Maker Of Chemicals For Sharper X-ray Images Is Newest Indian Billionaire

Shares of Blue Jet Healthcare, which produces specialty chemicals that enhance X-rays, CT scans and MRIs, have jumped by nearly two-thirds in the past 12 months, making Chairman Akshay Arora, 61, India’s newest billionaire with an estimated net worth of $1.1 billion.

Rising demand for preventive healthcare and rapidly ageing populations around the world have boosted the global medical imaging industry and investor enthusiasm for the Mumbai-based Blue Jet.

Arora, who listed the company in October 2023, retains an 86% stake. Blue Jet gets two-third of its annual revenue from making 75 chemical agents known as contrast media chemicals. This is a $5.9 billion global industry, which is expected to grow with the escalating need for early diagnostics.

Other than those chemicals, Blue Jet gets 18% of its sales from artificial sweeteners used in everything from beverages to food supplements. More than 13% of revenue comes from pharmaceutical intermediaries used in drugs to battle cardiovascular and central nervous system diseases, in addition to cancer medications.

“All three segments are growing very strongly for us,” says Arora, in a telephone interview on Thursday.

The company’s annual revenue grew at a 12.6% compounded rate from fiscal 2021 to fiscal 2024. For the first half of fiscal 2025 ended September 30, revenue rose 3% to 3.5 billion rupees ($42 million) while profits were up 5% to 961 million rupees ($12 million).

The global contrast media segment is dominated by large players like Germany-based Bayer and Japan-based Daiichi Sankyo.

“If you look at the contrast media chemicals segment, it is such a niche area,” adds Arora. “The chemicals needed there are performance chemicals which need to be really precise so that doctors can pinpoint the exact spot for an MRI or CT scan. The barriers to entry are high and we have multi-year contracts with our customers.”

The company was founded in 1968 by Arora’s late father Bansarilal Arora, who started out manufacturing sweeteners. Armed with a master’s degree in science with a specialisation in organic chemistry from the University of Mumbai, Arora joined the company as a director in 1983.

In 2000, he expanded into the niche that eventually propelled him into the ultra-wealthy league. He also expanded into making pharmaceutical intermediaries.

Blue Jet looks set to be family-led in the future. Arora’s son Shiven, who studied business at Australia’s Bond University, is managing director, handling finance and strategy.