Earnings Call Transcript
JUBLPHARMA · price
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Jubilant Pharmova reported Q4 FY2026 revenue of Rs.2,290 Crores (up 19% YoY) but EBITDA margin declined 272 basis points to 15.7% due to SPECT product supply shortage and under-absorption at CMO Montreal. Full year FY2026 revenue grew 14% to Rs.8,280 Crores with EBITDA of Rs.1,326 Crores (margin 15.9%). Management guided that FY2027 margins will be a story of two halves - H1 will face temporary pressure from $14 million revenue impact due to SPECT supply issues at Montreal, but margins are expected to strengthen in H2 as production stabilizes. Line 3 at Spokane has 10+ products (80% complex biologics) including one of the world's largest oncology products, with commercial production expected late FY2027 and peak revenue of $80-90 million. Montreal plant reported ~Rs.200 Crores loss in FY2026, with loss reduction expected in FY2028 and Line 5 revenue from FY2029. Net debt stands at Rs.1,952 Crore with commitment to achieve net debt zero by FY2030.
While near-term margin pressure is expected in H1 FY2027 due to Montreal supply constraints, the company is investing in high-value CDMO biologics capacity that should drive margin improvement from H2 FY2027 onwards. The debt reduction roadmap and capex cycle completion by FY2027 should improve return ratios.