Jagsonpal Pharmaceuticals Ltd(JAGSNPHARM)

NSE: JAGSNPHARMBSE: 507789

₹ 213+1.19%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,407 crNext results: 28 Oct 2026Website: www.jagsonpal.comUpdated: 24 Oct 2026

About

Jagsonpal Pharmaceuticals Ltd is an Indian branded pharmaceutical company focused on gynaecology, orthopaedics and dermatology. It has 75+ brands, makes its products through contract manufacturers, and sells through a sales force of over 1,000 people who reach about 50,000 doctors. It reported FY26 revenue of ₹287.23 crore. It ranks #8 in the corporate covered-market (CVM) segment per CMARC RPM, and ranked #88 in the Indian pharmaceutical market by Pharmarack secondary sales as of Q1 FY27.^[1][2]

Business and therapy mix

Pharmaceuticals is the company's only reporting segment, per the FY26 annual report.^[1]
Gynaecology was about 50% of business, orthopaedics about 25% and dermatology about 10-15% as of Q4 FY26, with other therapies making up the rest.^[3]
Acute therapies were 35-40% of the portfolio as of Q3 FY26 and semi-chronic therapies the rest. Management is shifting the mix toward semi-chronic and specialty treatments.^[4]
Medicines on the NLEM (India's list of essential medicines, which carries price controls) were 8% of the portfolio in FY26. The FY26 annual report names NLEM inclusion as a pricing risk.^[3][1]

Brands and portfolio

The company has 75+ brands as of FY26, and 9 of them rank among the top 5 in their molecule categories.^[1]
The top 10 brands made up 58% of revenue in FY26.^[1]
Indocap became the company's first ₹50 crore brand (FY26 annual report).^[1]
Key gynaecology brands include Maintane, Endoreg, Relufem, Doxypal DR-L, Queezy-ER, Divatrone/SR and Cycloreg. Dermatology brands include the Eukroma range, Pru, Sunkroma, Lulyera XL and the KTC group.^[1]
Maintane Injection had moving annual turnover of ₹34 crore as of MAT June 2026, up 43% YoY.^[5]
The company launched 6 new products and 3 brand extensions in FY26. The FY27 plan targets about 9-10 launches in total.^[3]

Operations

The company has no manufacturing plant of its own. Its products are made by contract manufacturers that meet WHO-GMP and ISO 9001:2015 standards (FY26).^[1]
Its locations are a registered office in New Delhi, a corporate office in Gurugram, a branch in Mumbai and a warehouse in Ghaziabad (FY26).^[1]
The company is moving from depots to a C&FA (carrying and forwarding agent) model; 15 C&FA units were operational as of FY25.^[6]

Key operating numbers

Pharmarack secondary sales grew 18.9% in Q1 FY27 vs 11.6% for the Indian pharmaceutical market (IPM), and the company's rank improved by 4 places to #88.^[5]
Pharmarack secondary sales grew 12.2% in FY26 vs 8.6% for the IPM. In Q4 FY26 growth was 14.2% vs 10.5% for the IPM.^[1][3]
In FY26 the company had 2% volume growth and 6.5-7% price growth per Pharmarack, vs about 1% volume and about 5% price for the IPM.^[3]
Gross margin was 65.2% in Q1 FY27 (up 80 bps YoY), vs 63.7% for FY26.^[5]
The power brand portfolio grew 19% in Q1 FY27 vs market growth of 16%.^[5]
Endoreg grew 31% and PRU grew 27% in Q4 FY26.^[3]

Customers and distribution

A sales force of 1,000+ medical representatives engages about 50,000 doctors (FY26).^[1]
Products are sold mainly through stockists and institutional buyers (FY26).^[1]
Subsidiary Aequitas Healthcare covers 1,000+ hospitals and 4,000+ specialty doctors with 49 hospital sales executives, giving the company entry into hospitals (Q1 FY27).^[5]
The target for medical-representative productivity is above ₹2,50,000 per person per month across verticals, as of Q1 FY27.^[5]

Acquisitions and expansion plans

The company bought an 85% stake in Aequitas Healthcare in Q1 FY27 for ₹20.8 crore (enterprise value about ₹25 crore). Aequitas had FY26 revenue of ₹53.3 crore.^[5]
Aequitas is targeted to reach ₹100 crore revenue within 2.5 years (by FY28-29) and ₹10 crore+ EBITDA by FY28.^[5]
Core brands (Indocap, Endoreg, Maintane, Eukroma, KTC) are targeted to enter the formularies of hospitals in the Aequitas network within 1-2 years (by FY28).^[5]
Yash Pharma, acquired earlier, is among the fastest-growing businesses in the portfolio. Its margins, about half of Jagsonpal's at acquisition, had come up to company levels by Q3 FY26.^[4]

Recent developments

The acquisition of Group Pharmaceuticals' Wellness Portfolio took effect on October 1, 2026: ₹23.7 crore upfront plus an earn-out of up to ₹23 crore (capped at ₹46.7 crore in total). The portfolio had FY26 turnover of ₹24.6 crore.^[7][8]
The company completed a ₹40 crore share buyback in May 2026. It was subscribed 3.67x at about a 40% premium to the market price, and it came alongside a 200% dividend that included a 75% special dividend.^[1][5]
Cash was ₹170 crore as of Q1 FY27, after the buyback and the Aequitas acquisition.^[5]
A 'lean and green' productivity programme was rolled out company-wide in Q1 FY27, aiming for more output from the existing sales headcount.^[5]
More than 50 employees were granted stock options, and the company launched the ASCEND leadership programme with SIES (FY26).^[1]
A COO (Amrut Medhekar) and a CFO (Nirav Vora) were appointed in Q2 FY26.^[9]

Market Cap

₹1,407 Cr

High / Low

₹265 / 155

Stock P/E

31.1

Price / Book

5.2

Book Value

₹41

EPS

₹6.4

No. of Shares

6.7 Cr

ROCE

22.8%

ROE

16.7%

OPM

20.3%

Debt / Equity

0.00

Sales

₹287 Cr

Net Profit

₹43 Cr

Promoter holding

68.8%

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