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Motilal Oswal Report
In this report domestic brokerage firm Motilal Oswal highlighted that Blue Jet Healthcare Ltd.'s growth has been largely driven by PI of cardiovascular molecule, contrast media intermediates, and sweeteners; however, the Hyderabad R&D center and Vizag project significantly expand its opportunity set into GLP-1 intermediates, peptides, specialty APIs, and regulated-market CDMO opportunities going ahead.
The brokerage believe at current levels the market largely values Blue Jet based on its existing businesses, while assigning limited value to emerging opportunities such as the 20 active CDMO RFPs, six Phase III/commercial-stage programs, the GLP-1 pipeline, and the customer-backed Rs 1,000 crore Vizag expansion.
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If executed successfully, these initiatives could transform Blue Jet from a niche intermediates supplier into a diversified specialty pharma and contract development manufacturing organisation platform, driving higher revenue diversification, lower concentration risk, and a potential re-rating in valuation multiples over FY27-FY30.
Motilal Oswal expects a compound annual growth rate of 19%/28%/25% in revenue/Ebitda/PAT over FY26-28E.
The brokerage values the stock at 35x FY28E EPS to arrive at a target price of Rs 720 and reiterates its Buy rating on the stock.
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