Price
Financials
Consolidated, Rs crore| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|
| Sales | 88 | 94 | 100 | 103 | 87 | 94 | 126 |
| Expenses | 70 | 76 | 81 | 82 | 70 | 76 | 98 |
| Operating Profit | 18 | 17 | 20 | 21 | 17 | 18 | 27 |
| OPM % | 21% | 18% | 20% | 21% | 19% | 19% | 22% |
| Other Income | -1 | 2 | 3 | 3 | 2 | 3 | 2 |
| Interest | 2 | 3 | 3 | 4 | 4 | 4 | 3 |
| Depreciation | 3 | 4 | 4 | 4 | 4 | 5 | 4 |
| Profit before tax | 12 | 12 | 16 | 16 | 10 | 12 | 22 |
| Tax % | 25% | 26% | 25% | 26% | 19% | 24% | 25% |
| Net Profit | 9 | 9 | 12 | 12 | 9 | 9 | 16 |
| EPS in Rs | 8.86 | 8.95 | 11.59 | 12.11 | 8.40 | 8.93 | 14.25 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 51 | 66 | 91 | 116 | 184 | 227 | 296 | 362 | 385 | 410 |
| Expenses | 41 | 54 | 73 | 91 | 141 | 174 | 236 | 288 | 309 | 327 |
| Operating Profit | 9 | 12 | 18 | 25 | 43 | 53 | 60 | 75 | 76 | 83 |
| OPM % | 19% | 18% | 20% | 21% | 23% | 23% | 20% | 21% | 20% | 20% |
| Other Income | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 11 | 10 |
| Interest | 1 | 1 | 3 | 2 | 2 | 2 | 3 | 7 | 15 | 15 |
| Depreciation | 2 | 3 | 4 | 7 | 7 | 10 | 10 | 13 | 17 | 18 |
| Profit before tax | 7 | 8 | 12 | 16 | 34 | 41 | 49 | 57 | 54 | 61 |
| Tax % | 1% | -2% | 21% | 27% | 28% | 25% | 25% | 26% | 24% | |
| Net Profit | 7 | 8 | 9 | 12 | 25 | 31 | 36 | 42 | 41 | 46 |
| EPS in Rs | 7.43 | 8.84 | 9.33 | 11.60 | 24.58 | 30.42 | 36.08 | 42.02 | 40.92 | 43.69 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 27% | 19% | 6% | ||
| Compounded Profit Growth | % | 29% | 11% | -9% | ||
| Stock Price CAGR | % | 37% | 29% | 14% | ||
| Return on Equity | % | 25% | 23% | 19% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 24 | 32 | 48 | 59 | 83 | 113 | 148 | 187 | 235 |
| Borrowings | 8 | 20 | 23 | 17 | 21 | 20 | 15 | 138 | 148 |
| Other Liabilities | 9 | 22 | 28 | 31 | 45 | 55 | 82 | 101 | 103 |
| Total Liabilities | 50 | 83 | 107 | 118 | 158 | 198 | 254 | 436 | 496 |
| Fixed Assets | 13 | 18 | 44 | 40 | 55 | 63 | 65 | 89 | 125 |
| CWIP | 1 | 15 | 0 | 3 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 |
| Other Assets | 35 | 50 | 63 | 74 | 102 | 135 | 190 | 347 | 371 |
| Total Assets | 50 | 83 | 107 | 118 | 158 | 198 | 254 | 436 | 496 |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 17 | 0 | 8 | 19 | 30 | 23 | 31 | 36 | 37 |
| Cash from Investing Activity | -11 | -21 | -15 | -6 | -22 | -19 | -14 | -36 | -51 |
| Cash from Financing Activity | 5 | 12 | 9 | -8 | -1 | -2 | -7 | 118 | -8 |
| Net Cash Flow | 12 | -9 | 2 | 5 | 7 | 2 | 9 | 118 | -22 |
| Free Cash Flow | 9 | -21 | -7 | 13 | 10 | 5 | 19 | -1 | -16 |
| CFO/OP | 181% | 1% | 47% | 75% | 69% | 44% | 52% | 48% | 49% |
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 104 | 139 | 128 | 106 | 90 | 101 | 98 | 103 | 113 |
| Inventory Days | 37 | 104 | 102 | 100 | 87 | 106 | 122 | 127 | 159 |
| Days Payable | 81 | 143 | 119 | 127 | 123 | 139 | 145 | 152 | 172 |
| Cash Conversion Cycle | 60 | 100 | 111 | 79 | 53 | 68 | 75 | 79 | 100 |
| Working Capital Days | 50 | 40 | 56 | 76 | 61 | 73 | 80 | 82 | 97 |
| ROCE % | 18% | 21% | 22% | 36% | 34% | 33% | 27% | 19% |
| 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 | 66.73% | 66.73% | 66.73% | 66.73% | 66.73% | 66.73% | 66.73% | 66.73% | 66.73% | 64.90% | 64.63% | 59.10% |
| FIIs | 0.32% | 0.32% | 0.32% | 0.90% | 1.16% | 1.15% | 0.90% | 0.90% | 0.90% | 1.14% | 1.16% | 1.02% |
| DIIs | 0.02% | 0.02% | 0.06% | 0.12% | 0.16% | 0.17% | 0.17% | 0.26% | 0.29% | 1.90% | 2.15% | 6.23% |
| Public | 32.93% | 32.92% | 32.87% | 32.25% | 31.95% | 31.95% | 32.20% | 32.11% | 32.07% | 32.07% | 32.06% | 33.65% |
| No. of Shareholders | 1,722 | 1,928 | 2,116 | 2,323 | 2,567 | 2,882 | 3,054 | 3,139 | 3,184 | 3,694 | 4,736 | 7,359 |
Fundamentals
Market Cap₹ 2,289 Cr.
Current Price₹ 2,065
Stock P/E50.2
Book Value₹ 241
ROCE19.2 %
ROE18.8 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)6%
Compounded Profit Growth (TTM)-9%
Consolidated figures.
Valuation
Market capRs 2,093 Cr
Enterprise valueRs 2,084 Cr
P/E (TTM)49.95x
Price to book10.62x
Price to sales5.43x
EV / EBITDA25.06x
EV / EBIT30.48x
EV / sales5.40x
Price to cash flow57.91x
Earnings yield2.00%
P/E, 3-year average31.68x
P/B, 3-year average7.21x
P/E, 5-year average25.05x
P/B, 5-year average5.77x
Profitability
Operating margin (excl. other income)20.59%
Operating margin (incl. other income)21.10%
EBITDA margin21.56%
Pre-tax margin14.59%
Net profit margin10.86%
Net margin, latest quarter11.82%
ROE23.95%
ROCE25.23%
ROA12.29%
ROE, 3-year average26.18%
ROCE, 3-year average30.64%
ROA, 3-year average15.21%
ROE, 5-year average25.61%
ROCE, 5-year average30.10%
ROA, 5-year average14.82%
ROIC (approx.)27.06%
Tax rate25.54%
Other income / net worth0.95%
Growth
Sales growth (latest year)22.54%
Profit growth (latest year)16.41%
Sales CAGR, 3 years25.38%
Sales CAGR, 5 years31.89%
Profit CAGR, 3 years19.55%
Profit CAGR, 5 years35.12%
Sales growth QoQ3.17%
Profit growth QoQ4.44%
Per share
EPS (TTM)Rs 41.51
EPS (latest year)Rs 42.02
EPS (latest quarter)Rs 12.11
EPS, 3-year averageRs 37.29
EPS, 5-year averageRs 29.98
Book value per shareRs 195.24
Sales per shareRs 382.04
Cash flow per shareRs 35.80
Free cash flow per shareRs -15.85
Efficiency
Asset turnover0.83x
Fixed asset turnover4.07x
Inventory turnover3.56x
Inventory days103 days
Debtor days103 days
Debtors turnover3.53x
Creditor days172 days
Cash conversion cycle100 days
Working capital days97 days
Leverage
Total debtRs 138 Cr
Cash and bankRs 147 Cr
Net debtRs -9 Cr
Debt to equity0.70x
Net debt / EBITDA-0.11x
Interest coverage5.65x
Current ratio (filing 2026-03-31)3.10x
Quick ratio (filing 2026-03-31)2.41x
Trade payables (filing 2026-03-31)Rs 81 Cr
Owners' fund to total sources45.18%
Debt to assets31.65%
Cash flow
Cash from Operating Activity (latest year)Rs 36 Cr
Cash from Investing Activity (latest year)Rs -36 Cr
Cash from Financing Activity (latest year)Rs 118 Cr
Net Cash Flow (latest year)Rs 118 Cr
Free cash flow (latest year)Rs -16 Cr
FCFE (approx.: FCF + change in debt)Rs 107 Cr
Cash from ops / profit, 5 years0.90x
Sales to cash flow10.03x
Statement figures
Net sales (TTM)Rs 386 Cr
Net sales (latest year)Rs 362 Cr
Sales (latest quarter)Rs 103 Cr
Operating profit excl. other income (latest year)Rs 75 Cr
Operating profit (latest quarter)Rs 21 Cr
Other income (TTM)Rs 6 Cr
EBITDA (TTM)Rs 83 Cr
PBDT (TTM)Rs 71 Cr
Profit before tax (TTM)Rs 56 Cr
Tax (latest year)Rs 15 Cr
Net profit (TTM)Rs 42 Cr
Net profit (latest year)Rs 42 Cr
Net profit (latest quarter)Rs 12 Cr
Depreciation (TTM)Rs 15 Cr
Depreciation (latest quarter)Rs 4 Cr
Interest (TTM)Rs 12 Cr
Cost of goods sold (latest year)Rs 213 Cr
Total expenditure (latest year)Rs 288 Cr
Total income (latest year)Rs 364 Cr
Share capitalRs 10 Cr
ReservesRs 187 Cr
Shareholders' fundsRs 197 Cr
Total assetsRs 436 Cr
Net blockRs 89 Cr
ReceivablesRs 103 Cr
InventoryRs 60 Cr
Other liabilitiesRs 101 Cr
Shares outstanding (crore)1.01
Ownership
Promoter holding59.10% (-7.63 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 50.0 is at the 53th percentile of its own 7.4-year range
(median 48.9, low 6.0, high 96.8).
P/B 10.62 is at the 53th percentile (median 10.44).
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 | BETA | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | -1.0% | -2.8% | +1.8 pts |
| 1 month | -6.0% | -6.8% | +0.7 pts |
| 3 months | -0.8% | -7.6% | +6.8 pts |
| 6 months | +74.3% | +0.4% | +73.9 pts |
| 1 year | +15.2% | -9.9% | +25.1 pts |
| 2 years | +22.0% | -13.6% | +35.5 pts |
| 3 years | +104.3% | +14.2% | +90.1 pts |
| 5 years | +355.7% | +27.9% | +327.8 pts |
Red flags
F-score 4 of 8| look | On NSE surveillance On NSE surveillance: ASM long-term |
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 ₹126 Cr +26.0% vs Jun 2025.
Net profit ₹16 Cr +33.3%.
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.
No corporate actions on record.
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.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)