Blue Jet Healthcare Q2 Results: Net Profit Doubles to ₹102 Crore Amid ₹800 Crore QIP

Key numbers

Market Cap	₹9,225.76 CrPharmaceuticals
P/E Ratio	39.27Sector PE 37.88
RSI	54.62Neutral Zone
Promoter Holding	73.15%Stable holding

Key highlights

• Net profit surged 96.7% year-on-year to reach ₹102 crore in the quarter ended September 30, 2026
• Revenue from operations grew to ₹376 crore, representing a significant jump from ₹166 crore in Q2 FY26
• Operating margins stood at 34.2%, supported by efficient cost management across the single reportable business segment
• Successfully completed an ₹800 crore QIP by allotting 1.58 crore equity shares at ₹506 per share
• Total assets expanded to ₹2,583.88 crore, up from ₹1,641.16 crore as of March 31, 2026

Strong Operational Momentum and Profitability

Blue Jet Healthcare demonstrated significant operational scaling in the second quarter of FY27. Revenue from operations reached ₹376 crore, a substantial increase compared to ₹166 crore in the same period last year. This growth trickled down to the bottom line, with net profit rising to ₹102 crore from ₹52.1 crore YoY.

Despite the sharp increase in scale, the company maintained a healthy operating margin of 34.2%. On a sequential basis, net profit grew by 30.9% from the ₹78.3 crore reported in Q1 FY27, reflecting consistent demand across its core manufacturing verticals.

Strategic Capital Raise Through ₹800 Crore QIP

• Allotted 1,58,10,276 equity shares to eligible Qualified Institutional Buyers during the September quarter
• The issue price was set at ₹506 per share, which included a premium of ₹504 per share
• The placement aggregated to a total fundraise of ₹8,000 million (₹800 crore)
• Proceeds significantly strengthened the balance sheet, with cash and bank balances rising to ₹324.87 crore from ₹88.01 crore in March
• Equity share capital increased to ₹378.55 crore following the allotment

Manufacturing Focus and Asset Expansion

The company continues to operate as a single reportable segment, integrating its expertise in artificial sweeteners, contrast media intermediates, and pharmaceutical intermediates. The balance sheet reflects an aggressive expansion phase, with Capital Work in Progress (CWIP) standing at ₹357.86 crore as of September 30, 2026. This aligns with earlier management guidance regarding a greenfield plant expansion in Rambilli, Vizag, which involves a total estimated investment of ₹1,000 crore.

The current asset base of ₹2,583.88 crore positions the firm to meet long-term contracted volumes in the PI/API segment.

Management Confirmation on Segment Reporting

The company is engaged in manufacturing of Artificial Sweetener, Contrast Media Intermediate, Pharma Intermediate, APIs used in Pharmaceutical and Healthcare products and the same constitutes a single reportable business segment as per IND AS 108.

What to watch next

• Progress on the Greenfield plant expansion in Rambilli, Vizag, targeting Phase-1 completion by FY28
• Utilization of the remaining FY27 capital expenditure guidance of ₹400 crore for facility upgrades
• Delivery of the Pharma Intermediates & API order book, which currently spans 3 to 4 quarters

“The above financial results of the Company for the three months and six months ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on November 05, 2026.”

Blue Jet Healthcare · financial snapshot

Share price	₹531.85
Market capitalisation	₹9,225.76 Cr
Revenue (annual)	₹947.32 Cr
Net profit (annual)	₹247.82 Cr
Revenue (latest quarter)	₹293.11 Cr+24.91% vs previous quarter
Net profit (latest quarter)	₹78.26 Cr+21.63% vs previous quarter
P/E (TTM)	39.27×Sector 37.88×
Promoter holding	73.15%-6.66% QoQ
FII holding	0.81%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.