Blue Jet Healthcare

BlueJet Healthcare reported quarterly results for Q2 and H1 FY26. EBITDA for Q2 was Rs. 601 million at 36% margin, up 14% year-on-year, while H1 EBITDA stood at Rs. 1,820 million at 35% margin, up 41% year-on-year. PAT for Q2 was Rs. 432 million and Rs. 1,342 million for H1, representing 36% year-on-year growth. Revenue from operations for Q2 was Rs. 165 crores, down 54% sequentially and 21% year-on-year. Contrast Media business recorded revenues of Rs. 81 crores in Q2, down 17% quarter-on-quarter, with H1 revenues at Rs. 178 crores consistent with previous year. The company cited increased transit times from 35-40 days to 60 days due to geopolitical reasons, resulting in higher goods in transit. Pharma Intermediates and API segment reported Q2 revenue of Rs. 42 crores, down 80% quarter-on-quarter, though H1 revenue grew 113% year-on-year to Rs. 255 crores. The company commenced groundwork on its 103-acre Vizag site with Phase-I targeting capacity for contrast media and artificial sweeteners. The Mahad backward integration facility remains on track for commissioning by H2 FY26. BlueJet maintains debt-free status with robust cash position of Rs. 341 crores.

Blue Jet Healthcare management stated they do not provide specific financial guidance or predictions. During analyst interactions, the company emphasized having good visibility into future demand but prefers to avoid making specific forecasts. Management directed analysts to examine historical trends and aggregated numbers instead of seeking specific performance predictions.

BlueJet Healthcare reported revenue from operations of Rs. 1,655 mn in Q2FY26, down 53% from Q1FY26's Rs. 3,548 mn. EBITDA stood at Rs. 549 mn with 33% margin, while PAT was Rs. 521 mn with 32% margin. The revenue decline was attributed to lower sales in pharmaceutical intermediates segment due to channel inventory de-stocking. However, half-year results showed strong performance with H1FY26 revenue at Rs. 5,202 mn, up 40% year-on-year from Rs. 3,712 mn in H1FY25. EBITDA increased 55% to Rs. 1,759 mn and PAT grew 49% to Rs. 1,433 mn. The company launched a new iodinated contrast media intermediate and reported robust growth in MRI segment contrast media. Cash and treasury investments increased to Rs. 3,413 mn as of September 30, 2025. The company acquired 102 acres of land near Vizag for Rs. 42 crores and incurred capex investment of over Rs. 82 crores during April-September 2025.