Jubilant Pharmova reported a 19% year-on-year increase in revenue to ₹2,290 Cr. for the quarter ended March 31, 2026. EBITDA for the quarter grew by 2% to ₹363 Cr., while Normalised PAT stood at ₹129 Cr. For the full financial year FY26, revenue increased by 14% to ₹8,280 Cr. and EBITDA rose by 8% to ₹1,326 Cr. Normalised PAT for the year grew by 7% to ₹442 Cr. The Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, on May 22, 2026. The company has submitted the copies of the published results to the stock exchanges on May 23, 2026.

Operational Performance and Outlook

The company witnessed a decline in EBITDA margins during the second half of the year, primarily attributed to the temporary shutdown of its CDMO Sterile Injectables facility in Montreal for remediation following FDA observations. Management anticipates that EBITDA margins will strengthen from H2 FY27 onwards, post the stabilisation of production at the Montreal facility. This improvement is expected to effectively offset higher depreciation costs and drive net profit growth.

Segmental Performance

Revenue growth was driven by strong performance across Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables, and Generics. The CDMO Sterile Injectables segment reported a 38% YoY revenue growth to ₹1,755 Cr. in FY26, supported by the ramp-up of the third line at the Spokane facility. However, EBITDA margins in the Radiopharma segment were impacted by lower production of certain SPECT products at the Montreal facility.

The following table summarises the key financial metrics for Q4 and FY26:

Strategic Developments

Jubilant Pharmova continues to invest in capacity expansion, including a proposed investment of US$ 50 million in its PET manufacturing network to expand from three to nine sites. The company also successfully completed the sale and transfer of its API business to Jubilant Biosys Limited to create a combined platform for end-to-end CRDMO services. Looking ahead, the company expects growth momentum to strengthen in FY27, with EBITDA margins expected to improve in the second half of the year.

Jubilant Pharmova Limited disclosed that its subsidiary, Jubilant Generics Limited (JGL), has received an order from the Income Tax Department regarding the assessment year FY23. The order, received on May 22, 2026, outlines tax adjustments amounting to ₹107.89 crore. These adjustments primarily stem from transfer pricing modifications which JGL claims were made ignoring the facts and contentions presented by the company.

Planned Legal Recourse

JGL has indicated that it is currently in the process of filing a necessary appeal against the order before the Commissioner of Income Tax (Appeals). Additionally, a separate application has already been filed before the Advance Pricing Authority covering the financial year under consideration. The subsidiary believes that once the adjudication or redressal process is completed, the impugned tax adjustments are likely to be deleted.

Financial Implications

According to the intimation, JGL does not anticipate any material financial implications resulting from the order. The company expects to secure relief from the relevant Appellate Authority or the Advance Pricing Authority. The specific financial impact detailed in the report relates to a reduction in Deferred Tax Assets.

The intimation was submitted to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The event occurred on May 22, 2026, at 8:42 AM IST.