Price
Financials
Standalone, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 40.68 | 28.44 | 41.40 | 33.29 | 40.32 | 33.19 | 39.06 | 34.62 | 35.47 | 38.29 | 42.24 | 26.58 |
| Expenses | 36.67 | 30.51 | 38.51 | 32.08 | 36.53 | 30.13 | 35.95 | 29.55 | 31.19 | 35.24 | 38.69 | 25.69 |
| Operating Profit | 4.01 | -2.07 | 2.89 | 1.21 | 3.79 | 3.06 | 3.11 | 5.07 | 4.28 | 3.05 | 3.55 | 0.89 |
| OPM % | 9.86% | -7.28% | 6.98% | 3.63% | 9.40% | 9.22% | 7.96% | 14.64% | 12.07% | 7.97% | 8.40% | 3.35% |
| Other Income | 0.16 | 0.98 | 0.52 | 0.16 | 1.02 | 0.18 | -0.76 | 0.60 | 1.18 | 1.22 | 1.76 | 1.91 |
| Interest | 0.44 | 0.58 | 0.68 | 0.65 | 0.62 | 0.64 | 0.82 | 0.91 | 0.86 | 0.86 | 1.03 | 0.94 |
| Depreciation | 1.24 | 1.27 | 1.27 | 1.44 | 1.58 | 1.66 | 0.22 | 1.37 | 1.47 | 1.57 | 1.66 | 1.78 |
| Profit before tax | 2.49 | -2.94 | 1.46 | -0.72 | 2.61 | 0.94 | 1.31 | 3.39 | 3.13 | 1.84 | 2.62 | 0.08 |
| Tax % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -4.96% | 0.00% |
| Net Profit | 2.48 | -2.94 | 1.46 | -0.72 | 2.62 | 0.95 | 1.31 | 3.39 | 3.12 | 1.84 | 2.75 | 0.08 |
| EPS in Rs | 1.05 | -1.24 | 0.62 | -0.30 | 1.11 | 0.40 | 0.55 | 1.43 | 1.32 | 0.78 | 1.16 | 0.03 |
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 85 | 65 | 46 | 44 | 42 | 71 | 85 | 115 | 152 | 146 | 151 | 143 |
| Expenses | 82 | 70 | 81 | 57 | 41 | 61 | 73 | 100 | 141 | 135 | 135 | 131 |
| Operating Profit | 3 | -5 | -35 | -13 | 1 | 10 | 12 | 16 | 11 | 11 | 16 | 12 |
| OPM % | 3.3% | -8% | -77% | -30% | 2.9% | 14% | 14% | 14% | 7% | 8% | 11% | 8% |
| Other Income | 1 | 1 | 31 | 0 | -23 | 1 | -0 | 3 | 4 | 1 | 5 | 6 |
| Interest | 12 | 11 | 7 | 2 | 0 | 1 | 1 | 2 | 2 | 3 | 4 | 4 |
| Depreciation | 4 | 4 | 4 | 3 | 3 | 4 | 5 | 5 | 5 | 5 | 6 | 6 |
| Profit before tax | -13 | -19 | -14 | -18 | -25 | 6 | 5 | 12 | 7 | 4 | 11 | 8 |
| Tax % | -3% | -4% | 15% | 8% | 0% | 0% | 0% | 2% | 0% | 0% | -1% | |
| Net Profit | -12 | -18 | -16 | -20 | -25 | 6 | 5 | 11 | 7 | 4 | 11 | 8 |
| EPS in Rs | -6.53 | -9.90 | -6.95 | -8.34 | -106.53 | 2.46 | 2.21 | 4.79 | 3.11 | 1.75 | 4.69 | 3.29 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | 6% | 16% | 9% | -3% | ||
| Compounded Profit Growth | 11% | 14% | 0% | -23% | ||
| Stock Price CAGR | 28% | 23% | 63% | 111% | ||
| Return on Equity | -6% | 11% | 10% | 12% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19 | 19 | 19 | 24 | 24 | 2 | 24 | 24 | 24 | 24 | 24 | 24 |
| Reserves | 53 | 41 | 26 | 17 | -3 | 49 | 33 | 38 | 50 | 57 | 61 | 72 |
| Borrowings | 64 | 80 | 82 | 47 | 46 | 3 | 15 | 11 | 23 | 24 | 28 | 37 |
| Other Liabilities | 50 | 45 | 40 | 40 | 54 | 17 | 14 | 17 | 33 | 42 | 40 | 42 |
| Total Liabilities | 185 | 185 | 167 | 128 | 121 | 71 | 86 | 90 | 130 | 148 | 153 | 176 |
| Fixed Assets | 49 | 47 | 43 | 40 | 37 | 35 | 36 | 39 | 40 | 40 | 59 | 82 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 2 | 12 | 7 | 3 |
| Investments | 18 | 18 | 18 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 118 | 120 | 106 | 86 | 82 | 36 | 50 | 51 | 88 | 95 | 87 | 91 |
| Total Assets | 185 | 185 | 167 | 128 | 121 | 71 | 86 | 90 | 130 | 148 | 153 | 176 |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 9 | -3 | 14 | -7 | -1 | -34 | -14 | 10 | 5 | 9 | 22 | 15 |
| Cash from Investing Activity | 56 | -1 | -8 | 38 | 4 | 33 | -5 | -7 | -7 | -15 | -21 | -22 |
| Cash from Financing Activity | -66 | 4 | -5 | -31 | -2 | 7 | 12 | -5 | 10 | -1 | 1 | 6 |
| Net Cash Flow | -0 | 0 | -0 | 0 | 0 | 6 | -7 | -2 | 8 | -6 | 2 | -1 |
| Free Cash Flow | 2 | -5 | 20 | 40 | -1 | -36 | -20 | 2 | -2 | -6 | 0 | -10 |
| CFO/OP | -74% | -106% | -263% | 20% | 8% | -2,786% | -132% | 83% | 32% | 87% | 194% | 94% |
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 303 | 291 | 302 | 195 | 208 | 52 | 49 | 63 | 130 | 109 | 101 | 106 |
| Inventory Days | 66 | 92 | 118 | 102 | 122 | 208 | 154 | 185 | 129 | 125 | 127 | 129 |
| Days Payable | 149 | 169 | 164 | 265 | 517 | 229 | 107 | 113 | 165 | 149 | 140 | 139 |
| Cash Conversion Cycle | 220 | 214 | 255 | 31 | -188 | 31 | 96 | 135 | 94 | 84 | 88 | 96 |
| Working Capital Days | 56 | 125 | -36 | -108 | -210 | 89 | 121 | 123 | 104 | 92 | 74 | 74 |
| ROCE % | -13% | -0% | -6% | -35% | -21% | -3% | 10% | 11% | 16% | 9% | 8% | 12% |
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 88.73% | 88.42% | 88.29% | 88.29% | 88.29% | 88.29% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% |
| FIIs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 8.53% | 9.34% | 9.34% | 9.34% | 9.34% | 9.34% |
| Public | 11.27% | 11.57% | 11.70% | 11.71% | 11.70% | 11.70% | 16.47% | 15.66% | 15.66% | 15.66% | 15.66% | 15.66% |
| No. of Shareholders | 7,354 | 7,367 | 7,539 | 7,391 | 7,295 | 7,214 | 7,142 | 7,283 | 7,572 | 7,119 | 6,928 | 7,062 |
Fundamentals
Market Cap₹ 847 Cr.
Current Price₹ 364
Stock P/E109
Book Value₹ 40.6
ROCE11.9 %
ROE12.3 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-3%
Compounded Profit Growth (TTM)-23%
Standalone figures.
Valuation
Market capRs 896 Cr
Enterprise valueRs 931 Cr
P/E (TTM)115.02x
Price to book9.32x
Price to sales6.28x
EV / EBITDA52.21x
EV / EBIT81.99x
EV / sales6.53x
Price to cash flow58.29x
Earnings yield0.87%
P/E, 3-year average30.39x
P/B, 3-year average2.36x
P/E, 5-year average33.13x
P/B, 5-year average2.91x
Profitability
Operating margin (excl. other income)10.58%
Operating margin (incl. other income)13.74%
EBITDA margin12.51%
Pre-tax margin5.38%
Net profit margin5.46%
Net margin, latest quarter0.30%
ROE12.27%
ROCE11.87%
ROA6.76%
ROE, 3-year average8.94%
ROCE, 3-year average9.24%
ROA, 3-year average4.94%
ROE, 5-year average10.47%
ROCE, 5-year average10.43%
ROA, 5-year average6.21%
ROIC (approx.)8.74%
Tax rate-1.19%
Other income / net worth4.95%
Growth
Sales growth (latest year)3.26%
Profit growth (latest year)167.47%
Sales CAGR, 3 years9.30%
Sales CAGR, 5 years16.16%
Profit CAGR, 3 years-0.71%
Profit CAGR, 5 years13.74%
Sales growth QoQ-37.07%
Profit growth QoQ-97.09%
Sales growth YoY (latest quarter)-23.22%
Profit growth YoY (latest quarter)-97.64%
Per share
EPS (TTM)Rs 3.29
EPS (latest year)Rs 4.69
EPS (latest quarter)Rs 0.03
EPS, 3-year averageRs 3.18
EPS, 5-year averageRs 3.31
Book value per shareRs 40.64
Sales per shareRs 60.27
Cash flow per shareRs 6.50
Free cash flow per shareRs -4.23
Efficiency
Asset turnover0.86x
Fixed asset turnover1.84x
Inventory turnover3.56x
Inventory days103 days
Debtor days106 days
Debtors turnover3.43x
Creditor days139 days
Cash conversion cycle96 days
Working capital days74 days
Leverage
Total debtRs 37 Cr
Cash and bankRs 2 Cr
Net debtRs 35 Cr
Debt to equity0.39x
Net debt / EBITDA1.98x
Interest coverage3.08x
Current ratio (filing 2026-03-31)1.57x
Quick ratio (filing 2026-03-31)1.06x
Trade payables (filing 2026-03-31)Rs 31 Cr
Owners' fund to total sources54.78%
Debt to assets21.32%
Cash flow
Cash from Operating Activity (latest year)Rs 15 Cr
Cash from Investing Activity (latest year)Rs -22 Cr
Cash from Financing Activity (latest year)Rs 6 Cr
Net Cash Flow (latest year)Rs -1 Cr
Free cash flow (latest year)Rs -10 Cr
FCFE (approx.: FCF + change in debt)Rs -1 Cr
Cash from ops / profit, 5 years1.61x
Sales to cash flow9.80x
Statement figures
Net sales (TTM)Rs 143 Cr
Net sales (latest year)Rs 151 Cr
Sales (latest quarter)Rs 27 Cr
Operating profit excl. other income (latest year)Rs 16 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 6 Cr
EBITDA (TTM)Rs 18 Cr
PBDT (TTM)Rs 14 Cr
Profit before tax (TTM)Rs 8 Cr
Tax (latest year)Rs -0 Cr
Net profit (TTM)Rs 8 Cr
Net profit (latest year)Rs 11 Cr
Net profit (latest quarter)Rs 0 Cr
Depreciation (TTM)Rs 6 Cr
Depreciation (latest quarter)Rs 2 Cr
Interest (TTM)Rs 4 Cr
Cost of goods sold (latest year)Rs 103 Cr
Total expenditure (latest year)Rs 135 Cr
Total income (latest year)Rs 155 Cr
Share capitalRs 24 Cr
ReservesRs 72 Cr
Shareholders' fundsRs 96 Cr
Total assetsRs 176 Cr
Net blockRs 82 Cr
Capital work in progressRs 3 Cr
ReceivablesRs 44 Cr
InventoryRs 29 Cr
Other liabilitiesRs 42 Cr
Shares outstanding (crore)2.37
Ownership
Promoter holding75.00% (+0.00 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 115.0 is at the 98th percentile of its own 5.4-year range
(median 41.1, low 16.3, high 115.0).
P/B 9.32 is at the 99th percentile (median 2.90).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | BAFNAPH | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +10.4% | -2.8% | +13.1 pts |
| 1 month | +21.2% | -6.8% | +28.0 pts |
| 3 months | +75.0% | -7.6% | +82.6 pts |
| 6 months | +246.4% | +0.4% | +246.0 pts |
| 1 year | +125.5% | -9.9% | +135.4 pts |
| 2 years | +391.4% | -13.6% | +404.9 pts |
| 3 years | +353.3% | +14.2% | +339.1 pts |
| 5 years | +196.7% | +27.9% | +168.8 pts |
Red flags
F-score 6 of 8| look | Profit leans on other income Other income was 43% of pre-tax profit in 2026 |
| look | On NSE surveillance On NSE surveillance: ESM |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹27 Cr -23.2% vs Jun 2025.
Net profit ₹0 Cr -97.6%.
Activity
Compare| Company | Mcap (Cr) | P/E | ROCE |
|---|---|---|---|
| Sun Pharmaceutical Industries Ltd | 447,476 | 35.4 | 20.5 % |
| Divis Laboratories Ltd | 250,363 | 84.0 | 22.0 % |
| Torrent Pharmaceuticals Ltd | 186,152 | 83.4 | 15.2 % |
| Zydus Lifesciences Ltd | 119,750 | 24.6 | 21.1 % |
| Cipla Ltd | 111,430 | 31.1 | 15.5 % |
| Laurus Labs Ltd | 106,928 | 97.8 | 17.8 % |
| Mankind Pharma Ltd | 105,120 | 49.3 | 13.5 % |
| Dr Reddys Laboratories Ltd | 104,494 | 32.4 | 13.0 % |
| Aurobindo Pharma Ltd | 97,682 | 25.8 | 12.9 % |
| Lupin Ltd | 93,840 | 15.8 | 29.9 % |
| Glenmark Pharmaceuticals Ltd | 68,905 | 22.1 | 39.8 % |
| Alkem Laboratories Ltd | 62,772 | 27.6 | 21.2 % |
| Biocon Ltd | 61,439 | 84.5 | 3.61 % |
| Abbott India Ltd | 57,949 | 35.9 | 44.8 % |
| Gland Pharma Ltd | 49,333 | 43.1 | 15.1 % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2024-09-17 | Annual General Meeting | |
| 2022-07-20 | Annual General Meeting | |
| 2021-08-05 | Annual General Meeting | |
| 2020-07-23 | Annual General Meeting |
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
ESM: stage 2Less than 100 unique PAN traded in previous 30 days