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The Union Budget 2026, presented with a clear vision for 'Vikasit Bharat,' outlines several strategic interventions poised to significantly impact India's healthcare and pharmaceutical sector. For Jubilant Pharmova Ltd., a globally integrated pharmaceutical and life sciences company, these budgetary announcements, particularly the 'Biopharma Shakti' initiative, signal a supportive environment for its diverse operations spanning radiopharma, CDMO, generics, and proprietary novel drugs.
A cornerstone of the 2026 Budget for the pharmaceutical industry is the 'Biopharma Shakti' initiative, backed by an outlay of 10,000 crore rupees over the next five years. This program is designed to transform India into a global biopharma manufacturing hub, fostering the domestic production of biologics and biosimilars. For Jubilant Pharmova, which is actively involved in contract development and manufacturing organization (CDMO) services and proprietary novel drug development, this initiative is directly aligned with its strategic growth areas. The budget's focus on building an ecosystem for biologics and biosimilars will likely reduce reliance on imports, streamline supply chains, and potentially lower R&D costs within India. The establishment of three new National Institutes of Pharmaceutical Education and Research (NIPERs) and the upgrading of seven existing ones, alongside a network of 1,000 accredited clinical trial sites, will bolster the talent pool and research infrastructure crucial for pharmaceutical innovation. Jubilant Pharmova's ongoing clinical trials for JBI-802 and JBI-778 in oncology and autoimmune diseases stand to benefit from this enhanced domestic R&D and clinical trial ecosystem, potentially accelerating development timelines and reducing operational complexities.
The Budget also proposes to strengthen the Central Drug Standard Control Organization (CDSCO) to meet global approval timeframes through dedicated scientific reviewers and specialists. This move is critical for companies like Jubilant Pharmova, as faster and more predictable regulatory approvals can significantly impact product launch schedules and market access, especially for specialty pharmaceuticals and novel drugs. Beyond direct pharmaceutical manufacturing, the budget's broader healthcare initiatives, such as upgrading institutions for allied health professionals (AHPs) and establishing five regional medical hubs for medical value tourism, will contribute to a more robust healthcare ecosystem. While these do not directly impact Jubilant Pharmova's manufacturing lines, a healthier and better-served population generally translates to increased demand for pharmaceutical products and services, indirectly benefiting the company's market reach and sales volumes.
Union Budget 2026 introduces several measures aimed at enhancing the ease of doing business and rationalizing the tax landscape. The simplified Income Tax Act 2025, effective from April 1, 2026, along with rationalized penalty and prosecution frameworks, is expected to reduce compliance burdens for corporations. Of particular relevance to Jubilant Pharmova's global operations and R&D services is the support for the IT sector, which includes clubbing various IT-enabled services under a single category with a common safe harbor margin of 15.5%. The threshold for availing safe harbor for IT services has been substantially enhanced from 300 crore rupees to 2,000 crore rupees, and the process will be automated. This could benefit Jubilant Pharmova's Contract Research Development & Manufacturing Organisation (CRDMO) segment, particularly Jubilant Biosys, which provides drug discovery and development services, by simplifying tax compliance for its IT-intensive operations. Furthermore, the proposal to provide income tax exemption for five years to non-residents supplying capital goods, equipment, or tooling to toll manufacturers in bonded zones could incentivize foreign partnerships and reduce capital expenditure for Jubilant Pharmova's CDMO Sterile Injectables business.
The government's continued thrust on public capital expenditure, projected to increase to 12.2 lakh crore rupees for FY 2026-27, will lead to improved infrastructure, including logistics and connectivity. For a company with extensive supply chains like Jubilant Pharmova, better roads, ports, and transportation networks can translate into reduced operational costs, faster movement of raw materials and finished goods, and improved market access, especially to Tier 2 and Tier 3 cities that are expanding as growth centers. The focus on developing city economic regions and high-speed rail corridors will further enhance connectivity, benefiting distribution and market penetration.
The budget also includes specific customs duty exemptions on 17 drugs and medicines, with an additional 7 rare diseases added for import duty exemption on personal imports of drugs. While the specific drugs are not detailed, any such exemptions could make certain pharmaceutical products more affordable and accessible to patients, potentially increasing demand for relevant product lines within Jubilant Pharmova's portfolio. The overall sentiment from the budget is one of sustained growth and support for domestic manufacturing, innovation, and a business-friendly environment, which is positive for the pharmaceutical sector. Jubilant Pharmova's strong Q2 FY26 performance, driven by its CDMO Sterile Injectables, Radiopharma, and CRDMO businesses, positions it well to capitalize on these budget-driven tailwinds.
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(Average P/B)| Sector PE|37.62| ## Forecast ### Share Price Forecast ### Earnings Forecast ### Valuations ### Consensus Recommendations - Buy - Outperform - Hold - Underperform - Sell ### Hits/Misses ## MC Insights Stock Score - 21.32% away from 52 week high indicates - Market Cap - Above Median - Promoter holding remains unchanged at 47.68% in Dec 2025 qtr. ## MC Technicals ## Pivot levels |Type|R1|R2|R3|PP|S1|S2|S3| |--|--|--|--|--|--|--|--| |Classic|- -|- -|- -|- -|- -|- -|- -| |Fibonacci|- -|- -|- -|- -|- -|- -|- -| |Camarilla|- -|- -|- -|- -|- -|- -|- -| Note : Support and Resistance level for the day, calculated based on price range of the previous trading day. ## Pivot levels |R1|- -|Pivot - -|S1|- -| |--|--|--|--|--| |R2|- -|S2|- -| |R3|- -|S3|- -| Note : Support and Resistance level for the day, calculated based on price range of the previous trading day. |Days| |--| |5|- -| |10|- -| |20|- -| |50|- -| |100|- -| |200|- -| ## Pivot levels |Type|R1|R2|R3|PP|S1|S2|S3| |--|--|--|--|--|--|--|--| |Classic|- -|- -|- -|- -|- -|- -|- -| |Fibonacci|- -|- -|- -|- -|- -|- -|- -| |Camarilla|- -|- -|- -|- -|- -|- -|- -| Note : Support and Resistance level for the week, calculated based on price range of the previous trading week. ## Pivot levels |R1|- -|Pivot - -|S1|- -| |--|--|--|--|--| |R2|- -|S2|- -| |R3|- -|S3|- -| Note : Support and Resistance level for the week, calculated based on price range of the previous trading week. |Days| |--| ## Pivot levels |Type|R1|R2|R3|PP|S1|S2|S3| |--|--|--|--|--|--|--|--| |Classic|- -|- -|- -|- -|- -|- -|- -| |Fibonacci|- -|- -|- -|- -|- -|- -|- -| |Camarilla|- -|- -|- -|- -|- -|- -|- -| Note : Support and Resistance level for the month, calculated based on price range of the previous trading month. ## Pivot levels |R1|- -|Pivot - -|S1|- -| |--|--|--|--|--| |R2|- -|S2|- -| |R3|- -|S3|- -| Note : Support and Resistance level for the month, calculated based on price range of the previous trading month. |Days| |--| ... ## SEASONALITY ANALYSIS 10 out of 17 years Jubilant Pharmova has given negative returns in January. |Month|Max. Positive Change(%)|Avg. Positive Change(%)|Max. Negative Change(%)|Avg. Negative Change(%)|Average Change(%)| |--|--|--|--|--|--| |January|42.37% (2015)|13.86%|-19.75% (2011)|-7.70%|0.38%| ## News ### Jubilant Pharmo Standalone September 2025 Net Sales at Rs 66.40 crore, down 59.93% Y-o-YNov 10 2025 10:49 AM Jubilant Pharmo Consolidated September 2025 Net Sales at Rs 1,966.40 crore, up 12.22% Y-o-Y Oct 31 2025 07:08 PM Jubilant Pharmo Consolidated June 2025 Net Sales at Rs 1,900.70 crore, up 9.76% Y-o-Y Jul 30 2025 02:22 PM Jubilant Pharmo Standalone June 2025 Net Sales at Rs 59.50 crore, down 64.31% Y-o-Y Jul 30 2025 12:39 PM Sunil Singhania-owned Abakkus trims stakes in Jubilant Pharmova, Ion Exchange: Check the top ten holdings Jul 29 2025 11:50 AM ... ### Kotak Mahindra Mutual Fund |Qty 1693434|Price 1060|% Traded 1.03| |--|--|--| ### Kotak Funds - India Midcap Fund |Qty 1593500|Price 1060|% Traded 0.97| |--|--|--| ... ## Corporate Action 22 Jan, 2026 | 05:36PM Jubilant Pharmova Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 06/02/2026 ,inter alia, to c.... ### Board Meeting Intimation for Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Nine Months Ended December 31, 2025 |Date|Agenda| |--|--| |Ex-Date|Type|Dividend (Rs)| |--|--|--| |Announcement Date|Ex-Bonus|Ratio| |--|--|--| |Ex-Split|Old FV|New FV| |--|--|--| |Ex-Right|Ratio|Premium| |--|--|--| |Date|Agenda| |--|--| ## Financials ## About the Company ### Registered Office - Address Bhartiagram,, Gajraula,, - City Amroha District - State Uttar Pradesh - Pin Code 244223 - Tel. No. 05924-267437 - Fax No. 05924-252352 - Internet - Address ... ### Management - Shyam S Bhartia Chairman - Hari S Bhartia Co-Chairman - Priyavrat Bhartia Managing Director - Arjun Shanker Bhartia Joint Managing Director - Arvind Chokhany WholeTime Director & Group CFO - Shyam S Bhartia JUBLPHARMA Jubilant Pharmova Ltd Operational Disruptions Announcement 2026 - Regulatory update Regulatory update: no re-lodgement activity reported under the SEBI special window for physical share transfers as of December 31, 2025; information to be available on the company site..Find Corporate Announcements for Press Releases, AGM, Insider Trading & SAST, Results and Corporate Action for Jubilant Pharmova Ltd No Matches Found {{searchTermHome}} No Matches Found No Matches Found ## Jubilant Pharmova Soars 7.41%, Hits Intraday High of Rs 1178.9 Jubilant Pharmova has experienced a notable rebound, gaining 7.41% and reaching an intraday high of Rs 1178.9 after two days of decline. The stock has outperformed its sector and is trading above multiple moving averages, reflecting positive momentum amid a resilient broader market. ## How has been the historical performance of Jubilant Pharmo? Jubilant Pharmo has shown a positive growth trajectory, with net sales increasing from 6,130.16 Cr in Mar'22 to 7,234.50 Cr in Mar'25, and a significant recovery in profit after tax to 836.80 Cr in Mar'25 from a loss in Mar'23. Overall, the company's financial performance has demonstrated resilience and improvement, particularly in the last fiscal year. ## Are Jubilant Pharmo latest results good or bad? Jubilant Pharmova's latest results are generally positive, with net sales up 12.22% and net profit increasing by 17.02%, though concerns remain about low return ratios compared to industry standards. Overall, the company shows operational improvements but faces ongoing challenges in capital efficiency. ## Jubilant Pharmova Q2 FY26: Strong Margin Expansion Drives 17% Profit Growth Jubilant Pharmova Ltd., a mid-sized pharmaceutical company with a market capitalisation of ₹17,457 crores, reported a consolidated net profit of ₹120.30 crores for Q2 FY26, marking a robust 17.02% year-on-year growth and a sequential improvement of 16.91% over Q1 FY26. The quarter witnessed strong operational performance with revenue reaching ₹1,966.40 crores, up 12.22% year-on-year, whilst operating margins expanded to 17.44% from 16.61% in the corresponding quarter last year. ## Why is Jubilant Pharmo falling/rising? As of 29-Oct, Jubilant Pharmova Ltd's stock price is at 1,135.55, reflecting a 1.41% increase and strong upward momentum, outperforming its sector. Despite short-term fluctuations, the stock has shown impressive long-term growth of 206.00% over the past three years. ## Is Jubilant Pharmo technically bullish or bearish? As of 17 October 2025, Jubilant Pharma's trend is mildly bullish based on daily moving averages, but caution is advised due to mildly bearish weekly MACD and KST indicators, resulting in a mixed overall outlook. ## Jubilant Pharmova Shows Mixed Technical Trends Amidst Market Challenges Jubilant Pharmova, a small-cap pharmaceutical company, has seen a slight stock price increase recently, though it has declined 8.78% over the past year, underperforming the Sensex. Despite mixed technical indicators, the company has achieved a notable 233.08% return over three years, showcasing its long-term resilience. ## Is Jubilant Pharmo technically bullish or bearish? As of 17 October 2025, the trend is mildly bullish due to daily moving averages, but caution is advised as weekly indicators show bearish signals, creating mixed signals across timeframes. ## Is Jubilant Pharmo technically bullish or bearish? As of 17 October 2025, Jubilant Pharma's technical trend is mildly bullish based on daily moving averages and weekly Dow Theory, despite bearish signals from MACD and KST on longer timeframes. ## Is Jubilant Pharmo technically bullish or bearish? As of October 16, 2025, Jubilant Pharma's technical trend is neutral with mixed signals, showing a shift from mildly bullish to sideways, as weekly indicators are mildly bearish while daily moving averages remain mildly bullish. ## Jubilant Pharmova Faces Mixed Technical Signals Amid Market Evaluation Revision Jubilant Pharmova, a small-cap pharmaceutical company, has recently seen a stock price adjustment amid mixed technical indicators. Despite a challenging year with a -12.88% return, the company has achieved a notable 231.66% return over three years, showcasing its long-term resilience in the market. ## Is Jubilant Pharmo technically bullish or bearish? As of 29 September 2025, Jubilant Pharma shows a mildly bullish trend on the daily chart, but caution is advised due to mixed signals from weekly and monthly indicators, which are mildly bearish. ## Jubilant Pharmova Shows Mixed Technical Trends Amid Market Evaluation Revision Jubilant Pharmova, a small-cap pharmaceutical company, has recently revised its evaluation amid fluctuating market conditions. The stock has shown mixed technical indicators and varied performance compared to the Sensex, with notable outperformance over three years, reflecting the company's resilience in a competitive landscape. ## Why is Jubilant Pharmo falling/rising? As of 24-Sep, Jubilant Pharmova Ltd's stock price is 1,072.50, down 1.06% and has declined for seven consecutive days, totaling a 4.71% drop. Despite strong financial performance over the last eight quarters, the stock is underperforming compared to the market and experiencing reduced investor interest. ## Is Jubilant Pharmo technically bullish or bearish? As of September 23, 2025, Jubilant Pharma's technical trend is neutral with mixed indicators, showing a shift from mildly bullish to sideways, as weekly MACD and KST are bearish while daily moving averages are bullish, indicating no clear direction. ## Jubilant Pharmova Shows Mixed Technical Trends Amid Market Challenges and Resilience Jubilant Pharmova, a small-cap pharmaceuticals and biotechnology firm, has experienced a slight decline in stock price and a challenging year with a return of -10.87%. Despite recent fluctuations, the company has shown resilience, achieving a notable 223.58% return over three years, outperforming the Sensex significantly. ## Why is Jubilant Pharmo falling/rising? As of 05-Sep, Jubilant Pharmova Ltd's stock price is 1,070.50, reflecting a 0.99% increase. The stock has shown positive momentum with a 3.13% gain over the last three days and a 14.08% return over the past year, indicating growing investor confidence despite recent monthly declines. ## Why is Jubilant Pharmo falling/rising? As of 04-Sep, Jubilant Pharmova Ltd's stock is priced at 1,060.00, showing a 1.01% increase and strong buying interest with a recent intraday high of Rs 1076.45. The stock has outperformed its sector and the broader market, supported by positive financial metrics and rising investor participation. ## Why is Jubilant Pharmo falling/rising? As of 03-Sep, Jubilant Pharmova Ltd's stock price is 1,049.45, up 1.1%, but delivery volume has dropped significantly by 56.91%, indicating reduced investor participation. Despite a 15.10% return over the past year and strong financial performance, the stock has underperformed against benchmarks recently. Target Price{{sm.target_price }} ({{sm.performance_target }}%) **{{sm.comp_name}}**price as on {{sm.todays_date}} ₹{{sm.price_as_on}} ({{sm.performance}}%) ## Result Summary - Jubilant Pharmova Ltd reported a 3.3% quarter-on-quarter (QoQ) increase in its consolidated revenues for the quarter-ended Sep (Q2 FY 2025-26). On a year-on-year (YoY) basis, it witnessed a growth of 11.4%. - Its expenses for the quarter were up by 1.2% QoQ and 10.2% YoY. - The net profit increased 17.0% QoQ and increased 17.0% YoY. - The earnings per share (EPS) of Jubilant Pharmova Ltd stood at 7.57 during Q2 FY 2025-26. ## Financial Statments for Q2 FY 2025-26 |Total Income|1976.20|1912.70|1774.00|3.3%|11.4%| |--|--|--|--|--|--| |Total Expenses|1780.00|1758.20|1615.30|1.2%|10.2%| |Profit Before Tax|190.40|154.50|144.50|23.2%|31.8%| |Tax|70.40|51.90|41.90|35.6%|68.0%| |Profit After Tax|119.90|102.50|102.50|17.0%|17.0%| |Earnings Per Share|7.57|6.47|6.46|17.0%|17.2%| Data Source: BSE, Company announcements The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results ## Company Overview Jubilant Pharmova Ltd is a well-established company operating in the pharmaceutical industry. It is primarily engaged in the development and manufacturing of pharmaceutical products and services. The company offers a variety of products, including generic formulations, specialty pharmaceuticals, and contract manufacturing services. Jubilant Pharmova is known for its focus on innovation and quality, aiming to provide affordable healthcare solutions globally. The latest information about any specific recent developments is not available from the provided data. ## Revenue For the second quarter of fiscal year 2026 (Q2FY26), Jubilant Pharmova Ltd reported a total income of ₹1,976.20 crores. This represents a quarter-over-quarter (QoQ) increase of 3.3% from the ₹1,912.70 crores reported in the first quarter of fiscal year 2026 (Q1FY26). Year-over-year (YoY), the total income increased by 11.4% from ₹1,774.00 crores in the second quarter of fiscal year 2025 (Q2FY25). The revenue growth reflects the company's performance over the analyzed period, showcasing a consistent upward trend in its income generation. ## Profitability The company's profitability metrics for Q2FY26 show a robust performance. Profit before tax (PBT) was ₹190.40 crores, a 23.2% increase QoQ from ₹154.50 crores in Q1FY26, and a 31.8% rise YoY from ₹144.50 crores in Q2FY25. After accounting for taxes, the profit after tax (PAT) stood at ₹119.90 crores, reflecting a 17.0% increase both QoQ and YoY. The earnings per share (EPS) also improved, reaching ₹7.57, up 17.0% QoQ from ₹6.47 in Q1FY26, and a 17.2% growth YoY from ₹6.46 in Q2FY25. These profitability figures provide insights into the company's financial efficiency and its ability to convert increased revenues into profits. ## Operating Metrics Jubilant Pharmova Ltd's operating metrics for the period under review indicate a careful management of expenses and tax liabilities. Total expenses in Q2FY26 were ₹1,780.00 crores, marking a 1.2% rise QoQ from ₹1,758.20 crores in Q1FY26 and a 10.2% increase YoY from ₹1,615.30 crores in Q2FY25. The tax expenditure in Q2FY26 was ₹70.40 crores, up 35.6% QoQ from ₹51.90 crores in Q1FY26 and a notable 68.0% increase YoY from ₹41.90 crores in Q2FY25. These figures highlight the company's approach to managing its operational costs and tax obligations effectively over the quarters analyzed. ## Q2FY26 Quarterly Result Announced for Jubilant Pharmova Ltd. Pharmaceuticals company Jubilant Pharmova announced Q2FY26 results - Revenue: Rs 1,966 crore compared to Rs 1,752 crore during Q2FY25, change 12%. - EBITDA: Rs 351 crore compared to Rs 311 crore during Q2FY25, change 13%. - EBITDA Margin: 17.8% for Q2FY26. - PAT: Rs 124 crore compared to Rs 103 crore during Q2FY25, change 21%. Shyam S Bhartia, Chairman Jubilant Pharmova, & Hari S Bhartia, Co-Chairman & Non-Executive Director, Jubilant Pharmova said: “We are pleased to announce revenue of Rs 1,966 crore for Q2FY26, which reflects a growth of 12% on YoY basis. Revenue growth is driven by incremental revenue generation that has started from the new & third line in CDMO Sterile Injectable business. We expect this growth momentum to further accelerate as we make progress in the second half of current financial year. EBITDA for the period grew by 13% YoY to Rs 351 crore due to improved performance in Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables and CRDMO business. Normalised PAT grew by 21% to Rs 124 crore on the back of improved operating performance and reduced finance cost. As we are consciously investing in Radiopharma, CDMO Sterile Injectables and CRDMO business to secure future growth, Net Debt / EBITDA increased from 1.1x in Mar’25 to 1.5x in Sep’25. During Q2FY26, we saw exceptional growth momentum in the Ruby-Fill® installs. In the Allergy Immunotherapy business, we witnessed increase in demand from the US market. In the CDMO Sterile Injectables business, we launched the third line at our Spokane Campus and started revenue generation from technology transfer programs. In the CRDMO business, we continue to invest in business development to drive revenue growth. We also completed that sale transaction of API business to Jubilant Biosys Limited. In the Generics business, we are foreseeing growth & profitability improvement. Lastly, in our Proprietary Novel drugs business, we continue to make progress in JBI-802 and JBI-778 clinical trials.” Jubilant Pharmova Ltd reported a strong performance for the first quarter of FY26, with its consolidated net profit rising 48% year-on-year to INR 60 crore, up from INR 41 crore in Q1 FY25. Total revenue for the quarter grew 10% to INR 1,650 crore, compared to INR 1,500 crore in the corresponding period last year. The growth was primarily driven by improved operational efficiencies and consistent performance across core segments, especially in Contract Development and Manufacturing Organisation (CDMO) services and specialty pharmaceuticals. The radiopharma and allergy therapy divisions also maintained steady demand, contributing to overall profitability. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 22% to INR 278 crore, from INR 227 crore in Q1 FY25. The EBITDA margin improved to 16.8%, compared to 15.1% a year ago, supported by cost optimisation and a favourable product mix. “Our Q1 FY26 results underscore the strength of our strategy and diversified portfolio,” said Shyam Bhartia, Chairman and Managing Director, Jubilant Pharmova. “Strong momentum in the CDMO space, along with sustained demand in radiopharma and allergy therapies, positions us well for continued profitable growth.” The Pharmaceuticals segment contributed INR 1,132 crore to the overall revenue, marking an 8% increase year-on-year. The company highlighted continued investments in sterile injectables and specialty product capacity to support future growth. The Drug Discovery and Development Solutions (DDDS) vertical, operating under Jubilant Biosys, delivered steady performance with revenues of INR 235 crore, driven by consistent client demand and timely project execution. Going forward, Jubilant Pharmova aims to enhance its R&D and manufacturing capabilities to seize opportunities in the evolving global pharmaceutical landscape. The company remains focused on long-term value creation through innovation, efficiency, and expanding its presence in high-margin therapeutic segments. Jubilant Pharmova is a global integrated pharmaceutical and life sciences company, engaged in the manufacture of APIs, generics, specialty pharmaceuticals, and providing contract research and development services. Last news about this category We use our own and third party cookies to produce statistical information and show you personalized advertising by analyzing your browsing, according to our COOKIES POLICY. If you continue visiting our Site, you accept its use. More information: Privacy Policy Jubilant Pharmova major competitors are Alembic Pharma, Natco Pharma, Caplin Point Lab, Eris Lifesciences, Astrazeneca Pharma I, Sanofi India, Pfizer. Market Cap of Jubilant Pharmova is ₹15,015 Crs. While the median market cap of its peers are ₹14,853 Crs. Jubilant Pharmova seems to be less financially stable compared to its competitors. Altman Z score of Jubilant Pharmova is 3.04 and is ranked 7 out of its 8 competitors. Owners of the Company 192 316 8,394 771 Non-Controlling Interests (31) (44) Other Comprehensive Income (3) (5) 850 544 Total Comprehensive Income for the year 189 311 9,213 1,271 Retained Earnings brought forward from previousyear 10,756 11,236 45,397 45,368 Profit for the year (attributable to owners of theCompany) Re-measurement of defined benefit obligations (2) (21) (6) Dividend on Equity Shares (796) Adjustment on account of consolidation of ESOPTrust 5 Transfer of cumulative gain of equity investmentsclassified at Fair Value through Other ComprehensiveIncome 43 Stock awards vested 2 10 Exercise of stock options 36 1 Lapsed option after vesting period Retained Earnings to be carried forward 10,185 53,018 I. Standalone Financial Performance In FY25, Jubilant Pharmova demonstrated resilience andoperational efficiency in a dynamic market environment.On a standalone basis, the Company reported Revenuefrom Operations of T7,457 million, compared to T7,847million in the previous year. While revenue saw a modestdecline, the Company delivered a strong EBITDA of T1,317million, marking a 10% year-on-year growth, underscoringimproved cost management and operational discipline. Net Profit After Tax stood at T192 million, with BasicEarnings Per Share (EPS) of T1.21 per equity share ofT1 each, reflecting the Company's continued focus onsustainable profitability. II. Consolidated Financial Performance Jubilant Pharmova's consolidated performance in FY25reflects robust growth across key business segments,driven by strategic execution, innovation and globalpartnerships. The Company achieved Consolidated Revenue fromOperations of T72,345 million, a 7.9% increase overT67,029 million in FY24. This growth was broad-basedacross segments: • Radiopharma: T33,880 million ( 12.9% YoY) • Allergy Immunotherapy: T7,013 million ( 3.3% YoY) ... 67,029 Total Operating Expenditure 7,136 7,682 60,608 58,021 EBITDA (before Other Income) 321 165 11,737 9,008 Other Income 996 1,034 568 687 EBITDA 1,317 1,199 12,305 9,695 Depreciation, Amortisation and Impairment Expense 531 483 3,686 3,819 Finance Costs 298 299 2,403 2,723 Exceptional Items 112 (3,595) 1,689 Share of profit of an associate 241 Profit before Tax 376 417 9,806 1,705 Tax Expenses 184 101 1,443 978 Reported Net Profit /(Loss) After Tax 8,363 727 • CDMO - Sterile Injectables: T12,717 million ( 13.8%YoY) • Generics: T6,853 million • CRDMO: ^11,510 million ( 5.3% YoY) The Proprietary Novel Drugs segment continues to be inthe investment phase with revenue yet to be realised. Consolidated EBITDA surged to T12,305 million, a26.9% increase over the previous year, reflectingstrong margin expansion and improved segmentalperformance. Notably: • CDMO Sterile Injectables EBITDA grew by 52%, withmargin expansion from 17.2% to 23.0% • Generics segment turned profitable, reversing aprior-year EBITDA loss • CRDMO EBITDA rose by 32.3%, with marginimprovement from 15.5% to 19.4% The Company delivered a Net Profit After Tax of T8,363million, a substantial increase from T727 million inFY24, driven by operational excellence and strategicfocus. Basic EPS stood at T52.99 per equity share ofT1 each, reflecting strong value creation for shareholders. Jubilant Pharmova continues to strengthen its position asa global partner of choice in the pharmaceutical industry. ... The Board is pleased to recommend a dividend of 500% i.e. T5 per fully paid-up equity share of T1 each, amountingto T796.41 million for the financial year ended March31, 2025. This recommendation reflects the Company'scommitment to delivering consistent shareholder returnswhile maintaining a balanced capital allocation strategy. ... During the year, 2,57,996 Stock Options were granted.Each Stock Option entitles the holder to Stock acquireone equity share of Stock T1 each of the Company at theexercise price fixed at the time of grant. The Company has a general employee benefits schemenamely Jubilant General Employee Benefits Scheme-2019(JGEBS-2019'). The Scheme is in compliance with theSEBI (Share Based Employee Benefits & Sweat Equity)Regulations, 2021 (‘SEBI ESOP Regulations') and therewas no material change in the Scheme during the year. ... In FY21, the Company issued Secured RedeemableUnlisted Non-Convertible Debentures (‘NCDs') amountingto T950 million. As of March 31,2025, T700 million remainsoutstanding for a period of upto five (5) years. The tenure ofsaid NCDs was extended by five years, reflecting prudentfinancial management and long-term capital planning. ... JGLalso has India Branded Pharmaceuticals (“IBP”) businesswhich caters to dosage formulations under its own brandname to the Indian market in different therapeutic areasincluding chronic specialties like Cardiology and Diabetesand multi-specialty. ... critical observations. The site has already received EUcompliant certificate. Total income of JGL during the FY25 was T3,492 millionas compared to T3,883 million during the FY24. TheCompany is in compliance with Regulation 24A of theListing Regulations. Secretarial Audit was conductedfor JGL, an unlisted material subsidiary of the Company.Copy of the Secretarial Audit Report is attached asAnnexure-1 to this report. ... To meet growing demand, the Company has expandedlyophilization capacity and is further investing in its AllergyImmunotherapy manufacturing facility. Strategic initiativesare underway to extend market reach into EU, MEA, andAPAC regions with a focus on differentiated venom basedtherapies. ... The Montreal site received GMP-compliant ratingsfrom both US FDA (2024) and Health Canada (2025),underscoring its regulatory excellence. Total income of the company during the FY25 was ^35,303million as compared to ^31,145 million during the FY24. A wholly-owned subsidiary of Jubilant Pharma, Singapore,this entity focuses on the marketing and supply of genericdosage formulations in the UK market. Total income of thecompany during the FY25 was ^985 million as comparedto ^842 million during the FY24. These entities serve as strategic holding and operationalarms for Jubilant's European business: Engaged in licensing and regulatory services for genericdosage forms. Total income of the company during theFY25 was Nil as compared to ?1 million during the FY24. This is a wholly-owned subsidiary of the Company throughJGL and Jubilant Pharma. This company holds shares ofJubilant Pharmaceuticals NV (99.81%) and PSI SupplyNV (99.50%) along with Jubilant Pharma which holds thebalance shares. This is a wholly-owned subsidiary of the Company. 99.50% of its shares are held by Jubilant Pharma NVand the balance by Jubilant Pharma. It is engaged in thesupply of generic dosage forms to the European and UKmarkets. Total income of the company during the FY25was ^198 million as compared to ^186 million during theFY24. Jubilant Biosys Limited (‘Biosys') provides Drug Discoveryand Contract Development and Manufacturing Servicesto global pharmaceutical and biotech companies asmentioned below: ... • Synthetic Organic Chemistry, Process Research &Development, Scale up and GMP supplies under FullTime Equivalent, or Fee for Service model. Total income of the Company during FY25 was ^5,787million as compared to ^4,715 million during FY24. ... The audit confirms that the Company has complied withall applicable provisions of the Act and Listing Regulations. Importantly, the report contains no qualifications,reservations, adverse remarks, or disclaimers,underscoring Jubilant Pharmova's strong governanceframework and regulatory discipline. In addition, the Company has obtained the AnnualSecretarial Compliance Report for FY25 from the samefirm, confirming adherence to the Listing Regulations andrelated circulars. This report will be filed with the StockExchanges within the prescribed timelines. ... • Based on the recommendation of the Nomination,Remuneration & Compensation Committee, the Boardof Directors re-appointed Mr. Arvind Chokhany (DIN:06668147) as a Whole-Time Director designated asGroup CFO and Whole-Time Director for a term ofthree (3) years effective April 1, 2024. Shareholdersof the Company approved the same via postal balloton June 26, 2024. • Based on the recommendation of the Nomination,Remuneration & Compensation Committee, theBoard of Directors appointed Dr. Harsh Mahajan(DIN: 00824227) and Ms. Shivpriya Nanda (DIN:01313356) as Independent Directors for a term offive (5) years effective April 1,2024. Shareholders ofthe Company approved the same via postal ballot onJune 26, 2024. |Non current investments|1,657|1,656.90|1,656.60|1,645.75|1,645.98| |Long term investment|1,657|1,656.90|1,656.60|1,645.75|1,645.98| |Long term loans & advances|28.10|24.30|18.60|13.98|4.96| |Other non current assets|10.70|9.90|3|2.92|0| |Total non-current assets|2,413.80|2,439.40|2,412.60|2,334.41|1,778.35| |Current assets loans & advances| |Currents investments|0|0|0|0|0| |Inventories|232.40|250.90|313.60|323.18|0| |Sundry debtors|206.30|194.20|188.50|130.70|0| |Cash and bank|12.60|36.10|11|22.53|40.33| |Other current assets|10.40|20.60|22.50|21.69|25.92| |Short term loans and advances|22.50|38.80|43.20|27.71|0| |Total current assets|484.20|540.60|578.80|525.81|66.25| |Net current assets (including current investments)|173.90|225.20|217.60|273.55|-53.91| |Miscellaneous expenses not written off|0|0|0|0|0| |Total assets|2,898|2,980|2,991.40|2,860.23|1,844.60| |Contingent liabilities|66.10|77.50|70.30|70.07|68.85| |Total debt|306.10|342.90|301.50|174|493| |Book value|144.98|148.57|151.61|153.10|80.52| |Adjusted book value|144.98|148.57|151.61|153.10|80.52| |Particulars|Mar 2025|Mar 2024|Mar 2023|Mar 2022|Mar 2021| |--|--|--|--|--|--| |Profit before tax|37.60|41.70|79.30|84.72|273.17| |Adjustment|79.20|48.20|-35.20|-48.68|196.45| |Changes in working capital|31.30|65.50|-91.80|-3.42|181.36| |Cash flow after changes in working capital|148.10|155.40|-47.70|32.62|650.98| |Cash flow from operating activities|135.60|143.20|-65.10|-3.55|608.38| |Cash flow from investing activities|-2.30|-40.30|31.10|93.10|177.96| |Cash flow from financing activities|-156.80|-77.80|22.50|-107.37|-781.65| |Net cash inflow / Outflow|-23.50|25.10|-11.50|-17.82|4.69| |Opening cash & cash equivalents|36.10|11|22.50|40.35|96.70| |Cash & cash equivalent on amalgamation / Take over / Merger|-|-|-|-|-61.06| |Closing cash & cash equivalent|12.60|36.10|11|22.53|40.33| |Particulars|Mar 2025|Mar 2024| |--|--|--| |Audited / Unaudited|UnAudited|UnAudited| |Net sales|7,457|7,847| |Total expenditure|7,136|7,682| |PBIDT (excl OI)|321|165| |Other income|996|1,034| |Operating profit|1,317|1,199| |Interest|298|299| |Exceptional items|-112|-| |PBDT|907|900| |Depreciation|531|483| |Profit before tax|376|417| |Tax|184|101| |Profit after tax|192|316| |Other adjustments|0|0| |Net profit|192|316| |Equity capital|159|159| |Face value (in Rs.)|1|1| |Reserves|23,022|23,586| |Calculated EPS|1.21|1.99| |Calculated EPS (annualised)|1.21|1.99| |No of public share holdings|7,85,64,083|7,85,64,083| |% of public share holdings|49.32|49.32| |PBIDTM (%) (excl OI)|4.30|2.10| |PBIDTM (%)|17.66|15.28| |PBDTM (%)|12.16|11.47| |PBTM (%)|5.04|5.31| |PATM (%)|2.57|4.03| Quality Score 0/0 Growth Score 0/0 Valuation Score 0/0 Momentum Score 0/0 Today’s Range 52 Week Range Liquidity Market cap ₹18,756 Cr Revenue (TTM) ₹7,235 Cr Net Profit (TTM) ₹839 Cr ROE 1.3 % ROCE 5 % P/E Ratio 22.3 P/B Ratio 3 Industry P/E 45.1 EV/EBITDA 16.3 Div. Yield 0.4 % Debt to Equity 0.3 Book Value ₹392.7 EPS ₹30.4 Face value 1 Shares outstanding 159,281,139 CFO ₹11,372.09 Cr EBITDA ₹12,328.91 Cr Net Profit ₹3,805.16 Cr |Company|YTD|1 Month|3 Months|1 Year|3 Years|5 Years|10 Years| |--|--|--|--|--|--|--|--| |Jubilant Pharmova|6.6|5.2|23.7|63.0|47.5|28.0|27.4| |BSE Healthcare|0.4|5.2|5.6|16.0|26.0|21.6|10.4| |BSE Mid Cap|-0.9|0.3|5.5|-1.8|24.8|27.4|15.2| |Company|2024|2023|2022|2021|2020|2019|2018| |--|--|--|--|--|--|--|--| |Jubilant Pharmova|90.5|45.6|-36.1|-31.1|58.6|-24.6|-8.6| |BSE Mid Cap|25.8|45.5|1.4|39.2|19.9|-3.0|-13.3| |BSE Healthcare|43.1|37.0|-12.1|20.9|61.4|-3.5|-5.9| Is there a threat to the company's solvency? Can creative accounting be detected through the financial numbers? How did the company perform in the last one year? 5Y Avg -- 3Y Avg -- TTM -- P/E Ratio -- --Min --Median --Max P/B Ratio -- --Min --Median --Max Earnings Yield (%) -- Earnings Yield (%) = EBIT / Enterprise value PEG Ratio -- Price = Price / Earnings to growth ratio |Company|Price (₹)|Market Cap (₹ Cr)|Revenue (TTM)|Net Profit (TTM)|OPM (%)|ROE (%)|P/E|P/B| |--|--|--|--|--|--|--|--|--| |Jubilant Pharmova|1,178.6|18,756.2|7,234.5|836.8|11.1|7.9|22.3|3.0| |997.5|19,622.9|6,672.1|582.0|10.9|11.6|33.6|3.8| |1,019.5|38,966.4|1,197.6|264.8|24.9|14.6|145.5|22.8| |2,145.3|60,513.7|13,321.7|1,047.1|14.0|14.6|57.8|6.8| |469.1|11,372.7|4,481.6|501.5|16.1|14.5|22.7|3.1| |837.8|45,225.0|5,928.6|503.3|13.9|11.8|88.9|9.8| |967.7|17,334.3|4,429.5|1,883.4|44.3|25.6|9.2|2.3| |202.2|26,857.5|9,151.2|91.1|6.9|1.1|294.7|3.3| |681.1|27,430.1|3,727.2|507.2|17.1|11.1|54.1|5.8| |1,677.5|27,235.8|3,012.0|-57.0|5.8|-1.5|--|6.3| Jubilant Pharmova Limited operates as an integrated pharmaceutical and life sciences company in India, the Americas, Europe, and internationally. It operates through six segments: Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables,... Generics, Contract Research Development & Manufacturing Organisation (CRDMO), and Proprietary Novel Drugs. The Radiopharma segment offers radiopharmaceuticals products, which are used in the diagnosis and treatment of various diseases, including pulmonary embolism, cancer, coronary artery disease, and others. The Allergy Immunotherapy segment provides specialised diagnostic devices for skin testing, as well as venom immunotherapy products. The CDMO Sterile Injectables segment offers contract manufacturing services for sterile fill and finish injectables, liquids, ointments, creams, and ampoules. The Generics segment engages in the development, manufacturing, distribution, sale, and marketing of solid dosage formulations for therapeutic areas comprising cardiovascular system, central nervous system, gastrointestinal, and multispecialty. The CRDMO segment offers drug discovery and development services and active pharmaceutical ingredients. The Proprietary Novel Drugs segment develops therapies in the areas of oncology and auto-immune diseases. The company was formerly known as Jubilant Life Sciences Limited and changed its name to Jubilant Pharmova Limited in February 2021. Jubilant Pharmova Limited was incorporated in 1978 and is based in Noida, India. Read more ... Annual Reports AnnouncementsView Announcements The total asset value of Jubilant Pharmova Ltd stood at ₹ 12,756 Cr as on 31-Mar-25 The share price of Jubilant Pharmova Ltd is ₹1,178.60 (NSE) and ₹1,177.55 (BSE) as of 25-Jul-2025 IST. Jubilant Pharmova Ltd has given a return of 47.48% in the last 3 years. Jubilant Pharmova Ltd has a market capitalisation of ₹ 18,756 Cr as on 25-Jul-2025. As per Value Research classification, it is a Mid Cap company. The P/B ratio of Jubilant Pharmova Ltd is 3.00 times as on 25-Jul-2025, a 21% discount to its peers’ median range of 3.78 times. The P/E ratio of Jubilant Pharmova Ltd is 22.34 times as on 25-Jul-2025, a 50% discount to its peers’ median range of 45.10 times. Step 1. Open a demat account through a broker. You would need to provide your email, PAN, bank account details, aadhar details, etc., for KYC ... Jubilant Pharmova Limited operates as an integrated pharmaceutical and life sciences company in India, the Americas, Europe, and internationally. It operates through six segments: Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables, Generics, Contract Research Development & Manufacturing Organisation (CRDMO), and Proprietary Novel Drugs. The Radiopharma segment offers radiopharmaceuticals products, which are used in the diagnosis and treatment of various diseases, including pulmonary embolism, cancer, coronary artery disease, and others. The Allergy Immunotherapy segment provides specialised diagnostic devices for skin testing, as well as venom immunotherapy products. The CDMO Sterile Injectables segment offers contract manufacturing services for sterile fill and finish injectables, liquids, ointments, creams, and ampoules. The Generics segment engages in the development, manufacturing, distribution, sale, and marketing of solid dosage formulations for therapeutic areas comprising cardiovascular system, central nervous system, gastrointestinal, and multispecialty. The CRDMO segment offers drug discovery and development services and active pharmaceutical ingredients. The Proprietary Novel Drugs segment develops therapies in the areas of oncology and auto-immune diseases. The company was formerly known as Jubilant Life Sciences Limited and changed its name to Jubilant Pharmova Limited in February 2021. Jubilant Pharmova Limited was incorporated in 1978 and is based in Noida, India. The prominent promoters of Jubilant Pharmova Ltd. are |Name of promoters|Holding percentage| |--|--| |SPB TRUSTEE COMPANY PVT LTD|20.08%| |HSB TRUSTEE COMPANY PVT LTD|19%| |MILLER HOLDINGS PTE LTD|3.28%| The chairman of the company is Shyam S Bhartia, and the managing director is Priyavrat Bhartia. ... |--|--| |Return on equity(%)|7.95| |Operating margin(%)|11.13| |Net Margin(%)|11.48| |Dividend yield(%)|0.42| Yes, TTM profit after tax of Jubilant Pharmova Ltd was ₹839 Cr. Company Overview: Jubilant Pharmova is a globally integrated pharmaceutical company specializing in radiopharmaceuticals, contract research, and proprietary novel drugs. With a strategic focus on specialty products, its reach spans across geographies from North America to Asia. Key growth drivers include its radiopharmaceutical capabilities, particularly in the U.S., where it holds substantial market share. The company's innovative pursuits are underscored by ongoing clinical trials in precision medicines targeting oncology, with strategic partnerships bolstering its R&D efforts. Live Speech Content: Sir, with your permission, I rise today on the table a copy each of the following papers Hindi and Hindi-English versions under Article 281 of the Constitution. Report for 2026-2031, Volume 1, Main Report of the 16th Finance Commission. 2. Report for 2026-2031, Volume 2, Annexures of the 16th Finance Commission. 3. Explanatory Memorandum as to the action taken on the recommendations contained in the above report. Item No. 2, Mahadevith Manti Nirmala Sitharaman ji. Honorable Speaker Sir, on the sacred occasion of Magha Poornima and the birth anniversary of Guru Ravidas, I present the budget for the year 2026-2027. Since we assumed office 12 years ago, India's economic trajectory has been marked by stability, fiscal discipline, sustained growth and moderate inflation. This is the result of conscious choices we have made even in times heightened uncertainty and disruption. Our government led by Honorable Prime Minister Modi has decisively and consistently chosen action over ambience, reform over rhetoric. and people over populism. We have pursued far-reaching structural reforms, fiscal prudence and monetary stability, whilst maintaining a strong trust on public investment. Keeping Atmanirbharata as a lodestar, we have built domestic manufacturing capacity, energy security, and reduced critical import dependencies. Simultaneously, we have ensured that citizens benefit from every action of the government, undertaking reforms to support employment generation, agricultural productivity, household purchasing power, and universal services to people. These measures have delivered a high growth rate of around 7% and helped us make substantial strides in poverty reduction and improvement in the lives of our people. Today, we face an external environment in which trade and multilateralism are imperative and access to resources and supply chains are disrupted. New technologies are transforming production systems while sharply increasing demands on water, energy and critical minerals. India will continue to take confident steps towards Vikasat Bharat, balancing ambition with inclusion. As a growing economy with expanding trade and capital needs, India must also remain deeply integrated with global markets, exporting more and attracting stable long-term investment. As I begin Part A, I want to express my gratitude to the people for standing firmly with us as we forge Together towards becoming one of the largest economies of the world. Our aim is to transform aspiration into achievement and potential into performance as we ensure that the dividends of growth reach every farmer, the scheduled castes, the scheduled tribes, the nomads, the youth, the poor, and the women. In Vikasit Bharat Young Leaders Dialogue 2026, several innovative ideas were shared with our Prime Minister, which have inspired many of the proposals, making this a unique Yuva Shakti-driven budget. Our government's sankalp is to focus on our poor, underprivileged, and the disadvantaged. To deliver on this Sankalp and given that this is the first budget prepared in Kartavya Bhavan, we are inspired by three Kartavyas. Our first Kartavya is to accelerate and sustain economic growth by enhancing productivity and competitiveness and building resilience to volatile global dynamics. Our second Kartavya is to fulfill aspirations of our people and build their capacity, making them strong partners in India's path to prosperity. Our third Kartavya, aligned with our vision of Sakkar Saath Sakkar Vikas, is to ensure that every family, community, region and sector has access to resources, amenities and... opportunities for meaningful participation. This threefold approach requires a supportive ecosystem. The first requirement is to sustain the momentum of structural reforms, continuous, adaptive and forward-looking. Second, a robust and resilient financial sector is central to mobilizing savings, allocating capital efficiently and managing risks. Third, cutting-edge technologies, including AI applications, can serve us as force multipliers for better governance. Reform Express. Our government has undertaken comprehensive reforms towards creating employment, boosting productivity and accelerating growth. After the Prime Minister's announcement on independence, Over 350 reforms have been rolled out. This includes GST simplification, notification of labor codes, and rationalization of mandatory quality control orders. High-level committees have been formed and in parallel, the central government is working with the state governments on deregulation and reducing compliance requirements. The reform express is well on its way and will maintain its momentum to help us fulfill our kartavya. I now move to specific proposals. Under our first kartavya, to accelerate and sustain economic growth, I propose interventions in six areas. One, scaling up manufacturing in seven strategic and frontiers 2. Rejuvenating Legacy Industrial Sectors. 3. Creating Champion MSMEs. 4. Delivering a powerful push for infrastructure. 5. Ensuring long-term security and stability. 6. Developing city economic regions. Scaling up of manufacturing in 7 strategic and frontier sectors. Biopharma Shakti, meaning Biopharma Strategy for Health Advancement through Knowledge, Technology and Innovation. India's disease burden is observed to be shifting towards non-communicable diseases like diabetes, cancer and autoimmune disorders. and quality of light at affordable costs. To develop India as a global biopharma manufacturing hub, I propose the Biopharma Shakti with an outlay of 10,000 crores over the next five years. This will build the ecosystem for domestic production of biologics and biosimilars. The strategy will include a biopharma-focused network with three new national institutes of pharmaceutical education and research, popularly known as NIPERS, and upgrading seven existing ones. It will also create a network of thousand accredited India clinical trials sites. We propose to strengthen the central drug standard control organization to meet global and approve timeframes through a dedicated scientific reviewer and specialists. India's Semiconductor Mission 1.0 expanded India's semiconductor sector capabilities. Building on this, we will launch ISM 2.0 to produce equipment and materials, design full-stack Indian IP, and fortify supply chains. We will also focus on industry-led research and training centers to develop technology and skilled workforce. The electronics components manufacturing scheme, launched in April 2025, with an outlay of 22,919 crores, already has investment commitments at double the targets. We propose to increase the outlay to 40,000 crores. A scheme for rare earth permanent magnets was launched in 2025 November. We now propose to support the mineral-rich states of Odisha, Kerala, Andhra Pradesh and Tamil Nadu to establish dedicated rare earth corridors to promote mining, processing, research and manufacturing. To enhance domestic chemical production and reduce import dependency, we will launch a scheme to support states in establishing free dedicated chemical parks through challenge route on a cluster-based plug-and-play model. Strong capital goods Strong capital goods capability is a determinant of productivity and quality across different sectors. Towards building this capacity, I propose the following. High-tech tool rooms will be established by central public sector enterprises at tool locations as digitally enabled automated service bureaus that locally design, test and manufacture high-precision components at scale and at lower cost. 2. A scheme for enhancement of construction and infrastructure equipments will be introduced to strengthen domestic manufacturing of high-value and technologically advanced CIE. lives in a multi-storied apartment, or firefighting equipment in multiplexes, large or small, and to tunnel boring equipments for building metros and high-altitude roads. I also propose a scheme for container manufacturing to create a globally competitive container manufacturing ecosystem with a budgetary allocation of 10,000 crores over a five-year period. For the labor-intensive textile sector, I propose an integrated program with five sub-parts. One, the National Fibre Scheme for self-reliance in natural fibres such as silk, wool and jute, man-made fibres and new-age fibres. Textile expansion and employment scheme to modernize traditional clusters with capital... ...support for machinery, technology upgradation and common testing and certification centers. Three, the National Handloom and Handicraft Program to integrate and strengthen existing schemes and ensure targeted support for weavers and artisans. TechS Echo Initiative to promote globally competitive and sustainable textiles and apparels. Samarth 2.0 to modernize and upgrade the textile skilling ecosystem through collaboration with industry and academic institutions. Further, I propose to set up mega textile parks in challenge mode. They can also focus on bringing value addition to technical textiles. I propose to launch the Mahatma Gandhi Gram Swaraj Initiative to strengthen khadi, handloom and handicrafts. This will help in global market linkage and branding. It will streamline and support training, skilling, quality of process and production. This will benefit our weavers, village industries, one district one product ODOP initiative and also our rural youth. India has the potential to emerge as a global hub for high quality, affordable sports goods. I propose a dedicated initiative for sports goods that will promote manufacturing, research and innovation in equipment design as well as material sciences. Rejuvenation of legacy industrial clusters. I propose to introduce a scheme to revive 200 legacy industrial clusters to improve their cost competitiveness and efficiency through infrastructure and technology upgradation. Creating champion SMEs and supporting micro enterprises. Recognizing MSMEs as a vital engine of growth, I propose a three-pronged approach to help them grow as champions. Equity support. I propose to introduce a dedicated 10,000 crores SME growth fund to create future champions incentivizing enterprises based on select criteria. I also propose to top up the self-reliant India Fund set up in 2021 with 2,000 crores to continue support to micro enterprises and maintain their access to risk capital. Liquidity support. With TREADS, more than 7 lakh crore has been made available to MSMEs. To leverage its full potential, I propose four measures. One, mandate TREADS as the transaction settlement platform for all purchases from MSMEs by CPSPs. Serving as a benchmark for other corporates. Two, introduce a credit guarantee support mechanism through CGTMSC for invoice discounting on TREADS platform. Three, link GEM with TREADS for share ...information with financiers about government purchases from MSMEs, encouraging cheaper and quicker financing. Four, introduce TRED's receivables as asset-backed securities, helping develop a secondary market, enhancing liquidity and settlement of transactions. Professional support. Government will facilitate professional institutions such as the ICAI, ICSI, ICMAI to design short-term modular courses and practical tools to develop a cadre of corporate mitras, especially in tier two and tier three towns. These accredited paraprofessionals will help MSMEs meet compliance requirements at affordable costs. Infrastructure. During this past decade, our government has undertaken several initiatives for large-scale enhancement of public infrastructure, including through new financing instruments such as Infrastructure Investment Trust in WITS and Real Estate Investment Trust rates, and institutions like NIIF and NABFID. We shall continue to focus on developing infrastructure in cities with over 5 lakh population, that is Tier 2, Tier 3 cities, which have expanded to become growth centers. Public capital expenditure has increased manifold from 2 lakh crore in 2014-15 to an allocation of 11.2 lakh crore in BE 25-26. In this coming year, That is, financial year 2026-27, I propose to increase it to 12.2 lakh crores to continue the momentum. To strengthen the confidence of private developers regarding risks during infrastructure development and construction phase, I propose to set up an infrastructure risk guarantee fund to provide prudentially calibrated partial credit guarantee to lenders. Over the years, rights have emerged as a successful instrument for asset monetization. I propose to accelerate recycling of significant real estate assets of the CPCs through the setting up of dedicated rights to promote environmentally sustainable movement of cargo I propose to 1. establish new dedicated freight corridors connecting Dankuni in the east to Surat in the west, operationalize 20 new national waterways over the next five years, starting with National Waterways 5 in Orissa to connect mineral-rich areas of Tarcher and Angkor and industrial centers like Kalinga Nagar to the ports of Paradeep and Damra. Training institutes will be set up as regional centers of excellence for development of required manpower for these waterways. This will benefit youth in the entire stretch of the waterways to train and acquire skills. Further, a ship repair ecosystem catering to inland waterways will also be set up at Varanasi and Patna and see launch a coastal cargo promotion scheme for incentivizing a modern shift from rail to road to increase the share of inland waterways and coastal shipping from 6% to 12% by 2047. To enhance last mile and remote connectivity and promote tourism I propose to give incentives to indigenize manufacturing of sea planes. A sea plane BGF scheme will be also introduced to provide support for operations. Carbon capture utilization and storage. Aligning with the roadmap launched in December 2025, the carbon capturing Manufacture, utilization and storage technologies at scale will achieve higher readiness and an end-use application across five industrial sectors, including power, steel, cement, refineries and chemicals. An outlay of 20,000 crore is proposed over the next five years for this purpose. City economic regions. Cities are India's engines of growth, innovation and opportunities. We shall now focus on Tier 2, Tier 3 cities and even temple towns, which need modern infrastructure and basic amenities. This budget aims to further amplify the potential of cities to deliver the economic power of agglomerations by mapping city economic regions based on their specific growth drivers. An allocation of 5000 crore per CER over five years is proposed for implementing their plans through a challenge mode with a reform-cum-result-based financing mechanism. In order to promote environmentally sustainable passenger systems, we will develop seven high-speed rail corridors between cities as growth collectors, namely Mumbai to Pune, Pune to Hyderabad, Hyderabad to Bengaluru, Hyderabad to Chennai, Chennai to Bengaluru, Delhi to Varanasi, Varanasi to Siliguri. Today is characterized by strong balance sheet, historic highs in profitability, improved asset quality and coverage exceeding 98% of villages in the country. At this juncture, we are well placed to futuristically evaluate the measures needed to continue on the path of reform-led growth of this sector. I propose setting up a high-level committee on banking for Vikashit Bharat to comprehensively review the sector and align it with India's next phase of growth, while safeguarding financial stability, inclusion and consumer protection. The vision for NBFCs for Vikashit Bharat has been outlined with clear targets for credit disbursement In order to achieve scale and improve efficiency in the public sector NBFCs, as a first step, it is proposed to restructure the Power Finance Corporation and Rural Electrification Corporation. I propose a comprehensive review of the foreign exchange management non-debt instruments rules to create a more contemporary user-friendly framework for foreign investments consistent with India's evolving economic priorities. Corporate Bond Market I propose to introduce a market-making framework with suitable access to funds and derivatives on corporate bond indices. I also propose to introduce total return swaps on corporate bonds. Municipal bonds. To encourage the issuance of municipal bonds of higher value by larger cities, I propose an incentive of 100 crore rupees for a single bond issuance. 100 crore rupees for a single bond issuance of more than 1,000 crore. The current scheme under AMRIT, which incentivizes issuances up to 100 crores only, will also continue to support smaller and medium firms. Ease of doing business. Individual persons resident outside India, PROI, will be permitted to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme. It is also proposed to increase the investment limit for an individual PROI under the scheme from 5% to 10% with an overall investment limit for all individual PROIs to 24% from the current 10%. Emerging technologies including AI. 21st century is technology driven. Adoption of technology is for the benefit of all people. Farmers in the field, women in STEM, youth keen to upskill, and the young to access newer opportunities. The government has taken several steps to support new technologies. Through AI Mission, National Quantum Mission, Anusandhaan National Research Fund and Research and Development and Innovation Fund. Our second karthak is to fulfill aspirations and build capacities. Close to 25 crore individuals have come out of multi-dimensional poverty through a decade of our government's sustained and reform-oriented efforts. Our government has therefore decided to place a renewed emphasis on the service sector to provide a pathway to fulfilling aspirations of a youthful India with the following measures. I propose to set up a high-powered education to employment and enterprise Standing committee to recommend measures that focus on services sector as a core driver of Vikasit Bharat. This will make us a global leader in services with a 10% global share by 2047. The committee will prioritize areas to optimize the potential for growth, employment and exports. They will also assess the impact of emerging technologies including AI on jobs and skill requirements and propose measures thereof. To create a new range of skilled career pathways for our youth, I propose interventions in the following sectors. Institutions for allied health professionals will be upgraded and new AHB institutions established in private and government sectors. This will cover 10 selected disciplines including optometry, radiology, anesthesia, OT technology, applied psychology and behavioral health and add 1 lakh AHBs over the next five years. A strong care system covering geriatric and allied care services will be built. A variety of NSQF aligned programs will be developed to train multi-skilled caregivers combining core care and allied skills such as wellness yoga and operation of medical assistive devices. In the coming year, 1.5 Hubs for medical value tourism. To promote India as a hub for medical tourism services, I propose to launch a scheme to support states in establishing five regional medical hubs in partnership with the private sector. These hubs will serve as integrated healthcare complexes that combine medical, educational, and research facilities. They will have Ayur centers, medical value tourism facilitation centers, and infrastructure for diagnostics, post-care, and rehabilitation. These hubs will provide diverse opportunities, job opportunities for health professionals, including doctors and AHPs. Ancient Indian yoga, already respected in several parts of the world, was given a mass global recognition when Honorable Prime Minister took it to the UN. Post COVID, Ayurveda gained a similar global acceptance and recognition. Exporting quality Ayurveda products helps farmers who grow the herbs and youth who process the products. To meet growing global demand, a few more steps are being taken. I propose to 1. Set up three new All India Institutes of Ayurveda. 2. Upgrade Ayurush pharmacies and drug testing labs for higher standards of certification ecosystem and make available more skilled personnel. 3. Upgrade the WHO global Traditional Medicine Centre in Jamnagar to bolster evidence-based research, training and awareness for traditional medicine. Animal Husbandry. Livestock contributes close to 16% of farm income, including of poor and marginal households. To scale up availability of veterinary professionals by more than 20,000, I propose to roll out a loan-linked capital subsidy support scheme for establishment of veterinary and para-veterinary colleges, veterinary hospitals, diagnostic laboratories and breeding facilities in private sector. Collaboration between Indian and foreign institutions will also be facilitated. Orange Economy. India's animation The Olympics, gaming and comics sector, AVGC sector, is a growing industry projected to require 2 million professionals by 2030. I propose to support the Indian Institute of Creative Technologies Mumbai in setting up AVGC content creator labs in 15,000 secondary schools all over the country and 500 colleges. The Indian design industry is expanding rapidly and yet there is a shortage of Indian designers. I propose to establish through challenge route a new national institute of design to boost design education and development in the eastern region of India. Our government will support states through challenge route in creating five university townships in the vicinity of major industrial and logistics corridors. These planned academic zones will host multiple universities, colleges and research institutions, scale centers and residential complexes. In higher education, STEM institutions, prolonged hours of study and collaborate and laboratory work pose some challenges for girl students. Through VGF, viability gap funding and capital support, one girls' hostel will be established in every district. To promote astrophysics and astronomy via immersive experiences, 4-telescope infrastructure facilities will be set up or upgraded: the National Large Solar Telescope, the National Large Optical Infrared Telescope, the Himalayan Chandra Telescope, and the Cosmos II Planetarium. Tourism. The tourism sector has the potential to play a large role in the employment generation, forex earnings, and expanding the local economy. I propose to set up a National Institute of Hospitality by upgrading the existing National Council for Hotel Management and Catering Technology. It will function as a bridge between academic ...industry and government. I also propose a pilot scheme for upskilling 10,000 guides in 20 iconic tourist sites through a standardized, high-quality, 12-week training course in hybrid mode in collaboration with the Indian Institute of Management. A National Destination Digital Knowledge Grid will be established to digitally document all places of significance, cultural, spiritual, and heritage. This initiative will create a new ecosystem of jobs for local researchers, historians, content creators, and technology partners. India has the potential and opportunity to offer World-class trekking and hiking experience. We will develop ecologically sustainable mountain trails in Himachal Pradesh, Uttarakhand and Jammu Kashmir. Also in Arakku Valley in the Eastern Ghats and Pudigai Malai in the Western Ghats. Turtle trails along key nesting sites in the coastal areas of Odisha, Karnataka and Kerala. And three bird watching trails along the Pulikat Lake in Andhra Pradesh Tamil Nadu. Under the visionary leadership of Honorable Prime Minister, we established the International Big Cat Alliance in 2024. India is hosting the first ever Global Big Cat Summit where heads of governments and ministers from ninety five range countries will deliberate on corrective strategies for conservation. Heritage and culture tourism. I propose to develop fifteen archaeological sites including Lothal, Dholavira, Rakhigarhi, Adichanallu, Sarnath, Hastinapur and Leh Palace into vibrant experiential cultural destinations. Excavated landscapes will be open to the public through curated walkways. Immersive storytelling skills and technologies will be introduced to help conservation labs, interpretation centres and guides. The sports sector provides multiple means of employment, skilling and job opportunities. Taking forward the systematic nurturing of sports talent which is set in motion through the Kelo India program earlier, I propose to launch a Kelo India Mission to transform the sports sector over the next decade. The mission will facilitate A. an integrated talent development pathway supported by training centres which are foundational, intermediate and elite levels; B. systematic development of coaches and support staff; C. integration of sports science and technology; D. competitions and leagues to promote sports culture and provide platforms; and E. development of sports infrastructure for training and competition. alliance with our vision of Saptasat Saptavikas towards Vikasit Bharat. This requires targeted efforts for 1. Increasing farmer incomes through productivity enhancement and entrepreneurship, with special attention to small and marginal farms. 2. Empowering the young through access to livelihood opportunities, training, and high-quality assisted devices. 3. Empowering the vulnerable to access mental health and trauma care. 4. Focus on the poor states and the northeast region to accelerate development and employment opportunities. 5. Fisheries. We will undertake initiatives for integrated development of 500 reservoirs and amritsarovars to strengthen the fisheries value chain in coastal areas and enable market linkages involving startups and women-led groups together with fish farmer producer organizations, animal husbandry. To provide quality employment opportunities in rural and peri-urban areas, we will support the animal husbandry sector in entrepreneurship development through A, a credit-linked subsidy program, B, scaling up and modernization of livestock enterprises, C, enhanced creation of livestock, dairy, and poultry, encourage, sorry I'll read that again, enhanced creation of livestock, dairy, and poultry-focused integrated value chains, and D, encourage creation of livestock farmer producer organizations, high-value agriculture. To diversify farm outputs increase productivity, enhance farmers' incomes, and create new employment opportunities, we will support high-value crops such as coconut, sandalwood, cocoa, cashew in the coastal areas, agar trees in northeast, and nuts such as almonds, walnuts, and pine nuts in our hilly regions. These all of them will be supported. India is the world's largest producer of coconuts. About 30 million people, including nearly 10 million farmers, depend on coconuts for their livelihood. To further enhance competitiveness in coconut production, I propose a coconut promotion scheme to increase production and enhance productivity through various interventions, including replacing and non-productive trees. With new saplings or plants or varieties in major coconut-growing states, a dedicated program is proposed for Indian cashew and cocoa to make India self-reliant in raw cashew and coconut production and processing, enhance export competitiveness, and transform Indian cashew and Indian cocoa into premium global brands by 2030. Sandalwood is closely linked to India's social and cultural heritage. Our government will partner with state governments to promote focused cultivation and post-harvest processing to restore the glory of the Indian sandalwood ecosystem, to rejuvenate old, low-yielding orchards and expand high-density... ...cultivation of walnuts, almonds and pine nuts, we will support a dedicated program to enhance farmer incomes and in bringing value addition by engaging youth. Bharat Vistar, that is virtually integrated system to access agricultural resources. I propose to launch Bharat Vistar, a multilingual AI tool that shall integrate the Agri-Stack portals and the ICAR package on agricultural practices with AI systems. This will enhance farm productivity, enable better decisions for farmers and reduce risk by providing customized advisory support. She marts for rural women-led enterprises. Building on the success of Nakpati Didi program Propose to help women take the next step from credit-linked livelihoods to being owners of enterprises. Self-help entrepreneur, SHE, marks will be set up as community-owned retail outlets within the cluster-level federations through enhanced and innovative financing instruments. Empowering the Divyangjan. Divyangjan Kaushal Yojana. Information technology, AVGC sectors, hospitality and food and beverages sectors offer task-oriented and process-driven roles which are suitable for Divyangjan. We will ensure dignified livelihood opportunities through industry-relevant and customized training specific to each Divyangjan group. Divyaang Sahara Yojana. Timely access to high quality assistive devices for all eligible Divyaangjan is a fundamental need. I propose to 1. Support the Artificial Limbs Manufacturing Corporation of India, Alimco, to set up and to scale up production of assistive devices, invest in R&D and AI integration, strengthen PM Divyaangjan Kendras, and support setting up of assistive technology marts as modern retail style centers where Divyaangjan and senior citizens can see, try and purchase assistive products. Reaffirming our commitment to mental health and trauma care, there are no national institutes for mental health care. We will therefore set up a NIMHANS 2 and also upgrade National Mental Health Institutes in Ranchi and in Tezpur as regional apex institutions. Emergencies expose families, particularly the poor and vulnerable, to unexpected expenditure. We will strengthen and increase these capacities by 50% in district hospitals by establishing emergency and trauma care centers. Focus on Purvodaya States and Northeastern Regions. Purvodaya, I propose the development of an integrated East Coast Industrial Corridor with a well-connected node at Durgapur. ...in five poor-worthy estates and the provision of 4,000 e-buses. Buddhist sites in Northeastern region. The Northeastern region is a civilizational confluence of Theravada and Mahayana or Vajrayana traditions. I propose to launch a scheme for development of Buddhist circuits in Arunachal Pradesh, Sikkim, Assam, Manipur, Mizoram and Tripura. The scheme will cover preservation of temples and monasteries, pilgrimage interpretation centers, connectivity and program pilgrim amenities. 16th Finance Commission. On 17th November 2025, the 16th Finance Commission submitted its report to the President as mandated under Article 281 of the Constitution. The government is to lay the report along with the explanatory memorandum on the action taken report on the recommendations of the Commission in Parliament, which, sir, Honorable Speaker, you have allowed me to do at the commencement of the session. The government has accepted the recommendation of the Commission to retain the vertical share of devolution at 41 percent. As recommended by the Commission, I have provided 1.4 lakh crores of rupees to the states for the year 2026-2027 as Finance Commission grants. These include rural and urban local body and disaster management grants. Fiscal consolidation. Government has been delivering on our fiscal commitments consistently without comprising compromising on social needs. To strive towards accepted standards of fiscal management in Budget 25-26, I had indicated that the central government would target reaching a debt-to-GDP ratio of 50 plus or minus 1 percent by 2030-31. In line with this, the debt-to-GDP ratio is estimated to be 55.6 percent of GDP in BE 26-27, compared to 56.1 percent of GDP in RE 25-26. The revised estimates of the non-debt receipts are 34 lakh crore rupees, of which the centre's net tax receipts are 26.7 lakh crore. The revised estimate of the total expenditure is 49.6 lakh crore rupees, of which the capital expenditure... is about 11 lakh crores. Budget estimates 2026 to 2027. Coming to 26-27, the non-debt receipts and the total expenditure are estimated as 36.5 lakh crore and 53.5 lakh crore respectively. The centre's net tax receipts are estimated at 28.7 lakh crore rupees. To finance the fiscal deficit, the net market borrowings from dated securities are estimated at 11.7 lakh crore rupees. The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at 17.2 lakh crore rupees. I'll now move to Part B. I now present my proposals on direct access. In July 2024, I announced a comprehensive review of the Income Tax Act 1961. This was completed in record time and the Income Tax Act 2025 will come into effect from 1st April 2026. The simplified income tax rules and forms will be notified shortly, giving adequate time to taxpayers to acquaint themselves with its requirements. The forms have been redesigned such that ordinary citizens can comply without difficulty. Ease of living. I propose that any interest ...awarded by the Motor Accident Claims Tribunal to a natural person will be exempt from income tax and any TDS on this account will be done away with. I propose to reduce TCS rate on the sale of overseas tour program package from the current 5% and 20% to 2% without any stipulation of amount. I propose to reduce TCS rate for pursuing education and for medical purposes under the Liberalized Remittance Scheme, popularly known as LRS, from 5% to 2%. Supply of manpower services is proposed to be specifically brought within the ambit of payment to contractors for the purpose of TDS to avoid ambiguity. TDS on these services will be at the rate of either 1% or 2% only. I propose a scheme for small tax payers wherein a rule-based automated process will enable obtaining a lower or nil deduction certificate instead of filing an application with the assessing officer. For the ease of taxpayer holding securities in multiple companies, I propose to enable depositories to accept Form 15G or Form 15H from the investor and provide it directly to various relevant companies. I propose to extend time available for revising returns from 31st December to up to 31st March with the payment of a nominal fee. I also propose to stagger the timeline for filing of tax Individuals with ITR 1 and ITR 2 returns will continue to file till 31st July and non-audit business cases for trusts are proposed to be allowed time till 31st August. TDS on sale of immovable property by a non-resident is proposed to be deducted and deposited through resident buyers and his or her PAN-based chalan instead of requiring a TAN which is a temporary accounting number. To address practical issues of small taxpayers like students, young professionals, tech employees, relocated NRIs and such others, I propose to introduce a one-time six-month foreign asset disclosure scheme for these taxpayers to disclose income assets below a certain size. This scheme would be applicable for two categories of taxpayers, namely A, who did not disclose their overseas income or assets, and B, who disclosed their overseas income and or paid due tax but could not declare the asset acquired. For Category A, the limit of undisclosed income or asset is proposed to be up to one crore rupees. They need to pay 30% of fair market value of asset or 30% of undisclosed income as tax and 30% as additional income tax in lieu of penalty and would thereby get immunity from prosecution. For Category B, asset value is proposed to be up to five crore rupees. Here, immunity from both penalty and prosecution. prosecution will be available with a payment of fee of one lakh rupees. Rationalizing penalty and prosecution. Multiplicity of proceedings are hindrance to the ease of doing business and propose to integrate assessment and penalty proceedings by way of a common order for both. There will be no interest liability on the taxpayer on the penalty amount for the period of appeal before the First Appellate Authority irrespective of the outcome of appeal process. Further, quantum of prepayment is being reduced from 20% to 10% and will continue to be calculated only on core tax demand. As an additional measure for reducing litigation, I propose to allow taxpayers to update their returns even after reassessment proceedings. and an additional 10% tax rate over and above the rate applicable for the relevant year. The assessing officer will then use only this updated return in his proceedings. There is already a framework for immunity from penalty and prosecution in the cases of under-reporting. I propose to apply this framework for immunity to misreporting too. However, in such a case, the taxpayer will need to pay 100% of the tax amount as an additional income tax over and above the tax and interest due. Penalties for certain technical defaults, such as failure to get accounts audited, non-furnishing of transfer pricing audit report, and default in furnishing statement for financial transactions are proposed to be converted into fee. I propose to rationalize prosecution framework under Income Tax Act while maintaining a careful balance for deterrence in some serious offense. Non-production of books of account and documents and requirement of tedious payment where payment is made in kind are being decriminalized. Further, minor offenses will attract fine only. The remaining prosecutions will be created commensurate with the quantum of offense. They will entail only simple imprisonment with maximum imprisonment reduced to two years and power to courts to convert even those into fines. There is no penalty presently for non- disclosure of non-immovable foreign assets with aggregate value less than 20 lakh rupees. I propose to also provide them with immunity from prosecution with retrospective effect from 1-10-2024. Cooperatives. Deduction is already allowed to a primary cooperative society engaged in supplying milk, oilseeds, fruits or vegetables raised or grown by its members. I propose to extend this deduction to also include supply of cattle feed and cotton seed produced by its members. I propose to allow inter-cooperative society dividend income as deduction under the new tax regime to the extent it is further distributed to its members. I further propose to allow exact for a period of three years to dividend income received by a notified national cooperative federation on their investments made in companies up to 31.1.2026. This exemption would be allowed only for dividends further distributed to its member cooperatives. Supporting IT sector as India's growth engine. India is a global leader in software development services, IT enabled services, knowledge process outsourcing services, and contract R&D services relating to software development. These businesses and their segments are quite interconnected with each other. All these services are proposed to be clubbed under a single category of information technology services with a common safe harbor margin of 15.5% applicable to all. The threshold for availing safe harbor for IT services is being enhanced substantially from Rs. 300 crore to Rs. 2,000 crore. Safe harbor for IT services shall be approved by an automated rule-driven process without any need for tax officer to examine and accept the application. Once applied by an IT services company, the same safe harbor can be continued for a period of 5 years at a stretch at its choice. For IT services companies who want to conclude advanced pricing agreement, APA, I propose to fast-track unilateral APA process for IT services and endeavor to conclude it within a period of 2 years. The period of 2 years can be extended by a further period of 6 months on taxpayer's request. to extend the facility of modified returns available to the entity entering APA with associated entities also. Attracting global business and investment, recognizing the need to enable critical infrastructure and boost investment in data centers, I propose to provide tax holiday till 2047 to any foreign company that provides cloud services to customers globally by using data center services from India. It will however need to provide services to Indian customers through an Indian reseller entity. I also propose to provide a safe harbor of 15% on cost in case the company providing data center services from India is a related entity. To harness the efficiency of just-in-time logistics for electronic manufacturing, I propose to provide safe harbor to non-residents for component warehousing in a bonded warehouse at a profit margin of 2% of the invoice value. The resultant tax of about 0.7% will be much slower than in competing jurisdictions. To provide Philip to toll manufacturing in India, I propose to provide exemption from income tax for five years to any non-resident who provides capital goods, equipment or tooling to any toll manufacturer in a bonded zone. To encourage vast pool of global talent to work in India for a longer period of time, I propose to provide exemption to global non-India... Income of a non-resident expert for a stay period of five years under notified schemes. I propose to provide exemption from minimum alternate tax, the MAT, to all non-residents who pay tax on presumptive basis. Tax administration. I propose to constitute a joint committee of Ministry of Corporate Affairs and Central Board of Direct Taxes for incorporating the requirements of income computation and disclosure standards, the ICDS, in the Indian Accounting Standards, Ind-AS, Ind-AS, itself. Separate accounting requirement based on ICDS will be done away with from the tax year 27-28. To support Prime Minister Modi's vision of homegrown accounting and advice To become global leaders, I propose to rationalize the definition of accountant for the purposes of safe harbor rules. Other tax proposals. Change in taxation of buyback was brought in to address the improper use of buyback route by promoters. In the interest of minority shareholders, I propose to tax buyback for all types of shareholders as capital gains. However, to disincentivize misuse of tax arbitrage, promoters will pay an additional buyback tax. This will make effective tax 22% for corporate promoters. For non-corporate promoters, the effective tax will be 30%. TCS rate for sellers of specific goods, namely alcoholic liquor, scrap and minerals will be rationalized to 2% and that on tendu leaves will be reduced from 5% to 2%. I propose to raise the STT on futures to 0.05% from the present 0.02%. STT on options premium and exercise of options are both proposed to be raised to 0.15% from the present rate of 0.1% and 0.125% respectively. We reform the taxation landscape for corporates in 2019 by providing them a simplified regime with lower tax rate. so that they could productively focus on business rather than on claim of deductions and exemptions. To encourage companies to shift to the new regime, set-off of broad-forward MAT credit, minimum alternate tax credit, is proposed to be allowed to companies only in the new regime. Set-off using available MAT credit is proposed to be allowed to an extent of one-fourth of the tax liability in the new regime. MAT is proposed to be made final tax, so there will be no further credit accumulation from 1st April 2026. In line with this change, the rate of final tax is being reduced to 14% from the current MAT rate of 15%. The brought forward VAT credit of taxpayers accumulated till 30th March 2026 will continue to be available to them for set-off as above. Indirect taxes. I shall now take up proposals related to indirect taxes. My proposals for customs and central excise aim to further simplify the tariff structure, support domestic manufacturing, promote export competitiveness and correct inversion in duty. To continue weeding out long continuing customs duty exemptions, I propose to remove certain exemptions on items which are being manufactured in India or where the imports are negligible. Similarly, to further simplify the process of ascertaining the rate of duty applicable on a particular item. I propose to incorporate certain effective rates in various customs notifications to the tariff schedule itself. I shall now take up sector-specific proposals. Promotion of exports of marine, leather, and textile products. I propose to increase the limit for duty-free imports of specified inputs used for processing seafoods for export from the current 1% to 3% of FOB value of the previous year's export turnover. I also propose to allow duty-free imports of specified inputs, which is currently available for exports of leather or synthetic footwear, to exports of shoe uppers as well. I propose to extend the time period for export of final from the existing six months to one year for exporters of leather or textile garments, leather or synthetic footwear, and other leather products. Energy transition and security. I propose to extend the basic customs duty exemption given to capital goods used for manufacturing lithium-ion cells for battery energy storage systems also. I propose to exempt basic customs duty on import of sodium antimonate for use in manufacture of solar glass. Nuclear power. I propose to extend the existing basic customs duty exemption on imports of goods required for nuclear power projects till the year 2035 and expanded for all nuclear plants irrespective of their capacity. Critical minerals, it is proposed to provide basic customs duty exemption to the import of capital goods required for the processing of critical minerals in India. Biogas blended CNG, I propose to exclude the entire value of biogas while calculating the central excise duty payable on biogas blended CNG. Civil and defence aviation, I propose to exempt basic customs duty on components and parts required for the manufacture of civilian training and other aircrafts. It is proposed to exempt basic customs duty on raw materials imported for the manufacture of parts of aircraft. to be used in maintenance, repair or overall requirements by units in the defense sector. Electronics. To deepen value addition in the consumer electronics sector, I propose to exempt basic customs duty on specified parts used in the manufacture of microwave ovens. Special economic zone. To address the concerns arising about utilization of capacity by manufacturing units in the special economic zones due to global trade disruptions, I propose as a special one-time measure to facilitate sales by eligible manufacturing units in SEZs to the domestic tariff area at concessional rates of 2%. The quantity of such sales will be limited to a prescribed proportion exposed. Necessary regulatory changes will be undertaken to operationalize the measures while ensuring level playing field for the units working in the DTA. Ease of living. To rationalize the customs duty structure for goods imported for personal use, I propose to reduce the tariff rate on all dutiable goods imported for personal use from 20% to 10%. To provide relief to patients, particularly those suffering from cancer, I propose to exempt basic customs duty on 17 drugs or medicines. I propose also to add 7 more rare diseases for the purposes of... Exempting import duties on personal imports of drugs, medicines and food for special medical purposes used in their treatment. Customs process. India's role and share in the global trade is poised for a major leap in line with our ambition and journey towards Vikasan Bharat. In this regard, I propose many measures for customs processes to have minimal intervention for smoother and faster movement of goods and greater certainty to the trade. Trust-based systems. I propose to enhance duty-different period for Tier 2 and Tier 3 authorized economic operators known as AAOs from 15 days to 30 days. I propose to provide eligible manufacturer importers the same duty-different facility. This should encourage them to get... Insects accredited as a full-fledged tier 3 AEO in due course. To provide greater certainty and for better business planning, I propose to extend validity period of advance ruling, binding on customs, from the present three years to five years. In the spirit of the whole-of-government approach, government agencies will be encouraged to leverage AEO accreditation for preferential treatment in clearing their cargo. Regular importers with trusted long-standing supply chains will be recognized in the risk system so that the need for verification of their cargo every time can be minimized. Export cargo using electronic sealing. Export cargo using electronic ceiling will be provided through clearance from the factory premises to the ship. For import of goods not needing any compliance, filing of bill of entry by a trusted importer and arrival of goods will automatically notify customs for completing their clearance formalities. This will enable goods to be released immediately on arrival. The customs warehouse framework will be transformed into a warehouse operator-centric system with the same declarations, electronic tracking and risk-based audit. These reforms will move away from the current system of officer-dependent approvals and reduce transaction delays and compliance costs. Ease of doing business. Approvals required for cargo clearance from various Government agencies will be seamlessly processed through a single and interconnected digital window by the end of the financial year. Processes involved in clearance of food, drugs, plant and animal and wildlife products accounting for about 70% of interdigited cargo will be operationalized on this system by April 2026 itself. For goods not having any compliance requirement, clearance will be done by customs immediately after online registration is completed by the importer subject to the payment of duty. Customs integrated system will be rolled out in two years as a single integrated and scalable platform for all customs processes. Utilization of non-intrusive scanning with advanced imaging. and AI technology for risk assessment will be expanded in a phased manner with the objective to scan every container across all the major ports. New export opportunities to support Indian fishermen to fully harness the economic value of marine resources beyond territorial waters. The following measures will be taken. A. Fish catch by an Indian fishing vessel in exclusive economic zone or on the high seas will be made free of duty. Landing of such fish on foreign port will be treated as export of goods. Safeguards will be put in place to prevent misuse during fish catch, transit or transshipment. To support aspirations of India's... for businesses, artisans and startups to access global markets through e-commerce. I am pleased to announce complete removal of the current value cap of 10 lakh rupees per consignment on courier exports. In addition, handling of rejected and returned consignments will be improved with effective use of technology for identifying such consignments. I propose to revise provisions governing baggage clearance during international travel to address genuine concerns of passengers. The revised rules will enhance duty-free allowances in line with the present-day travel realities and provide clarity in temporary carriage of goods brought in or taken out. There are honest taxpayers who are willing to settle disputes by paying all their dues. They will now be able to close cases by paying an additional amount in lieu of penalty.
The Union Budget 2026's emphasis on domestic manufacturing, R&D, and a streamlined regulatory environment is expected to foster a positive investment climate for the pharmaceutical sector. For Jubilant Pharmova, these measures are likely to enhance its operational efficiency, reduce costs, and accelerate its product development cycles. The company's strategic investments in high-growth segments like radiopharma and CDMO Sterile Injectables are well-aligned with the budget's thrust on advanced manufacturing and healthcare innovation. The improved infrastructure and ease of doing business will further bolster its competitiveness in both domestic and international markets. Investor sentiment for Jubilant Pharmova is likely to remain positive, supported by the government's clear policy direction and the company's robust financial performance in Q2 FY26, where it reported a 12.22% year-on-year revenue growth and a 17.02% increase in net profit.
Jubilant Pharmova's long-term strategy of focusing on innovation, quality, and expanding its presence in high-margin therapeutic segments aligns well with the government's vision of 'Vikasit Bharat' and making India a global pharmaceutical powerhouse. The 'Biopharma Shakti' initiative, in particular, provides a structural tailwind that could support the company's aspirations to become a global leader in specialty pharmaceuticals and contract research. The budget's commitment to continuous structural reforms and a robust financial sector will create a stable and predictable environment for long-term capital allocation and growth. As the implementation of these budget provisions unfolds, Jubilant Pharmova is strategically positioned to leverage these opportunities for sustained growth and value creation.
Union Budget 2026 presents a largely favorable landscape for Jubilant Pharmova Ltd., with direct and indirect benefits stemming from the 'Biopharma Shakti' initiative, regulatory streamlining, tax reforms, and infrastructure development. These measures are set to enhance the company's manufacturing capabilities, accelerate R&D, improve operational efficiencies, and strengthen its market position. The coming fiscal year will see the company focusing on integrating these policy advantages into its business strategy, particularly in its high-growth segments, as the government moves forward with the implementation timelines and regulatory notifications.
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