MarketFriction

Bal Pharma Ltd

NSE BALPHARMA · BSE 524824 · Pharmaceuticals
₹105.74 -3.46%
NSE close2026-10-01
52 week range60.00 - 124.60
Market cap₹179 Cr.
P/E24.8
ESM Price band 20% Delivery 49.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales92.5481.6694.6374.3673.6973.1581.8865.8774.0287.6984.0888.62
Expenses84.8473.8785.0367.8966.0065.4074.2459.8168.2978.1573.5080.67
Operating Profit7.707.799.606.477.697.757.646.065.739.5410.587.95
OPM %8.32%9.54%10.14%8.70%10.44%10.59%9.33%9.20%7.74%10.88%12.58%8.97%
Other Income0.140.102.450.82-0.200.511.080.721.120.33-0.240.44
Interest3.823.664.144.243.655.013.954.053.864.854.064.47
Depreciation2.422.962.162.432.482.692.182.522.273.233.062.78
Profit before tax1.601.275.750.621.360.562.590.210.721.793.221.14
Tax %39.38%33.07%3.65%58.06%23.53%7.14%-108.88%0.00%0.00%0.00%-12.11%0.00%
Net Profit0.970.855.530.261.040.525.410.210.721.793.601.13
EPS in Rs0.610.563.460.160.650.303.410.130.451.122.250.70
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales198229211225171251281304339303312334
Expenses183214194207166226257279308273280301
Operating Profit15151718525242531303234
OPM %7%6%8%8%2.9%10%9%8%9%10%10%10%
Other Income132121513222
Interest689131312111215171717
Depreciation76768109910101111
Profit before tax333-0-144959567
Tax %90%114%87%-1,175%-5%-15%38%45%18%-41%-7%
Net Profit1-002-135637767
EPS in Rs1.101.241.962.67-8.623.203.781.644.684.533.944.52
Dividend Payout %91%81%51%37%0%31%26%61%26%26%30%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth5%4%1%14%
Compounded Profit Growth16%6%35%1%
Stock Price CAGR0%2%5%33%
Return on Equity5%8%9%8%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital131314141414151516161616
Reserves424248515238394448566266
Borrowings498993110124118110104131140150160
Other Liabilities5967788671687698116108108134
Total Liabilities164211233260261238240261311320336376
Fixed Assets525660717071696776808794
CWIP142043020037
Investments000000000722
Other Assets111151172188187164172192235233244272
Total Assets164211233260261238240261311320336376
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity15-19618232227-2232030
Cash from Investing Activity-5-14-8-4-8-5-6-9-22-19-15-21
Cash from Financing Activity-732-640-20-17-1724-1-8-10
Net Cash Flow2-1-81-0-20003-20
Free Cash Flow9-34-2-3-1181918-161228
CFO/OP93%-125%52%11%57%465%91%117%-4%88%75%95%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days88105991111051069898113107111110
Inventory Days132145172240217292146162207167238269
Days Payable142163171182147167114143167147189206
Cash Conversion Cycle7887100168175231130117153127161173
Working Capital Days1450264525-111118131267
ROCE %11%7%8%8%7%-0%10%12%10%12%10%10%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters51.61%51.24%51.24%51.24%50.87%50.87%50.87%50.87%50.87%50.87%50.87%50.87%
FIIs0.14%0.13%0.13%0.13%0.13%0.14%0.14%0.15%0.23%0.14%0.14%0.15%
Public48.25%48.64%48.64%48.63%49.01%49.00%49.01%48.99%48.91%49.01%49.01%48.99%
No. of Shareholders15,52915,06014,77215,01416,00715,66715,72315,82615,77415,52015,21414,974

Fundamentals

Market Cap₹ 179 Cr.
Current Price₹ 112
Stock P/E24.8
Book Value₹ 51.6
ROCE9.69 %
ROE7.87 %
Dividend Yield1.07 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)14%
Compounded Profit Growth (TTM)1%
Consolidated figures.
Valuation
Market capRs 169 Cr
Enterprise valueRs 321 Cr
P/E (TTM)23.44x
Price to book2.05x
Price to sales0.50x
EV / EBITDA9.06x
EV / EBIT13.32x
EV / sales0.96x
Price to cash flow5.54x
Earnings yield4.27%
Dividend yield1.13%
P/E, 3-year average19.00x
P/B, 3-year average1.86x
P/E, 5-year average26.86x
P/B, 5-year average2.03x
Profitability
Operating margin (excl. other income)10.24%
Operating margin (incl. other income)10.85%
EBITDA margin10.60%
Pre-tax margin2.05%
Net profit margin2.15%
Net margin, latest quarter1.26%
ROE7.87%
ROCE9.69%
ROA1.77%
ROE, 3-year average9.47%
ROCE, 3-year average10.49%
ROA, 3-year average2.10%
ROE, 5-year average8.52%
ROCE, 5-year average10.67%
ROA, 5-year average1.89%
ROIC (approx.)10.96%
Tax rate-6.58%
Other income / net worth2.35%
Growth
Sales growth (latest year)2.84%
Profit growth (latest year)-13.02%
Sales CAGR, 3 years0.82%
Sales CAGR, 5 years4.46%
Profit CAGR, 3 years34.69%
Profit CAGR, 5 years5.79%
Sales growth QoQ5.40%
Profit growth QoQ-68.80%
Sales growth YoY (latest quarter)34.54%
Profit growth YoY (latest quarter)460.00%
Per share
EPS (TTM)Rs 4.51
EPS (latest quarter)Rs 0.70
EPS, 3-year averageRs 4.61
EPS, 5-year averageRs 3.66
Book value per shareRs 51.52
Sales per shareRs 209.53
Cash flow per shareRs 19.07
Free cash flow per shareRs 5.01
Dividend per share, 3-year averageRs 1.20
Dividend per share, 5-year averageRs 1.10
Dividends
Dividend payout30.41%
Dividend payout, 3-year average27.53%
Dividend payout, 5-year average34.01%
Efficiency
Asset turnover0.83x
Fixed asset turnover3.32x
Inventory turnover1.36x
Inventory days269 days
Debtor days110 days
Debtors turnover3.33x
Creditor days206 days
Cash conversion cycle173 days
Working capital days7 days
Leverage
Total debtRs 160 Cr
Cash and bankRs 7 Cr
Net debtRs 152 Cr
Debt to equity1.94x
Net debt / EBITDA4.30x
Interest coverage1.40x
Owners' fund to total sources21.90%
Debt to assets42.47%
Cash flow
Cash from Operating Activity (latest year)Rs 30 Cr
Cash from Investing Activity (latest year)Rs -21 Cr
Cash from Financing Activity (latest year)Rs -10 Cr
Net Cash Flow (latest year)Rs 0 Cr
Free cash flow (latest year)Rs 8 Cr
FCFE (approx.: FCF + change in debt)Rs 17 Cr
Cash from ops / profit, 5 years3.38x
Sales to cash flow10.24x
Statement figures
Net sales (TTM)Rs 334 Cr
Net sales (latest year)Rs 312 Cr
Sales (latest quarter)Rs 89 Cr
Operating profit excl. other income (latest year)Rs 32 Cr
Operating profit (latest quarter)Rs 8 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 35 Cr
PBDT (TTM)Rs 18 Cr
Profit before tax (TTM)Rs 7 Cr
Tax (latest year)Rs -0 Cr
Net profit (TTM)Rs 7 Cr
Net profit (latest year)Rs 6 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 11 Cr
Depreciation (latest quarter)Rs 3 Cr
Interest (TTM)Rs 17 Cr
Cost of goods sold (latest year)Rs 158 Cr
Total expenditure (latest year)Rs 280 Cr
Total income (latest year)Rs 314 Cr
Share capitalRs 16 Cr
ReservesRs 66 Cr
Shareholders' fundsRs 82 Cr
Total assetsRs 376 Cr
Net blockRs 94 Cr
Capital work in progressRs 7 Cr
InvestmentsRs 2 Cr
ReceivablesRs 94 Cr
InventoryRs 116 Cr
Other liabilitiesRs 134 Cr
Shares outstanding (crore)1.60
Ownership
Promoter holding50.87% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 23.4 is at the 34th percentile of its own 8.4-year range (median 28.0, low 11.8, high 100.1).
P/B 2.05 is at the 45th percentile (median 2.15).
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.
PeriodBALPHARMANifty 50Difference
1 week+0.7%-2.8% +3.5 pts
1 month+23.7%-6.8% +30.5 pts
3 months+35.7%-7.6% +43.3 pts
6 months+75.0%+0.4% +74.6 pts
1 year+23.8%-9.9% +33.7 pts
2 years-19.1%-13.6% -5.5 pts
3 years+10.7%+14.2% -3.5 pts
5 years+3.0%+27.9% -24.9 pts

Red flags

F-score 6 of 8
explainLow interest cover Interest cover 1.4x in 2026
lookOn 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 2026
Sales ₹89 Cr +34.5% vs Jun 2025. Net profit ₹1 Cr +438.1%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-09-17Dividend - Rs 1.20 Per Share
2025-09-18Dividend - Rs 1.20 Per Share
2024-09-17Annual General Me0etingdividend - Rs 1.2 Per Share
2023-09-18Annual General Meeting/Dividend - Re 1 Per Share
2022-09-13Annual General Meetingdividend - Re 1 Per Share
2021-09-16 Annual General Meeting/Dividend - Re 1 Per Share
2020-09-17 Annual General Meeting
2019-09-17 Annual General Meeting/Dividend - Re 1 Per Share
2018-09-14 Annual General Meeting/Dividend Re 1 Per Share
2017-09-14 Annual General Meeting/Dividend - Re 1/- Per Share
2016-09-15 Annual General Meeting/Dividend Re 1/- Per Share
2015-09-15 Annual General Meeting/ Dividend - Re 1/- Per Share
2014-09-12Annual General Meeting / Dividend - Re 1/- Per Share
2013-09-12Annual General Meeting / Dividend - Re 0.75/- Per Share
2012-09-17Annual General Meeting
2011-09-19Annual General Meeting
2010-09-23Annual General Meeting
2009-09-17Dividend-Re.0.75 Pr Share
2008-09-09Agm/Dividend - 10%
2007-09-07Agm/Dividend-7.5%
2006-09-07Agm/Dividend-7.5%
DateTypeWhat it says
2026-09-25Director changeChange in Director(s) of the company.
2026-09-25Shareholder meetingVoting results.
2026-09-24Shareholder meetingProceedings of Annual General Meeting held on September 24, 2026
2026-09-10Price movementSignificant movement in price has been observed in Bal Pharma Limited. The Exchange, in order to ensure that investors have latest relevant informatio...
2026-09-10Price movementSignificant movement in price has been observed in Bal Pharma Limited. The Exchange, in order to ensure that investors have latest relevant informatio...
2026-09-07General UpdatesConfirming the allotment of Convertible Warrants on Preferential basis
2026-08-27Record DateRecord date for the purpose of Dividend is 17-Sep-2026 and Communication to shareholders regarding TDS on Final Dividend payment
2026-08-26Shareholder meetingNotice of Annual General Meeting to be held on September 24, 2026
2026-08-26General UpdatesFixation of AGM on 24th September 2026 at 11.30 AM
2026-08-25General UpdatesClarification with respect to tentative timeline for utilization of net proceeds of Preferential Issue
2026-08-13General UpdatesNewspaper Publications - Unaudited Financial Results and IEPF Notice
2026-08-12Board meeting outcomeOutcome of Board Meeting held on August 12, 2026.1. Considered and approved the unaudited Financial Results (Standalone and Consolidated) of the Compa...
2026-08-12Board meeting outcomeBal Pharma Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026 and other Matters as outcome of Board Meetin...
2026-08-10Shareholder meetingProceedings of Postal Ballot. Further, the company has informed the Exchange regarding voting results along with copy of scrutinizers report pertainin...
2026-07-30General UpdatesDisclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Opportunity to Shareholders Submit Com...
2026-07-27Reply to Clarification- FinaThe Exchange had sought clarification from Bal Pharma Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obl...
2026-07-23CorrigendumCorrigendum to The Postal Ballot Notice dated 09th July 2026. The corrigendum shall form an integral part to the Notice of Postal Ballot and should be...
2026-07-09Shareholder meetingNotice of Postal Ballot for consider the issue of 10,00,000 Warrants to Mr. Shailesh Siroya , Promoter of the Company on preferential basis.
2026-06-24UpdatesMr. Shreepada ML has taken charge and commenced his duties as the Company Secretary and Compliance Officer (Key Managerial Personnel) of the Company w...
2026-06-22Clarification - Financial ReThe Exchange has sought clarification from Bal Pharma Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing Obl...
2026-05-29Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-05-27DividendBoard of Directors at its meeting held on May 27, 2026, recommended Final Dividend of Rs. 1.20 per equity share i.e 12%
2026-05-27Board meeting outcomeBal Pharma Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-27Board meeting outcomeBal Pharma Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-22CorrigendumCorrigendum to the notice for the board meeting issued on 18.05.2026
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 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03