Motilal Oswal's research report on Blue Jet Healthcare
Blue Jet Healthcare (BLUEJET) reported revenue of INR1.7b, marking a decline of 21% YoY, primarily due to a higher proportion of goods remaining in transit, which led to delayed revenue recognition. Consequently, only 55% of the goods produced during the quarter were recognized as revenue. The de-stocking of channel inventory in Pharma intermediates also impacted the operational performance of the company.
Outlook
Factoring in the weak 2QFY26 performance, we cut our FY26/FY27/FY28 earnings estimates by 19%/20%/16% and value the stock at 30x FY27E EPS to arrive at our TP of INR770. Reiterate BUY.
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