Blue Jet Healthcare Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Blue Jet Healthcare Ltd trades at ₹585, in a downtrend and 42 weeks into that stage. That is +13.0% against its own 200-day average. It sits at 54% of a 52-week range of ₹344 to ₹789. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks.

Today the stock is in a downtrend — week 42 of stage 4. At ₹585 it trades +13.0% versus its 200-day average and sits at 54% of its 52-week range (₹344–₹789).

Against the market, two honest reads. Cumulative: over the last 2.7 years the stock moved +50% while the NIFTY 500 moved +35% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 16 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 62nd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Blue Jet Healthcare Ltd trades at 43.3× P/E, mid-range by its own standards (62nd percentile). Its long-run median P/E is 40.3×, measured across 2.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 43.3× is mid-range by its own standards (62nd percentile), against a long-run median of 40.3× measured over 2.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −18.8% against a −42.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Blue Jet Healthcare Ltd reads as topping out on its fundamental arc. Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +63.2% at its peak → −8.0% latest) while ROCE still reads 26.4%. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

47.7/100 — rank 14 of 24 in Pharma - API & CRAMS · 90% evidence confidence

Blue Jet Healthcare Ltd scores 47.7 out of 100 against the 24 companies it is compared with in Pharma - API & CRAMS, ranking 14. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

The four contributions add to the total exactly: 6.7 + 20.2 + 14.2 + 6.6 = 47.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Blue Jet Healthcare Ltd reported ₹235 Cr of revenue in the Mar 26 quarter, −30.9% year on year. Over 6 years it has compounded at 9.9% a year. The last full year, FY26, came in at ₹947 Cr. The last four reported quarters add to ₹947 Cr.

Blue Jet Healthcare Ltd reported ₹235 Cr of revenue in the Mar 26 quarter, −30.9% year on year. Over 6 years it has compounded at 9.9% a year. The last full year, FY26, came in at ₹947 Cr. The last four reported quarters add to ₹947 Cr.

FY26 revenue came in at ₹947 Cr (−8.1% on the year), capping 6 years at 9.9% compound. The latest quarter (Mar 26) printed ₹235 Cr, −30.9% year on year.

Pace check: the last four quarters averaged +6.6% growth against the decade's 9.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −8.0% over the last 4 quarters against +15.3%/yr over the last 8 — rolling over; TTM profit −19.0% vs +22.7%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 30.0% this quarter (−11.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Blue Jet Healthcare Ltd's operating margin is 30.0% in the Mar 26 quarter, −11.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 30.0% to 41.0%. The current quarter sits inside that band.

Blue Jet Healthcare Ltd's operating margin is 30.0% in the Mar 26 quarter, −11.0 percentage points against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 30.0% to 41.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 30.0%, −11.0 pp against the same quarter a year ago. Across 7 fiscal years the operating margin has ranged 30.0%–41.0%.

🚨 Why the margin moved: operating margin went −10.7 pp year on year while gross margin went +1.5 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −41.8% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Blue Jet Healthcare Ltd earned ₹64.0 Cr of net profit in the Mar 26 quarter, −41.8% year on year. Full-year FY26 profit was ₹248 Cr. The 6-year compound rate is 9.4%. That is 27.2% of the quarter's revenue. The same quarter a year earlier earned ₹110 Cr.

Blue Jet Healthcare Ltd earned ₹64.0 Cr of net profit in the Mar 26 quarter, −41.8% year on year. Full-year FY26 profit was ₹248 Cr. The 6-year compound rate is 9.4%. That is 27.2% of the quarter's revenue. The same quarter a year earlier earned ₹110 Cr.

Mar 26 profit was ₹64.0 Cr, −41.8% year on year. On the full year, FY26 printed ₹248 Cr (−18.7%), and the 6-year compound rate is 9.4%.

🚨 Why profit moved: revenue contributed −30.9% and the margin −11.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +6.9% vs revenue +6.6%. Profit and revenue are moving roughly in step.

→ Profit rose — but did the cash follow? Next: 87% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 87% of Blue Jet Healthcare Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹334 Cr of operating cash against ₹248 Cr of profit. After ₹252 Cr of capital spending, ₹82.0 Cr was left as free cash.

FY26: operating cash of ₹334 Cr against reported profit of ₹248 Cr, leaving free cash of ₹82.0 Cr after ₹252 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 87% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 87%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 7.2× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹506 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Blue Jet Healthcare Ltd's cash conversion cycle runs 240 days in FY26, up from 231 days in FY21. Capital spending ran ₹506 Cr over the last 3 years. At FY26 sales of ₹947 Cr each day of that cycle holds about ₹2.6 Cr, so roughly ₹623 Cr sits inside the business at any moment.

FY26: debtors at 131 days, inventory at 157 days — roughly 5.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 240 days, looser than FY21's 231.

The full loop: cash goes out to suppliers and production on day 0; stock waits 157 days to sell; customers pay about 131 days after that; and suppliers themselves are paid at 48 days — netting out to the 240-day cycle.

In money terms: at FY26 sales of ₹947 Cr, each day of the cycle holds about ₹2.6 Cr — so the 240-day loop keeps roughly ₹623 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹506 Cr over the last 3 fiscal years against ₹70.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹301 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 26% and the ROIC − WACC spread is +9.3 pp.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Blue Jet Healthcare Ltd earns a ROCE of 26% in FY26. Return on invested capital clears the cost of that capital by +9.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 26.2% net margin on 0.58× asset turns.

FY26 ROCE is 26%.

Why the return is what it is — the wiring (FY26): 26.2% net margin × 0.58× asset turns × 1.21× balance-sheet leverage ≈ 18.4% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 21.3% − 12.0% = a +9.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.03.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Blue Jet Healthcare Ltd carries total debt of ₹42.0 Cr against shareholder equity of ₹1,360 Cr as of Mar 26, a debt-to-equity of 0.03 — effectively unlevered. On the annual view that ratio went from 0.00 in FY23 to 0.03 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹42.0 Cr against shareholder equity of ₹1,360 Cr — a debt-to-equity of 0.03. On the annual view, debt-to-equity went from 0.00 (FY23) to 0.03 (FY26). The returns on this page are earned, not borrowed.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 12.8 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 12.8 points of Blue Jet Healthcare Ltd over 8 quarters, the biggest move on the register. That takes promoters to 73.2% of the company. Domestic institutions moved +7.4 points over the same window, to 9.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −12.8 points over 8 quarters to 73.2%; Domestic institutions: +7.4 points over 8 quarters to 9.1%; Foreign institutions: −1.6 points over 8 quarters to 0.6%.

Why the register moved: rotation — foreign institutions −1.6 points against domestic institutions +7.4 points over 8 quarters, with promoters −12.8 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Blue Jet Healthcare Ltd: the Z-score reads 26.93. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits well clear of distress. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 26.93 sits well clear of the distress zone — the balance sheet is not the risk here.

The safety line in one sentence: the Z-score reads 26.93.

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