Good digging work. 
Always take these guidance numbers with a pinch of salt. I usually give minimum 30% discount to such guidance numbers.
And to clarify your query, please contact their Investor Relations
dr.vikas
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These are two different business…
- Radiopharma - FY24 Revenue at 952cr and EBITDA of 50.1%
- Radiopharmacies - FY24 Revenue at 2050cr and EBITDA of 2.7%
Combined Figures - FY24 Revenue at 3002cr and EBITDA of 18%… also the new PPT shows them differently.
You are getting confused… please verify again at your end.
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The exploding demand for injectables — especially in the last 2–3 years — is a result of multiple structural, therapeutic, and behavioral shifts happening in global healthcare
- GLP-1 Boom
- Rise of Biologics & Biosimilars : Most biologic drugs (like monoclonal antibodies, proteins, peptides) can’t be taken orally — they’re too large and degrade in the stomach. So, they must be delivered via injection (IV, SC, or IM).
- Rapid-Action & Targeted Delivery : Faster onset of action (critical in emergencies, like epinephrine pens)
- mRNA & Vaccine Revolution : mRNA-based vaccines (like Pfizer-BioNTech’s COVID vaccine) need injectable delivery. This opened up global infrastructure and demand for vial, syringe, and fill-finish capacity.
Novo Nordisk’s acquisition of Catalent, announced in early 2024 for $16.5 billion, was a strategic move aimed at solving its manufacturing bottlenecks, especially around its blockbuster weight-loss and diabetes drugs like Ozempic and Wegovy
- Secure & Expand Manufacturing Capacity
- Accelerate Supply Chain for GLP-1 Drugs
- De-risk External Dependency
Although Novo Gave Assurances to Avoid Conflict of Interest eg they said Catalent would be operated with “arm’s-length governance” but in all practicality Novo is going to use most of the bandwidth for own use until they scale up vs competition.
Jubliant Pharmova’s Spokane capex is in line with this very growing trend of Injectables. That’s why they are doubling their injectable capacity in Spokane. On top of this US Govt has given them a grant of ~$150m.
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Jubilant Pharmova — Notes Post Q2 Results
Jubilant Pharmova continues to evolve as a differentiated integrated life-sciences platform with a clear tilt toward high-value, innovation-driven businesses. The recently released Q2 numbers reinforces a steady build-up across key verticals, with execution now visible in areas where the company has been investing for multiple years.
Rather than summarizing the deck here, I would simply say the latest presentation does a good job breaking down the individual business lines, margin profiles, capacity additions, and the roadmap toward FY30. Anyone tracking the company closely will find the disclosures worth spending time on.
Key Thesis Anchors
1) Not a generic pharma story
The portfolio today reflects a specialised life-sciences company spanning sterile injectables CDMO, radiopharmaceuticals, CRDMO and allergy immunotherapy.
Indian generics contributes a small share (~low-single digits of profits), unlike most peers.
2) CDMO Sterile Injectables — structural tailwind
A new line has recently gone live, with US capacity importance rising meaningfully.
The demand-supply imbalance in injectables is expected to widen — led by GLP-1 scale-up and biosimilar pipelines — positioning the company well for multi-year growth.
3) Radiopharma — profitable and scaling
Rubyfill continues to perform well. Radiopharma as a segment earns ~45% EBITDA margins and contributes roughly 40% of overall EBITDA.
Sterile injectables and allergy immunotherapy also operate with high OPM and long-cycle customer relationships.
4) Tariffs — a potential positive surprise
80%+ of supplies to the US are from within the US itself.
In an environment where tariffs are distorting global pharma supply chains, this footprint has started to see incremental order traction — an under-appreciated angle.
5) Visibility toward FY30 ambitions
Management’s 2030 objectives are ambitious yet backed by a reasonable execution record.
If revenue scaling and margin progression materialise as indicated, the current valuation (~15x TTM EV/EBITDA) could look conservative in hindsight.
6) Strong moats in regulated niches
Client stickiness, regulatory hurdles, long development cycles, and specialised capability clusters provide durability. The moat in these segments is very different — and arguably higher — than traditional generics.
7) A differentiated place in the Indian pharma landscape
This remains one of the few Indian players with majority earnings from high-complexity, innovation-linked segments, rather than commoditised formulations.
Disclosure: We have been invested for over two years and continue to remain invested. This note is not investment advice.
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