Jubilant Pharmova Ltd

Jubilant Generics Limited, a subsidiary of Jubilant Pharma Limited, has received tentative approval from the USFDA for Pantoprazole Sodium Delayed Release Oral Suspension, 40 mg per packet. This follows a pre-approval inspection (PAI) at the Roorkee facility. The approval is contingent upon the expiry of the relevant patent, anticipated in December 2026, after which final approval is expected. This development signifies progress in the company's generic drug pipeline and its ability to secure US regulatory approvals.

Jubilant Pharmova Ltd announced that its wholly owned step-down subsidiary, Jubilant Generics Limited (JGL), has received a Rectification Order from the Income Tax Department. This order pertains to the Assessment Year 2023-24. Following a rectification application by JGL, the total tax adjustments have been significantly reduced from ₹107.89 crore to ₹42.41 crore. This reduction represents a relief of ₹65.48 crore, effectively restoring tax losses for JGL. The company is separately pursuing an appeal on merit grounds before the CIT(A).

Jubilant Pharmova Limited has disclosed the creation of pledge on equity shares held by promoter entities, HSB Trustee Company Private Limited and HS Trustee Company Private Limited (on behalf of Hari Shanker Bhartia Family Trust), and SPB Trustee Company Private Limited and SS Trustee Company Private Limited (on behalf of Shyam Sunder Bhartia Family Trust). The pledge was created on June 17, 2026, as security for loans availed by Jubilant Enpro Private Limited. HSB Trustee and HS Trustee pledged 19.00% of their holdings, while SPB Trustee and SS Trustee pledged 20.08% of their holdings. The disclosure was made on June 19, 2026, under SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

Jubilant Pharmova Limited announced the conclusion of a USFDA inspection at its subsidiary Jubilant HollisterStier LLC's (JHS) contract manufacturing facility in Spokane, WA. The inspection, which took place on June 17, 2026, resulted in eight observations, none of which were related to sterility assurance concerns. JHS will submit its response to these observations within 15 business days. The company is committed to addressing the observations comprehensively. JHS is a key part of Jubilant Pharmova's sterile injectables and ophthalmics manufacturing capabilities.

Jubilant Pharmova's subsidiary, Jubilant HollisterStier General Partnership (JHSGP), received a Warning Letter from the USFDA following an inspection at its Kirkland, Canada facility in October-November 2025. The review concluded the inspection report. JHSGP has initiated corrective actions, and Jubilant Pharmova emphasizes that current operations proceed under enhanced controls while remediation is underway.

Jubilant Pharmova's step-down subsidiary, Jubilant Generics Limited (JGL), received a tax demand order of ₹107.89 crores from the Income-tax department for FY23, primarily due to transfer pricing adjustments. JGL believes the adjustments ignore company facts and contentions and plans to file an appeal. An application before the Advance Pricing Authority has also been filed. JGL anticipates relief and does not expect material financial implications. Deferred Tax Assets may reduce by ₹37.70 crores.

Jubilant Pharmova Ltd reported a 14% YoY increase in revenue for FY26, reaching ₹8,280 Cr, driven by growth in CDMO Sterile Injectables. EBITDA grew by 8% to ₹1,326 Cr, while Normalised PAT increased by 7% to ₹442 Cr. The board has proposed a dividend of ₹5 per equity share. Q4 FY26 revenue grew by 19% YoY to ₹2,290 Cr, and EBITDA increased by 2% to ₹363 Cr. The company experienced margin pressure due to issues at CMO Montreal but anticipates improvement in H2 FY27.

Jubilant Pharmova Ltd announced the appointment of Mr. Ashish Mukkirwar as the new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), effective May 23, 2026. This follows the relinquishment of office by Mr. Arun Kumar Sharma as CFO, effective close of business hours on May 22, 2026, who has transitioned to the role of Advisor to the Chairmen. The Board of Directors approved the appointment based on the recommendation of the Nomination, Remuneration and Compensation Committee and the Audit Committee.

Jubilant Pharmova Ltd has re-appointed Mr. Priyavrat Bhartia as Managing Director and Mr. Arjun Shanker Bhartia as Joint Managing Director for a further term of three years effective from June 1, 2026, subject to shareholders' approval. Mr. Priyavrat Bhartia is the son of the company's Chairman, while Mr. Arjun Shanker Bhartia is the son of the Co-Chairman. Both are not debarred from holding their respective positions.

Jubilant Pharmova Ltd announced that Mr. Arun Kumar Sharma has relinquished his role as Chief Financial Officer, effective May 22, 2026, to become an Advisor to the Chairmen. The Board of Directors has appointed Mr. Ashish Mukkirwar as the new Chief Financial Officer and Key Managerial Personnel, effective May 23, 2026. Mr. Mukkirwar joins from Glenmark Pharmaceuticals, where he was Group Vice President & CFO – Global Formulations Business.