Blue Jet Healthcare Ltd - Stock Valuation and Financial Performance

The company was originally incorporated as ‘Jet Chemicals Private Limited,’ under the provisions of the Companies Act, 1956, at Mumbai, pursuant to a certificate of incorporation dated December 7, 1968, issued by the Registrar of Companies, Maharashtra at Mumbai. Pursuant to the company’s Shareholders’ resolution dated December 28, 2020, the name of the company was changed to ‘Blue Jet Healthcare Private Limited’, and a fresh certificate of incorporation dated December 30, 2020, was issued by the Registrar of Companies, Maharashtra at Mumbai. Subsequently, the company was converted into a public limited company, and pursuant to a special resolution of its Shareholders dated May 5, 2022, and the name of the company was changed to ‘Blue Jet Healthcare Limited’ A fresh certificate of incorporation was issued by Registrar of Companies, Maharashtra, at Mumbai on May 18, 2022. 

The company is a speciality pharmaceutical and healthcare ingredients and intermediates company, offering niche products targeted toward innovator pharmaceutical companies and multi-national generic pharmaceutical companies. Since its incorporation in 1968, it has established a contract development and manufacturing organization (CDMO) business model with specialized chemistry capabilities in contrast media intermediates and high intensity sweeteners, on the back of strategic and early investments in research and development (R&D) and manufacturing infrastructure. It has competencies and manufacturing capabilities in contrast media intermediates and high-intensity sweeteners, including saccharin and its salts. The company manufactures a range of products in-house, including the key starting intermediate and advanced intermediates, which allows it to control its production process for consistent quality and cost effectiveness.

The company has built a long-term customer base with innovator pharmaceutical companies and multi-national generic pharmaceutical companies, supported by committed multi-year contracts of up to five years. The company’s ‘Collaboration, Development, Manufacturing’ approach has been, and will continue to be, critical to its success and a key factor for growing its CDMO business. Its product capabilities across the pharmaceutical and healthcare categories have evolved with its customers’ needs, supported by its manufacturing capabilities and technology-driven product development. Its operations are primarily organized in three product categories: (i) contrast media intermediates, (ii) high intensity sweeteners, and (iii) pharma intermediates and active pharmaceutical ingredients (APIs).

Business area of the company

The company is a global, science-led, pharmaceutical company evolved as Strategic Partner for Collaboration, Development & Manufacturing of advance Pharmaceutical Intermediates and API. 

Key awards, accreditations or recognitions

• 2014: The company was awarded a certification of registration by the United Registrar of Systems in recognition of its quality management system which complies with ISO 9001: 2015 and in recognition of its environmental management system which complies with ISO 14001:2015 standards.
• 2021: The company was awarded a certification by BQSR Quality Assurance Private to certify that its Occupational Health and Safety Management System conformed with the requirements of ISO 45001:2018. 

Major events and milestones

• 1968: Established as Jet Chemicals Private Limited in Shahad (Unit I) by the late Shri B L Arora.
• 1970: Began manufacturing saccharin and its salts, which are high-intensity sweeteners.
• 2000: Entered the x-ray contrast media sector, with a basic building block (5- NIPA).
• 2002: Commenced the manufacturing of pharma intermediates and API.
• 2003: Established Blue Circle Organics Private Limited (at Unit-II, Ambernath facility).
• 2017: Commenced semi-automated manufacturing block for contrast media intermediate business.
• 2019: Received USFDA Establishment Inspection Report of Blue Circle Organics Private Limited for Unit II.
• 2019: As part of the company’s corporate restructure strategy, a merger between Blue Circle Organics Private Limited and Jet Chemicals Private Limited was undertaken to form Blue Jet Healthcare Private Limited.
• 2020: Acquisition of brownfield site in Mahad on a leasehold basis (i.e., Unit III).
• 2021: Acquisition of greenfield site in Ambernath on a leasehold basis (i.e., Unit IV).