -38 | -120 |
| CFO/OP | 141 | 91 | 104 | 103 | 84 | 116 | 155 | 90 | 111 | 131 | 112 | 114 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 52 | 60 | 63 | 55 | 51 | 79 | 49 | 55 | 56 | 50 | 45 | 47 |
| Inventory Days | 169 | 207 | 223 | 177 | 147 | 463 | 268 | 308 | 268 | 220 | 178 | 170 |
| Days Payable | 99 | 106 | 137 | 145 | 106 | 273 | 124 | 139 | 160 | 146 | 158 | 170 |
| Cash Conversion Cycle | 122 | 162 | 149 | 87 | 92 | 268 | 194 | 224 | 165 | 124 | 65 | 47 |
| Working Capital Days | 12 | 4 | 50 | 45 | 45 | 62 | 74 | 56 | 57 | 56 | 16 | 13 |
| ROCE % | 6% | 13% | 15% | 15% | 16% | 15% | 12% | 10% | 3% | 7% | 10% | 9% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Jubilant Pharmova Ltd is an integrated global pharmaceuticals company having three business segments i.e. pharmaceuticals, contract research and development services and proprietary novel drugs.[1]
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