Blue Jet Healthcare (BlueJet)’s Q2FY26 print was impacted from a delay in revenue recognition in contrast media and lumpiness in the PI/API segment along with volatility in gross profit margin, making quarterlies non-representative and analysis difficult. Underlying supplies and order book (OB) trend for contract media suggests unchanged fundamentals, with a slight delay in new products commercialisation – now potentially from Q4FY26. PI/API cardiovascular molecule performance is strong, and the company has supply contracts until patent expiry in CY31. New products development, and Vizag capex plan is encouraging.
OutlookWe cut our FY26–27E EPS by 8–14%, and lower our TP to INR 750 (from INR 780) at an unchanged P/E multiple of 35x – valuation has been rolled over to Sep’27E. Upgrade to BUY (from Hold).
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