Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 14 Oct - ICRA assigned [ICRA]AA+ (Stable) rating to proposed ₹1,400 crore non-convertible debentures.
Source: Bse
Jubilant Pharmova Limited (JUBLPHARMA)
Large CapPharma stocks · Large cap · NSE
Jubilant Pharmova is an integrated global pharmaceutical company with businesses in Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables, CRDMO, Generics, and Proprietary Novel Drugs. It operates 45 radiopharmacies in the US and serves top global innovators with a team of 5,500 people.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals15 Oct 2026 · screener
Latest result16 Aug, 12:35 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
66BullishSMA20 +5.0% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
JUBLPHARMAD candles · FIT view-1.0%Latest close ₹935.80 on 2026-10-19
Bar
+0.5%
RSI
39
MACD hist
-9.95
52W pos
38%
2026-10-19O ₹931.60H ₹948.40L ₹931.50C ₹935.80Vol 80,672 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
JUBLPHARMANifty PharmaNifty 500
- JUBLPHARMA
- -8.6%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -3.0 pp
Chart stats
19 Oct 2026- From 52W high
- -21.0%
- 52W range position
- 38%
- ATR (14)
- 3.7%
- Volume vs 20D
- 0.24x
- Avg traded value
- ₹32.4 Cr
- 20D price channel
- ₹908 - ₹1,091.9
₹1,184.8
₹786.1 - ₹1,184.8
₹34.3
Latest completed session
20-session average
24.6% annualized volatility
Research snapshot
What the evidence says now
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.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +17.3% · PAT -45.1% YoY
Technical
Bullish66
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1190.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -45% YoY · margin compression · Rev +17% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,229 Cr | +17.3% | -2.7% |
| EBITDA | ₹248 Cr | -14.5% | -26.8% |
| Operating margin | 11.0% | -400 bps | -400 bps |
| PAT | ₹56 Cr | -45.1% | -52.9% |
| PAT margin | 2.5% | -286 bps | -269 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 38.50
- P/B
- 2.11
- EV/EBITDA
- 11.00
- Market Cap
- 14957.00Cr
Profitability
- ROE
- 6.53%
- ROCE
- 8.99%
- ROA
- 2.30%
- Dividend Y
- 0.53%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -13.00%
- Revenue 3Y
- 10.00%
- EPS 3Y
- 47.00%
Balance Sheet
- Debt/Equity
- 0.51
- Interest Coverage
- 5.61×
- Altman Z
- 2.74
- Book Value
- 445.00
Cash Flow
- FCF Yield
- 0.56%
- FCF Positive Y
- 12/5
- OCF
- 1227.00 Cr
- EPS TTM
- 22.11
Shareholding
- Promoter Hold
- 47.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 264+14.3% vs prev
Net Profit
₹ CrLatest: 63.0+231.6% vs prev
Return on Equity
%Latest: 394+231.6% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~4.7% over last month) — short-term momentum positive.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 21% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
46
RS percentile
Stage 1 Base / Transition
1M return
-12.2%
3M return
-8.6%
6M return
+0.8%
1Y return
-16.6%
RS 1D
+2
RS 20D
-17
Sector rank
#1
Industry rank
#12
Stage evidence
- Price is within 1.6% of the 30-week proxy.
- The 30-week proxy changed +2.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 92.46+0.73%
RS vs Nifty 50092
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation3/30
Growth4/25
Quality0/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1190.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 3/30; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
38.5
PB
2.1
EV/EBITDA
11.0
ROE
6.5%
ROCE
9.0%
FCF Yield
0.6%
Debt/Equity
0.5
MoS
-1190.2%
Score movement
Stored run vs live recompute
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1190.2%
Previous: -1190.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
23
23
23
23
24
24
24
24
24
24
24
24
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹470.51
-98.9% MoS
Growth-justified P/E
3.3
Growth-justified Value
₹72.52
-1190.2% MoS
PEG
—
Comparable companies
Peers
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ONESOURCE
Large
Onesource Specialty Pharma Limited
Healthcare Services
match 171
26
310.0
0.5%
-632%
OVERVALUED
VIJAYA
Large
Vijaya Diagnostic Centre Limited
Healthcare Services
match 166
43
76.2
18.3%
-67%
WATCHLIST
RAINBOW
Large
Rainbow Childrens Medicare Limited
Healthcare Services
match 164
49
44.5
15.9%
+2%
FAIR VALUE
MARKSANS
Micro
Marksans Pharma Limited
Healthcare Services
match 163
53
27.3
15.2%
+41%
FAIR VALUE
SUDEEPPHRM
Micro
Sudeep Pharma Limited
Healthcare Services
match 162
49
65.4
25.2%
-32%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T17:59:26.445Z
Management commentary snapshot
FY26 revenue grew 14% YoY to Rs. 8,280 Cr, driven by CDMO Sterile Injectables. EBITDA grew 8% YoY to Rs. 1,326 Cr, but margins declined due to temporary production issues at the Montreal facility. Normalised PAT increased 7% YoY.
The company's strategy of investing in specialty products and services, particularly CDMO Sterile Injectables and Radiopharma, is yielding revenue growth. However, operational challenges at the Montreal facility are temporarily compressing margins. Management's plan for margin recovery from H2'FY27 and ongoing capacity expansions are critical for thesis validation.
Current business mix
Revenue by Business Segment (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Radiopharma45.0%
CDMO - SI21.0%
CRDMO15.0%
Generics9.0%
Allergy Immunotherapy9.0%
Growth engines
CDMO Sterile Injectables (Spokane Line 3)
Achieved one of the fastest revenue ramp-ups in the industry, onboarding a world's largest oncology product.
Radiopharma (Ruby-Fill®)
Install base grew 35% in FY26, demonstrating superior value proposition and increasing EBITDA margins.
PET Manufacturing Network Expansion
US$50 million investment to expand from 3 to 9 sites by FY28, strongly positioning the network for future growth.
Generics Business Turnaround
Delivered strong growth (13% YoY) and double-digit operating profitability (EBITDA margin up 7.2 percentage points) in FY26.
Capacity and execution
CDMO Sterile Injectables - Spokane Line 3
Launched in Q2'FY26, successfully ramping up technology transfer revenues. Commercial batch production expected late FY27.
CDMO Sterile Injectables - Spokane Line 4
Installation on track, expected to start generating technology transfer revenues by Q4'FY27.
CDMO Sterile Injectables - Montreal Line 5
New isolator-based fill-and-finish line under construction, expected to generate revenues from FY29 onwards.
Radiopharmacy - PET Manufacturing Network
Proposed investment of US$50 million to expand from 3 to 9 sites in the US by FY28.
Tailwinds
CDMO Demand-Supply Gap
Global CDMO-SI market demand-supply gap is widening, with a projected 700 Mn vials by 2027.
Innovator Shift to US Manufacturing
Large innovator pharma companies are increasingly seeking high-quality, US-based manufacturing due to new US tariffs.
US Radiopharmaceutical Market Growth
Driven by new PET imaging products and advanced therapies, with multiple billion-dollar M&A deals in the sector.
Biosecure Act Advantage
India is uniquely positioned to benefit from friendshoring, with rising interest in specialized technologies like ADCs in CRDMO.
Headwinds
Montreal Facility Production Issues
Temporary shutdown of CDMO Sterile Injectables facility in Montreal for remediation, impacting Radiopharma SPECT production and overall EBITDA margins.
API Pricing Pressure
Industry-wide pricing pressure continues to affect the API business, leading to decreased revenue and EBITDA margins in FY26.
Increased Competitive Intensity (Drug Discovery)
Management expects competitive intensity to increase in the large-pharma customer segment in the short term.
Risk radar
Regulatory Compliance & Production Disruption
Temporary shutdown of Montreal facility due to FDA observations highlights the risk of regulatory non-compliance impacting production and financial performance.
Execution Risk of Capacity Expansion
Timely commissioning, FDA approvals, and successful ramp-up of new lines (Spokane Line 3/4, Montreal Line 5, PET facilities) are critical for future growth.
Sustained Pricing Pressure
Continued industry-wide pricing pressure, particularly in the API and potentially Generics segments, could hinder profitability and revenue growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is essential for assessing overall financial health and annual trends across seasonal pharma segments. QoQ is crucial for monitoring sequential momentum, especially for the ramp-up of new CDMO lines and the recovery of the Montreal facility.
Sector KPIs management disclosed
Domestic Formulations Growth
Generics business revenue grew 13% YoY in FY26.
US/Export Growth
US market constitutes 80% of FY26 revenue. CDMO Sterile Injectables (Spokane) revenue grew 48% YoY in FY26.
Launch Pipeline
Radiopharma plans 7 new PET/SPECT products from FY28-FY29. Generics launched 4 new products in the US in FY26.
Approvals
Commercial batch production for Spokane Line 3 expected late FY27, subject to FDA approval. MIBG NDA filing expected by H2'FY27.
Management forward view
Vision 2030 Targets
Aims to double revenues to Rs. 13,500 Cr, achieve 23-25% EBITDA margin, and zero net debt by FY30.
EBITDA Margin Recovery
Expects EBITDA margins to strengthen from H2'FY27 onwards, post stabilization of production at the Montreal facility.
Strategic Partnerships for Growth
Announced a strategic partnership with Pierre Fabre to expand CRDMO footprint in Europe for biologics (mAbs) and Antibody-Drug Conjugates (ADCs).
Operational Efficiency Initiatives
Combined drug discovery and API businesses into "Jubilant Biosys" to improve operational efficiency and enhance brand recall for end-to-end CRDMO services.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Montreal Facility Production Stabilization | Temporary shutdown, under-absorption of costs. | Resumption of commercial batch production in Q1'FY27 and normalization of revenue/EBITDA from H2'FY27. |
| Spokane Line 3 Commercial Batch Production | Ramping up technology transfer programs. | Commencement of commercial batch production in late FY27 and progress towards full utilization. |
| PET Manufacturing Network Expansion | Investment underway to expand from 3 to 9 sites. | Timely commissioning of new facilities by FY28 and associated revenue ramp-up. |
| API Custom Manufacturing Mix | Revenue mix shifting towards profitable products. | Increase in custom manufacturing revenue mix in FY27 to drive utilization and improve margins. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
66Limited evidence · low confidenceTrust Lite
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 49th percentile of the scored universe and 36th percentile within Pharma. Main check: results consistency is weak at 39/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
80 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Pharma: 36th pctile, median 70 · Large: 26th pctile, median 73
Evidence depth
Financial-only
80 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
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.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
52
watch · capital discipline
Results
39
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.6%.
- ▸12 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.5%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Jubilant Pharmova Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Raising of Funds 12 Oct - Board approved NCD issuance up to ₹800 crore and seek approval for ₹2,500 crore debt limit.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Aug - Newspaper Publication - Relodgement and KYC Updation
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Jul - Newspaper publication - Dispatch of Postal Ballot
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Jul
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Company Ir
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 23 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.