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Stock Analysis

Description

J.B. Chemicals & Pharmaceuticals Limited is an Indian pharmaceutical company with a strong presence in the domestic market and international operations, specializing in formulations and CDMO services.

Key Growth Triggers

Strong performance in domestic formulations, outperforming the IPM with significant volume growth.
Robust growth in international markets, including exports to South Africa, Russia, and the USA.
Focus on flagship brands and chronic therapy segment expansion.
Positive momentum expected in the CDMO business.
Progress on the amalgamation with Torrent Pharmaceuticals.

Order Book

Currently no data available for Order Book.

Key Red Flags

No significant red flags are highlighted in this presentation; minor tax demands mentioned are considered immaterial.

Key Dates To Watch

The investor presentation details Q3 FY26 results, with the Board meeting for approval held on January 16, 2026.

Corporate Announcements

1st Apr 26

Impact Rating: 6

J.B. Chemicals & Pharmaceuticals has confirmed the resignation of its Chief Executive Officer and Whole-time Director, Mr. Nikhil Chopra. His cessation as CEO is effective from March 31, 2026.

28th Mar 26

Impact Rating: -

No description available.

27th Mar 26

Impact Rating: 5

J.B. Chemicals & Pharmaceuticals has set its trading window closure period starting April 1, 2026. This regulatory measure will remain in effect until 48 hours after the company declares its audited financial results for the year ending March 31, 2026.

25th Mar 26

Impact Rating: 7

J.B. Chemicals & Pharmaceuticals announced that the National Company Law Tribunal (NCLT) has issued a Corrigendum Order on March 24, 2026, related to its previously announced amalgamation scheme with Torrent Pharmaceuticals Limited.

24th Mar 26

Impact Rating: 9

J.B. Chemicals & Pharma stated that the NCLT Ahmedabad Bench uploaded the order for the proposed amalgamation with Torrent Pharmaceuticals on March 23, 2026, following the first motion application.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Sun Pharma.Inds.	1669.20	34.70	400532.32	0.96	3124.95	2.56	14478.31	8.93	20.21	54964.01	30.12	11543.96	3117.95	5.15	12.97	0.07
2.	Divi's Lab.	6233.95	66.59	165459.25	0.48	689.00	35.10	2715.00	16.12	20.44	10029.00	32.37	2485.00	689.00	10.74	13.53	0.01
3.	Torrent Pharma.	4018.75	62.76	135973.70	0.80	591.00	32.49	3302.00	14.30	27.05	12248.00	32.60	2166.53	600.17	16.10	13.26	0.33
4.	Cipla	1397.95	20.76	112914.51	0.93	1353.37	3.73	7589.44	7.64	22.72	28349.57	25.40	5441.14	1351.17	3.43	14.72	0.01
5.	Lupin	2174.20	22.97	99357.92	0.55	1484.83	73.34	7047.51	24.23	21.30	24750.69	27.25	4324.63	1477.92	5.06	12.41	0.32
6.	Dr Reddy's Labs	1179.30	17.05	98432.10	0.68	1336.80	7.28	8828.30	9.83	22.69	34310.00	24.64	5772.20	1347.10	2.73	12.95	0.16
7.	Mankind Pharma	2173.55	51.33	89745.24	0.05	520.18	-22.00	3697.16	20.77	15.98	13545.67	24.12	1748.55	511.51	5.87	8.89	0.55
8.	J B Chemicals &	1890.05	42.05	29626.57	0.82	200.42	15.77	1022.65	7.00	25.90	3877.40	27.54	704.48	200.42	7.95	15.63	0.01
–	Median: 149 Co.	390.6	30.03	1766.0	0.11	13.49	11.71	161.76	10.58	14.89	591.73	15.93	45.26	13.96	3.13	8.56	0.22

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	740	729	699	853	837	800	809	952	956	914	901	1,040	1,023
Expenses	574	559	538	618	602	585	614	679	688	668	670	747	724
Operating Profit	166	169	161	235	235	215	195	273	268	245	231	293	298
Other Income	2	3	3	5	7	7	16	5	9	7	14	14	14
Profit before tax	132	136	122	198	201	176	163	234	234	210	199	265	268
Tax %	26%	26%	27%	27%	28%	27%	23%	26%	26%	25%	25%	25%	25%
Net Profit	98	101	89	145	145	128	126	173	173	156	150	198	200
EPS in Rs	6.32	6.54	5.73	9.34	9.36	8.25	8.11	11.16	11.15	10.05	9.62	12.68	12.80

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	957	1,061	1,144	1,175	1,250	1,501	1,641	1,892	2,190	2,884	3,299	3,723	3,877
Expenses	802	868	917	952	1,050	1,209	1,270	1,340	1,681	2,219	2,419	2,705	2,810
Operating Profit	154	193	226	222	199	292	370	552	509	665	880	1,018	1,068
Other Income	-27	10	55	46	39	37	37	116	39	9	34	35	49
Interest	6	7	10	5	3	5	3	7	5	34	41	9	4
Depreciation	27	38	40	46	56	55	65	67	71	112	135	166	170
Profit before tax	94	159	231	217	179	269	340	594	471	527	738	877	942
Net Profit	68	114	179	173	128	182	268	447	361	389	543	653	704
EPS in Rs	4.04	6.70	10.57	10.20	7.66	11.34	17.34	28.92	23.35	25.12	35.01	41.92	45.15
Dividend Payout %	37%	105%	24%	5%	13%	22%	32%	29%	35%	35%	35%	37%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	17	17	17	17	17	16	15	15	15	15	16	16	16
Reserves	1,031	999	1,206	1,371	1,437	1,469	1,430	1,791	2,088	2,427	2,871	3,362	3,707
Borrowings	93	105	175	49	28	26	29	39	52	547	359	12	33
Other Liabilities	201	327	244	248	285	283	337	355	382	480	668	788	847
Total Liabilities	1,342	1,449	1,641	1,684	1,767	1,793	1,811	2,200	2,538	3,470	3,914	4,178	4,603
Fixed Assets	282	301	369	609	570	552	583	565	1,204	1,822	1,925	1,883	1,889
Gross Block	511	572	680	964	980	1,012	1,105	1,108	1,797	2,522	2,749	2,868	–
Accumulated Depreciation	229	271	310	355	410	460	522	544	593	701	824	984	–
CWIP	46	55	135	4	17	15	16	26	19	55	76	62	31
Investments	536	598	612	544	567	589	536	811	146	339	531	488	662
Other Assets	477	495	525	528	613	636	676	799	1,170	1,254	1,381	1,745	2,020
Total Assets	1,342	1,449	1,641	1,684	1,767	1,793	1,811	2,200	2,538	3,470	3,914	4,178	4,603

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-12	143	171	178	116	193	272	335	147	629	789	884
Cash from Investing Activity	-139	-122	-52	-42	-24	-28	24	-231	4	-956	-412	-290
Cash from Financing Activity	12	-23	-97	-165	-59	-156	-305	-87	-138	343	-374	-574
Net Cash Flow	-138	-2	22	-30	32	9	-10	18	13	16	2	20

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	95	85	85	82	88	73	77	72	86	66	69	75
Inventory Days	108	109	108	131	134	142	149	163	172	136	152	137
Days Payable	50	53	56	65	76	76	97	96	96	78	109	112
Cash Conversion Cycle	152	141	137	149	145	139	128	139	162	124	112	101
Working Capital Days	74	24	38	80	98	92	82	89	124	81	52	77
ROCE %	13%	14%	17%	12%	9%	17%	22%	32%	22%	22%	24%	26%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	53.95%	53.93%	53.91%	53.86%	53.83%	53.78%	53.77%	53.74%	53.66%	47.84%	47.73%	47.56%	47.55%
FIIs	8.81%	8.62%	9.53%	10.05%	10.35%	11.06%	12.17%	13.63%	14.64%	18.30%	17.77%	15.31%	14.88%
DIIs	18.55%	19.08%	18.65%	18.58%	18.53%	18.38%	17.61%	16.81%	16.40%	18.71%	19.62%	22.83%	23.35%
Public	18.72%	18.35%	17.90%	17.50%	17.27%	16.78%	16.42%	15.80%	15.29%	15.13%	14.87%	14.31%	14.21%