Jubilant Pharmova unit gets ₹107.89 crore tax order for FY23

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.

Sr. No.	Brief details of Litigation	Name of the opposing party	Court/tribunal/ Agency where litigation is filed	Expected financial implications	Quantum of claims (in ₹ crores)
1	JGL received Order dated May 21, 2026 for FY 23 making tax adjustments of ₹107.89 crores primarily arising out transfer pricing adjustments.	Income Tax Department	Appeal shall be filed before Commissioner of Income Tax (Appeals).	JGL expects to get relief and does not anticipate any material financial implications.	Reduction in Deferred Tax Assets to the extent of ₹37.70 crores

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.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-2.19%	-2.43%	+4.21%	-9.43%	-12.15%	+16.57%

Jubilant Pharmova has approved the re-appointment of its top leadership for a further term of three years. The Board of Directors approved the re-appointment of Mr. Priyavrat Bhartia as Managing Director and Mr. Arjun Shanker Bhartia as Joint Managing Director. The decision was taken during a board meeting held on May 22, 2026.

The re-appointments are effective from June 1, 2026, and are subject to the approval of the shareholders. The recommendations were based on the advice of the Nomination, Remuneration & Compensation Committee. Both directors were previously re-designated to their current roles in June 2023.

Re-appointment Details

The company disclosed the specific terms regarding the re-appointments in a regulatory filing. The table below outlines the key particulars for both directors.

Particulars	Re-appointment of Mr. Priyavrat Bhartia	Re-appointment of Mr. Arjun Shanker Bhartia
Designation	Managing Director	Joint Managing Director
Date of Appointment	June 1, 2026	June 1, 2026
Term	3 years	3 years
Relationship	Son of Mr. Shyam Sunder Bhartia, Chairman	Son of Mr. Hari Shanker Bhartia, Co-Chairman

Director Profiles

Mr. Priyavrat Bhartia, 49 years old, possesses around 29 years of industry experience. He holds a Bachelor's Degree in Economics from Dartmouth College, USA, and a Master's in Business Administration from Stanford University, USA. He has served on the board since May 2017.

Mr. Arjun Shanker Bhartia, aged 39, is a graduate of Brown University, USA. He began his career as an Associate Consultant with Bain & Company and has been associated with Jubilant Pharmova Limited since May 2017. The board expressed confidence that the company will benefit significantly from their leadership and strategic contributions.