Blue Jet Healthcare: First Take: In-line quarter; reiterate UW

Research evidence excerpt

Blue Jet Healthcare: First Take: In-line quarter; reiterate UW

J P M O R G A N Asia Pacific Equity Research

03 August 2026

Blue Jet Healthcare Underweight

BLUJ.NS, BLUEJET IN

First Take: In-line quarter; reiterate UW Price (03 Aug 26):Rs589.50

Price Target (Mar-27):Rs370.00

Our First Take: Blue Jet’s 1Q revenue of Rs2.9bn declined 17% YoY but was up Pharmaceuticals & Healthcare

25% QoQ, in line with consensus/JPMe. Contrast media (CM) revenue increased Services

19% YoY but declined by 40% QoQ, whereas PI/API revenue fell by 43% YoY but Bansi Desai, CFA AC

saw a sharp sequential uptick to Rs1.2bn (from Rs24mn in 4Q). The EBITDA (91 22) 6157 3581

margin at 33.5% (-65bps YoY, +310bps QoQ) was ~70bps/~150bps higher than bansi.desai@jpmorgan.com

consensus/JPMe as weakness in gross margins was offset by lower other expenses. Amlan Jyoti Das

EBITDA at Rs 981mn (-19% YoY, +38% QoQ) was 2%/4% higher than consensus/ (91 22) 6157 3574

JPMe. PAT at Rs783mn (-14% YoY, +22% QoQ) was 8%/ 1% higher than amlan.das@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

consensus/ JPMe, aided by higher other income driven by forex gains. Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

Our estimates remain unchanged. Our UW stance is premised on (1) high product

concentration, with two products contributing ~80% of revenues; (2) persistent

weakness in the CM segment (flattish CAGR over FY23-26) and increased

competition from large players, such as Divi’s Lab, in both iodinated and

gadolinated compounds; (3) potential competition for bempedoic acid from

upcoming assets of large innovators (such as Merck’s oral PCSK9); and (4) limited

visibility of the product pipeline, although recent capex estimates have been

guided upwards.