{"id":177574,"date":"2026-01-23T17:27:41","date_gmt":"2026-01-23T22:27:41","guid":{"rendered":"https:\/\/alphastreet.com\/india\/jb-chemicals-pharmaceuticals-limited-jbchepharm-q3-2026-earnings-call-transcript\/"},"modified":"2026-01-23T17:27:41","modified_gmt":"2026-01-23T22:27:41","slug":"jb-chemicals-pharmaceuticals-limited-jbchepharm-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/jb-chemicals-pharmaceuticals-limited-jbchepharm-q3-2026-earnings-call-transcript\/","title":{"rendered":"JB Chemicals &#038; Pharmaceuticals Limited (JBCHEPHARM) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"<p><strong>JB Chemicals &#038; Pharmaceuticals Limited (NSE: JBCHEPHARM) Q3 2026 Earnings Call dated <span id=\"date\">Jan. 19, 2026<\/span><\/strong><\/p>\n<h2>Corporate Participants:<\/h2>\n<p><strong>Unidentified Speaker<\/strong><\/p>\n<p><strong>Jason D&#8217;souza<\/strong> \u2014 <em>Executive Vice President<\/em><\/p>\n<p><strong>Nikhil Chopra<\/strong> \u2014 <em>Chief Executive Officer &#038; Whole Time Director<\/em><\/p>\n<p><strong>Narayan Saraf<\/strong> \u2014 <em>J.B. Chemicals &#038; Pharmaceuticals Limited<\/em><\/p>\n<p><strong>Elara Capital<\/strong><\/p>\n<h2>Analysts:<\/h2>\n<p><strong>Sumit Gupta<\/strong> \u2014 <em>Analyst<\/em><\/p>\n<p><strong>Pareen Parikh<\/strong> \u2014 <em>Analyst<\/em><\/p>\n<p><strong>Ananya Khanna<\/strong> \u2014 <em>Analyst<\/em><\/p>\n<p><strong>Abdulkader Puranwala<\/strong> \u2014 <em>Analyst<\/em><\/p>\n<p><strong>Naman Bagrecha<\/strong> \u2014 <em>Analyst<\/em><\/p>\n<p><strong>Akshaya Shinde<\/strong> \u2014 <em>Analyst<\/em><\/p>\n<h2>Presentation:<\/h2>\n<p><strong>operator<\/strong><\/p>\n<p>Ladies and gentlemen, good day and welcome to JP Pharma&#8217;s Q3FY26 earnings conference call as on 19 January 2026. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jason D&#8217;, Souza, Executive Vice President at JB Pharma. Thank you. And over to you Mr. D&#8217;. Souza.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong> \u2014 <em>Executive Vice President<\/em><\/p>\n<p>Thank you Ranju. Welcome to the earnings call of JB Pharma. We have with us today Nikhil Chopra, CEO and Whole Time Director. Mr. Kunal Khanna, President Operations Narayan Saraf, the CFO at JB Chemicals and Pharmaceuticals Limited. Before we begin, I would like to state that some of the statements in today&#8217;s discussion may be forward looking in nature and may involve certain risks and uncertainties. A detailed statement in this regard is available in the results presentation that has been sent to you earlier. I would like to hand over the floor to Mr. Nikita Chopra to begin the proceedings of the call and for his opening remarks.<\/p>\n<p><strong>Nikhil Chopra<\/strong> \u2014 <em>Chief Executive Officer &#038; Whole Time Director<\/em><\/p>\n<p>Yes and thank you. And I would like to welcome everyone today on the call to discuss JB Pharma&#8217;s performance for Q3FY26. Friends, once again we have performed well. With top line revenues growing at 11% to a INR of 1065 crore. Our operating EBITDA excluding non cash ESOP stood at 305 crores up 13%. Whereas net profit came in at 198 crores growing at 22% over the previous year. Gross margins during the quarter three rose by 200bps to 69.1% as compared to 67.1% last year. This is on the backup of attractive product mix, price improvement realized and stable raw material cost.<\/p>\n<p>The operating EBITDA margin stood at 28.7% higher by 60bps year on year. Given our consistent thrust on driving profitability, let me now draw your attention to the detailed discussion beginning with the domestic business. Our domestic business showed 10% growth year on year to 620 crores as per IQR December met data. JB remains the fastest growing company within the top 25 names in Indian pharma market. All our major brands have continued to deliver and have posted strong growth. Six brands now feature in top 300 brands in the Indian pharma market. I would like to underline that we have maintained momentum as one of the fastest growing pharma companies in the country over the past several years.<\/p>\n<p>The domestic business franchisee now has a strong foundation which will help the business continue to grow in the future above the Indian pharma market Growth Turning TO International Operations Quarter 3 FY26 Group saw 12% growth year on year to 445 crores. Our International Operations growth was driven by international formation businesses which saw a revenue of 306 crores up 20% year on year. Given the strong performance in Russia, South Africa, US and other branded export markets, the CDMO business has sustained its momentum and once again performed well in Quarter 3 FY26. Despite a high base in Quarter 3 FY25.<\/p>\n<p>Our focus on cost optimization, favorable product mix and operation efficiencies led to improved operating margins for for the quarter FY26 as well as for the nine month FY26. JD Pharma continues to pursue growth with conviction driving revenue expansion with a sharper focus on efficiency and organizational agility. Our sustained investments in the domestic business and CDMO platform remains central to realizing consistent growth while protecting margins. Supported by strong balance sheet and an execution driven culture. We are well positioned to adapt evolving market conditions and advance confidently into companies next stage of strategic development. I would now like to urge Mr. Narayan our CFO to continue with the views on the financial performance. Over to you Narayan. Thank you,<\/p>\n<p><strong>Narayan Saraf<\/strong> \u2014 <em>J.B. Chemicals &#038; Pharmaceuticals Limited<\/em><\/p>\n<p>thank you Nikhil. Good afternoon everyone and welcome to GV for Pharmaceqi FY26 earnings call now to take you through the financial updates for the third quarter. Revenues for the quarter were at rupees 1065 crores representing an increase of 11% year on year, the domestic business to international business mix was 58% 42%. In domestic business, the domestic formulation business segment reported revenues of Rupees 620 crores with a 10% year on year growth as per IQVM December 2025 data. Within the IPM the company outperformed with a growth of 12% versus the IPM growth of 9%. In this segment, the company&#8217;s franchisee resident saw growth of 11% year on year with revenue at rupees 108 crores.<\/p>\n<p>In international business, the international business segment grew by 12% year on year with revenues at rupees 445 crores. The international formulations witnessed a robust growth of 20% year on year to Rs. 306 crore. Owing to the strong Performance of the export business of South Africa, Russia, USA and branded exports market. The CDMO category remained nearly flat as at rupees 117 crores for quarter 3 FY26. That being said, sales momentum during the quarter was sustained despite a higher base of the previous year and is expected to continue on. In Q4FY26. The revenues from API category were at Rupees 21 crores for quarter 3 FY26.<\/p>\n<p>Gross profit margins expanded 200 basis points in year on year at 69.1 percentage increasing on the back of a better product mix, stable RM prices and positive price growth. Operating EBITDA which is excluding the ESOP cost was at rupees 305 crores growing 13% year on year. Margins expanded year on year at 28.7% versus 28.1% in quarter three FY25. During the quarter, other income increased to Rs. 18 crore as against rupees 8 crore. In quarter three FY25 due to treasury income, depreciation increased to Rs. 48 crores versus 42 crores in quarter three FY25. Net profit increased by 22% year on year at rupees 198 crores.<\/p>\n<p>We reiterate our guidance for operating margins between 27 to 29% for FY26. That brings me to the end of my opening remarks. I now request the moderator to open the forum for the Q and A session. Thank you very much.<\/p>\n<h2>Questions and Answers:<\/h2>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on a Touchstone telephone. If you wish to remove yourself from the question queue, you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Sumit Gupta from Antiq. Please go ahead.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Hello, I&#8217;m audible.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>Yes.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Thank you for the opportunity, sir. So first question is on the domestic side like what kind of price hikes we have taken for this quarter.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>Sorry, could you repeat the question please?<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Price hikes in the domestic business for this quarter.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>So if you really look at our numbers, we try to maximize the price hike. Our price hike generally for the quarter is in close to 7%.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Okay. And with respect to the guidance like you provide, 12 to 14% trend of course on domestic market. However, if you see this quarter, the growth has been right of 9 to 10%. 9. So do you still maintain this 12 to 14% or should we revising down to around 10 to 11?<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>Yes. Sumit, if you, if you look at our growth YTD 9 months for India business which is close to around 11 12% our guidance continues to be going better than the market 2 to 300 bits which is in line to where we stand today. And that that is how will happen by the end of the year also.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Okay. So basically you are expecting 620 to 630 kind of 630 crore kind of revenue for the ones to continue to continue.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>So what we were talking about was our growth with respect to market. If you really look at it from a quarterly perspective, March generally is a soft month for all Indian pharmaceutical companies for domestic market situation because of the inventory closing from the distributor&#8217;s end. So that quarterly run rate can be impacted because of natural March phenomena. But overall our growth will be higher than the industry.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Sure. And second is on the margins like your margins have increased even though the growth has been slightly slower than normal. So what is that? We can&#8217;t hear you.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Sorry for interfering.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Hello.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Please come next to the mic and speak.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Yes. Is this fine?<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Yeah, this is better. Thank you. Please go ahead.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Okay. Yeah. So we feel you understand on the margin side. So apart from the domestic performance like what is led to improvement in the margin overall performance in the margin.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>So overall if you look at the product mix which is a combination of what we have done in India business with our chronic portfolio contributing on the higher side and our international business mix of CDMO business and what business we have done in some of the geographies that is led to better gross margins for the quarter.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Right. So we can expect this to continue. And in the international side also your South Africa and other geographies are doing well.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>So as we see what as we see quarter four, the guidance would be that we have a good order book for quarter four and our gross margin should range between 60 to 69% by the end of the year.<\/p>\n<p><strong>Sumit Gupta<\/strong><\/p>\n<p>Okay, understood. All the best.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Panik Parikh with Shri Capital. Please go ahead.<\/p>\n<p><strong>Pareen Parikh<\/strong><\/p>\n<p>Hi, good afternoon and congratulations on good set of numbers. I have two questions. One about the dividend policy. Is there any change in the dividend policy? There is no announcement of any interim dividend this time.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>Yeah, so interim dividend we have not announced yet. However, once the right time opportunity time comes we will inform and update you about the dividend.<\/p>\n<p><strong>Pareen Parikh<\/strong><\/p>\n<p>This is. This question was in the context of, you know, our regular announcement of interim dividend with the second, I mean the December results which usually for last five years it has been regularly announced. So if there is any change.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>The control situation, it will happen over time and will update you once we take the deadline.<\/p>\n<p><strong>Pareen Parikh<\/strong><\/p>\n<p>All right. Secondly, about this pending merger with Torrent, any guidance on the timeline?<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>It&#8217;s a work in progress and it&#8217;s. It&#8217;s progressing at its normal speed and we&#8217;ll keep on updating as and when. We have got any fresh step.<\/p>\n<p><strong>Pareen Parikh<\/strong><\/p>\n<p>So presently, what is the likely. I&#8217;m sorry if you have mentioned it in earlier calls, but just to confirm what is the guidance on by when this is likely to be completed? Any understanding?<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>So it may happen sometime in quarter four.<\/p>\n<p><strong>Pareen Parikh<\/strong><\/p>\n<p>All right, thank you so very much and all the best.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you. Reminder to all the participants that you may press star and one to ask a question. Next question comes from the line of Ananya Khanna, Alpha Alternatives. Please go by.<\/p>\n<p><strong>Ananya Khanna<\/strong><\/p>\n<p>Hello sir. Am I audible?<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>Yes.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>Yeah, yeah.<\/p>\n<p><strong>Ananya Khanna<\/strong><\/p>\n<p>First of all, congratulations on a good set of results, sir. So my question to you is like the merger with JB Chemicals to be completed, can you give us like a rough timeline and also can you shed some items created with the motor.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>Sorry, I could not hear your last line. What was your voice was clicking. Hello.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>Hello, can you repeat.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Please?<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Yeah, your voice was breaking. Can you just repeat the question once again? Thank you.<\/p>\n<p><strong>Ananya Khanna<\/strong><\/p>\n<p>Yeah, sure. So can you give us like a rough estimate as to when the module can be completed? The module is GB Chemicals. And can you give us a rough timeline for the same and also shed some light on the possible synergies that can be created via the merger.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>So Ananya, first of all, this call is more to talk about the performance for the quarter. But as Narayan told to the previous call in the previous question that this is work in progress. And as and when we get more visibility, we&#8217;ll be happy to share. But it will happen sometime in quarter four.<\/p>\n<p><strong>Ananya Khanna<\/strong><\/p>\n<p>Okay.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>Yeah, the merger.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>So the closure is expected in quarter four and the merger can happen anytime six to nine months from there on. That&#8217;s the way to really look at the situation at this stage.<\/p>\n<p><strong>Ananya Khanna<\/strong><\/p>\n<p>All right. Can you shut some light in the possible synergies that can be created via the merger?<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>We would not like to comment on any of the synergy situation as of now.<\/p>\n<p><strong>Ananya Khanna<\/strong><\/p>\n<p>All right. All right. Okay. Thank you.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you. A reminder to all the participants that you may press star and one to ask a question. Next question comes to the line of Abdul Kadir Puranwala with ICICI Securities. Please go ahead.<\/p>\n<p><strong>Abdulkader Puranwala<\/strong><\/p>\n<p>Thank you for the opportunity and congratulations on good set of numbers. My first question is pertaining to your CDMO business. So I understand there was a high base. But then for FY27, how should we look at the revenue run date for this particular segment? And if you could also help us understand the utilization of the CDMO plan. At what levels are they currently.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>Cdmo? What we shared earlier that this quarter was a base effect. But our run rate for the quarter for every quarter continues to be around 115 to 120 crores for this year. And you should expect us to grow at around 10 to 12% for FY27.<\/p>\n<p><strong>Abdulkader Puranwala<\/strong><\/p>\n<p>My next question is for C4. Sir, in this quarter have we seen any impact coming from the new labor law code or are we still in the process of evaluating the impact?<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>No, no. Very significant. We have taken the necessary impact in our P and L and it was not something substantial enough.<\/p>\n<p><strong>Abdulkader Puranwala<\/strong><\/p>\n<p>Thank you.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes to the line of Bino Patti Parampil with Pilara Capital. Please go ahead.<\/p>\n<p><strong>Elara Capital<\/strong><\/p>\n<p>Hi, good afternoon. Just to follow up on the merger question earlier. So you said the deal will close in Q4 and then another six to nine months for the merger. Is that correct?<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>Yes.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>Yes.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>Yeah.<\/p>\n<p><strong>Elara Capital<\/strong><\/p>\n<p>Okay. Okay. So what is the why delay between the closure and merger? Six to nine months.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>See look, I think that&#8217;s all we&#8217;ll. Be able to share. I think on this call. You know, as we said that six. That&#8217;S all that we&#8217;ll be able to share on this call because we wanted to share. The performance that will be. More apt on this. Thank you.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you. A reminder to all the participants that you may press Star and one to ask a question. Next question comes from the line of naman Bhagwecha with IIFL Capital Services Ltd. Please go ahead.<\/p>\n<p><strong>Naman Bagrecha<\/strong><\/p>\n<p>Hello.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>Go ahead.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>Naman.<\/p>\n<p><strong>Naman Bagrecha<\/strong><\/p>\n<p>Hello. Yes sir.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Mr. Bhagwicha, sorry for interrupting you. Your sound is not clear. Can you come a little closer to the mic and speak?<\/p>\n<p><strong>Naman Bagrecha<\/strong><\/p>\n<p>Sure. Sir, can you explain or elaborate more. On the export formulation business growth that we saw for this quarter and how. One look at.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>So Naman for the quarter as I think earlier guided quarter three and quarter four. We had a good order book which was shared in quarter two commentary. So that is how the quarter three has performed for the international markets. And that is backed up by good performance in our both subsidiaries, South Africa and Russia. Also our export Branded business has also done well. That is where we stand and what we guide for the year is we should grow at high single digit by the end of the year. And that is what we had shared in our quarter two commentary in the investor part.<\/p>\n<p><strong>Naman Bagrecha<\/strong><\/p>\n<p>Thanks India Business front. While for the first nine months. Around nine, nine and a half percent. Any particular slowdown that you are seeing in our portfolio or in just the market?<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>No. So no real concern with the overall growth for domestic business. Our chronic portfolio has done exceedingly well and the one 1.5% difference which we are seeing, you know, Instead of that 11 to 12% being closer to 10% is largely attributed to some slowdown for our acute business. More specifically the gastro portfolio. Apart from that, if you really look at the numbers of all our key brands and compare that with ipm, we have done exceedingly well. Just to give some numbers. Silica has grown at 25% plus Silakati at almost 33%. Nicardia has grown at almost 30%.<\/p>\n<p>Squadolac franchise show showing a growth of 13%. So all our big franchisees have done well. It&#8217;s essentially some slowdown of the acute gastro which is showing the difference.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you. A reminder to all the participants that you may press star and one to ask a question. The next question comes from the line of Akshay Ashinde with Smith limited. Please go ahead.<\/p>\n<p><strong>Akshaya Shinde<\/strong><\/p>\n<p>Yes, good afternoon everyone and thank you for the opportunity. Just to follow up on our expert formulation business, can we give more detail on like how the international markets are performing? Like the growth is driven by the volume or the price hike there also that is on the side.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>So we had a good demand in our both subsidiaries in terms of volume, particularly in South Africa and Russia for the quarter and that is what we are looking forward in quarter four also. And our business, if you look at our quarter 2 performance for branded generics, we were flat. But this quarter as earlier also shared, we had a good order book so that we could execute for quarter three and equally I&#8217;m sharing at this moment of time that in quarter four also for quarter four also we have a good order book where we should see double digit growth for the quarter but for the year we should go at high single digit.<\/p>\n<p><strong>Akshaya Shinde<\/strong><\/p>\n<p>Thank you.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you. Next question comes from the line of Jason Cruz. Please go ahead.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>No, no, no. I&#8217;ll just take some questions that come on the wall. So first question is on the ophthalmology business.<\/p>\n<p><strong>Unidentified Speaker<\/strong><\/p>\n<p>It seems to be that the business is just 10%. Any guidance on that? I think we&#8217;ll be double digit growth in ophthalmic portfolio as well. Our chronic and glaucoma portfolio has done well. Some bit of slowdown is again attributed to the acute products but otherwise we are well poised to reach our aspirations of having a consistent 17 to 18 crore per month run rate for this portfolio in the next three to four months.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>The other question is which is there on the FY Q4 performance? Any guidance on how the Q4 FY26 performance will be there?<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>So quarter four as what we have earlier said India business should grow two to 300 days better than the market an international business as we have good order book we should show the same performance as what we have demonstrated for quarter three which by the end of the year should go at high single digit. So we&#8217;ll be as per what guidance we have been giving in terms of both our businesses, India as well as international market will plus minus show the same performance as what we have delivered in quarter three and and margins close to around 28%.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>And another question is assuming as we said that the transaction gets closed in Q4 anything on the ESOP charts that we would like to mention.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>So assuming if the change of control event happens in quarter four then we are clearly looking at around 40 crores of ease of charge. Whatever is balance left over to be charged in the quarter four.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>Great. And the last question which is there in significant increase in other income to 18 crores anything that you would like to highlight?<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>So it&#8217;s basically because of the simple reason is that since we have repaid all our debts, we had some opening debts in last year and now we have repaid all our debts and we have a surplus cash which we are investing as per our treasury policy and that&#8217;s resulting into higher treasury income.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>That&#8217;s it from my side over to you.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you ladies and gentlemen. That was the last question for today. We have reached the end of question and answer session. I would now like to hand the conference over to Nikhil for closing comments.<\/p>\n<p><strong>Nikhil Chopra<\/strong><\/p>\n<p>Thank you all for showing all the interest in JV Pharma&#8217;s performance for the first nine months of the year. And the guidance that we want to give for the current year is we&#8217;ll continue to outperform the market in India business. All our big brands will only get bigger driven by volume growth, particularly showing good performance in the chronic space. Equally in the international market we have bounced back in quarter three and that momentum will continue in quarter four backed up by our subsidiaries doing better, South Africa, Russia as well as international Banded business is also showed a bit for the quarter and we should end the year for our international business at high single digit growth growth and we&#8217;ll continue to maintain our EBITDA margins for the year close to 20 to 29% and that is in a part of the guidance that we have given to all of you in our previous investment works.<\/p>\n<p>Thank you all.<\/p>\n<p><strong>Narayan Saraf<\/strong><\/p>\n<p>Thank you.<\/p>\n<p><strong>Jason D&#8217;souza<\/strong><\/p>\n<p>Thank you.<\/p>\n<p><strong>operator<\/strong><\/p>\n<p>Thank you on behalf of GB Pharma. That concludes this conference. Thank you for joining us. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JB Chemicals &#038; Pharmaceuticals Limited (NSE: JBCHEPHARM) Q3 2026 Earnings Call dated Jan. 19, 2026 Corporate Participants: Unidentified Speaker Jason D&#8217;souza \u2014 Executive Vice President Nikhil Chopra \u2014 Chief Executive Officer &#038; Whole Time Director Narayan Saraf \u2014 J.B. Chemicals &#038; Pharmaceuticals Limited Elara Capital Analysts: Sumit Gupta \u2014 Analyst Pareen Parikh \u2014 Analyst Ananya [&hellip;]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-177574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":132625,"url":"https:\/\/alphastreet.com\/india\/jb-chemicals-pharmaceuticals-limited-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":177574,"position":0},"title":"JB Chemicals &#038; Pharmaceuticals Limited Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"August 8, 2022","format":false,"excerpt":"Key highlights from JB Chemicals & Pharmaceuticals Limited (JBCHEPHARM) Q1 FY23 Earnings Concall Q&A Highlights: Rahul Jeewani from IIFL Securities asked about the drivers of growth on the CMO business in 1Q23. 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The company expects its domestic\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142855,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-j-b-chemicals-pharmaceuticals-limited-for-q3-fy23\/","url_meta":{"origin":177574,"position":2},"title":"Earnings Summary Of J.B. 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