Jubilant Pharmova Q4 FY25: profit turnaround, margins rise

What the company reported for Q4 FY25

Jubilant Pharmova reported a sharp turnaround in profitability for the March quarter (Q4 FY25), moving from a loss in the year-ago period to a consolidated net profit. One report put Q4 FY25 net profit at ₹153.60 crore versus a net loss of ₹58.60 crore in Q4 FY24. A separate filing-based report pegged Q4 FY25 consolidated net profit at ₹151.3 crore versus a loss of ₹61.8 crore a year earlier.

Revenue also rose year-on-year in the quarter. The company’s revenue from operations increased 9.7% YoY to ₹1,915.80 crore in Q4 FY25. Another report cited consolidated total revenue from operations at ₹1,928.8 crore compared with ₹1,758.6 crore in the year-ago quarter.

Operating performance: EBITDA growth and margin expansion

Operating profitability improved alongside revenue growth. EBITDA jumped 23% YoY to ₹357 crore in Q4 FY25, compared with ₹289 crore in Q4 FY24. The EBITDA margin expanded by 210 basis points to 18.4% in Q4 FY25 from 16.3% in Q4 FY24.

The company also reported a pre-tax profit of ₹206 crore in Q4 FY25, compared with a pre-tax loss of ₹53.70 crore in Q4 FY24. These figures indicate that the quarter’s turnaround was supported by operating leverage and improved profitability metrics, not only top-line growth.

Segment performance: radiopharma and CDMO sterile injectables lead

Jubilant Pharmova’s quarter was supported by segment-level gains, with particular traction in radiopharma and CDMO-related businesses.

In Q4 FY25, radiopharmaceuticals revenue grew 15% YoY to ₹296 crore. Revenue from radio pharmacy increased 7% YoY to ₹600 crore. Allergy Immunotherapy revenue rose 2% YoY to ₹192 crore.

CDMO sterile injectables grew 31% YoY to ₹340 crore during the quarter. Contract research, development and manufacturing organisation (CRDMO) revenue stood at ₹338 crore in Q4 FY25, up 19.86% YoY.

The generics business was the key laggard, reporting revenue of ₹157 crore in Q4 FY25, reflecting a 22% YoY decline.

One-time charge context and how some reports framed profits

One market report highlighted a profit of 1.54 billion rupees (₹154 crore) in Q4, compared with a year-ago loss of 586 million rupees (₹58.6 crore). It also noted that the prior-year loss included a one-time charge of 1.69 billion rupees (₹169 crore). The same report added that profit before the one-time charge was up 82% year-on-year, alongside revenue rising 10% YoY driven by demand for drugs with radioactive ingredients.

These figures broadly align with the business mix discussed for the quarter, where radiopharma and related offerings showed growth.

Full-year FY25: sharp jump in profit, steady revenue growth

On a full-year basis, the company reported a steep rise in consolidated net profit and a moderate increase in revenue.

One set of results stated that consolidated net profit surged 988.7% to ₹839.40 crore on an 8.2% increase in revenue from operations to ₹7,192.10 crore in FY25 versus FY24. Another report cited consolidated net profit at ₹836.3 crore in FY25 compared with ₹72.7 crore in FY24, and total revenue from operations at ₹7,234.5 crore versus ₹6,702.9 crore.

Management commentary also referenced revenue of ₹7,235 crore in FY25, representing growth of 8% over the prior year.

Management commentary: where growth came from

S. Bhartia, chairman, and Hari S Bhartia, co-chairman and non-executive director, said the company delivered robust revenue growth across Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables and CRDMO businesses.

They also stated that EBITDA grew 24% to ₹1,230 crore for FY25, supported by strong operating performance across business units. For the year, EBITDA margins expanded by 220 basis points, according to the management statement.

The management statement further said reported PAT grew by 1,050% to ₹836 crore, while normalised PAT grew by 112% to ₹415 crore, aided by improved operating performance and reduced finance cost.

Stock market reaction

Jubilant Pharmova shares rose after the Q4 FY25 results. The stock rallied 4.54% to ₹947.05 following the profit turnaround and margin improvement reported for the quarter.

Earlier-quarter context: normalised PAT decline in December quarter

The company’s normalised profit after tax (PAT) declined 17% year-on-year to ₹86 crore in the December quarter, compared with ₹104 crore a year earlier. Despite that decline, revenue rose 17% YoY to ₹2,123 crore, with strong performance across segments, particularly CDMO sterile injectables.

This contrast highlights that the March quarter’s reported profitability improved versus the prior-year quarter, while the December quarter had seen pressure on normalised PAT even as revenue grew.

Key numbers at a glance

Why the results matter

The quarter’s results point to a business mix where higher-growth segments such as radiopharma, CDMO sterile injectables, and CRDMO contributed meaningfully, while generics remained weak. The 210 bps expansion in quarterly EBITDA margin, along with positive PBT versus a loss last year, suggests that operating profitability improved materially in Q4 FY25.

For FY25, the combination of mid-single-digit to high-single-digit revenue growth and a large jump in profit underscores the impact of operating performance changes and the role of one-time items in year-on-year comparisons, as flagged in some market reports.

Conclusion

Jubilant Pharmova closed FY25 with a Q4 profit turnaround, higher revenue, and improved margins, led by gains in radiopharma and CDMO sterile injectables. Investors will track whether segment momentum continues, especially with management highlighting growth across key platforms and improved profitability metrics for the year.