BLUEJET

Blue Jet Healthcare share price & financials

Price
₹512.6
Market cap
₹11.2k Cr
Sector
Healthcare
Calls analysed
9
Latest concall · Q1 FY27 · call held 03 Aug 2026

Blue Jet Healthcare Limited Q1 FY27

Revenue from Operations ₹293 cr EBITDA ₹98 cr Operating EBITDA Margin 33.5% Gross Margin 53%

What went well

  • Strong start to FY27 with revenue from operations of INR293 crores, reflecting healthy sequential improvement.
  • Operating EBITDA margin expanded to 33.5% from 30.4% in the previous quarter, driven by operating leverage on higher sales.
  • PI vertical showed stronger performance due to normalization of customer inventory, reinforcing business momentum.

What to watch

  • Gross margin reduced by 3% to 53% over the previous quarter, primarily due to raw material price increases and product mix.
  • Contrast Media revenue declined by approximately 40% sequentially, impacted by transit delays and revenue recognition deferrals of INR30 crores to Q2 FY27.
Read the full call →

What Blue Jet Healthcare Limited does

Blue Jet Healthcare is a specialty pharmaceutical and healthcare-ingredient company operating as an integrated Contract Development and Manufacturing Organisation (CDMO). It earns by supplying key starting and advanced chemical intermediates to global contrast-media manufacturers (for X-ray/CT and MRI imaging agents), by developing and manufacturing saccharin and its salts for high-intensity sweetener customers, and by producing pharma intermediates and APIs for innovator and multinational generic pharmaceutical companies in chronic therapy areas. Its business model is built on long-standing, multi-year supply relationships (4-27 years with some of the largest contrast-media manufacturers) and in-house R&D-led process development that lets it forward-integrate into higher-value advanced intermediates.

Segments

  • Contrast Media Intermediates
  • High-Intensity Sweeteners
  • Pharma Intermediates & APIs
  • Others
Manufacturing facilities
3 facilities across Shahad, Ambernath and Mahad, Maharashtra
Reaction capacity (FY26)
1,175.60 KL across 3 facilities
Commercialized products (FY26)
51 products — 19 contrast media, 4 high-intensity sweeteners, 28 pharma intermediates & API
Customers
350+ globally
Global reach
Presence across 50+ countries
R&D team
75+ scientists, PhDs and organic-chemistry specialists at the BlueJet Advance Research Centre (BARC), Unit II Ambernath
Founded 1968 Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 4 delivered 4 missed 14 open
  • Gross Margin delivered said Q2 FY25 Promised: somewhere around 53% to 55% Q1 FY27: The reported gross margin for Q1 FY27 stood at 53%, which is within the guided range of 53% to 55%.
  • Annual EBITDA Margin went quiet said Q1 FY25 Promised: Sustain existing level (approx. 27-29%) Q1 FY27: Q1 Operating EBITDA margin was 33.5%. No new annual guidance provided. The FY26 target was missed.
  • Unit-3 Mahad CAPEX revised down said Q1 FY26 Promised: increase to about Rs. 300 crores Q1 FY27: We have invested already about INR210 crores on this project with a further INR40 crores committed in the next couple of months to complete this phase. This brings the total to INR 250 crores, a revision from the earlier INR 300 crores guidance.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 17.5%, net profit down 14.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue208 318 340 355 165 −21%192 −40%235 −31%293 −17%
EBITDA69 124 140 121 55 −20%47 −62%71 −49%98 −19%
Net profit58 99 110 91 52 −10%40 −60%64 −42%78 −14%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −18.6% 1Y

₹300₹400₹500₹600₹700Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 25 May 2026Q1 FY27 — 3 Aug 2026

1Y: ₹698.75 on 10 Sept 2025 → ₹568.55. High ₹716.95 (12 Sept 2025), low ₹327.25 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−5.9%
3 Aug
Q4 FY26
+9.1%
25 May
Q3 FY26
−10.0%
13 Feb
Q2 FY26
−10.0%
4 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.5% a year over 3 years, FY23 to FY26. Operating margin widened to 31.0%.

Year endingFY23FY24FY25FY26
Revenue₹721 Cr₹712 Cr₹1.0k Cr₹947 Cr
Operating profit₹219 Cr₹230 Cr₹377 Cr₹294 Cr
Operating margin30.4%32.3%36.6%31.0%
Interest₹0 Cr₹0 Cr₹0 Cr₹7 Cr
Depreciation₹25 Cr₹28 Cr₹18 Cr₹24 Cr
Net profit₹161 Cr₹164 Cr₹305 Cr₹247 Cr
Net margin22.3%23.0%29.6%26.1%
Cash from operations₹142 Cr₹241 Cr₹46 Cr₹334 Cr
Free cash flow₹83 Cr₹68 Cr₹-34 Cr₹115 Cr
ROCE35.0%30.0%40.0%26.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹35 Cr₹35 Cr₹35 Cr₹35 Cr₹35 Cr
Reserves₹330 Cr₹487 Cr₹647 Cr₹811 Cr₹1.2k Cr₹1.3k Cr
Borrowings₹52 Cr₹19 Cr₹5 Cr₹3 Cr₹21 Cr₹44 Cr
Other liabilities₹142 Cr₹173 Cr₹176 Cr₹211 Cr₹251 Cr₹238 Cr
Total liabilities₹534 Cr₹713 Cr₹862 Cr₹1.1k Cr₹1.5k Cr₹1.6k Cr
Fixed assets₹139 Cr₹156 Cr₹151 Cr₹172 Cr₹303 Cr₹316 Cr
Capital work in progress₹3 Cr₹3 Cr₹30 Cr₹147 Cr₹159 Cr₹301 Cr
Investments₹37 Cr₹94 Cr₹189 Cr₹250 Cr₹210 Cr₹252 Cr
Other assets₹355 Cr₹460 Cr₹491 Cr₹489 Cr₹855 Cr₹771 Cr
Total assets₹534 Cr₹713 Cr₹862 Cr₹1.1k Cr₹1.5k Cr₹1.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jul 2026

Since Jun 2025, promoters trimmed −12.85 pp while DIIs added +8.16 pp. The shareholder count grew 12% to 78,927.

Promoters
73.2%
FIIs
0.6%
DIIs
9.1%
Public
17.1%

Since Jun 2025

  • Promoters −12.85 pp
  • DIIs +8.16 pp
  • Public +6.03 pp

How it drifted, 12 quarters

Over this window promoters fell from 86.0% to 73.2% — −12.8 pp.

Dec '23Mar '25Jul '26

Ownership split by quarter, oldest first. Dec '23: Promoters 86.0%, FIIs 2.9%, DIIs 3.7%, Public 7.4%.Mar '24: Promoters 86.0%, FIIs 2.0%, DIIs 3.0%, Public 9.0%.Jun '24: Promoters 86.0%, FIIs 2.0%, DIIs 2.1%, Public 9.8%.Sep '24: Promoters 86.0%, FIIs 2.2%, DIIs 1.8%, Public 10.1%.Dec '24: Promoters 86.0%, FIIs 1.1%, DIIs 2.0%, Public 10.9%.Mar '25: Promoters 86.0%, FIIs 2.3%, DIIs 1.3%, Public 10.4%.Jun '25: Promoters 86.0%, FIIs 2.0%, DIIs 0.9%, Public 11.1%.Sep '25: Promoters 79.8%, FIIs 1.8%, DIIs 3.6%, Public 14.7%.Dec '25: Promoters 79.8%, FIIs 1.1%, DIIs 4.7%, Public 14.4%.Mar '26: Promoters 79.8%, FIIs 0.9%, DIIs 4.5%, Public 14.8%.Jun '26: Promoters 79.8%, FIIs 0.4%, DIIs 4.7%, Public 15.1%.Jul '26: Promoters 73.2%, FIIs 0.6%, DIIs 9.1%, Public 17.1%.

Who was buying across the market this quarter →

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jul 2026 filing

Every holder of Blue Jet Healthcare Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.

HolderStakeChange
Akshay Bansarilal Arora 57.55%−5.25 pp
Shiven Akshay Arora 10.04%−0.92 pp
Archana Akshay Arora 5.55%−0.50 pp
ICICI Prudential Pharma Healthcare And Diaganostics (P.H.D) Fund Mutual fund3.83%+2.72 pp
Shamyak Investment Private Limited 2.87%newly disclosed
Anisha Juneja 0.00%unchanged
Amit Dhawan 0.00%unchanged
Alka Rakesh Bakshi 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in BLUEJET

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.01 L shares (+1.0%).

Held by funds
₹8 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹5 Cr · 0.1% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹5 Cr+0.01 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹2 Cr+0.00 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +1,472 shares (+1.0%)

Funds are sitting on
-16%
vs est. average cost
Held by funds
₹8 Cr
5 schemes · ≈ 0.06% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹5 Cr · 0.1% of that fund

Shares held by these funds −86%

Oct '23 1.41 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹569, this stock must grow earnings at 30% every year for 7 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹274 — downside of 52%.

Growth the price implies
30.2% a year
for 7 years, fading to 4%
It has actually compounded at
15.3% a year
net profit, FY23–FY26 · EPS 15.8%
The gap
0.1 pp
-52% downside if it only repeats history
Price today ₹568.55 Value at the reference growth ₹273.73

Change the assumptions yourself →

All earnings calls (8)

Read the Q1 FY27 call →

Learn to analyse Blue Jet Healthcare Limited

Guides on how to read this kind of business and the numbers that matter.