Jubilant Pharmova Ltd(JUBLPHARMA)

NSE: JUBLPHARMABSE: 530019

₹ 938.5+0.29%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 14,949 crWebsite: www.jubl.comUpdated: 24 Oct 2026

About

Jubilant Pharmova Ltd is a global integrated pharmaceutical company with six businesses: Radiopharma, Allergy Immunotherapy, CDMO sterile injectables, CRDMO, Generics and Proprietary Novel Drugs. In FY26 it reported consolidated revenue of Rs 8,279.6 Cr. It has six manufacturing facilities and three R&D facilities across India, North America and Europe, and a global workforce of more than 5,500. It runs the second-largest radiopharmacy network in the US, and Radiopharma is its largest segment at 44.0% of FY26 revenue.^[1][2][3]

Business segments

Radiopharma: 44.0% of FY26 revenue (Rs 3,690.1 Cr), EBIT margin 9.8%. Covers Ruby-Fill® cardiac PET generators, SPECT products and a US radiopharmacy network.^[3]
CDMO Sterile Injectables: 21.6% of FY26 revenue (Rs 1,812.6 Cr), EBIT margin 11.4%. Sterile fill-and-finish manufacturing at Spokane (USA) and Montreal (Canada).^[3][1]
CRDMO: 15.1% of FY26 revenue (Rs 1,264.9 Cr), EBIT margin 9.8%. Combines drug discovery services with the API business, which was moved into Jubilant Biosys.^[3]
Allergy Immunotherapy: 9.5% of FY26 revenue (Rs 795.7 Cr), EBIT margin 34.1%, the highest margin of any segment.^[3]
Generics: 9.2% of FY26 revenue (Rs 773.5 Cr), EBIT margin 3.6%. 11 ANDAs secured since April 2024.^[3]

Products and portfolio

The company holds leadership positions in the radiopharmaceuticals MAA, DTPA, Sulphur Colloid and HICON I-131 (FY26).^[1]
Ruby-Fill® is the flagship cardiac PET generator. Its install base grew 35% in FY26, compared with 21% in FY25.^[4]
The radiopharmaceuticals pipeline has 7 PET and SPECT products, with a total addressable market of USD 535 Mn and peak sales potential of USD 140 Mn. Launches are targeted for FY28-FY29.^[4]
MIBG NDA filing is targeted for H2 FY27, with launch targeted by CY2027 and peak sales potential of USD 70-100 Mn.^[4]
The API portfolio has about 100 APIs, with leadership in Carbamazepine, Oxcarbazepine and Pinaverium. It serves 160+ customers in more than 50 countries (FY26).^[1]
Proprietary Novel Drugs: JBI-802 (Phase I/II) and JBI-778 (Phase I) are enrolling patients, according to the FY26 annual report.^[1]
The company is targeting a Japan launch of the alpha polymorph of Vortioxetine (FY26 annual report).^[1]

Operations and capacity

As of FY26, the company has three R&D facilities and six manufacturing facilities across India, North America and Europe, and a workforce of more than 5,500.^[1]
US radiopharmacy network (FY26): 45 radiopharmacies (42 SPECT, 3 PET) across 21 US states, delivering about 3 million patient doses a year.^[1]
Spokane CDMO: Lines 1 and 2 are operational. Line 3 was commissioned in Q2 FY26, and Spokane revenue rose 48% to Rs 1,714 Cr in FY26.^[4]
Montreal was temporarily shut in H2 FY26 to address FDA observations. SPECT supply from the Montreal CMO resumed in Q1 FY27.^[4]
Discovery centres: Bengaluru (~400 scientists) and Greater Noida (~750 scientists), per the FY26 annual report.^[1]
The Roorkee, Uttarakhand oral solid dosage plant sits on 5 acres and is inspected by the US FDA, PMDA, MHRA, TGA, WHO and ANVISA.^[1]
The Salisbury, Maryland solid dosage plant was closed, and US generics production moved to outsourced CMOs (FY26).^[1]

Key operating numbers

CDMO sterile injectables revenue grew 38% YoY to Rs 1,755 Cr in FY26. Spokane EBITDA grew 59% to Rs 463 Cr.^[4]
Generics revenue grew 13% YoY to Rs 774 Cr in FY26, and EBITDA margin rose from 3% to 11%.^[4]
Allergy Immunotherapy revenue grew 12% YoY to Rs 785 Cr in FY26, compared with 3% growth in FY25. EBITDA margin was 35%.^[4]
Drug Discovery revenue grew 15% to Rs 654 Cr in FY26. API revenue fell 3% to Rs 564 Cr.^[4]

Customers and distribution

The radiopharmacy network serves more than 1,800 US hospitals. It distributes Novartis's Pluvicto and Lantheus's PYLARIFY®.^[1]
The sterile injectables CDMO serves 5 of the top 20 global pharma companies. Its top 10 customers have been with it for over five years, and its repeat business rate is 92% (FY26).^[1]
CDMO sterile injectables products are distributed to more than 140 countries.^[1]
Jubilant Biosys serves 8 of the top 20 global pharma companies and has run more than 85 integrated drug discovery programs.^[1]
About 90% of Allergy Immunotherapy revenue comes from the US. Non-US markets, mainly Europe, led growth in FY26.^[4]

Expansion and capex

Spokane Line 4: technology transfer revenue to start in Q4 FY27 and commercial production by end of FY28. Lines 3 and 4 together have peak revenue potential of USD 160-180 Mn.^[4]
Montreal Line 5: USD 114 Mn capex, including a USD 35 Mn concessional Canadian government loan. Technology transfer revenue to start in FY29.^[4]
US PET network: expanding from 3 to 9 sites with a USD 50 Mn investment, to be fully operational by FY28.^[4]
Drug Discovery: USD 150 Mn capex to grow from ~1,000 to 4,000 FTEs by FY30.^[4]
A new CDMO project has been formally started at the Nanjangud site (FY26 annual report).^[1]
FY27 capex is expected to be similar to FY26's Rs 1,668 Cr.^[4]

Recent developments

8 Oct 2026: Announced a CAD 94.5 Mn investment to double RUBY-FILL® production capacity, with CAD 23.8 Mn from the Government of Canada.^[5]
1 Sep 2025: Completed the slump-sale transfer of the API business to subsidiary Jubilant Biosys.^[1]
H2 FY26: The Montreal shutdown caused an EBITDA loss of about Rs 200 Cr, including exceptional items.^[4]
Q3 FY26: Began distributing Pluvicto through the US radiopharmacy network.^[6]
The group had 38 subsidiaries as of March 31, 2026.^[1]
Vision 2030 targets reaffirmed in Q4 FY26: revenue of Rs 13,500 Cr by FY30, EBITDA margin of 23-25% and zero net debt.^[4]

Market Cap

₹14,949 Cr

High / Low

₹1,184 / 784

Stock P/E

42.1

Price / Book

2.1

Book Value

₹445

EPS

₹25.0

No. of Shares

15.93 Cr

ROCE

8.5%

ROE

6.0%

OPM

10.6%

Debt / Equity

0.45

Sales

₹8,280 Cr

Net Profit

₹398 Cr

Promoter holding

47.7%

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Jubilant Pharmova Ltd(JUBLPHARMA)

About

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Products and portfolio

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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