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Blue Jet Healthcare shares saw a 4 percent jump since morning bell on Wednesday, April 30, after domestic brokerage Motiilal Oswal initiated coverage on the firm. Motilal Oswal issued a ‘Buy’ rating and posits that the firm is “ascending the value chain”.

Motilla Oswal has recommended a ‘Buy’ rating on the stock with a target price of Rs 865. The brokerage said that the upsides include a quicker ramp-up of high-margin products and more long-term contracts that may contribute to an improved growth and valuation.

Known for its advanced R&D capabilities, backward integration, and focus on complex chemistries, Blue Jet is at the forefront of delivering high-value solutions in regulated and emerging markets.

“Blue Jet has been changing the way the healthcare industry caters to the therapeutic needs of patients around the globe”, said the report. For the last 30 years, the company has been a dependable supplier to its customers. It is now aiming to offer more sophisticated products and services by substantially boosting its research and development spending.

Shares of Blue Jet Healthcare were trading at Rs 711.5 apiece as of 10.38 am on the NSE.

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Blue Jet reported a muted CAGR of 7 percent, 2 percent, and 4 percent in revenue/EBITDA/PAT during FY2024, owing to no new products during this period. With existing products and new product launches in sight, Motilal Oswal expects Blue Jet to post a CAGR of ~27 percent/24 percent/19 percent in revenues/ EBITDA/ PAT over FY25-27E, with a strong improvement in the pharma intermediaries segment.

Blue Jet is strengthening its margin and diminishing supply chain risks by engaging in backward integration to produce 3-Amino-1,2-propanediol (APD). With strong ties to GE Healthcare and a growing footprint in gadolinium contrast media, the company’s sustainable growth projected is 36 percent contribution from the segment by FY27.

Blue Jet’s revenue growth will be driven by new products in iodinated and gadolinium contrast media, NCE intermediates, and a variant in high-intensity sweeteners.

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