Q2 2026 J B Chemicals and Pharmaceuticals Ltd Earnings Call Transcript
Key Points
- J.B. Chemicals & Pharmaceuticals Ltd (BOM:506943) reported an 8% year-on-year increase in overall revenues for Q2 FY26, reaching INR1,085 crores.
- The company's operating EBITDA, excluding non-cash ESOP, grew by 12% to INR319 crores, with a margin increase of 100 basis points to 29.4%.
- The domestic business saw a 9% year-on-year growth, with the company being the fastest-growing among the top 25 companies in the Indian Pharma Market (IPM).
- The CDMO segment reported a robust 20% year-on-year growth, contributing significantly to the international business performance.
- Gross profit margins improved by 200 basis points to 68.2%, driven by cost optimization efforts, favorable product mix, and price growth.
- The international formulations segment showed only a moderate 2% year-on-year growth, with some markets like South Africa and the US experiencing subdued performance.
- The acute segment in the domestic market was impacted by a muted season, affecting key legacy brands like Metrogyl and Rantac.
- Inventory levels have increased, and it is expected that they will remain elevated to support the optal portfolio and mitigate high API costs.
- The company's field force productivity target has not yet been met, with current productivity at INR7.5 lakh, below the internal aspiration of INR8 lakh.
- The ESOP charges will continue to impact financials until FY27, with a remaining charge of INR47 crores.
Ladies and gentlemen, good day, and welcome to the JB Pharma's Q2 FY26 earnings conference call as on November 12, 2025. (Operator instructions)
I now hand the conference over to Mr. Jason DâSouza, Executive Vice President at JB Pharma. Thank you and over to you, sir.
Thank you, Sagar. Welcome to the Q2 FY26 earnings call of JB Pharma. We have with us today Nikhil Chopra, CEO and Whole Time Director; Kunal Khanna, President of Operations; and Narayan Saraf, the CFO at JB Chemicals and Pharmaceuticals Limited.
Before we begin, I would like to state that some of the statements in today's discussion may be forward-looking in nature. And may involve certain risks and uncertainties. A detailed statement in this regard is available in the Q2 FY26 results presentation that has been sent to you earlier.
I would like to hand over the floor to Mr. Nikhil Chopra to begin the proceedings of the call, and to -- and for his opening remarks.
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