Blue Jet Healthcare Q2 sales rose 127% on pharma, contrast

Blue Jet Healthcare Ltd reported record Q2 FY27 revenue from operations of Rs 375.7 crore for the quarter ended September 2026, up 127.1% year on year, led by 322.1% growth in pharma intermediates and active pharmaceutical ingredients (API) and 79.6% growth in contrast media intermediates; earnings before interest, tax, depreciation and amortisation (EBITDA) margin was 31.6%.

Why did Blue Jet Healthcare's Q2 FY27 revenue rise 127%?

Blue Jet Healthcare's Q2 FY27 revenue from operations rose because pharma intermediates and API sales increased 322.1% and contrast media intermediates sales increased 79.6% from Q2 FY26. Revenue reached Rs 375.7 crore, compared with Rs 165.5 crore in Q2 FY26, which management described as the company's highest quarterly sales.

Revenue was also 28.2% above Rs 293.1 crore in Q1 FY27. Management attributed the sequential increase to 52% growth in pharma intermediates and API and 25% growth in contrast media. Other income increased by Rs 11 crore, or 72%, sequentially to Rs 26.2 crore in Q2 FY27.

The revenue figures in the company’s profit and loss statement include revenue from operations, whereas the category tables exclude other operating revenue. This accounts for the difference between reported Q2 FY27 revenue of Rs 375.7 crore and category revenue of Rs 373.8 crore.

Which Blue Jet Healthcare segments drove Q2 sales?

Blue Jet Healthcare's pharma intermediates and API segment supplied the largest increase in Q2 FY27 category sales, rising to Rs 183.3 crore from Rs 43.4 crore in Q2 FY26. Contrast media intermediates generated Rs 145 crore, compared with Rs 80.7 crore, while high-intensity sweeteners declined to Rs 27.7 crore from Rs 34 crore.

The category presentation reports total revenue of Rs 373.8 crore in Q2 FY27 against Rs 164.4 crore in Q2 FY26. Pharma intermediates and API added Rs 139.9 crore, exceeding the Rs 64.3 crore increase in contrast media intermediates, while sweeteners reduced category revenue by Rs 6.3 crore year on year.

Others include spent oils, industrial mix solvents and research and development (R&D) services. In the sequential comparison, contrast media intermediates increased from Rs 115.9 crore in Q1 FY27 to Rs 145 crore, and pharma intermediates and API rose from Rs 121 crore to Rs 183.3 crore. High-intensity sweeteners fell from Rs 39.7 crore to Rs 27.7 crore.

How did Blue Jet Healthcare's Q2 FY27 profit margins change?

Blue Jet Healthcare's Q2 FY27 EBITDA was Rs 118.8 crore, up 116.1% year on year, while EBITDA margin declined to 31.6% from 33.2% in Q2 FY26. The margin was also below 33.5% in Q1 FY27, although EBITDA increased by Rs 20.7 crore, or 21.1%, sequentially.

Gross profit rose 69.5% year on year to Rs 182.4 crore, a slower rate than revenue growth, and gross margin declined to 48.5% from 65% in Q2 FY26. Cost of goods sold increased to Rs 193.3 crore from Rs 57.9 crore, while employee benefits expense was Rs 20.4 crore and other expenses were Rs 43.3 crore in Q2 FY27.

Profit after tax (PAT) rose 96.6% year on year to Rs 102.5 crore, while PAT margin declined to 27.3% from 31.5%. Sequentially, PAT increased 31% from Rs 78.3 crore in Q1 FY27 and the PAT margin increased from 26.7%. Earnings per share (EPS) were Rs 5.5, against Rs 3 in Q2 FY26 and Rs 4.5 in Q1 FY27.

What does Blue Jet Healthcare's H1 FY27 performance show?

Blue Jet Healthcare reported H1 FY27 revenue from operations of Rs 668.9 crore, up 28.6% from Rs 520.2 crore in H1 FY26. EBITDA rose 23.2% to Rs 216.8 crore and PAT increased 26.1% to Rs 180.8 crore, so both profit measures grew more slowly than revenue during the six-month period.

H1 FY27 EBITDA margin was 32.4%, compared with 33.8% in H1 FY26, while PAT margin was 27% against 27.5%. Other income increased 27% to Rs 41.4 crore, mainly due to higher net foreign-exchange gain, according to management. Finance costs declined to Rs 1.3 crore from Rs 5.3 crore a year earlier.

Category revenue excluding other operating revenue shows contrast media intermediates rising 46.6% to Rs 260.9 crore in H1 FY27 and pharma intermediates and API increasing 19.1% to Rs 304.3 crore. High-intensity sweeteners declined 2.2% to Rs 67.4 crore. The category total increased to Rs 665.5 crore from Rs 518.1 crore in H1 FY26.

What operational developments did Blue Jet Healthcare disclose?

Blue Jet Healthcare said its Hyderabad R&D centre became operational during Q2 FY27, with 40 resources onboarded and activities started. The company also said it delivered and validated a new contrast media intermediate to an innovator, without naming the customer or disclosing a sales value.

Management said Blue Jet Healthcare developed amino acid derivatives for peptide fragments and expects them to be commercialised or shipped during Q4 FY27. This is a management plan rather than reported Q2 FY27 revenue, and the presentation gives no projected revenue, volume or customer detail for the product.

The new contrast media intermediate and peptide-fragment derivatives follow a Q2 FY27 period in which contrast media category revenue was Rs 145 crore and pharma intermediates and API revenue was Rs 183.3 crore. The supplied presentation does not state whether either development contributed to the quarter’s sales.

Conclusion

Blue Jet Healthcare’s Q2 FY27 performance was defined by revenue from operations of Rs 375.7 crore, with pharma intermediates and API providing the largest absolute category increase and contrast media intermediates also expanding. EBITDA and PAT increased to Rs 118.8 crore and Rs 102.5 crore, respectively, but gross, EBITDA and year-on-year PAT margins were below their Q2 FY26 levels.

The next disclosed milestone is management’s expectation of Q4 FY27 commercialisation or shipment of amino acid derivatives for peptide fragments. Readers can also watch for further disclosures on the validated contrast media intermediate and on whether the Hyderabad R&D centre, which began operating with 40 resources, produces additional product or customer updates.