Jubilant Pharmova Limited (JUBLPHARMA)

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Jubilant Pharmova Limited (JUBLPHARMA) · mywealthgrid

About

Jubilant Pharmova operates in pharmaceuticals with consolidated quarterly revenue of ₹2,200+ Cr and a smaller standalone division. The mid-cap company (market cap ₹13,792 Cr) trades at a premium valuation (PE 39.17) relative to underlying capital returns (ROE 5.97%).

Face value: ₹1

Market cap

₹15,919 Cr

P/E

45.2×

P/B

2.2×

Dividend yield

ROE

ROCE

7.5%

Debt / equity

0.45

OPM

15.2%

EPS (TTM)

₹22.3

Book value

₹448.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Consolidated operating margins compressed sharply from 17.36% (Sep 2025) to 11.12% (Jun 2026); verify drivers of this erosion
ROE of 5.97% indicates weak capital efficiency despite mid-cap scale
Stock declined 21.53% over 1 year while company pays regular annual dividends; verify sustainability of dividend policy given weak returns
Standalone business shows profit volatility (₹6.4 Cr loss in Sep 2025 on ₹66.4 Cr revenue despite 17.77% reported OPM)

Generated analysis · source review pending

Growth drivers

Consolidated revenue plateau at ₹2,200–2,300 Cr quarterly (Sep 2025 to Jun 2026); verify whether this is organic/inorganic growth or flat
Standalone OPM range of 17.77%–20.63% shows cost discipline at ₹67 Cr quarterly scale; if this division grows, profit margins could expand
Quarterly consolidated net profit of ₹56–120 Cr generates cash for reinvestment; verify capital allocation to growth initiatives
Recurring annual dividends signal sustained cash generation; verify if retained earnings fund capacity expansion or product launches

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹999.3-4.7%1Y

Quick read

rule-based

Pros

+Dividend payout of 45.2% of profit

Cons

−Low return on equity of 7.3% (3-yr avg)
−Profit declined 13.8% a year over the last 5 years
−Modest revenue growth of 6.3% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

39/100

Business quality: 29
Growth: 38
Valuation: 49

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	5,893	6,006	7,465	9,111	9,154	6,099	6,059	6,282	6,703	7,235	8,280
COGS	2,117	2,000	2,869	3,522	3,141	1,536	1,488	1,878	2,141	2,317	2,644
Gross profit	3,776	4,007	4,596	5,589	6,014	4,563	4,571	4,404	4,562	4,918	5,635
	2,529	2,953	3,171	4,221	4,067	3,155	3,496	3,615	3,637	3,744	4,376
	1,247	1,054	1,425	1,368	1,947	1,408	1,075	789	925	1,173	1,260
OPM %	21.2%	17.6%	19.1%	15%	21.3%	23.1%	17.8%	12.6%	13.8%	16.2%	15.2%
Depreciation	347	—	415	—	462	349	382	554	382	369	440
Interest	371	341	284	220	287	184	145	188	272	240	212
	13	25	133	316	13	258	82	-18	-100	416	7
Profit before tax	542	738	859	904	1,211	1,133	630	28	171	981	614
Tax	155	163	225	327	312	297	217	93	98	144	217
Tax %	28.7%	22.1%	26.2%	36.2%	25.8%	26.2%	34.5%	333.6%	57.4%	14.7%	35.3%
	387	575	634	577	898	836	413	-65	73	836	398
PAT margin %	6.6%	9.6%	8.5%	6.3%	9.8%	13.7%	6.8%	-1%	1.1%	11.6%	4.8%
EPS (₹)	25.1	36.9	41.3	36.9	56.4	52.5	26	-3.8	4.9	53	25.2
EPS adjusted (₹)	25.4	37	40.7	36.1	56.4	52.5	26	-3.8	4.9	53.1	25.2
	12%	8.1%	7.3%	12.2%	8.9%	9.5%	19.2%	—	102.7%	9.4%	19.9%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	15	16	16	16	16	16	16	16	16	16	16
Reserves	2,510	3,420	4,071	4,793	5,588	4,726	5,303	5,383	5,418	6,239	7,077
Minority interest	—	—	—	0	—	0	—	—	—	—	3
	4,223	3,761	3,293	4,743	4,390	2,584	2,928	3,410	3,414	2,437	3,220
	1,787	1,844	2,238	1,917	2,528	1,593	1,745	2,347	2,701	4,065	5,208
Total equity & liabilities	8,536	9,041	9,618	11,469	12,522	8,918	9,991	11,157	11,549	12,756	15,523
	4,921	5,107	5,401	5,648	6,067	4,319	4,573	5,183	4,814	4,855	6,533
CWIP	198	211	300	492	264	278	292	773	1,252	2,715	2,962
Investments	114	103	124	115	69	241	239	256	42	44	61
	3,303	3,621	3,793	5,213	6,122	4,080	4,888	4,944	5,440	5,144	5,966
Total assets	8,536	9,041	9,618	11,469	12,522	8,918	9,991	11,157	11,549	12,756	15,523

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Radiopharma	3,690.1	359.9	3,679.2	1,239.4	2,439.8	14.75
Contract Development and Manufacturing Organisation - Sterile Injectables	1,812.6	206.3

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	61.3%	65.7%	74.8%	75.4%	70.1%	68.1%	68%	68.1%
EBITDA margin %	15%	21.3%	22.9%	17.9%	12.4%	13.4%	16.2%	15.2%
EBIT margin %	15%	16.2%	17.2%	11.6%	3.5%	7.7%	11.1%	9.9%
PAT margin %	6.3%	9.8%	13.7%	6.8%	-1%	1.1%	11.6%	4.8%
Working capital
Receivable days	51	52	49	56	56	50	45	47
Inventory days	147	214	268	308	268	220	178	170
Payable days	106	127	124	139	160	146	158	170
NWC days	92	139	194	224	165	124	65	47
Leverage
Current ratio	2.19	1.92	2.82	2.2	2.12	1.92	1.62	1.62
Debt to EBITDA	3.47	2.25	1.85	2.7	4.39	3.79	2.08	2.56
Debt to equity	0.99	0.78	0.54	0.55	0.63	0.63	0.39	0.45
Interest coverage	6.4	5.3	5.8	5.4	1.4	2.2	3.6	4.2
Asset turnover	0.79	0.73	0.68	0.61	0.56	0.58	0.57	0.53
Return ratios
Return on assets %	5%	7.2%	9.4%	4.1%	-0.6%	0.6%	6.6%	2.6%
Return on capital employed %	16.5%	15.9%	12%	9.7%	2.9%	6.2%	8.5%	7.5%
Return on equity %	12%	16%	17.6%	7.8%	-1.2%	1.3%	13.4%	5.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.68%	50.68%	50.68%	50.68%	50.68%	50.68%	50.68%	47.68%	47.68%	47.68%	47.68%	47.68%
	23.21%	20.29%	19.06%	19.49%	17.94%	16.96%	17.22%	17.4%	16.57%	15.96%	15.9%	15.87%
	1.65%	2.89%	3.78%	4.07%	5.66%	6.98%	7.05%	9.53%	10.52%	11.22%	11.62%	12.4%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.88%	25.56%	25.9%	25.18%	25.17%	24.83%	24.5%	24.84%	24.6%	24.57%	24.24%	23.5%
No. of shareholders	—	—	—	—	—	—	—	—	93,336	90,133	86,347	82,703

Promoter holding down 3 percentage points since Sep 2023.

4 disclosures

Person	Deal	Shares	Value	Holding	Filed
Jubilant Employees Welfare TrustOther	BuyMarket Purchase	11,319	₹1.22 cr	0.63% → 0.64%	1 Oct 20257(2)
Jubilant Employees Welfare TrustOther	BuyMarket Purchase	50,676	₹5.42 cr

31 deals · 25 Aug 2021 – 13 Jun 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
13 Jun 2025	JUBILANT ENPRO PRIVATE LIMITED	Bulk	NSE	Sell	21,16,000	₹1,060.00	₹224.30 Cr
13 Jun 2025	NIKITA RESOURCES PRIVATE LIMITED	Bulk	NSE	Sell	19,62,434	₹1,060.37	₹208.09 Cr
13 Jun 2025	KOTAK MAHINDRA MUTUAL FUND	Bulk	NSE	Buy	16,93,434	₹1,060.00	₹179.50 Cr
13 Jun 2025	KOTAK FUNDS - INDIA MIDCAP FUND	Bulk	NSE	Buy	15,93,500	₹1,060.00	₹168.91 Cr
18 Mar 2025	EAST BRIDGE CAPITAL MASTER FUND LIMITED	Block	NSE	Sell	6,23,585	₹856.25	₹53.39 Cr
18 Mar 2025	EAST BRIDGE CAPITAL MASTER FUND I LTD	Block	NSE	Buy	6,23,585	₹856.25	₹53.39 Cr
13 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,25,289	₹1,157.72	₹95.55 Cr
13 Sept 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,25,289	₹1,158.18	₹95.58 Cr
5 Aug 2024	EAST BRIDGE CAPITAL MASTER FUND LIMITED	Block	NSE	Sell	14,05,000	₹851.00	₹119.57 Cr
5 Aug 2024	EAST BRIDGE CAPITAL MASTER FUND I LTD	Block	NSE	Buy	14,05,000	₹851.00	₹119.57 Cr

1–10 of 31

1 / 4

Mr. Shyam Sunder BhartiaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Hari Shanker BhartiaNon-Executive - Non Independent Director
Mr. Sushil Kumar RoongtaNon-Executive - Independent Director
Mr. Vivek MehraNon-Executive - Independent Director
Mr. Arun SethNon-Executive - Independent Director
Mr. Shirish Gundopant BelapureNon-Executive - Independent Director
Mr. Priyavrat BhartiaExecutive Director-MD
Mr. Arjun Shanker BhartiaExecutive Director-MD
Ms. Shivpriya NandaNon-Executive - Independent Director
Mr. Harsh MahajanNon-Executive - Independent Director
Mr. Ashish MukkirwarChief Financial Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

1.96%

of the company's equity

All mutual funds

8.99%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

29 schemes · 10 fund houses

		Shares
Portfolio of Kotak Multi Cap FundNEW	Kotak Mahindra Mutual Fund	18.74 L	165.26	0.54%	1.176%	—
Portfolio of Kotak Special Opportunities Fund	Kotak Mahindra Mutual Fund	4.65 L	41.05	2.41%	0.292%	-17,570
Portfolio of Kotak Consumption Fund	Kotak Mahindra Mutual Fund	2.81 L	24.82	1.43%	0.177%	-0
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.28 L	11.32	0.32%	0.081%	+1,570
Portfolio of Kotak Healthcare Fund	Kotak Mahindra Mutual Fund	1 L	8.84	1.15%	0.063%	-0
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	65,232	5.75	0.32%	0.041%	+728
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	47,287	4.17	0.32%	0.03%	+429
INDIA PHARMA & HEALTHCARE FUND	Tata Mutual Fund	45,049	3.97	0.25%	0.028%	-91,087

1–8 of 29

1 / 4

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

32 announcementsExport CSV

29 Sept 2026, 5:10 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	61.3%	65.7%	74.8%	75.4%	70.1%	68.1%	68%	68.1%
EBITDA margin %	15%	21.3%	22.9%	17.9%	12.4%	13.4%	16.2%	15.2%
EBIT margin %	15%	16.2%	17.2%	11.6%	3.5%	7.7%	11.1%	9.9%
PAT margin %	6.3%	9.8%	13.7%	6.8%	-1%	1.1%	11.6%	4.8%
Working capital
Receivable days	51	52	49	56	56	50	45	47
Inventory days	147	214	268	308	268	220	178	170
Payable days	106	127	124	139	160	146	158	170
NWC days	92	139	194	224	165	124	65	47
Leverage
Current ratio	2.19	1.92	2.82	2.2	2.12	1.92	1.62	1.62
Debt to EBITDA	3.47	2.25	1.85	2.7	4.39	3.79	2.08	2.56
Debt to equity	0.99	0.78	0.54	0.55	0.63	0.63	0.39	0.45
Interest coverage	6.4	5.3	5.8	5.4	1.4	2.2	3.6	4.2
Asset turnover	0.79	0.73	0.68	0.61	0.56	0.58	0.57	0.53
Return ratios
Return on assets %	5%	7.2%	9.4%	4.1%	-0.6%	0.6%	6.6%	2.6%
Return on capital employed %	16.5%	15.9%	12%	9.7%	2.9%	6.2%	8.5%	7.5%
Return on equity %	12%	16%	17.6%	7.8%	-1.2%	1.3%	13.4%	5.6%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

Date	Category	Subject	Filing
29 Sept 2026, 5:10 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 6:46 pm	Company Update General	Specimen Letter Sent To Shareholders For Withheld Of Dividend For FY 2025-26	PDF
11 Sept 2026, 7:42 pm	Company Update General	Update On USFDA Spokane	PDF
1 Sept 2026, 12:42 pm	Company Update General	Receipt Of Show Cause Notice By Jubilant Pharmova Limited - GST	PDF
29 Aug 2026, 11:10 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
28 Aug 2026, 10:08 am	Company Update General	Receipt Of Show Cause Notice - Jubilant Generics Limited	PDF
26 Aug 2026, 8:07 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
26 Aug 2026, 8:05 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,099	1,268	1,303	1,122	1,543	1,482	838	661	971	1,072	1,227
	-313	-450	-618	-1,012	-327	721	-380	-544	-608	488	-1,260
	-843	-686	-901	657	-1,050	3,453	-33	-157	-433	-1,453	95
Net cash flow	-52	117	-212	761	225	5,656	425	-40	-69	107	62
Free cash flow	1,099	1,268	1,303	1,122	—	955	238	-154	74	-44	-222
CFO / Operating profit %	88.1%	120.4%	91.4%	82%	79.2%	106.2%	77.2%	85.1%	107.8%	91.3%	97.4%

Jubilant Pharmova Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

20

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Allergy Immunotherapy · revenue

Jubilant Pharmova Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Dividends20

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Allergy Immunotherapy · revenue

20

1