Pharma stocks · Large cap · NSE
Blue Jet Healthcare is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products with a CDMO approach. It commercializes 51 products across Contrast Media Intermediates, High Intensity Sweeteners, and Pharma Intermediates & API, operating 3 facilities with 1,175.60 KL reaction capacity.
SMA20 -6.2% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Adjusted completed-session prices, rebased to 100
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue -17.5% · PAT -14.3% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev -17% YoY · PAT -14% YoY · margin compression · +25% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹293 Cr | -17.5% | +24.7% |
| EBITDA | ₹98 Cr | -19.0% | +38.0% |
| Operating margin | 33.0% | -100 bps | +300 bps |
| PAT | ₹78 Cr | -14.3% | +21.9% |
| PAT margin | 26.6% | +99 bps | -61 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 21/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term uptrend intact. RSI 30.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
Q4 FY26 revenue rose 22% QoQ to Rs 2,347 mn, with EBITDA up 52% to Rs 713 mn (30% margin) driven by higher advanced contrast media sales. However, YoY, Q4 revenue fell 31% and EBITDA 49% due to negligible sales of one PI molecule and customer inventory normalization. FY26 revenue declined 8% YoY.
Q4 FY26 saw strong sequential recovery in revenue and margins, primarily from contrast media. However, the significant YoY decline in Q4 and FY26, driven by the PI & API segment's "negligible sales" of a molecule and inventory normalization, indicates underlying stress. Management expects normalization, but execution is key.
Latest issuer-disclosed distribution across 3 reported categories.
The increase in Revenue from Operations during current quarter is due to higher sales of Advance Contrast media.
Company continues to forward integrate into more advanced intermediates for Contrast Media, aiming for higher realization and profitability.
Leveraging long-standing customer relationships to continue entering adjacencies in the pharma intermediate and API category.
Increased propensity to outsource manufacturing of intermediates & APIs enables asset light model and provides cost advantages and supply chain efficiencies.
Vizag Project ground-breaking ceremony completed and project activities have commenced.
R&D Centre Hyderabad civil construction commenced, expected to be completed on or before September 2026.
Company strategy includes building additional production capacity to keep in step with the envisaged increase in customer demands.
Higher sales of Advance Contrast media drove the increase in Q4 FY26 revenue from operations.
Gross Margin for Q4 FY26 was higher due to favourable product mix and higher sales of Contrast media intermediates.
Pharma Intermediate [PI] de-stocking and inventory normalization completed by customer.
The global Medical Imaging Market is projected to grow at a CAGR of 6.4% from 2024-2029F.
Q4 FY26 YoY revenue decreased by 31% due to negligible sales of one of our molecules in the PI vertical.
Revenue performance reflects timing-related order phasing in select PI accounts, along with customer-side inventory normalization.
FY26 EBITDA Margin decreased from 37% to 31% primarily due to an increase in certain operating costs coupled with lower sales volumes.
Company has 4 to 27 years of relationship with 3 of the largest contrast media manufacturers in the world, indicating customer concentration.
Negligible sales of one molecule in the PI vertical led to a significant YoY decline in Q4 FY26 revenue and EBITDA.
The global Contrast Media industry is highly concentrated and dominated by multi-national corporations, collectively holding ~75% of global sales.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess sequential momentum and the recovery in the Contrast Media business and margins. YoY comparison is essential to understand the impact of the PI & API segment's decline and the overall annual performance against the previous year's base.
Gross Margin for Q4 FY26 was at 56%, higher compared to Q3 FY26 (52%), mainly driven by favourable product mix and higher sales of Contrast media intermediates. FY26 Gross Margin was 54% vs FY25 at 55%.
EBIDTA Margin stands at 30% for Q4 FY26, higher due to improved gross margin, lower employee cost, and operating leverage. FY26 EBITDA Margin decreased from 37% to 31% YoY due to increased operating costs and lower sales volumes.
R&D Centre Hyderabad civil construction commenced, expected to be completed on or before September 2026. Hiring of Key Resources has been initiated.
Received USFDA Establishment Inspection Report of Blue Circle Organics Private Limited for Unit II. Company develops advanced intermediates for NCEs under trials for US-FDA approvals.
Management maintains strong visibility on underlying demand and expects normalization to reflect in upcoming quarters for the PI vertical.
Robust revenues are expected, backed by orders from the Pharma Intermediate segment in the coming quarters.
The R&D Centre Hyderabad civil construction is expected to be completed on or before September 2026.
Management plans to build additional production capacity to keep pace with envisaged increases in customer demands.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PI & API Segment Revenue | Q4 FY26 revenue decreased 90.5% YoY. | Normalization and robust revenue growth in coming quarters as per management expectations. |
| Vizag Project Progress | Ground-breaking completed, project activities commenced. | Timely execution and commissioning updates for the new facility. |
| R&D Centre Hyderabad | Civil construction commenced. | Completion on or before September 2026 and successful hiring of key resources. |
| Advanced Contrast Media Sales | Higher sales drove Q4 FY26 QoQ revenue growth. | Continued strong growth and successful conversion of trial orders from new customers (e.g., Japanese customer). |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
The company will add another 1,000 KL capacity in the next 2-3 years.
"will add another 1,000 KL capacity"
The backward integration facility in Mahad is on track for commissioning by H2 FY '26.
"facility is on track for commissioning by H2 of FY '26"
Phase-I of the Vizag site, including 4 blocks for Contrast Media, high-intensity Sweetener, and multipurpose new chemistries, will be completed by FY '28.
"by FY '28, we will complete Phase-I"
Commercial scale production of the new iodinated intermediate is expected in Q4 of this financial year.
"iodinated intermediate is expected to go commercial in Q4"
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 33rd percentile within Pharma. Main check: results consistency is weak at 5/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Pharma: 33rd pctile, median 70 · Large: 23rd pctile, median 73
58 documents have extracted text, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
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