Jubilant Pharmova gets IND AA+ rating on proposed ₹1,400 crore NCDs

Credit rating
Healthcare

Blacklitt Research21 October 20262 min read

Jubilant Pharmova (NSE: JUBLPHARMA) got an IND AA+/Stable rating from India Ratings for proposed ₹1,400 crore of non-convertible debentures, and it said in a filing on 21 Oct 2026 that the rating letter is dated the same day. The company has a market value of ₹14,685 crore, and its shares closed at ₹929.40 on 21 Oct 2026.

Key highlights

Rating: IND AA+/Stable, assigned to proposed non-convertible debentures
Size of the proposed debentures: ₹1,400 crore (INR 14,000 million)
Rating communication received: 21 Oct 2026, at 11:47 A.M. IST
Board meeting of 12 Oct 2026 covered an issue of NCDs on a private placement basis

The rating in numbers

Item	Detail
Instrument	Proposed non-convertible debentures
Amount	₹1,400 crore
Rating	IND AA+
Rating action	Assigned
Outlook	Stable
Regulator of instrument	SEBI, per the rating letter
Coupon, issue date and maturity	Not stated in the letter
Rating agency	India Ratings and Research

What India Ratings rated

India Ratings and Research assigned IND AA+/Stable to Jubilant Pharmova’s proposed non-convertible debentures, with a total size of ₹1,400 crore. The rating letter is dated 21 Oct 2026. The company received it at 11:47 A.M. IST that day. The rating is for proposed debentures, so the letter does not show that any debentures have been issued.

On India Ratings’ scale, AA+ sits just below the top AAA grade. “Stable” is the agency’s outlook, which means it does not currently signal an upgrade or a downgrade. The letter leaves the coupon rate, issue date and maturity blank for this instrument.

An earlier rating on proposed debentures

Jubilant Pharmova had already disclosed a rating on proposed debentures on 14 Oct 2026, when ICRA assigned AA+/Stable to proposed ₹1,400 crore NCDs. Our earlier article on that rating is ICRA assigns AA+/Stable to Jubilant Pharmova’s proposed ₹1,400 crore of NCDs.

For context, the latest quarter is Q1 FY27, the quarter ended 30 Jun 2026. Consolidated revenue was ₹2,249.3 crore, net profit was ₹56.4 crore and finance costs were ₹54.2 crore.

What the rating means for Jubilant Pharmova’s shareholders

The rating applies to proposed debentures, not to the shares. The filing does not say how much of the ₹1,400 crore will be raised, what the debentures will fund or when they will be issued. It names no next step with a date. The filing does not say when the company will next update the market on the issue.

Reference: Original filing (PDF)

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Key highlights

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ICRA assigns AA+/Stable to Jubilant Pharmova’s proposed ₹1,400 crore of NCDs