1. FY27 Radiopharma revenue growth in low double digits, margins 38-40% On track - At the Q4 FY26 call, management guided Radiopharma FY2027 revenue growth in the "low double digits" with margins in the "38% to 40% range". In Q1 FY27, Radiopharmaceuticals revenue was Rs 322 Cr, up 19% YoY, above low double digits, while EBITDA margin of 34% was below the guided range.
2. FY27 a story of two halves - H1 margin impacted, H2 17-18% On track - At the Q4 FY26 call, management guided FY2027 as a "story of two halves": H1 EBITDA margin temporarily impacted by SPECT supply shortage, H2 margin strengthening to 17% to 18% as CMO Montreal production stabilizes, representative of FY2028 onwards. Q1 FY27 EBITDA margin was 11.9%, down 385 bps YoY, with SPECT unavailability costing approx. 0.7 crore in revenue - weak as guided for H1.
3. Ruby-Fill growth in the 30% plus range Delivered - At the Q4 FY26 call, management expected Ruby-Fill to continue growing in the 30% plus range. The Ruby-Fill install base grew 35% in FY26 vs 21% in FY25, meeting the target, and grew 26% on an annualised basis in Q1 FY27.
4. Montreal FY27 losses similar to FY26 (\~Rs 200 Cr), meaningful reduction FY28 On track - At the Q4 FY26 call, management said Montreal's FY2027 losses will look similar to last year's \~Rs 200 Cr including exceptional items, with a "meaningful reduction" in FY2028 from cost cutting and Line 5 revenue starting FY2029. In Q1 FY27, an FDA warning letter was received at CMO Montreal with incremental remediation costs likely into FY27, while operating losses are expected to reduce from H2 FY27 on higher SPECT sales.
5. Drug Discovery Vision 2030 - revenue \~3x FY24, EBITDA margin >25% On track - At the Q4 FY26 PPT, management stated Drug Discovery Vision 2030: revenue \~3x of FY24 (FY24: Rs 449 Cr) and EBITDA margin more than 25% by FY30, reiterated at the Q1 FY27 PPT. Revenue rose from Rs 449 Cr in FY24 to Rs 654 Cr in FY26 and Rs 667 Cr TTM in Q1 FY27, with margin at 23-25%, near the >25% target.
6. CDMO Sterile Injectables Vision 2030 - revenue >2x FY24, EBITDA margin >25% On track - At the Q4 FY26 PPT, management stated CDMO Sterile Injectables Vision 2030: revenue more than 2x of FY24 (FY24: Rs 1,117 Cr) and EBITDA margin more than 25% by FY30, with revenue expected to overshoot the target, reiterated at the Q1 FY27 PPT. Revenue grew from Rs 1,117 Cr in FY24 to Rs 1,755 Cr in FY26 and Rs 1,881 Cr TTM in Q1 FY27, while margin was 16%, below the >25% target.
7. Allergy Immunotherapy Vision 2030 - revenue \~1.5x FY24, EBITDA margin 35-40% On track - At the Q4 FY26 PPT, management stated Allergy Immunotherapy Vision 2030: revenue \~1.5x of FY24 and EBITDA margin 35%-40% by FY30, reiterated at the Q1 FY27 PPT. Revenue grew from Rs 679 Cr in FY24 to Rs 785 Cr in FY26 and Rs 819 Cr TTM in Q1 FY27, with margin at 34-35%, within the target range.
8. Radiopharmacy Vision 2030 - revenue 2x FY24, EBITDA margin \~7-8% On track - At the Q4 FY26 PPT, management stated Radiopharmacy Vision 2030: revenue 2x of FY24 (FY24: Rs 2,050 Cr) and EBITDA margin \~7%-8% by FY30, reiterated at the Q1 FY27 PPT. Revenue grew from Rs 2,050 Cr in FY24 to Rs 2,512 Cr in FY26 and Rs 2,615 Cr TTM in Q1 FY27, but margin stayed at 1%, far from the 7-8% target.
9. Radiopharmaceuticals Vision 2030 - revenue >2x FY24, EBITDA margin >50% On track - At the Q4 FY26 PPT, management stated Radiopharmaceuticals Vision 2030: revenue more than 2x of FY24 (FY24: Rs 952 Cr) and EBITDA margin more than 50% by FY30, reiterated at the Q1 FY27 PPT. Revenue grew from Rs 952 Cr in FY24 to Rs 1,178 Cr in FY26 and Rs 1,229 Cr TTM in Q1 FY27, but margin declined from 50% to 38%, moving away from the >50% target.
10. API FY30 vision - double revenue from FY24, EBITDA margin >15% On track - At the FY26 annual report, management stated the API business vision for FY30: double revenues from FY24 (Rs 644.5 Cr) and achieve EBITDA margin of more than 15%; the Q4 FY26 PPT flagged revenue growth as "challenging" due to pricing pressure with margins on track. Revenue fell from Rs 645 Cr in FY24 to Rs 564 Cr in FY26 and Rs 558 Cr TTM in Q1 FY27, while margin held at 14-15%, near the >15% target.
11. Generics FY30 vision - double revenue from FY24, EBITDA margin 15-17% On track - At the FY25 annual report, management reiterated the Generics FY30 vision: double revenues from FY24 (Rs 775 Cr) and reach EBITDA margin of 15%-17%, with the Q4 FY26 PPT stating "growth momentum has started, margin improvement on track". Revenue was Rs 774 Cr in FY26 and Rs 781 Cr TTM in Q1 FY27, roughly flat vs FY24, with margin at 10-11%, below the 15-17% target.
12. FY26 outlook - continue revenue growth momentum and expand EBITDA margins Partial - At the Q4 FY25 PPT, management's FY26 outlook was to continue revenue growth momentum and expand EBITDA margins. FY26 revenue was Rs 8,280 Cr, up 14%, but EBITDA of Rs 1,326 Cr came with margin of 15.9%, down 99 bps; reported financials show FY26 OPM of 15.22% vs FY25's 16.22%.
13. Allergy Immunotherapy EBITDA margins - normalised 35-40% Delivered - At the Q4 FY25 PPT, management expected Allergy Immunotherapy EBITDA margins to remain in the normalised range of 35 to 40%. Margins were 35% in FY25 and 35% in FY26 on revenue of Rs 785 Cr, up 12%, within the range, though Q1 FY27 dipped to 31% on revenue of Rs 214 Cr, up 18%.
14. Proprietary Novel Drugs clinical data readouts - CY2025 to CY2026 On track - At the Q4 FY25 PPT, management expected clinical data readouts from CY2025 to CY2026, with interim data from the Phase 2 trial of JBI-802 in FY26 and monetization through licensing or external fund raising; this was revised to readouts in CY2026 at the Q4 FY26 and Q1 FY27 PPTs. FY26 brought preliminary JBI-802 data showing rapid, durable dose-dependent platelet normalization in ET patients, and the trial was ongoing in Q1 FY27 with JBI-778 Phase I launched in India; no monetization transaction is disclosed.
15. Generics India branded business - 1.5x industry growth, scale 3-4 key markets Pending - At the Q4 FY25 PPT, management stated the Generics India branded business would grow 1.5 times the industry growth rate and scale 3 to 4 key markets (B2B2C), reiterated at the Q4 FY26 PPT and Q1 FY27 PPT, which projected 2 key non-US markets with triple-digit revenue in INR Cr. Generics revenue grew 13% in FY26 and Rs 173 Cr, up 4%, in Q1 FY27, with no specific disclosure on the India branded growth rate or market scaling.
16. Generics profitability and revenue growth - FY26 Delivered - At the Q4 FY25 PPT, management expected Generics to increase profitability and return to revenue growth in FY26. FY26 Generics revenue was Rs 774 Cr, up 13%, with EBITDA of Rs 83 Cr, up 250%, and margin of 11%, up 720 bps; Q1 FY27 revenue was Rs 173 Cr, up 4%, with EBITDA of Rs 4 Cr, down 65%.
17. Generics launch 6-8 products per annum - US and non-US Partial - At the Q4 FY25 PPT, management planned to launch 6 to 8 products per annum in US and non-US international markets, later framed as 6-8 new products annually in the US and 6-8 in FY27 across US and non-US markets. FY26 saw 4 new US launches with 11 ANDA approvals since April 2024, below the 6-8 target, and Q1 FY27 added 2 launches with 12 ANDAs approved.
18. CRDMO Drug Discovery Devanahalli expansion - 1,000 → 2,000 → 4,000 FTEs, USD 150 Mn capex On track - At the Q4 FY25 PPT, management stated the CRDMO Drug Discovery expansion at Devanahalli, Bengaluru: capacity 1,000 FTEs (FY25) → 2,000 (FY26) → 4,000 (FY27), total capex USD 150 Mn with RoCE > 20%; the timeline was revised to 2,000 FTEs by FY28 and 4,000 by FY30. Drug Discovery revenue grew 27% to Rs 570 Cr in FY25, 15% to Rs 654 Cr in FY26 and 8% to Rs 174 Cr in Q1 FY27, with no FTE count disclosed.
19. Montreal USD 100 Mn expansion - liquid and lyophilization sterile fill On track - At the Q4 FY25 PPT, management announced investment of USD 100 million towards expansion of liquid and lyophilization sterile fill operations at Montreal, \~40% funded through concessional loans from the Canadian Government; this became Line 5 with capex USD 114 Mn including a USD 35 Mn concessional loan, installation by FY28 and technology transfer revenues from FY29. In Q1 FY27, Line 5 construction had started with orders placed for plant and machinery and the steel shell in place, alongside an FDA warning letter at CMO Montreal with remediation costs into FY27.
20. Spokane capacity doubling - USD 285 Mn, Lines 3 & 4, USD 160-180 Mn incremental revenue On track - At the Q4 FY25 PPT, management planned to double capacity at Spokane with two new high-speed injectable fill lines using isolator technology, total investment USD 285 Mn (RoCE > 20%) including USD 150 Mn US Government funding, with incremental revenue potential of USD 160 Mn to USD 180 Mn. Line 3 launched in Q2 FY26 with 10+ products in technology transfer including one of the world's largest oncology products, and Line 4 installation was complete as of Q1 FY27, with Line 3 commercial batch production expected late FY27 and Line 4 by end FY28.
21. Radiopharmacy margins - improve in FY26 on PET mix Missed - At the Q4 FY25 PPT, management expected radiopharmacy margins to improve next year (FY26) on the back of an increase in revenue mix from PET radiopharmacies. FY26 Radiopharmacy revenue was Rs 2,512 Cr, up 9%, with EBITDA of Rs 36 Cr, up 20%, but margin stayed at 1%, unchanged from FY25's 1%; Q1 FY27 margin was 2%.
22. PET radiopharmacy network - USD 50 Mn investment, 3 to 9 sites, operational FY28 On track - At the Q4 FY25 PPT, management proposed investment of US$ 50 million in a PET radiopharmacy network, taking it from 3 to 9 sites, commercially operational from FY28 onwards with asset turnover of 1.0x and RoCE 20%+; the Q1 FY27 PPT restated this as US$ 60+ Mn for six new PET manufacturing sites operational in FY28. Two PET radiopharmacies began distributing PYLARIFY in H2 FY25, three PET facilities were operational by Q1 FY27, and the first new SPECT facility opened in Seattle in FY26, with the six new PET sites not yet confirmed operational.
23. Radiopharma new PET/SPECT products - FY27 to FY29 On track - At the Q4 FY25 PPT, management stated Radiopharma was on track to introduce multiple new products in PET and SPECT imaging from FY27 to FY29; this was revised to FY28-FY29 with incremental TAM of USD 535 Mn and potential peak annual sales of USD 140 Mn across 7 launches. In Q1 FY27, the new PET/SPECT launches were delayed from FY27, with products now developed at a 3rd-party CMO network for risk mitigation and technology transfers ongoing, typically taking 18-24 months.
24. Vision 2030 - double revenue to Rs 13,500 Cr, EBITDA margin 23-25%, zero net debt, high-teens RoCE by FY30 On track - Outlined February 2025: double revenues from FY24 (Rs 6,703 Cr) to Rs 13,500 Cr by FY30, EBITDA margin from \~15% to 23%-25%, Net Debt from Rs 2,457 Cr to zero, and RoCE from high single digit to high teens, reiterated in the Q4 FY26 and Q1 FY27 PPTs. FY26 delivered revenue of Rs 8,280 Cr, EBITDA margin 16%, Net Debt Rs 1,952 Cr and RoCE 12%; Q1 FY27 TTM showed revenue Rs 8,608 Cr, margin 15%, net debt Rs 2,332 Cr and RoCE 11%.
25. Novel Drugs external funding - by end of CY2023 Missed - At the Q3 FY23 call, management hoped that by end of CY2023 the company would have enough critical mass of clinical data to enable external funding at favourable terms. Later PPTs show readouts expected in CY2026 and monetization still being explored, with no external funding transaction disclosed through Q1 FY27.
26. Drug Discovery double-digit growth - starting from end of CY2023 Partial - At the Q3 FY23 call, management expected double-digit growth in Drug Discovery starting from end of CY2023. FY24 Drug Discovery revenue decreased YoY due to US biotech headwinds, then grew 27% to Rs 570 Cr in FY25, 15% to Rs 654 Cr in FY26 and 8% to Rs 174 Cr in Q1 FY27.
27. Drug Discovery Services EBITDA - around 30% Partial - At the Q3 FY23 call, management reiterated that the Drug Discovery Services business was expected to generate EBITDA of around 30%. Margins ran at 21.3% in Q2 FY23 and 13.4% in Q3 FY23, then 24% in FY25, 23% in FY26 and 26% in Q1 FY27, below the \~30% target though improving.
28. FY24 company profitability improvement Delivered - At the Q3 FY23 call, management expected FY24 company profitability to improve, driven by growth in Radiopharmaceuticals, Allergy Immunotherapy and CDMO Sterile Injectables, plus recovery in Generics, API and Radiopharmacies. FY24 consolidated revenue was Rs 6,703 Cr, up 7%, with EBITDA of Rs 993.6 Cr, up 20%, margin up 160 bps to 14.7% and Normalised PAT of Rs 195.5 Cr, up 63%; reported financials show FY24 PAT of Rs 72.70 Cr vs FY23's -Rs 64.90 Cr.
29. Potential demerger of businesses within Pharmova - review in next couple of years Partial - At the Q2 FY23 call, management said there were no plans as yet for demerger of businesses within Pharmova, but "we'll have to see in the next couple of years how these businesses are panning out". In Q2 FY26, the sale and transfer of the API business to Jubilant Biosys Ltd was completed, combining drug discovery and API in a single entity - a structural change within the group, though not a demerger.
30. CDMO API margin recovery - double-digit margins possible Delivered - At the Q2 FY23 call, management expected the CDMO API business to grow in volume and profitability from Q3 FY23 and return to past margin levels, with double-digit margins raised as possible. Margins improved sequentially to 8.5% in Q2 FY23 from 4%, the API business doubled profitability in FY24, and EBITDA margin reached 15% in FY25, 15% in FY26 and 14% in Q1 FY27.
31. Generics annualized cost savings - Rs 100 Cr by Q4 FY23 Partial - At the Q2 FY23 call, management identified and was executing annualized cost opportunities worth around Rs 100 Cr in Generics, to be implemented by Q4 FY23; at Q3 FY23 the program was on track for completion by March 2023 with benefits from Q1 FY24, plus an additional Rs 50 Cr optimisation for H1 FY24. Generics EBITDA improved from a Rs 82 Cr QoQ loss to Rs 36 Cr in Q3 FY23 and turned around over Rs 165 Cr to Rs 24 Cr in FY25, but no disclosure confirms the Rs 100 Cr or Rs 50 Cr programs were fully realised.
32. Radiopharmaceutical product launches - 4 products (1 in FY23, 3 in FY24), 30-50% market share year one Partial - At the Q1 FY23 call, management planned to launch at least 4 radiopharmaceutical products - one in FY23 and 3 in FY24 - and expected to "very easily close to 30% to 50% market share from the year one onwards". Mertiatide and Technetium Sulfur Colloid injection were launched in FY24 post ANDA approval, Sulphur Colloid gained traction in FY25, but generic entry hit DTPA market share in FY26 and new PET/SPECT launches were delayed from FY27, with no confirmation of the 30-50% year-one share.
33. Generics business break-even - by end of CY2022 Missed - At the Q1 FY23 call, management said there was "a very high probability or quite a good chance" the Generics business would break even by end of CY2022, contingent on the USFDA outcome. The business stayed loss-making - EBITDA loss of \~Rs 70-74 Cr in Q1 FY23 and Rs 36 Cr in Q3 FY23 - through FY24, turning profitable only in FY25 with EBITDA of Rs 24 Cr and reaching Rs 83 Cr in FY26.
34. JBI-802 initial clinical data - by end of CY2022; dose escalation completion early 2023 Delivered - At the Q1 FY23 call, management expected initial clinical data from the first 3-4 cohorts of JBI-802 by end of CY2022 and completion of dose escalation early in 2023; at Q2 FY23 interim data was expected by early 2023. First-in-human data showing dose-dependent reduction of platelet levels - human proof of principle - was disclosed at Q3 FY23, and the trial progressed to Phase I/II with preliminary data showing rapid, durable dose-dependent platelet normalization through FY26 and Q1 FY27.
35. CRDMO capacity addition - 20-25% annual growth Delivered - At the Q1 FY23 call, management guided CRDMO capacity addition "in the range of 20% to 25%" and confirmed \~25% annual growth was expected. CRDMO revenue grew 45% to Rs 280 Cr in Q1 FY23, 24% to Rs 320 Cr in Q2 FY23 and 23% to Rs 291 Cr in Q3 FY23, within or above the guided range; FY24 CRDMO revenue was Rs 1,093 Cr with 15% EBITDA margin.
36. Sterile injectables capacity expansion - Spokane first line end CY24, second line FY27; Montreal first line FY27 Partial - At the Q1 FY23 call, management stated the first additional line at Spokane would come up by end of CY24, the second line taking Spokane to 100% capacity in FY27, and the first Montreal expansion line up and running in FY27; timelines were later revised to Line 3 commercial production late FY26, then late FY27 with Line 4 by end FY28. Line 3 launched in Q2 FY26 with 10+ products in technology transfer and Line 4 installation was complete as of Q1 FY27, but the original end-CY24 target was missed and no Montreal line disclosure appears.
37. Generic product launches - at least one in FY23, two more in FY24 Partial - At the Q4 FY22 call, management planned to launch at least one generic product in FY23, ramping up in FY24 with at least two more, and two approvals in FY24 plus at least two more in FY25. FY23 Generics revenue was hit by US pricing pressure, sartan price fall and an import alert; launches ramped later, with 7 ANDA approvals in FY25, 4 US launches in FY26 and 2 in Q1 FY27.
38. FY23 margins - slightly lower than 19-20% Missed - At the Q4 FY22 call, management did not expect margin improvement in FY23, expecting margins slightly lower than 19-20% for the full year. Quarterly EBITDA margins ran 14.0% in Q1 FY23, 14.5% in Q2 FY23 and 10.0% in Q3 FY23, and full-year FY23 OPM was 12.36%, substantially below the guided range.
39. Radiopharmacy business break-even - by FY24 Delivered - At the Q4 FY22 call, management reiterated with "very confident" language that the radiopharmacy business would break even by FY24, reiterated at Q1 FY23 and Q2 FY23. FY24 delivered 22% revenue growth, full-year EBITDA breakeven and a 7% EBITDA margin by Q4 FY24, though margins later compressed to 1% in FY25 and FY26 and 2% in Q1 FY27.
40. FY23 stability and FY24 turnaround Partial - At the Q4 FY22 call, management expected FY23 to be stable as FY22, with "quite a turnaround from FY24". FY23 revenue was Rs 6,282 Cr with OPM of 12.36% and PAT of -Rs 64.90 Cr - not stable - while FY24 revenue of Rs 6,703 Cr, OPM of 13.44% and PAT of Rs 72.70 Cr showed the promised turnaround.
41. FY23 capex - Rs 700-750 Cr Partial - At the Q4 FY22 call, management expected capex of around Rs 700-750 Cr in FY23, primarily towards CMO expansion and CRDS capabilities, reiterated at Q1 FY23 and Q2 FY23. Capex was Rs 98 Cr in Q1 FY23, Rs 226 Cr in H1 FY23 and Rs 498 Cr in 9M FY23; no full-year FY23 figure appears in the sources, so the outcome against the lapsed FY23 target cannot be confirmed.
42. Roorkee import alert remediation - completed by mid-CY2022 Partial - At the Q4 FY22 call and announcement, management stated Roorkee import alert remediation activities were ongoing as per plan and expected to be completed by mid-CY2022 / in H1 CY2022. The company committed to FDA to complete remediation by end of July 2022 and did so, but a surprise mid-July 2022 inspection issued six observations, work extended to October 2022 with the OAI continuing, and the import alert exit came only by FY24 when Roorkee's status changed to VAI.
43. API asset replacement and capacity expansion - H1 FY23, volumes normalise H2 FY23 Partial - At the Q4 FY22 call, management planned API asset replacement programs in H1 FY23 for plant upgradation and capacity expansion, with API volumes expected to normalise in H2 FY23. The Nanjangud upgradation was prolonged into Q3 FY23 with 4 of 6 plants upgraded, creating lower volumes, while Q3 FY23 API revenue of Rs 168 Cr was up 45% YoY.
44. Additional IND filings with FDA in FY23 Partial - At the Q4 FY22 call, management expected additional IND filings with FDA for pipeline programs to follow in FY23, with a third IND filing planned in Q4 FY23. The IND for the second proprietary program, JBI-778 (PRMT5 inhibitor), was filed in Q2 FY23 with FDA clearance received, but no disclosure confirms the third IND filing occurred.
45. API demerger - effective July 2022, appointed date April 1, 2022 Delivered - At the Q4 FY22 call, management stated the API demerger was expected to be effective from July 2022 onwards, with April 1, 2022 as the appointed date, progressing as per plan. Q1 FY23 notes confirm the API demerger became effective with April 1, 2022 as the appointed date.
46. New allergy products and capacity expansion - venom and extract products Partial - At the Q1 FY21 call, management planned to launch new, differentiated allergy products and expand capacities, particularly in venom and extract products; the Q4 FY21 PPT added a fill-and-finish line by FY24, doubling venom doses from 500K to 1 crore in the US and from 300K to 1 crore ex-US, and animal-use registration. Allergy revenue grew to Rs 701 Cr in FY25 and Rs 785 Cr in FY26 with 35% margins, but no disclosure confirms the venom dose doubling or animal-use registration.
47. Radiopharmacy network optimisation and geographic expansion in US/Canada Delivered - At the Q1 FY21 call, management planned to optimise radiopharmacy network coverage through additions, improvements or consolidation, upgrade sites, and expand geographically in the US and Canada by increasing brand recognition among hospital networks. The network was consolidated from \~52 to \~48 pharmacies with a hub-and-spoke model, Atlanta and Chicago relocated with new cleanrooms and two sites closed in FY23, and the footprint stood at 45 radiopharmacies including 3 PET facilities serving 1,800 hospitals by FY26 and Q1 FY27.
48. I-131 mIBG NDA filing and 505(b)(2) filings for 7 other products On track - At the Q1 FY21 call, management planned to file an NDA for I-131 mIBG (then in Phase II/III US trials) and 505(b)(2) filings for 7 other products; timelines were revised repeatedly - Phase 2 submission FY24, data package to FDA by H2 FY26 - to the current pre-NDA meeting in Q3 FY27, NDA filing H2 FY27 and launch CY27. Phase 2 dosing is complete as of FY26 and Q1 FY27, with no NDA filed yet and no disclosure on the 7 other 505(b)(2) filings.