NSE: JAGSNPHARM · BSE: 507789
JAGSONPAL PHARMACEUTICALS
Sells branded prescription pharmaceutical products in India across gynaecology, orthopaedics, dermatology and child-care, with a 40-plus-year track record and over 20 brands ranked in the top 5 of their molecule categories. Revenue is concentrated: the top 10 brands contribute 58-60% of sales and nine of those rank top-5 in their respective categories, while five brands rank #1 in their molecules. Growth comes from medical-representative (MR) productivity rather than field-force expansion — no new MRs are planned — with the portfolio shifting toward semi-chronic and specialty therapies. In June 2026 it acquired an 85% stake in Aequitas Healthcare for Rs 20.8 crore, adding a hospital-channel business that sold to 1,000-plus hospitals and 4,000-plus specialty doctors in FY26 (Rs 53 crore revenue). The biggest cost line is employees at 24.6% of revenue, reflecting the MR-heavy sales model; raw materials are only 5.6% of revenue. Capital returns are a feature of the model — FY26 included a Rs 40 crore buyback at a 44% premium and a 200% dividend (with a 75% special dividend component). AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Branded prescription pharmaceuticals, Hospital-channel pharma supplies. Asset-light branded pharma with an MR-driven sales model, top-brand concentration, and growing hospital-channel exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 226 | 237 | 209 | 269 | 287 |
| EBITDA (ex other income) | 26 | 31 | 23 | 71 | 56 |
| margin % | 11.4 | 13.0 | 11.1 | 26.3 | 19.5 |
| Owners' profit | 20 | 27 | 22 | 55 | 43 |
| EPS, as reported (₹) | 7.48 | 10.20 | 8.49 | 8.26 | 6.40 |
| ROE % · ROCE % | 15.0 · 20.6 | 16.8 · 21.0 | 12.0 · 15.5 | 23.1 · 28.1 | 15.6 · 20.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 6 | 40 | 35 | 55 | 47 |
| Capex | (0) | (0) | (0) | (0) | 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 | 75 | 74 | 59 | 76 | 74 | 73 | 64 | 82 |
| Profit before tax | 15 | 39 | 9 | 14 | 17 | 15 | 12 | 18 |
| Net profit | 11 | 32 | 7 | 11 | 13 | 11 | 9 | 13 |
| EPS (₹) | 4.29 | 4.74 | 0.98 | 1.60 | 1.88 | 1.67 | 1.25 | 2.00 |
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 | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 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) | 34.7 | 30.8 | 89 of 158 | 44% |
| P/B | 5.6 | 3.1 | 126 of 163 | 23% |
| ROCE | 19.9 | 10.8 | 35 of 183 | 81% |
| ROE | 15.6 | 9.8 | 43 of 166 | 75% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 24.4 | 17.5 | 57 of 165 | 66% |
| Revenue growth | 8.8 | 16.3 | 97 of 161 | 40% |
| Profit growth | 22.2 | 30.9 | 87 of 158 | 45% |
| Market cap | 1555 | 806 | 82 of 181 | 55% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Jagsonpal Q2 and H1 FY27: consolidated revenue rises 29% | compliance | low | — | — |
| 28 Oct 2026 · Q2 revenue up 29%; Aequitas and wellness deals broaden the business | compliance | low | — | — |
| 28 Oct 2026 · September 2026 quarter and half-year results; 85% hospital stake acquired | results | high | — | — |
| 28 Oct 2026 · Jagsonpal standalone Q2 and H1 FY27 revenue up about 9%; results approved | results | high | — | — |
| 21 Oct 2026 · Jagsonpal Pharma Q2 FY27 Earnings Call on October 29 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board to approve September 2026 quarterly results | results | low | — | — |
| 9 Oct 2026 · Routine RTA compliance certificate for July-September 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Jagsonpal completes acquisition of Group Pharma's Wellness Portfolio | strategic transactions | high | — | — |
| 30 Sept 2026 · IEPF share transfer notice and lost share certificate alert | compliance | minimal | — | — |
| 30 Sept 2026 · ESOP allotment of 101825 shares to employees | capital market events | low | — | — |
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.