JBCHEPHARM
JB Chemicals & Pharmaceuticals share price & financials
- Price
- ₹2,408.9
- Market cap
- ₹38.7k Cr
- Sector
- Healthcare
- Calls analysed
- 7
J B Chemicals & Q4 FY26
What went well
- Adjusted EBITDA margin improved by 2% to 27% in Q4 FY26 compared to 25% in the previous year.
- Gross margin improved to 70% in Q4 FY26 from 66% in the corresponding quarter of the previous year.
- India branded business grew 8% in Q4 FY26 and 11% for FY26, outperforming the IPM growth of 10%.
What to watch
- Revenue registered a de-growth of 5% to INR 904 crores in Q4 FY26 due to an operational reset.
- International formulations business reported a de-growth of 9% to INR 259 crores in Q4 FY26.
What JB Chemicals & Pharmaceuticals Limited does
J.B. Chemicals & Pharmaceuticals Limited (JB Pharma), established in 1976, is an India-based pharmaceutical company that develops, manufactures and markets branded formulations, with particular strength in the hypertension and broader cardiovascular segment. It earns through four lines of business — domestic formulations, international formulations, contract development and manufacturing (CDMO), and active pharmaceutical ingredients (API) — selling in India and, outside India, through direct front-end operations and distributor partnerships across regulated and semi-regulated markets, with Russia and South Africa as established home markets alongside a direct presence in the UAE and the Philippines. The company also ranks among the world's top five manufacturers of medicated and herbal lozenges. Its India-based manufacturing network produces a wide range of dosage forms — tablets, capsules, liquids, injectables, lozenges, ointments, gels and creams — across facilities holding multiple global regulatory accreditations, and its domestic formulations business is driven by a therapy-focused field force.
Segments
- Domestic Formulations
- International Formulations
- CDMO
- API
- Manufacturing facilities
- 8 (India)
- Markets of presence
- 40+ regulated and semi-regulated markets via direct operations and distributors
- Global regulatory accreditations
- 25+
- Dosage forms produced
- 10
- India sales team (medical reps & supervisors)
- 2,600+
- Brands ranked among India's Top 300 (IPM)
- 6
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 2 delivered 4 missed 3 open- Operating EBITDA Margin delivered said Q4 FY25 Promised: 27% to 29% for FY26 Q4 FY26: Achieved a full-year FY26 adjusted EBITDA margin of 28.1%, which falls within the guided range of 27-29%.
- CDMO Quarterly Run Rate missed said Q4 FY25 Promised: INR150 crore every quarter for FY26 Q4 FY26: Full year FY26 CDMO revenue was INR 445 crore, an average of INR 111.25 crore per quarter, missing the original INR 150 crore target and the revised INR 115-120 crore guidance.
- India Business Growth open said Q4 FY26 Promised: Double-digit or low teens growth in a couple of quarters Q4 FY26: Management guided that achieving double-digit or low teens growth in the India business would take a couple of quarters, following the operational reset.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue down 7.2%, net profit down 35.3% against the same quarter last year.
| Line item | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 952 | 956 | 914 | 901 | 1,040 +9% | 1,023 +7% | 991 +8% | 836 −7% |
| EBITDA | 273 | 268 | 245 | 231 | 293 +7% | 298 +11% | 270 +10% | 195 −16% |
| Net profit | 173 | 173 | 156 | 150 | 198 +14% | 200 +16% | 179 +15% | 97 −35% |
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 +46.0% 1Y
1Y: ₹1,650.1 on 15 Jul 2025 → ₹2,408.9. High ₹2,506 (15 Jul 2026), low ₹1,650.1 (15 Jul 2025).
How the price took the results
close before → close after
- Q4 FY26
- −3.5%
- 12 May
- Q3 FY26
- +1.2%
- 19 Jan
- Q1 FY26
- −0.7%
- 31 Jul
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 8.0% a year over 3 years, FY23 to FY26. Operating margin widened to 27.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹3.1k Cr | ₹3.3k Cr | ₹3.7k Cr | ₹3.9k Cr |
| Operating profit | ₹694 Cr | ₹880 Cr | ₹1.0k Cr | ₹1.1k Cr |
| Operating margin | 22.5% | 26.7% | 27.3% | 27.1% |
| Interest | ₹34 Cr | ₹40 Cr | ₹9 Cr | ₹5 Cr |
| Depreciation | ₹113 Cr | ₹136 Cr | ₹166 Cr | ₹177 Cr |
| Net profit | ₹411 Cr | ₹544 Cr | ₹652 Cr | ₹674 Cr |
| Net margin | 13.3% | 16.5% | 17.5% | 17.3% |
| ROCE | 22.0% | 24.0% | 26.0% | 25.0% |
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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹15 Cr | ₹15 Cr | ₹15 Cr | ₹16 Cr | ₹16 Cr | ₹16 Cr |
| Reserves | ₹1.8k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.9k Cr | ₹3.8k Cr | ₹4.0k Cr |
| Borrowings | ₹39 Cr | ₹52 Cr | ₹547 Cr | ₹359 Cr | ₹19 Cr | ₹3 Cr |
| Other liabilities | ₹355 Cr | ₹382 Cr | ₹480 Cr | ₹668 Cr | ₹887 Cr | ₹783 Cr |
| Total liabilities | ₹2.2k Cr | ₹2.5k Cr | ₹3.5k Cr | ₹3.9k Cr | ₹4.7k Cr | ₹4.8k Cr |
| Fixed assets | ₹565 Cr | ₹1.2k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.0k Cr | ₹1.8k Cr |
| Capital work in progress | ₹26 Cr | ₹19 Cr | ₹55 Cr | ₹76 Cr | ₹32 Cr | ₹74 Cr |
| Investments | ₹811 Cr | ₹146 Cr | ₹339 Cr | ₹531 Cr | ₹519 Cr | ₹908 Cr |
| Other assets | ₹799 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹2.2k Cr | ₹2.0k Cr |
| Total assets | ₹2.2k Cr | ₹2.5k Cr | ₹3.5k Cr | ₹3.9k Cr | ₹4.7k Cr | ₹4.8k 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 Mar 2026
Since Mar 2025, DIIs added +2.67 pp while FIIs trimmed −1.97 pp. The shareholder count grew 16% to 74,043.
- Promoters
- 48.8%
- FIIs
- 16.3%
- DIIs
- 21.4%
- Public
- 13.5%
Since Mar 2025
- DIIs +2.67 pp
- FIIs −1.97 pp
- Public −1.65 pp
How it drifted, 12 quarters
Over this window FIIs went from 9.5% to 16.3% — +6.8 pp.
Ownership split by quarter, oldest first. Jun '23: Promoters 53.9%, FIIs 9.5%, DIIs 18.6%, Public 17.9%.Sep '23: Promoters 53.9%, FIIs 10.1%, DIIs 18.6%, Public 17.5%.Dec '23: Promoters 53.8%, FIIs 10.3%, DIIs 18.5%, Public 17.3%.Mar '24: Promoters 53.8%, FIIs 11.1%, DIIs 18.4%, Government 0.0%, Public 16.8%.Jun '24: Promoters 53.8%, FIIs 12.2%, DIIs 17.6%, Public 16.4%.Sep '24: Promoters 53.7%, FIIs 13.6%, DIIs 16.8%, Government 0.0%, Public 15.8%.Dec '24: Promoters 53.7%, FIIs 14.6%, DIIs 16.4%, Public 15.3%.Mar '25: Promoters 47.8%, FIIs 18.3%, DIIs 18.7%, Public 15.1%.Jun '25: Promoters 47.7%, FIIs 17.8%, DIIs 19.6%, Public 14.9%.Sep '25: Promoters 47.6%, FIIs 15.3%, DIIs 22.8%, Public 14.3%.Dec '25: Promoters 47.5%, FIIs 14.9%, DIIs 23.4%, Public 14.2%.Mar '26: Promoters 48.8%, FIIs 16.3%, DIIs 21.4%, Public 13.5%.
Who bought this quarter
since Dec 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Torrent Pharmaceuticals Limited newly disclosed 48.80% held
- Smallcap World Fund, Inc Global fund house newly disclosed 1.30% held
- Zao Torrent Pharma newly disclosed 0.00% held
- Torrent Pharma GmbH newly disclosed 0.00% held
- Laboratories Torrent Malaysia Sdn. Bhd. newly disclosed 0.00% held
- Torrent Pharmaceuticals Chile SpA newly disclosed 0.00% held
- Torrent Pharma Inc. newly disclosed 0.00% held
- Curatio Inc. newly disclosed 0.00% held
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of JB Chemicals & Pharmaceuticals Limited above SEBI's 1% disclosure line, and what changed since Dec 2025.
| Holder | Stake | Change |
|---|---|---|
| Torrent Pharmaceuticals Limited | 48.80% | newly disclosed |
| Kotak Midcap Fund Mutual fund | 4.40% | −0.20 pp |
| Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund | 3.81% | unchanged |
| Canara Robeco Mutual Fund A/C Canara Robeco Large And Mid Cap Fund Mutual fund | 2.17% | unchanged |
| Government Pension Fund Global Sovereign | 1.84% | unchanged |
| Nippon Life India Trustee Ltd- A/C Nippon India Vi Mutual fund | 1.60% | −0.72 pp |
| Smallcap World Fund, Inc Global fund house | 1.30% | newly disclosed |
| Franklin India Small Cap Fund Mutual fund | 1.26% | −0.47 pp |
| Zao Torrent Pharma | 0.00% | newly disclosed |
| Torrent Pharma GmbH | 0.00% | newly disclosed |
| Laboratories Torrent Malaysia Sdn. Bhd. | 0.00% | newly disclosed |
| Torrent Pharmaceuticals Chile SpA | 0.00% | newly disclosed |
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.
What the price assumes
Growth trapTo justify its price of ₹2409, this stock must grow earnings at 33% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹1093 — downside of 55%.
- Growth the price implies
- 33.1% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 17.9% a year
- net profit, FY23–FY26 · EPS 17.4%
- The gap
- 0.2 pp
- -55% downside if it only repeats history
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse JB Chemicals & Pharmaceuticals Limited
Guides on how to read this kind of business and the numbers that matter.