ICICI Securities has issued a buy rating on Blue Jet Healthcare with a target price of ₹500, as reported by Moneycontrol. The brokerage's research report dated February 15, 2026, maintains a bullish outlook on the pharmaceutical company despite recent operational challenges. The recommendation comes with a target price reduction from ₹750 to ₹500, reflecting revised valuations and earnings expectations.
According to ICICI Securities' analysis, Blue Jet Healthcare's Q3FY26 results were impacted by gross profit margin volatility due to inventory destocking and lower bempedoic acid revenue. The company faced operational headwinds during the quarter that affected its overall financial performance. Despite these challenges, the company remains confident about future growth prospects in contrast media with stabilisation of supplies for NCE molecule.
As reported by ICICI Securities, Blue Jet Healthcare is expected to benefit from likely commercialisation of iodinated ABA HCL, which could drive future growth. The company's efforts remain on track for Mahad/Vizag investments and future product pipelines. ICICI Securities notes the company's confidence in jump in volumes post destocking and reassessment of supply chain by innovators.
According to the brokerage's report, ICICI Securities has cut FY26-28E EPS by 12-22% and lowered the target price to ₹500 from ₹750. The valuation rollover has been moved to FY28E from September 2027E, with the P/E multiple reduced to 25x from 35x. Despite these adjustments, the firm maintains its buy recommendation on the stock.
