Blue Jet Healthcare , a leading pharmaceutical company, has reported mixed financial results for the second quarter and first half of fiscal year 2026. While the company experienced a decline in revenue, it maintained strong margins and showed growth in profitability.

Financial Highlights

Despite a 21% year-on-year decrease in Q2 revenue, Blue Jet Healthcare demonstrated resilience with a 14% increase in EBITDA and maintained a robust EBITDA margin of 36.00%.

Segment Performance

Contrast Media

The Contrast Media business recorded revenues of ₹81.00 crores in Q2, down 17% quarter-on-quarter. However, H1 revenues remained consistent with the previous year at ₹178.00 crores. The company cited increased transit times, from 35-40 days to 60 days, due to geopolitical reasons as a factor affecting revenue recognition.

Pharma Intermediates and API

This segment reported Q2 revenue of ₹42.00 crores, down 80% quarter-on-quarter. However, H1 revenue showed impressive growth, increasing by 113% year-on-year to ₹255.00 crores.

Operational Updates

Blue Jet Healthcare has commenced groundwork on its 103-acre Vizag site, with Phase-I targeting capacity for contrast media and artificial sweeteners. The company's Mahad backward integration facility remains on track for commissioning by H2 FY26.

Financial Position

The company maintains a debt-free status with a robust cash position of ₹341.00 crores, demonstrating strong financial health and the ability to fund future growth initiatives.

Management Commentary

During the earnings call, Managing Director Shiven Arora stated, "Our strategic priorities, portfolio diversifications, capacity-led growth, and disciplined execution continue to deliver tangible results, despite transient fluctuation in quarterly revenues."

Future Outlook

Blue Jet Healthcare remains optimistic about its growth prospects, particularly in the Contrast Media and Pharma Intermediates segments. The company is tracking multiple RFPs, including high-conviction Phase-III leads in the chronic space, indicating potential for future growth.

While the company faces short-term challenges such as extended transit times and inventory destocking, management remains confident in the long-term growth trajectory, supported by capacity expansions and a strong order book.

Investors and analysts will be closely watching Blue Jet Healthcare's performance in the coming quarters, particularly the ramp-up of new capacities and the commercialization of new products in the pipeline.

Blue Jet Healthcare , a manufacturer of artificial sweeteners, contrast media intermediates, pharma intermediates, and APIs used in pharmaceutical and healthcare products, has reported mixed financial results for the second quarter of fiscal year 2026 (Q2FY26).

Q2FY26 Financial Highlights

• Revenue from operations: Rs. 1,655.00 million, down 53% from Rs. 3,548.00 million in Q1FY26
• EBITDA: Rs. 549.00 million with a 33% margin
• PAT (Profit After Tax): Rs. 521.00 million with a 32% margin

The significant revenue decline was primarily attributed to lower sales in the pharmaceutical intermediates segment due to channel inventory de-stocking.

H1FY26 Performance

Despite the Q2 decline, the company reported strong half-year results:

• H1FY26 revenue: Rs. 5,202.00 million, up 40% year-on-year from Rs. 3,712.00 million in H1FY25
• EBITDA: Increased 55% to Rs. 1,759.00 million
• PAT: Grew 49% to Rs. 1,433.00 million

Operational Highlights

• Launched a new iodinated contrast media intermediate
• Reported robust growth in the MRI segment contrast media
• Cash and treasury investments increased to Rs. 3,413.00 million as of September 30, 2025
• Acquired 102 acres of land near Vizag for Rs. 42.00 crores
• Incurred capex investment of over Rs. 82.00 crores during April-September 2025

About Blue Jet Healthcare

Blue Jet Healthcare Limited specializes in manufacturing artificial sweeteners, contrast media intermediates, pharma intermediates, and APIs for pharmaceutical and healthcare products. As of September 30, 2025, the company does not have any subsidiaries, associates, or joint ventures.

The company faces challenges in the current quarter, but its strong half-year performance and strategic investments indicate its efforts to navigate market conditions.