Shyam S Bhartia, Chairman, and Hari S Bhartia, Co-Chairman of Jubilant Pharmova Limited, say the sterile injectables expansion helped deliver 17 percent revenue growth in Q3 FY26
Mumbai, 6 February 2026: Jubilant Pharmova Limited reported steady operating momentum in the third quarter of FY26, supported by higher contributions from its CDMO Sterile Injectables business as new capacity began to scale. The company recorded revenue of ₹2,123 crore for the quarter ended December 31, 2025, reflecting year on year growth of 17 percent. For the nine month period, revenue stood at ₹5,990 crore, up 13 percent from the corresponding period last year.
EBITDA for Q3 FY26 rose 5 percent year on year to ₹310 crore, while EBITDA margins declined to 14.5 percent, impacted by the temporary shutdown of the Montreal CDMO Sterile Injectables facility for remediation following regulatory observations. Normalised profit after tax for the quarter stood at ₹86 crore.
Commenting on the performance, Shyam S Bhartia, Chairman, and Hari S Bhartia, Co-Chairman and Non Executive Director of Jubilant Pharmova Limited, said the revenue growth was driven by incremental output from the third line in the CDMO Sterile Injectables business. They added that EBITDA growth was supported by improved performance in the sterile injectables and CRDMO segments, even as margins were temporarily affected by remediation related downtime at the Montreal facility.
During the quarter, the company ramped up revenue generation from technology transfer programmes at Line 3 at its Spokane facility, while production at the Montreal site resumed in the fourth quarter of FY26. The company said EBITDA margins are expected to strengthen going forward as operations stabilise at Montreal and revenues continue to scale at Spokane.
For the nine month period, EBITDA increased 10 percent year on year to ₹963 crore, while normalised PAT rose 13 percent to ₹313 crore, supported by improved operating performance and lower finance costs. Net debt to EBITDA remained stable at 1.3 times as of December 2025, compared with 1.5 times in September 2025.
Segmentally, the CDMO Sterile Injectables business reported revenue growth of 49 percent year on year in Q3 FY26, led by Line 3 ramp up, though margins were impacted by the Montreal shutdown. In Radiopharma, the company reported strong traction in Ruby Fill installs and continued growth across radiopharmaceuticals and radiopharmacy. The Allergy Immunotherapy business saw increased demand from the US market, while the CRDMO business continued to invest in expanding CDMO capabilities.
Jubilant Pharmova said its capacity expansion programme at Spokane remains on track, with multiple products undergoing technology transfer and commercial batch production expected from late FY27, subject to regulatory approvals. The company also reiterated progress across its Generics and Proprietary Novel Drugs businesses, including continued advancement of clinical trials for JBI 802 and JBI 778.
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