Bafna Pharmaceuticals Ltd.
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ABOUT
AI Sector View
AI GENERATEDHealthcare
This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.08x)
- Company has delivered good sales growth of 16.2% CAGR over last 5 years
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (44.4% of PBT)
- Promoter holding has decreased over last 2 years: -13.3pp
- Recent results are weak - TTM profit is down 13.8% versus prior year
- Company has a low return on capital employed of 9.2%
- Company has a low return on equity of 8.9% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1899.00 | 37.67 | 455633.71 | 0.84 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9100.00 | 82.59 | 241576.41 | 0.33 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4850.00 | 84.58 | 184478.41 | 0.78 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| CIPLA | 1385.00 | 33.19 | 111888.39 | 0.94 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| ZYDUSLIFE | 1121.00 | 24.78 | 111820.18 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| LAURUSLABS | 1840.00 | 90.93 | 99417.45 | 0.11 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| LUPIN | 2111.00 | 17.46 | 96528.82 | 0.85 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| DRREDDY | 1154.00 | 29.89 | 96322.06 | 0.69 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| MANKIND | 2328.55 | 47.09 | 96179.61 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| AUROPHARMA | 1653.30 | 25.62 | 95127.23 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| GLENMARK | 2427.00 | 38.10 | 68495.93 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| BAFNAPH | 296.60 | 90.09 | 701.65 | 0.00 | 6.04 | — | 131.33 | — | 11.87 | 32.32 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 42 | 41 | 28 | 41 | 33 | 40 | 33 | 39 | 35 | 35 | 38 | 42 | 27 | |
| 36 | 37 | 31 | 39 | 32 | 37 | 30 | 36 | 30 | 31 | 35 | 39 | 28 | |
| Operating Profit | 6 | 4 | -2 | 3 | 1 | 4 | 3 | 3 | 5 | 4 | 3 | 4 | -2 |
| OPM % | 15.02% | 9.86% | -7.31% | 6.98% | 3.63% | 9.40% | 9.22% | 7.96% | 14.62% | 12.07% | 7.97% | 8.40% | -6.91% |
| 2 | 0 | 1 | 1 | 0 | 1 | 0 | -1 | 1 | 1 | 1 | 2 | 2 | |
| Interest | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 0 | 1 | 1 | 2 | 2 | 2 |
| Profit before Tax | 6 | 2 | -3 | 1 | -1 | 3 | 1 | 1 | 3 | 3 | 2 | 3 | 0 |
| Tax % | 0.00% | 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 | 6 | 2 | -3 | 1 | -1 | 3 | 1 | 1 | 3 | 3 | 2 | 3 | 0 |
| 2.68 | 1.05 | -1.24 | 0.62 | -0.31 | 1.11 | 0.40 | 0.55 | 1.43 | 1.32 | 0.78 | 1.16 | 0.03 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 65 | 47 | 44 | 42 | 71 | 85 | 115 | 152 | 146 | 151 | 143 | |
| 70 | 82 | 57 | 41 | 61 | 73 | 100 | 141 | 135 | 135 | 134 | |
| Operating Profit | -5 | -35 | -13 | 1 | 10 | 12 | 16 | 11 | 11 | 16 | 9 |
| OPM % | -8.03% | -74.39% | -29.95% | 2.89% | 14.46% | 13.98% | 13.62% | 7.29% | 7.46% | 10.51% | 6.34% |
| 1 | 31 | 0 | 0 | 1 | -0 | 3 | 4 | 1 | 5 | 6 | |
| Interest | 11 | 7 | 2 | 0 | 1 | 1 | 2 | 2 | 3 | 4 | 4 |
| Depreciation | 4 | 4 | 3 | 3 | 4 | 5 | 5 | 5 | 5 | 6 | 6 |
| Profit before Tax | -19 | -14 | -18 | -2 | 6 | 5 | 12 | 7 | 4 | 11 | 8 |
| Tax % | 4.33% | -15.24% | -8.23% | -0.00% | 0.00% | 0.00% | 2.40% | 0.00% | 0.00% | -1.18% | -1.70% |
| Net Profit | -18 | -16 | -20 | -2 | 6 | 5 | 11 | 7 | 4 | 11 | 8 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 2.46 | 2.19 | 4.79 | 3.11 | 1.76 | 4.69 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 6%
- 5 Years:
- 16%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 14%
- 3 Years:
- -1%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 18%
- 3 Years:
- 45%
- 1 Year:
- 196%
RETURN ON EQUITY
- 10 Years:
- -9%
- 5 Years:
- 10%
- 3 Years:
- 9%
- Last Year:
- 12%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 19 | 24 | 24 | 2 | 24 | 24 | 24 | 24 | 24 | 24 |
| 22 | 17 | -3 | -7 | 33 | 38 | 50 | 57 | 61 | 72 | |
| 82 | 47 | 46 | 3 | 15 | 12 | 24 | 22 | 25 | 34 | |
| Trade Payables | 23 | 28 | 39 | 13 | 11 | 12 | 28 | 35 | 31 | 31 |
| 20 | 13 | 14 | 60 | 4 | 4 | 4 | 9 | 13 | 15 | |
| Total Liabilities | 167 | 128 | 121 | 71 | 86 | 90 | 130 | 148 | 153 | 176 |
| 43 | 40 | 37 | 35 | 36 | 39 | 40 | 40 | 59 | 82 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 10 | 7 | 3 |
| 18 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 17 | 11 | 9 | 11 | 15 | 20 | 22 | 30 | 28 | 29 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45 | 40 | 44 | |
| Cash & Bank | 3 | 3 | 3 | 8 | 2 | 0 | 8 | 1 | 3 | 2 |
| 86 | 73 | 70 | 16 | 32 | 31 | 59 | 21 | 15 | 16 | |
| Total Assets | 167 | 128 | 121 | 71 | 86 | 90 | 130 | 148 | 153 | 176 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 20 | -7 | -1 | -34 | -14 | 10 | 5 | 9 | 22 | 15 | |
| Cash from Investing | -14 | 38 | 4 | 33 | -5 | -7 | -7 | -15 | -21 | -22 |
| Cash from Financing | -5 | -31 | -2 | 7 | 12 | -5 | 10 | -1 | 1 | 6 |
| -0 | 0 | -0 | 6 | -7 | -2 | 8 | -6 | 2 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -9.90 | -6.95 | -8.34 | -7.94 | 2.46 | 2.21 | 4.79 | 3.11 | 1.76 | 4.69 |
| Book Value (₹) | 21.96 | 17.13 | 8.79 | -18.64 | 24.00 | 26.19 | 31.05 | 34.17 | 35.85 | 40.64 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -7.81 | -5.41 | -6.89 | 5.87 | 4.36 | 4.53 | 7.05 | 5.22 | 3.82 | 7.26 |
| PROFITABILITY | ||||||||||
| Operating Margin % | -6.15% | -8.11% | -29.07% | 3.49% | 15.51% | 16.04% | 16.46% | 7.29% | 7.46% | 10.51% |
| Net Margin % | -27.85% | -34.88% | -45.23% | -4.42% | 8.18% | 6.13% | 9.83% | 4.82% | 2.85% | 7.37% |
| ROE % | -37.05% | -40.37% | -64.36% | -22.93% | 22.26% | 8.79% | 16.75% | 9.52% | 5.01% | 12.27% |
| ROCE % | -5.98% | -6.97% | -20.90% | -2.95% | 10.62% | 8.42% | 16.12% | 9.56% | 6.31% | 11.87% |
| -10.49% | -11.17% | -15.90% | -1.96% | 7.40% | 5.91% | 10.32% | 5.30% | 2.76% | 6.76% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 335 | 302 | 205 | 133 | 40 | 52 | 88 | 104 | 107 | 102 |
| Inventory Days | 91 | 106 | 83 | 89 | 69 | 77 | 67 | 62 | 72 | 69 |
| Payable Days | 197 | 280 | 513 | 586 | 134 | 106 | 118 | 134 | 150 | 139 |
| 229 | 127 | -224 | -365 | -25 | 23 | 37 | 31 | 30 | 32 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 2.01x | 1.15x | 2.22x | -0.68x | 0.23x | 0.18x | 0.31x | 0.30x | 0.33x | 0.39x |
| Interest Coverage (x) | -0.70x | -1.10x | -7.57x | -18.66x | 8.85x | 7.57x | 6.70x | 4.21x | 2.52x | 4.00x |
| 0.95x | 0.82x | 0.68x | 2.10x | 2.04x | 2.31x | 1.88x | 1.73x | 1.63x | 1.57x | |
| GROWTH | ||||||||||
| Revenue Growth % | -23.86% | -27.39% | -7.51% | -2.65% | 67.68% | 19.55% | 35.48% | 32.18% | -4.33% | 3.26% |
| Operating Profit Growth % | -200.46% | 6.20% | -231.59% | 111.70% | 644.34% | 23.66% | 39.00% | -22.93% | -4.88% | 48.74% |
| Net Profit Growth % | -51.59% | 10.93% | -19.94% | 90.48% | 410.26% | -10.47% | 117.34% | -35.19% | -43.49% | 167.30% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -35.19% | -43.49% | 167.31% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 24.68x | 42.73x | 24.08x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.24x | 2.09x | 2.78x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 13.96x | 14.53x | 14.62x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-21 - Bafna Pharmaceuticals Limited has informed the Exchange about Copy of Newspaper Publication for the 31st Annual General Meeting of the Company published in ''Business Standard'' and ''Makkal Kural'' on August 20, 2026
2026-08-19 - Bafna Pharmaceuticals Limited has informed the Exchange regarding Notice of 31st Annual General Meeting of the Company to be held on September 11, 2026 along with the Annual Report for F.Y 2025-2026
2026-08-14 - Bafna Pharmaceuticals Limited has informed the Exchange about Copy of Newspaper Publication for the Unaudited Financial Results of the Company for the Quarter ended June 30, 2026 as published in ''Business Standard'' and ''Makkal Kural'' on August 13, 2026
2026-08-13 - Bafna Pharmaceuticals Limited has informed the Exchange regarding 'Intimation for Book Closure & Cut off Date'.
2026-08-13 - Bafna Pharmaceuticals Limited has informed the Exchange regarding intimation for 31st Annual General Meeting of the Company to be held on September 11, 2026
2026-08-11 - Bafna Pharmaceuticals Limited has informed the Exchange regarding Outcome of Board Meeting held on August 11, 2026.
2026-08-11 - Bafna Pharmaceuticals Limited has submitted to the Exchange, the outcome of the Board Meeting held on 11/08/2026 along with the unaudited financial results for the quarter ended June 30, 2026.
2026-07-09 - Bafna Pharmaceuticals Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026.
2026-06-30 - Bafna Pharmaceuticals Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
News
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