Transcript of Earnings Call with Analyst/Investor on Financial Results for quarter and financial year ended March, 2026
BLUEJET · price
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Blue Jet Healthcare reported FY26 revenue of INR 947 crores, down 8% YoY, impacted by PI/API destocking. Contrast media segment was a bright spot with FY26 revenue of INR 495 crores, up 23% YoY, and Q4 saw strong recovery at INR 193 crores (up 91% YoY). The PI/API segment declined 35% to INR 298 crores due to customer inventory normalization, but management expects recovery above FY25 peak levels in FY27 as destocking is complete. EBITDA margin contracted to 31% from 37% due to lower volumes, while PAT margin remained healthy at 26%. The company remains debt-free with INR 400 crores cash. Key capex plans include INR 1,000 crores for Vizag greenfield over 3 years and INR 40 crores for Hyderabad R&D center (going live H2 FY27). Management guided for double-digit growth in contrast media for FY27 with 3-4 new product launches expected.
The mixed performance reflects near-term challenges in the PI/API business being offset by strong contrast media momentum. The company is in heavy investment mode with major capex planned for Vizag and R&D, positioning for medium-term growth but facing margin pressure from geopolitical cost headwinds. FY27 visibility appears improving with confirmed order flow in PI and new launches in contrast media.