'Hold' Jubilant Pharmova Shares Maintains Systematix Post Inline Q2 Results — Check Target Price

While the revenue across all businesses was broadly in line, Allergy Immunotherapy and CMO – Sterile Injectables business outperformed expectations..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Systematix Report.Jubilant Pharmova Ltd.’s Q2 FY26 Revenue (Rs 19,664 million) and Net earnings (Rs 1,199 million) were in line with our estimates but Ebitda (Rs 3.414 million) beat our and consensus estimates. While the revenue across all businesses was broadly in line, Allergy Immunotherapy and CMO – Sterile Injectables business outperformed expectations. Sterile CMO grew 30% YoY and 6% QoQ, while Allergy business revenues were up 14% YoY and 7% QoQ. Ebitda margins stood at 17.4% vs 16.5% in Q2 FY25. Ebitda outperformed expectations primarily due to a) Allergy Immunotherapy’s 65% Ebitda growth with margins expanding 1,210 bps to 39%, reflecting strong US demand and pricing power b) 30% revenue growth in CMO Sterile Injectables following Line 3 launch at Spokane, accelerating Ebitda growth. Radiopharma benefited from Ruby-Fill's 24% install base growth, while Drug Discovery and API businesses showed positive momentum. Growth in Drug Discovery business was soft during the quarter (7% YoY), but H1 FY26 growth remains strong (22%). Going forward, Montreal ophthalmic line qualification by FY26 end, and continued generic product launches should sustain revenue and margin expansion trajectory, supported by favorable tariff dynamics in Sterile CMO. We slightly tweak our estimates on Jubilant Pharmova and maintain Hold with a target price of Rs 1,238 based on 25x FY27E earnings per share..Click on the attachment to read the full report:.Stay Neutral On BPCL Shares Maintains Motilal Oswal Post Strong Q2, Says Capex Cycle Clarity Key To Re-Rating.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

'Hold' Jubilant Pharmova Shares Maintains Systematix Post Inline Q2 Results — Check Target Price

Jubilant Pharmova's sterile CMO and allergy Immunotherapy posts strong growth in Q2.

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