1. Opening Hook
It’s official—Blue Jet just discovered the magic formula for growth: ship the product, but don’t count it as revenue. While everyone else blames inflation or China, these guys have chosenlogistics latencyas their villain of the quarter. Somewhere in the Red Sea, a container of contrast media is sipping coffee, waiting to dock and rescue Q3 numbers. But wait—new sweeteners, peptides, and a Vizag mega-site are on the horizon. Buckle up, because this story gets spicy when “in transit” becomes a growth strategy.
2. At a Glance
- Revenue down 54% QoQ– Containers moving slower than accounting entries.
- EBITDA margin 33%– Slight dip; CFO insists “no cause for turbulence.”
- PAT up 6% QoQ– Courtesy of forex gains, not factory gains.
- Gross margin 65%– Only because half the production’s still on a ship.
- H1 Revenue up 40% YoY– The “don’t judge us by one quarter” defense worked.
- Debt-free balance sheet– When you owe nothing, even Red Sea delays can’t sink you.
3. Management’s Key Commentary
“Our strategic priorities continue to deliver tangible results despite transient fluctuation in quarterly revenues.”(Translation: sales are down, but vibes are up 😏)
“Contrast Media revenues fell 17% QoQ, but dispatches were higher—revenue recognition pending.”(Translation: we sold stuff, just didn’t bill it yet. Blame geography, not accounting.)
“We remain debt-free with robust internal accruals.”(Translation: at least our cash isn’t stuck at sea.)
“The Mahad facility will make us self-reliant and globally competitive.”(Translation: finally, something that won’t depend on freight routes.)
“We’re receiving RFPs for peptide and chronic disease molecules.”(Translation: we’re in demand—on paper. Still waiting for money to follow.)
“Phase I of Vizag will cost ₹1,000 crore.”(Translation: we’ll spend like Big Pharma, even if our Q2 looks like homeopathy.)
“Gross margin at 65% is due to shipment delays.”(Translation: accounting gymnastics > gymnastics in the plant.)
4. Numbers Decoded
| Metric | Q2 FY26 | Q1 FY26 | QoQ % | YoY % | Comment |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 165 | 358 | -54% | -21% | Containers still sailing |
| EBITDA Margin | 33% | 34% | -1% | Flat | Margins steady, sales missing |
| PAT (₹ Cr) | 53 | 50 | +6% | +36% | Thank forex, not pharma |
| Contrast Media Revenue (₹ Cr) | 81 | 98 | -17% | Flat | “Goods in transit” again |
| PI-API Revenue (₹ Cr) | 42 | 210 | -80% | +113% | One good molecule, rest napping |
| Gross Margin | 65% | 48% | +17% | — | Mathematical miracle of partial billing |
(Translation: when half your stock is at sea, margins look heavenly.)
5. Analyst Questions
Q:“Why such revenue drop?”A:“Because the ships are slow.” (So is revenue recognition.)
Q:“When will new molecules contribute?”A:“FY27 and beyond.” (Because every management’s dream year is always “beyond.”)
Q:“Will gross margin stabilize?”A:“Take half-year numbers—they look better.” (Cherry-picking as a management philosophy.)
Q:“What’s utilization?”A:“About 60-65%.” (Because 100% is too mainstream.)
6. Guidance & Outlook
Management refuses to call it “guidance,” but let’s decode it:
- Contrast Mediato stabilize by H2 FY26; order book intact (as long as geopolitics cooperates).
- PI-APIto ride on the
