Archive · 4 Sep 2026
Jubilant Pharmova Bets on Spokane and Radiopharma Growth
Jubilant Pharmova makes and develops several kinds of medicines.
It believes two businesses could grow especially quickly: sterile injectable manufacturing and radiopharmaceuticals.
The company is expanding a factory in Spokane, Washington, to make more injectable medicines for large drug companies.
The expansion could eventually allow the facility to produce about 100 million vials each year.
Jubilant is also building more facilities and distribution locations for PET radiopharmaceuticals.
Its Montreal facility had a regulatory problem that temporarily reduced sales of some high-margin products.
The company says production has restarted and those products may return in the second half of FY27.
Jubilant is spending more money and taking on more debt to build this capacity.
Investors must decide whether the new businesses will grow quickly enough to justify the company’s valuation.
Jubilant Pharmova is investing heavily in sterile injectables and radiopharma to drive its next growth phase.
Its Spokane, Washington, facility is being expanded into a US commercial sterile-injectables CDMO platform.
A roughly $300 million, two-phase expansion is expected to take Spokane toward 100 million vials of annual capacity by FY28.
Radiopharma growth depends on SPECT recovery, expanded PET capacity, a larger Ruby-Fill installed base, and longer-term therapeutic opportunities.
The company faces execution, capital-intensity, customer-concentration, competition, and valuation risks as debt and free-cash-flow pressure rise.
- Who
- Jubilant Pharmova and its Jubilant HollisterStier sterile-injectables business.
- What
- The company is investing in Spokane sterile-injectables capacity and expanding its radiopharma operations.
- When
- The investment cycle is underway, with key capacity expected by FY28 and Montreal products expected to return during H2 FY27.
- Where
- Spokane, Washington, and other radiopharma locations across the United States; the disrupted SPECT products were made at the Montreal facility.
- Why
- Jubilant aims to create future earnings growth, expand commercial manufacturing, strengthen supply-chain positioning, and benefit from PET and therapeutic radiopharma opportunities.
Growth Case
Risk Case
Spokane commercialisation
Growth Case
The expanded Spokane platform could become a major EBITDA contributor if its new capacity is absorbed at attractive margins.
Risk Case
The facility may take longer to reach optimal utilisation, and delays in commercial launches could keep free cash flow under pressure.
Radiopharma prospects
Growth Case
SPECT recovery, PET expansion, the Ruby-Fill installed base, and therapeutic radiopharmaceuticals provide several potential growth layers.
Risk Case
Radiopharma remains exposed to competition, while the Montreal disruption shows how regulatory issues can affect high-margin products.
Investment and valuation
Growth Case
Successful capacity expansion could produce enough earnings and cash-flow growth to make current valuation levels reasonable.
Risk Case
Higher capital spending, negative free cash flow, rising leverage, and a valuation that already reflects some recovery could limit returns if growth is slower than expected.
- FY26 revenue
- Rs 8,280 crore, up 14%.
- FY26 EBITDA
- Rs 1,326 crore, up 8%.
- FY26 normalised PAT
- Rs 442 crore, up 7%.
- Spokane expansion
- Approximately $300 million in two phases, targeting roughly 100 million vials of annual capacity by FY28.
- Sterile-injectables growth
- FY26 revenue rose 38% to Rs 1,755 crore; Q1 FY27 revenue rose 34% to Rs 496 crore.
- Q1 FY27 results
- Revenue increased 17% year over year to Rs 2,229 crore, while EBITDA fell 11% to Rs 268 crore and PAT fell 45% to Rs 56 crore.
- Balance-sheet position
- Net debt/EBITDA was about 2.2x, compared with 1.56x at FY25 year-end.
- Reported valuation
- Approximately 14.4x EV/EBITDA and 13.6x EV/operating cash flow on trailing numbers.