NSE: BLUEJET · BSE: 544009
BLUE JET HEALTHCARE LTD
Manufactures specialty chemicals and pharmaceutical intermediates for global pharmaceutical customers across three verticals. The contrast media vertical supplies gadolinium and iodinated contrast media intermediates to formulation customers; FY26 revenue grew 23% YoY on new product launches, with Q4 alone surging 91% YoY to INR 193 crore. PI/API revenue fell 35% YoY to INR 298 crore as customers worked through inventory, but management says destocking is complete and FY27 should exceed the FY25 peak of ~INR 460 crore. A third vertical in high-intensity sweeteners is under validation, with trial shipments expected over coming quarters. Manufacturing runs from Ambernath and Mahad; Mahad Unit 3 backward integration for a contrast media raw material begins production in H2 FY27 to improve margins via supply chain self-reliance. New capacity at Vizag (a multi-year greenfield project) and a peptide-focused R&D centre in Hyderabad are being added; raw materials account for 41% of revenue and the company closed FY26 debt-free with INR 400 crore in liquid assets. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Contrast media intermediates, Pharmaceutical Intermediates / APIs and CDMO, High-intensity sweeteners. Specialty chemicals and pharmaceutical intermediates; investment-heavy expansion phase with multiple greenfield and R&D projects
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 712 | 1,030 | 947 |
| EBITDA (ex other income) | 219 | 378 | 294 |
| margin % | 30.8 | 36.7 | 31.0 |
| Owners' profit | 164 | 305 | 248 |
| EPS, as reported (₹) | 9.44 | 17.59 | 14.29 |
| ROE % · ROCE % | 19.4 · 25.8 | 26.9 · 35.0 | 18.2 · 24.0 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 241 | 46 | 334 |
| Capex | (173) | (80) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 208 | 318 | 340 | 355 | 165 | 192 | 235 | 293 |
| Profit before tax | 77 | 132 | 147 | 123 | 69 | 54 | 87 | 106 |
| Net profit | 58 | 99 | 110 | 91 | 52 | 40 | 64 | 78 |
| EPS (₹) | 3.36 | 5.71 | 6.35 | 5.26 | 3.01 | 2.32 | 3.71 | 4.51 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 36.8 | 30.1 | 97 of 158 | 39% |
| P/B | 6.3 | 3.0 | 135 of 163 | 17% |
| ROCE | 23.5 | 10.8 | 19 of 183 | 90% |
| ROE | 18.2 | 9.8 | 26 of 166 | 85% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 38.7 | 17.5 | 11 of 165 | 94% |
| Revenue growth | (17.4) | 16.3 | 138 of 161 | 14% |
| Profit growth | (14.2) | 30.9 | 115 of 158 | 27% |
| Market cap | 8639 | 810 | 45 of 181 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · Routine compliance certificate filed with exchanges for Jul-Sep 2026 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window Closure for Insiders Ahead of Q2 Results | compliance | minimal | — | — |
| 22 Sept 2026 · AGM results: all 6 resolutions passed, Re.1.20 dividend declared | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Blue Jet Healthcare 58th AGM proceedings; six resolutions tabled | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Intimation of 58th AGM newspaper publication and e-voting details | compliance | minimal | — | — |
| 18 Aug 2026 · Blue Jet Healthcare files BRSR for FY26 with TUV India assurance | compliance | medium | — | — |
| 18 Aug 2026 · AGM Sept 21, 2026: Dividend Rs 1.20, Director and Auditor Re-appointments | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Blue Jet Healthcare files 58th AGM newspaper notice | compliance | minimal | — | — |
| 7 Aug 2026 · Blue Jet Healthcare Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 4 Aug 2026 · Blue Jet Healthcare publishes Q1 FY27 unaudited results in newspapers | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.