Jubilant Pharmova Q2 Results: Net profit falls as sterile injectables, radiopharma earnings decline

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Jubilant Pharmova Q2 Results: Net profit falls as sterile injectables, radiopharma earnings decline
- Published OnNov 13, 2026 | 20:28 IST
- Last Updated OnNov 13, 2026 | 23:25 IST
Steep margin contractions in sterile injectables dragged down quarterly profitability despite solid top-line growth across major pharmaceutical segments. Find out how management plans to revive earnings in the upcoming quarters.
Jubilant Pharmova Ltd on Friday (November 13) reported a 74.1% year-on-year decline in consolidated net profit to ₹31.2 crore for the second quarter of FY27, compared with ₹120.3 crore in the corresponding period last year.
Revenue from operations rose 20.5% to ₹2,370 crore from ₹1,966.4 crore a year earlier.
Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 29.3% to ₹241 crore from ₹341 crore. The EBITDA margin contracted to 10.2% from 17.4% in the year-ago quarter.
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Among its business segments, Radiopharma revenue rose to ₹1,009.3 crore from ₹897.1 crore, while Allergy Immunotherapy revenue increased to ₹229.5 crore from ₹194 crore. Contract Development and Manufacturing Organisation (CDMO) – Sterile Injectables revenue grew to ₹559.6 crore from ₹411.5 crore.
Contract Research, Development and Manufacturing Organisation revenue stood at ₹344.8 crore, compared with ₹312.5 crore, while Generics revenue increased to ₹274.1 crore from ₹167 crore.
Segment results before tax, exceptional items and interest for Radiopharma declined to ₹69.8 crore from ₹95.5 crore. Allergy Immunotherapy segment results fell to ₹65.7 crore from ₹74.9 crore, while CDMO – Sterile Injectables reported a loss of ₹4.2 crore against a profit of ₹71 crore in the year-ago quarter.
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Contract Research, Development and Manufacturing Organisation segment results rose to ₹20 crore from ₹29 crore, while Generics reported a profit of ₹5.1 crore against a loss of ₹3.1 crore.
For the half year ended September 30, 2026, revenue from operations increased to ₹4,599.4 crore from ₹3,867.1 crore. Profit attributable to owners of the company stood at ₹87.7 crore, compared with ₹223.2 crore in the corresponding period last year.
Drug Discovery business
Jubilant Pharmova’s Drug Discovery business reported an 11% year-on-year increase in revenue to ₹180 crore in Q2 FY27, while EBITDA rose 8% to ₹36 crore.
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The company expects competitive intensity to increase in the large-pharma customer segment in the near term, while demand conditions in the biotech segment are expected to improve. Over the medium term, it expects healthy revenue growth and steady margins.
API Business
In the Active Pharmaceutical Ingredients (API) business, revenue grew 2% to ₹140 crore during the quarter, while EBITDA stood at ₹14 crore. EBITDA margins declined year-on-year due to industry-wide pricing pressure and higher raw material costs following the West Asia conflict.
The company is working to improve its revenue mix towards more profitable products and implement cost optimisation programmes. It expects custom manufacturing to drive the revenue mix and capacity utilisation going forward.
The Generics business reported 64% year-on-year revenue growth to ₹274 crore in Q2 FY27, while EBITDA increased 46% to ₹20 crore. The company is preparing to launch multiple products in FY27 to drive revenue growth and profitability.
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Shyam S Bhartia, Chairman, Jubilant Pharmova Limited and Hari S Bhartia, Co-Chairman & Non-Executive Director, Jubilant Pharmova, said, “We are pleased to announce revenue of ₹2,370 crore for Q2’FY27, which reflects a solid growth of 21% on a YoY basis.
Revenue growth is broad-based across all our business segments, but particularly strong in CDMO Sterile Injectables on the back of technology transfer revenues from the new and third line. EBITDA for the quarter stands at ₹255 crore.
EBITDA margins declined year-on-year, primarily due to the unavailability of high-margin SPECT radiopharmaceutical products in the Radiopharmaceuticals business. Additionally, margins were impacted by higher operating expenses, including incremental remediation costs at the CMO Montreal facility. Reported PAT for the period stands at ₹31 crore. PAT margins decreased due to lower operating profitability and an increase in depreciation."
Shares of Jubilant Pharmova Ltd ended at ₹965.90, down by ₹16.25, or 1.65%, on the BSE.

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