Blue Jet Healthcare Ltd(BLUEJET)

NSE: BLUEJETBSE: 544009

₹ 474.4-2.83%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 8,979 crWebsite: www.bluejethealthcare.comUpdated: 24 Oct 2026

About

Blue Jet Healthcare Ltd is an Indian specialty pharmaceutical CDMO focused on contrast media intermediates (CMI), pharma intermediates & API, and high-intensity sweeteners, operating from manufacturing sites at Mahad and Ambernath. In FY26 the company reported revenue of Rs 947.32 cr. It describes itself as the largest Indian exporter by volume of a contrast intermediate, with a market share of more than 75%, and supplies GE Healthcare, Guerbet and Bracco.^[1][2][3]

Business segments

Reports a single segment covering contrast media, sweetener and pharma intermediates/APIs; total revenue of Rs 1024.73 cr in FY25.^[3]
Contrast Media Intermediates (CMI): Rs 495 cr revenue in FY26, up 23% YoY, vs Rs 403.89 cr in FY25; supplies iodinated and gadolinium-based intermediates to global contrast agent makers.^[1][3]
Pharma Intermediates and APIs: Rs 462.21 cr revenue in FY25.^[3]
High-Intensity Sweeteners: Rs 131 cr revenue in FY26, down 2% YoY, vs Rs 133.51 cr in FY25; facing pricing pressure from imports.^[1][3]

Products and portfolio

Flagship product is an iodinated contrast media intermediate; a second iodinated CM intermediate (iodinated ABA HCL) began commercial dispatch in July 2025 with higher per-kg realisation.^[4]
Gadolinium-based NCE contrast media intermediate added as a new product; offtake contributed to FY26 CMI revenue growth.^[1]
Bempedoic acid cardiovascular intermediate is the dominant PI/API product, supplied into the innovator's network for the US, Europe and Japan.^[5]
A new high-intensity sweetener with a global market of ~$1 bn has been approved by an anchor customer; meaningful volumes depend on the Vizag facility.^[4]
Peptide fragments and GLP-1 intermediates are an emerging area; lab-scale supplies to innovators and peptide CDMOs began as of Q4 FY26.^[1]
CDMO pipeline as of Q3 FY26: ~20 active RFPs, of which 6 are high-conviction Phase-3 programs (including 2 GLP-1 candidates and 1 CM NCE).^[6]

Operations and capacity

Manufacturing sites at Mahad (Units 1, 2, 3) and Ambernath in Maharashtra; Unit-3 Mahad hosts the backward-integration project for a key CMI raw material.^[4]
Contrast media plant utilisation ran at ~70% in Q1 FY27; annualised utilisation across facilities was ~60 - 65% in FY26.^[5]
70% of power consumption is sourced from wind and solar; received the CII National Award for Excellence in Energy Management.^[6]
Fixed asset turnover was 3.75x in FY26; ROCE was 24.9% in FY26.^[5]

Key operating numbers

Gross margin: 54% in FY26 vs 55% in FY25; 53% in Q1 FY27, down ~3 pp QoQ, partly due to raw-material inflation from March 2026.^[1]
Goods-in-transit at Q1 FY27 close were ~Rs 30 cr above the opening balance, deferring that revenue to Q2 FY27.^[5]

Customers and markets

Supplies contrast media intermediates to GE Healthcare, Guerbet and Bracco, with relationships of 6 to 26 years (FY25).^[3]
Revenue by geography in FY25: France Rs 434.19 cr, Norway Rs 348.81 cr, India Rs 132.3 cr.^[3]
Trial quantities shipped to a new Japanese customer in advanced CMI in Q4 FY26.^[1]
PI/API order-book visibility guided for the next 3 - 4 quarters as of Q1 FY27.^[5]
Two commercial-stage CDMO lateral-entry opportunities in chronic therapy were in advanced talks as of Q1 FY27; an announcement was expected in Q2 FY27.^[5]

Expansion and capex

Mahad Unit-3 backward integration: Rs 210 cr invested as of Q1 FY27, Rs 40 cr more to complete; commercial contribution expected H2 FY27.^[5]
Vizag greenfield (103-acre site): Phase-1 capex ~Rs 1,000 cr over 3 years for CM, finishing block, sweetener and peptide cluster; commercialisation targeted FY29 - FY30.^[5]
FY27 capex revised down to ~Rs 250 cr from ~Rs 400 cr; total 3-year capex for Vizag, Mahad and Ambernath remains ~Rs 1,000 cr.^[5]
Hyderabad R&D centre (57,240 sq ft, Rs 40 cr) became operational in August 2026; focus on peptides, GLP-1 intermediates, biocatalysts and flow synthesis.^[5]
3 new contrast media intermediate candidates targeted for FY27 launch.^[5]

Recent developments

FY26 annual report seeks re-appointment of the promoter Executive Chairman and promoter MD for five years, Apr 13, 2027 to Apr 12, 2032.^[7]
QIP completed: 1,58,10,276 shares allotted at Rs 506 per share, raising Rs 800 cr.^[5]
Vizag groundbreaking completed in February 2026 (Q4 FY26).^[1]
Raw-material price inflation across inputs from March 2026; pass-through to customers assessed case by case.^[5]
Two NCE opportunities in oncology/CNS expected to fructify in FY27 - FY28 with initial clinical-scale quantities.^[5]

Market Cap

₹8,979 Cr

High / Low

₹688 / 325

Stock P/E

35.0

Price / Book

6.0

Book Value

₹78

EPS

₹14.3

No. of Shares

17.35 Cr

ROCE

26.6%

ROE

19.9%

OPM

33.3%

Debt / Equity

0.00

Sales

₹947 Cr

Net Profit

₹248 Cr

Promoter holding

73.2%

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