J.B. Chemicals & Pharmaceuticals Lt (Delisted) financials and balance sheet

BSE: 506943Pharmaceuticals & Biotechnology

Last traded ₹2,408.90 on 16 Jul 2026

Delisted on 12 Oct 2026.

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.J.B. Chemicals & Pharmaceuticals Lt annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,148 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.5% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,148
Materials and goods−1,296
Employee costs−773
Other expenses−971
Operating profit1,107
Depreciation−183
Other income+60
One-off items−27
Finance costs−5.6
Profit before tax952
Tax−243
Net profit709

What the company owns

Plant, investments and other assets₹2,620 Cr
Receivables₹781 Cr
Current investments₹739 Cr
Inventory₹683 Cr
Cash and bank₹146 Cr

What pays for it: net worth and liabilities

Net worth₹4,159 Cr
Other liabilities₹418 Cr
Owed to suppliers₹391 Cr

Profit and loss

Consolidated, ₹ crore, years to March.J.B. Chemicals & Pharmaceuticals Lt quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 26 Jun	Mar 2021Filed 15 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
Revenue from operations	1,368	1,414	1,643	1,775	2,043	2,424	3,149	3,484	3,918	4,148
	1,136	1,196	1,338	1,397	1,482	1,881	2,454	2,587	2,886	3,040
Materials and goods bought	528	538	596	631	701	843	1,168	1,182	1,317	1,296
Employee costs	207	251	288	323	341	439	543	601	688	773
Other expenses	401	407	453	443	440	599	742	804	882	971
Operating profit before depreciation	232	218	305	378	560	543	696	897	1,032	1,107
Operating margin	17.0%	15.4%	18.6%	21.3%	27.4%	22.4%	22.1%	25.7%	26.3%	26.7%
Materials, % of revenue	38.6%	38.0%	36.3%	35.5%	34.3%	34.8%	37.1%	33.9%	33.6%	31.3%
Employee costs, % of revenue	15.1%	17.8%	17.5%	18.2%	16.7%	18.1%	17.3%	17.3%	17.6%	18.6%
Other expenses, % of revenue	29.3%	28.8%	27.6%	25.0%	21.5%	24.7%	23.6%	23.1%	22.5%	23.4%
Depreciation and amortisation	47	57	56	66	69	73	114	138	171	183
Operating profit after depreciation	185	161	250	311	492	471	581	759	861	925
Other income	50	37	41	51	112	39	10	37	38	60
Finance costs	5	3	4	3	7	5	36	44	12	6
Profit before one-off items and tax	230	194	287	359	597	505	555	752	887	980
One-off items	0	0	0	−10	0	0	0	0	0	−27
Profit before tax	230	194	287	349	597	505	555	752	887	952
	46	55	93	77	148	119	145	199	228	243
Current tax	–	–	79	85	142	128	89	151	200	232
Deferred tax	–	–	14	−8	6	−9	56	48	27	11
	184	138	194	272	449	386	410	553	660	709
Belonging to the company's shareholders	184	138	194	272	448	385	410	553	660	709
Belonging to outside owners of subsidiaries	–	–	–	0	1	1	0	0	0	0
Other comprehensive income	–	–	−4	−15	0	4	−14	−15	9	27
Total comprehensive income	–	–	190	257	449	390	396	538	668	736
Net margin	13.5%	9.8%	11.8%	15.3%	22.0%	15.9%	13.0%	15.9%	16.8%	17.1%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 22 May	Mar 2020Filed 26 Jun	Mar 2021Filed 15 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
	1,483	1,438	1,813	2,139	2,480	2,923	3,433	4,159
	1,480	1,435	1,810	2,134	2,480	2,923	3,433	4,159
Share capital	16	15	15	15	15	16	16	16
Reserves	1,464	1,420	1,794	2,119	2,465	2,908	3,418	4,143
Belonging to outside owners of subsidiaries	3	3	4	4	–	–	–	–
	26	32	33	26	548	357	14	0
Repayable after a year	0	0	0	0	383	24	0	0
Repayable within a year	26	32	33	26	165	334	14	0
	243	313	345	384	554	868	632	591
Trade payables	83	124	187	224	239	356	411	391
Other financial liabilities	110	117	76	59	80	93	115	126
Other liabilities	17	27	14	22	24	24	22	–
Provisions	4	7	28	46	43	49	62	65
Tax owed	4	6	8	6	5	12	8	9
	65	63	79	85	519	203	208	218
Other financial liabilities	0	1	5	21	15	10	6	1
Other liabilities	2	6	5	3	3	2	2	4
Provisions	6	7	13	14	15	18	23	29
Deferred tax	57	48	57	48	103	149	177	184
Total assets	1,791	1,814	2,238	2,607	3,554	3,994	4,274	4,969
	741	741	686	1,333	1,999	2,126	2,339	2,023
Plant in use, after depreciation	544	568	544	519	532	572	610	612
Plant being built	15	16	26	14	44	63	47	61
Intangible assets	23	30	32	700	1,312	1,375	1,301	1,216
Goodwill	53	53	57	57	57	57	57	57
Intangible assets being developed	0	–	0	5	11	13	16	13
Investments	96	69	13	13	14	24	28	26
Loans given	4	0	5	1	1	1	0	0
Other financial assets	0	0	0	5	19	10	256	30
Deferred tax	0	–	7	6	7	6	8	7
Other assets	6	4	1	12	3	5	16	–
	1,050	1,073	1,553	1,275	1,555	1,868	1,934	2,946
Inventories	244	275	347	410	430	503	529	683
Trade receivables	309	345	389	556	576	687	815	781
Cash and cash equivalents	35	29	29	57	77	88	115	110
Other bank balances	1	2	2	2	2	7	14	36
Current investments	361	334	665	0	192	365	317	739
Loans given	1	4	2	1	1	1	1	1
Other financial assets	15	7	9	43	22	13	14	560
Tax paid in advance	7	16	17	22	27	15	12	37
Other assets	75	61	93	184	228	190	117	–
Net debt	−372	−333	−663	−32	277	−103	−433	−885

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 15 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
	315	170	626	801	902	704
	457	305	721	933	1,103	960
	−96	−340	−34	−22	−20	−246
Receivables	−70	−293	−42	−72	−50	−57
Inventories	−70	−63	−21	−72	−26	−154
Payables	46	53	32	138	83	−20
Other working capital	−2	−38	−4	−16	−27	−14
Tax paid	−142	−135	−95	−132	−201	−256
Capital spending	48	63	73	127	98	0
Free cash flow	267	107	553	674	805	704
	−231	2	−962	−404	−296	−586
Plant and property sold	27	8	1	1	1	0
Companies bought	−9	0	0	0	0	0
Interest received	1	1	2	4	5	10
Dividends received	0	0	0	0	0	0
	87	−138	357	−385	−580	−123
Borrowings raised	0	0	610	0	0	0
Borrowings repaid	0	0	−87	−192	−344	−14
Interest paid	6	−2	−32	−44	−10	−3
Lease payments	8	−8	0	0	−13	−25
Dividends paid	73	128	128	157	237	313
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	172	34	20	11	27	−5

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.J.B. Chemicals & Pharmaceuticals Lt dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 26 Jun	Mar 2021Filed 15 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
	₹10.71	₹8.26	₹11.77	₹17.10	₹28.98	₹24.93	₹26.50	₹35.66	₹42.45	₹45.16
As stated that year	₹21.42	₹16.52	₹23.54	₹34.20	₹57.96	₹49.86	₹53.00	₹35.66	₹42.45	₹45.16
	₹10.71	₹8.26	₹11.77	₹17.10	₹28.98	₹24.91	₹26.17	₹34.85	₹41.56	₹44.45
As stated that year	₹21.42	₹16.52	₹23.54	₹34.20	₹57.96	₹49.82	₹52.34	₹34.85	₹41.56	₹44.45
	₹0.50	₹1.00	₹2.50	₹5.50	₹8.25	₹8.25	₹8.88	₹12.25	₹15.50	₹22.00
As declared that year	₹1.00	₹2.00	₹5.00	₹11.00	₹16.50	₹16.50	₹17.75	₹12.25	₹15.50	₹22.00
	–	–	₹92.24	₹92.87	₹117.09	₹138.07	₹160.23	₹188.36	₹220.51	₹258.98
On that year's share count	–	–	₹184.47	₹185.75	₹234.17	₹276.15	₹320.46	₹188.36	₹220.51	₹258.98
Dividend payout	–	–	20.7%	31.2%	28.5%	33.1%	33.5%	34.4%	36.6%	49.8%
Shareholder yield	–	–	–	–	0.8%	1.0%	0.8%	0.6%	0.9%	0.9%
Market cap at the year end (₹ crore)	–	–	2,908	4,084	9,702	12,173	15,242	25,588	25,249	33,120

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 22 May	Mar 2020Filed 26 Jun	Mar 2021Filed 15 Jun	Mar 2022Filed 27 May	Mar 2023Filed 25 May	Mar 2024Filed 18 May	Mar 2025Filed 12 Jun	Mar 2026Filed 13 Jul
Revenue growth	9.0%	3.3%	16.2%	8.0%	15.1%	18.7%	29.9%	10.6%	12.5%	5.9%
Operating profit growth	13.6%	−6.3%	40.2%	23.6%	48.4%	−3.0%	28.0%	28.9%	15.0%	7.3%
Net profit growth	13.7%	−24.8%	40.2%	40.4%	64.7%	−13.9%	6.2%	34.8%	19.4%	7.6%
Earnings per share growth	12.2%	−22.9%	42.5%	45.3%	69.5%	−14.0%	6.3%	34.6%	19.0%	6.4%
	–	–	13.1%	18.7%	27.6%	19.5%	17.8%	20.5%	20.8%	18.7%
	–	–	–	5.6 pts	8.9 pts	−8.1 pts	−1.8 pts	2.7 pts	0.3 pts	−2.1 pts
From the net margin	–	–	–	3.9 pts	8.0 pts	−7.6 pts	−3.5 pts	3.9 pts	1.3 pts	0.3 pts
From asset turnover	–	–	–	1.2 pts	0.6 pts	−0.2 pts	0.3 pts	−2.1 pts	0.6 pts	−1.1 pts
From borrowing	–	–	–	0.4 pts	0.3 pts	−0.3 pts	1.4 pts	0.9 pts	−1.5 pts	−1.3 pts
Return on capital employed	–	–	16.6%	21.2%	26.6%	21.7%	19.2%	23.1%	25.0%	22.2%
Cash conversion	–	–	–	–	70.2%	44.1%	152.6%	144.9%	136.8%	99.2%
Interest cover	34.5	46.1	59.5	102.7	67.9	91.9	16.1	17.1	73.4	166.1
Debt to equity	–	–	0.02	0.02	0.02	0.01	0.22	0.12	0.00	0.00
Receivable days	–	–	69	71	70	84	67	72	76	69
Inventory days	–	–	149	159	181	178	135	155	147	192
Payable days	–	–	51	72	97	97	75	110	114	110
Cash conversion cycle, days	–	–	167	158	153	164	127	117	109	151
Working capital days	–	–	97	88	97	129	104	91	81	129
Asset turnover	–	–	0.92	0.98	1.01	1.00	1.02	0.92	0.95	0.90
Assets per rupee of net worth	–	–	1.21	1.24	1.25	1.23	1.34	1.40	1.30	1.22
Sales per rupee of plant	–	–	3.02	3.12	3.75	4.67	5.92	6.10	6.42	6.78
Capital spending to depreciation	–	–	–	–	0.70	0.87	0.63	0.92	0.57	0.00
Plant being built, % of plant in use	–	–	2.8%	2.8%	4.7%	2.7%	8.3%	11.1%	7.7%	10.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 15.4%
Cash from operations against operating profit: 63.6%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.7%	15.2%	9.6%
Profit growth, yearly rate	15.9%	9.6%	20.1%
Return on equity, average	–	19.4%	20.0%
Return on capital employed, average	–	22.3%	23.4%
Operating margin, average	22.3%	24.7%	26.3%
Net margin, average	15.1%	15.7%	16.6%
Asset turnover, average	–	0.96	0.92
Cash conversion cycle, days, average	–	134	126
Interest cover, average	67.5	72.9	85.5
Debt to equity, average	–	0.07	0.04

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,203	2,407	704
Cash from investing	−2,245	−1,286	−586
Cash from financing	−870	−1,088	−123
Capital spending	360	224	0
Dividends paid	962	707	313
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	610	0	0
Borrowings repaid	637	549	14

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	3	4	5	8	5
Altman Z-scorePublished threshold 1.81	–	–	8.80	9.50	17.28	18.70	11.27	17.20	21.14	27.78
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.04	0.01	−2.87	−2.66	−2.42	−2.59
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	17.99	8.82	24.22	4.13	1.28	12.80
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.89	1.18	1.44	1.25
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	3.68	−2.47	24.15	−26.29	8.66	6.25	−10.09
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	6.92	15.29	−2.17	−33.58	15.54	−6.12	30.74
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.79	1.70	5.40	0.85	−1.67	−1.91	10.93
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.18	0.57	0.29	0.35	0.36	0.22	0.33
Effective tax ratePublished threshold 17.16 per cent	19.81	28.48	32.41	21.93	24.86	23.54	26.16	26.46	25.67	25.50
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.12	8.96	8.84	3.06	−1.41

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
17 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Rating Reaffirmed		50
17 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Rating Reaffirmed		3
17 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA+Rating Upgraded	Stable	171
17 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesShort-term scale	Crisil A1+Rating Reaffirmed		90
17 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank FacilitiesLong-term scale	Crisil AA+Rating Upgraded	Stable	65

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.