Jubilant Pharmova Q1 FY27: PAT Slumps 45% YoY to ₹56 Cr as SPECT Loss Hits Margins

Consolidated revenue rose 17.3% YoY to ₹2,229.4 Cr, in line with (slightly ahead of) the ₹2,100-2,200 Cr range flagged in our pre-result preview and matching management's own "solid growth of 17% on YoY basis" framing. But consolidated PAT fell 45.0% YoY and 52.7% QoQ to ₹56.4 Cr, well short of the ₹70-90 Cr PAT range the preview had set as the bar. Since neither this quarter nor the year-ago quarter carried exceptional items (Q4 FY26, by contrast, had a ₹13.7 Cr exceptional item), the decline is a clean operational one, not a one-off swing. EPS came in at ₹3.57 versus ₹6.49 a year ago and ₹7.55 last quarter. EBITDA, per management, was ₹268 Cr for the quarter — an implied margin of ~12.0%, down from ~15.2% a year ago and ~14.2% last quarter, missing the preview's 15-16% expectation. Management attributes this to the unavailability of high-margin SPECT radiopharmaceutical products, which shows up directly in the segment data: Radiopharma segment profit fell to ₹78.0 Cr from ₹98.6 Cr YoY even though segment revenue grew to ₹1,022.1 Cr from ₹868.6 Cr. The sharper margin hit sits in CDMO Sterile Injectables, exactly the segment management called out as a growth driver: revenue there jumped 32.4% YoY to ₹519.8 Cr on technology-transfer income from the new/third line, but segment profit collapsed to ₹7.3 Cr from ₹43.1 Cr — the new capacity is adding revenue but diluting margins, the Montreal-related capacity question the Street was watching into this print. Jubilant Pharmova gives no formal quarterly guidance on record, so this print is judged against Street's implicit bar rather than a company target — on that basis it is a revenue beat but a clear profit and margin miss. The tax-rectification tailwind flagged as a pre-result watch item did not materialise this quarter: the effective tax rate held near 34.7% (₹30.0 Cr tax on ₹86.4 Cr PBT), close to last year's 33.6%. On the corporate calendar, the board meeting was pushed from Aug 5 to Aug 10 to finalise these results, and the company has an AGM scheduled for Aug 26 alongside the FY26 dividend payout — neither bears on this quarter's operating numbers. Standalone, a much smaller slice of the group, posted PAT of ₹7.3 Cr on revenue of ₹67.1 Cr, EPS ₹0.46.