Jubilant Pharmova Ltd

Instrument rated and action

• Proposed ₹1,400 crore NCD programme of Jubilant Pharmova rated AA+(Stable) by ICRA.

Rating agency and status

• Rating assigned; rating valid for the life of the programme until withdrawn.

Rationale and context

• Ratings are specific to instrument terms; any change in terms or size requires review.

Outlook

• Outlook: Stable per ICRA rating.

Jubilant Pharmova Ltd: Trading Window closed from Oct 1, 2026 until 48 hours after the declaration of the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.

Dividend withholding due to incomplete KYC

• Final dividend for FY2025-26 withheld for shareholders with incomplete KYC/bank details.
• Dividend will be paid electronically after KYC and bank details are updated.
• KYC update forms: ISR-1 for KYC update, ISR-2 for banker attestation, SH-13, or ISR-3 for nomination opt-out.
• Forms downloadable from Jubilant Pharmova investor site; submit to RTA at Alankit Assignments.
• Withholding applies to specified folios until verification and tax compliance.

USFDA Spokane facility update

• USFDA classified Jubilant HollisterStier LLC Spokane CMO facility as Voluntary Action Indicated (VAI).
• Inspection conducted June 8–17, 2026; EIR reviewed prior to classification.
• Jubilant HollisterStier LLC is a subsidiary of Jubilant Pharma Holding Inc.
• No remediation timeline or impact details disclosed in the filing.

Show Cause Notice details

• Show Cause Notice received 31 August 2026, 1:00 PM IST.
• Issuer: Assistant Commissioner of Commercial Taxes (Enforcement)-4, Mysore.
• Proposed demand includes GST, interest, and penalty for FY 2022-23.
• Total demand Rs 87.31 crore: GST 33.58 cr, interest 20.15 cr, penalty 33.58 cr.
• Company believes the notice is factually and legally incorrect and will file a merits-based reply.
• No anticipated financial or operational impact as per the filing.
• Reply to be filed before the Assistant Commissioner of Commercial Taxes Enforcement, Mysore.
• Annexure-A contains the details of the dispute and expected financial implications.

GST Show Cause Notice

• Show Cause Notice dated Aug 27, 2026 proposes GST refund denial with interest and penalty.
• Dispute concerns alleged IGST refund under Rule 96 and Advance Authorisation for FY 2020-21.
• Quantum of demand: GST Rs 52.75 crore; Penalty Rs 52.75 crore; Interest not quantified.
• Company will file a detailed reply contesting the demand; asserts the notice is factually and legally incorrect.
• No material financial or operational impact expected from the outcome.

AGM details

• Date and time: 26 August 2026, 11:00 IST; mode VC/OAVM; concluded 12:13 IST.
• Attendance: 86 members representing 7,07,21,051 shares via VC.

Resolutions and outcomes

• Resolution 1: Adoption of standalone and consolidated financial statements; passed.
• Resolution 2: Dividend of Rs 5 per equity share; passed.
• Resolution 3: Hari S. Bhartia reappointed; passed.
• Resolution 4: Arjun Shanker Bhartia reappointed; passed.

Dividend

• Dividend of Rs 5 per equity share approved for FY ended March 31, 2026.

Director changes

• Hari S. Bhartia reappointed; Arjun Shanker Bhartia reappointed.

USFDA approval details

• USFDA approved commercial batch manufacturing on Line 3 at Jubilant HollisterStier Spokane, WA.
• Line 3 is isolator-based fill-and-finish line.
• First product on the line will be manufactured for Jubilant HollisterStier LLC.
• Notification of approval received Aug 21, 2026, 12:46 PM PST (Aug 22 IST).
• Jubilant HollisterStier LLC is a subsidiary of Jubilant Pharma Holding Inc., a Jubilant Pharma Limited subsidiary.
• No revenue or cost figures disclosed in the release.
• Expands Jubilant Pharmova's contract manufacturing capacity for sterile injectables.

Resolutions and outcomes

• Special Resolution: Re-appoint Priyavrat Bhartia as Managing Director with remuneration; term not disclosed; 99.81% in favour.
• Special Resolution: Re-appoint Arjun Shanker Bhartia as Joint Managing Director with remuneration; term not disclosed; 99.87% in favour.