Blue Jet Healthcare Q2 Results Review - New Projects To Start Contributing From H2: ICICI Securities

ICICI Securities Report

Blue Jet Healthcare Ltd.’s Q2 FY25 shows a ramp-up in contrast media as ABA HCL volumes normalise; the segment should see acceleration in growth with the commissioning of intermediate for new chemical entity MRI molecule and iodinated ABA HCL from Q4 FY25.

Blue Jet’s PI/API segment shone bright with higher volumes from cardiovascular molecule, and should contribute to growth further as the company ramps-up its newly-commissioned facility.

Blue Jet is building its new product pipeline of 12–15 molecules in the PI/API segment, which may help in sustaining growth momentum beyond FY26E.

Ebitda margins are expected to be stable in the range of +/- 200bp range. We tweak our FY25E/ FY26E EPS estimates and maintain target price at Rs 600 with an unchanged FY26E P/E multiple to 35 times. Maintain Buy.

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