Jubilant Pharmova's Q4 revenue rose, but margin fell 3.09 points YoY
Expenses grew +23.20% against revenue growth of +18.73%; a lower QoQ tax rate helped net profit rebound +113.80%.
Filed 22 May 2026, 14:28 IST · Jubilant Pharmova Ltd (JUBLPHARMA)
Key takeaways
- Consolidated revenue grew +18.73% YoY, but operating margin narrowed 3.09 percentage points as expenses grew +23.20%.
- Net profit fell -21.15% YoY to EPS of Rs 7.55, while the QoQ tax-rate decline of 8.04 percentage points aided the rebound.
- At 14.82%, operating margin was 8.56 percentage points below the 23.38% median of 48 reporting healthcare peers.
Price around the results
Q4 growth did not translate into higher operating profit
Jubilant Pharmova reported consolidated revenue growth of +18.73% YoY, but operating profit declined -1.77%, taking EPS down -22.25% to Rs 7.55. Expenses grew +23.20%, faster than revenue, which narrowed operating margin by 3.09 percentage points. Higher interest and depreciation also weighed on profit before tax, rising +7.21% and +22.69% YoY respectively.
QoQ margin recovery came with tax support
Sequentially, revenue grew +7.89% while expenses rose +6.42%, allowing operating margin to expand by 1.18 percentage points. Net profit increased +113.80% QoQ as the tax rate fell 8.04 percentage points; interest was almost unchanged, rising +0.71%. Other income accounted for 5.68% of profit before tax, so it was not the main contributor to earnings.
Margin recovered from Q3 but remains below last year's level
Operating margin improved from 13.64% in Q3FY26 to 14.82%, but remained below 17.91% in Q4FY25. The quarterly path has been uneven, moving from 15.24% in Q1FY26 to 17.36% in Q2FY26, then 13.64% and 14.82%. Among 48 healthcare peers that have reported, the company's margin was 8.56 percentage points below the 23.38% median and ranked sixth from the bottom.
The initial market reaction was modest, then weakened
The share fell -0.52% on the results date and was down -2.38% after five sessions. The initial move was smaller than the 1.81% median absolute reaction after the company's previous eight results, while the five-session decline was larger. Those eight reactions were evenly split between four rises and four falls, offering no consistent directional pattern.
Q4FY26 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q4FY26 | Q3FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹2,290 cr | ₹2,123 cr | +7.89% | +18.73% |
| Other income | ₹10 cr | ₹-19 cr | — | +17.65% |
| Expenses | ₹1,951 cr | ₹1,833 cr | +6.42% | +23.20% |
| Operating profit | ₹339 cr | ₹290 cr | +17.20% | -1.77% |
| Operating margin (%) | 14.82% | 13.64% | — | — |
| Interest | ₹57 cr | ₹56 cr | +0.71% | +7.21% |
| Depreciation | ₹117 cr | ₹121 cr | -3.23% | +22.69% |
| Profit before tax | ₹176 cr | ₹93 cr | +88.44% | -14.56% |
| Tax | ₹57 cr | ₹38 cr | +50.80% | +3.66% |
| Net profit | ₹119 cr | ₹56 cr | +113.80% | -21.15% |
| EPS (₹) | ₹7.55 | ₹3.52 | +114.49% | -22.25% |
Operating margin of 14.82% compares with a Healthcare sector median of 23.38% across 48 peers that have reported Q4FY26.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | -0.52% | -0.80% |
| Next session | -0.43% | — |
| 5 sessions | -2.38% | -1.23% |
| 15 sessions | -2.01% | — |
| 30 sessions | -3.25% | — |
Volume on the results session was 4.34× its 20-day average.
What to watch
- Whether operating margin moves back above 14.82% after the YoY decline of 3.09 percentage points.
- Whether expenses grow more slowly than revenue after rising +23.20% YoY against revenue growth of +18.73%.
- Whether the tax rate stays near 32.22% rather than the 40.26% recorded in Q3FY26.