NSE: JBCHEPHARM · BSE: 506943
J B CHEMICALS AND PHARMA
Develops, manufactures, and sells branded pharmaceutical formulations in India and international markets, with a contract development and manufacturing (CDMO) arm serving major global OTC customers. The India branded formulations business is the largest stream at ₹2,461 cr in FY26 (branded formulations grew 11%), focused on chronic therapies where the business grew 19% against IPM growth of 14%. International formulations generated ₹1,154 cr in FY26 across 40+ countries, while the CDMO segment earned ₹445 cr. The company manufactures oral solids (58% of BRSR turnover mix), injectables, liquids, and medicated lozenges, and is among the top five global manufacturers of medicated lozenges. It runs 8 manufacturing plants in India, serves 28 states domestically plus 40+ countries, and exports contribute 35% of total turnover. Major cost items are materials at ₹912.44 cr (22% of revenue), employee costs at ₹772.7 cr (18.6%), and other operating expenses at ₹971.39 cr (23.4%). In January 2026, Torrent Pharmaceuticals acquired a controlling stake and the company was amalgamated into Torrent effective 8 July 2026, with JB Chemicals dissolved without being wound up. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. India branded formulations, International formulations, CDMO (Contract Development & Manufacturing). Branded pharmaceutical formulations with CDMO exposure; chronic-therapy weighted; merged into Torrent Pharmaceuticals effective 8 July 2026
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,424 | 3,149 | 3,484 | 3,918 | 4,148 |
| EBITDA (ex other income) | 543 | 696 | 897 | 1,032 | 1,080 |
| margin % | 22.4 | 22.1 | 25.7 | 26.3 | 26.0 |
| Owners' profit | 385 | 410 | (15) | 9 | 709 |
| EPS, as reported (₹) | 49.86 | 53.00 | 35.66 | 42.45 | 45.16 |
| ROE % · ROCE % | 18.1 · 22.9 | 16.5 · 19.7 | 18.9 · 25.5 | 19.2 · 24.7 | 17.1 · 21.9 |
| Debt / equity (x) | 0.01 | 0.22 | 0.12 | 0.00 | 0.00 |
| Cash from operations | 170 | 626 | 801 | 902 | 704 |
| Capex | (63) | (73) | (127) | (98) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,004 | 1,001 | 963 | 949 | 1,094 | 1,085 | 1,065 | 904 |
| Profit before tax | 240 | 237 | 218 | 193 | 272 | 279 | 267 | 135 |
| Net profit | 177 | 175 | 162 | 146 | 202 | 208 | 198 | 101 |
| EPS (₹) | 11.39 | 11.24 | 10.46 | 9.36 | 12.99 | 13.29 | 12.63 | 6.35 |
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 | 4,26,524 | 38.9 | 4.76 | 23.7 | 5.5 | 8.0 | 11.8 | 29.3 |
| DIVI S LABORATORIES LTD | 2,59,170 | 88.7 | 15.46 | 75.3 | 15.3 | 18.8 | 8.7 | 40.7 |
| TORRENT PHARMACEUTICALS L | 1,75,309 | 77.9 | 9.54 | 41.5 | 6.0 | 4.0 | 11.8 | 33.5 |
| LAURUS LABS LIMITED | 1,29,969 | 96.9 | 21.03 | 74.4 | 12.9 | 14.2 | 7.2 | 34.0 |
| ZYDUS LIFESCIENCES LTD | 1,24,301 | 27.8 | 4.20 | 15.9 | 17.3 | 18.0 | 12.4 | 24.1 |
| DR. REDDY S LABORATORIES | 1,12,892 | 40.2 | 2.89 | 18.2 | 3.4 | 4.2 | 12.1 | 19.9 |
| CIPLA LTD | 1,11,394 | 38.4 | 3.14 | 18.8 | 4.6 | 6.2 | 8.0 | 18.7 |
| MANKIND PHARMA LIMITED | 1,02,953 | 45.9 | 5.77 | 30.1 | 7.2 | 7.3 | — | 27.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 21.8 | 9.2 | 23 of 182 | 88% |
| ROE | 17.1 | 7.8 | 29 of 165 | 83% |
| Debt / Equity | 0.0 | 0.1 | 1 of 166 | 80% |
| EBITDA margin | 22.2 | 13.8 | 48 of 177 | 73% |
| Revenue growth | (4.8) | 17.1 | 127 of 161 | 21% |
| Profit growth | (30.4) | 27.3 | 117 of 158 | 26% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Jul 2026 · Trading in JB Chemicals shares suspended from July 17, 2026 due to amalgamation scheme | strategic transactions | high | — | — |
| 8 Jul 2026 · JB Chemicals amalgamated with Torrent Pharma, scheme effective 8 July 2026 | general | low | — | — |
| 8 Jul 2026 · JB Chemicals amalgamation with Torrent Pharma effective 8 July 2026 | strategic transactions | high | — | — |
| 7 Jul 2026 · Routine compliance certificate for Q1 FY27 dematerialization filed | compliance | minimal | — | — |
| 7 Jul 2026 · JB Chemicals fixes 17-Jul-2026 record date for Torrent Pharma merger | strategic transactions | high | — | — |
| 7 Jul 2026 · NCLT approves JB Chemicals and Pharmaceuticals amalgamation with Torrent Pharmaceuticals | general | low | — | — |
| 6 Jul 2026 · NCLT sanctions merger scheme with Torrent Pharmaceuticals | business updates | low | — | — |
| 1 Jul 2026 · Torrent Pharma declares no encumbrance on JB Chemicals shares in FY26 | ownership changes | low | — | — |
| 30 Jun 2026 · Trading window closed for insiders at JB Chemicals | compliance | minimal | — | — |
| 30 Jun 2026 · Two senior management personnel retire from JB Chemicals | management changes | medium | — | — |
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 |
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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.