Emkay Global initiates coverage on Blue Jet Healthcare, shares cool off after sharp rally

Shares of Blue Jet Healthcare gained over 4 percent in early trade on March 21 before sharply cooling off, on a day when Emkay Global initiated coverage on the stock with a 'Buy' recommendation and a target price of Rs 1,150, implying a 24 percent upside from its last closing price. 

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As of 1:40pm, shares of Blue Jet Healthcare were at Rs 907, down by close to 2 percent. So far this fiscal, the share has delivered a 138 percent return.

Blue Jet is a part of portfolios of 13 mutual funds, holding a market value of about Rs 106 crore as of February 2025.

The third quarter earnings revealed a 208 percent on-year (YoY) surge in net profit for Blue Jet, reaching Rs 99 crore as against Rs 32.1 crore a year ago. Revenue from operations surged 90.9 percent YoY to Rs 318.4 crore, up from Rs 166.8 crore in Q3 FY 2024. On the operational front, EBITDA rose 127 percent YoY to reach Rs 124 crore, while EBITDA margin expanded 630 basis points to 39.9 percent from the previous, 32.7 percent in the year-ago period.

JPMorgan's review last month indicated a healthy outlook for the healthcare company, with the brokerage maintaining a 'Neutral' outlook driven by new launches, forward integration and higher wallet share. JPMorgan retained its price target at Rs 640, higher from the September target of Rs 425.

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