Bajaj Healthcare Ltd.

•

bajajhealth.comBSE: 539872NSE: BAJAJHCARE

Market Cap₹ 1,082 Cr.

Current Price

High / Low₹ 516 / 272

Stock P/E47.0

Book Value₹ 162

Price to Book4.73

Dividend Yield0.47 %

ROCE11.4 %

ROE11.8 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Mfg of Bulk Drugs: 86.9% • Formulation & Sales of Medicines: 13.1%

AI Sector View

AI GENERATED

Healthcare

Buy

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.

Confidence

50%

View full sector analysis →

PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.00x)
Company generates healthy free cash flow
Company has a consistent dividend-paying track record
Company maintains a comfortable, low leverage position

CONS

Recent results are weak - TTM profit is down 54.8% versus prior year
A large part of profit comes from other income (42.2% of PBT)
Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -9.1pp
Company has a low return on capital employed of 9.1%
Company has a low return on equity of 8.5% over last 3 years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUNPHARMA	1899.00	37.67	455633.71	0.84	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9100.00	82.59	241576.41	0.33	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4850.00	84.58	184478.41	0.78	566.00	3.28	4921.00	57.32	19.27	33.81
4.	CIPLA	1385.00	33.19	111888.39	0.94	785.55	-39.18	7119.28	4.13	16.00	16.73
5.	ZYDUSLIFE	1121.00	24.78	111820.18	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
6.	LAURUSLABS	1840.00	90.93	99417.45	0.11	362.07	123.94	2026.31	29.10	18.20	31.50
7.	LUPIN	2111.00	17.46	96528.82	0.85	1416.98	16.01	8276.89	34.28	28.86	29.59
8.	DRREDDY	1154.00	29.89	96322.06	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
9.	MANKIND	2328.55	47.09	96179.61	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
10.	AUROPHARMA	1653.30	25.62	95127.23	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	GLENMARK	2427.00	38.10	68495.93	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	BAJAJHCARE	321.50	47.00	1082.33	0.47	13.70	12.46	165.63	11.28	11.40	17.36

Detailed Comparison with:

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
	130	101	109	134	132	133	123	154	149	148	161	153	166
	108	82	89	118	108	109	101	143	124	121	131	130	150
Operating Profit	22	19	20	16	25	25	22	12	25	27	31	23	16
OPM %	16.76%	18.72%	17.99%	11.97%	18.53%	18.42%	17.62%	7.61%	16.47%	18.22%	19.03%	14.82%	9.45%
	0	1	1	-38	1	3	2	14	1	2	2	-30	1
Interest	9	8	7	6	8	8	6	6	5	6	6	6	6
Depreciation	6	7	7	7	7	7	7	8	6	7	7	8	7
Profit before Tax	7	5	6	-35	10	12	12	12	15	16	19	-21	16
Tax %	-1.74%	2.29%	12.66%	8.96%	21.22%	33.01%	-28.41%	1.11%	16.17%	21.99%	16.32%	6.73%	15.59%
Net Profit	7	5	6	-32	8	8	15	12	12	12	16	-19	14
	2.55	1.86	2.00	-11.59	2.91	2.96	4.66	3.67	3.85	3.95	5.10	-6.08	4.07

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	200	207	290	325	410	657	680	646	473	543	628
	170	176	250	282	362	521	561	534	397	460	532
Operating Profit	30	31	39	43	48	136	119	111	76	83	96
OPM %	15.01%	14.88%	13.62%	13.21%	11.78%	20.76%	17.45%	17.26%	16.12%	15.22%	15.28%
	0	2	2	1	7	7	1	2	-36	19	-26
Interest	8	8	8	8	7	8	13	18	30	28	23
Depreciation	9	11	11	11	12	16	18	17	28	28	29
Profit before Tax	13	14	23	24	36	119	90	78	-17	46	31
Tax %	39.25%	42.84%	33.05%	32.52%	30.02%	30.05%	20.40%	18.74%	14.09%	6.69%	25.34%
Net Profit	8	8	15	16	25	83	71	64	-14	43	23
EPS	0.00	0.00	0.00	0.00	0.00	30.11	25.87	15.59	-5.19	13.59	—
Dividend Payout %	0.00%	0.00%	4.54%	0.00%	0.00%	4.57%	5.80%	4.34%	-19.26%	7.36%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 6%
3 Years:: -7%

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 9%
3 Years:: -18%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -5%
1 Year:: -25%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 18%
3 Years:: 9%
Last Year:: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7	7	7	7	14	14	14	14	14	16
	82	92	107	122	164	245	315	354	265	433
	74	66	76	72	82	168	243	415	301	199
Trade Payables	16	19	43	30	57	69	105	85	89	95
	30	35	35	35	26	30	45	32	75	71
Total Liabilities	209	219	268	267	343	526	721	899	743	814
	130	128	127	128	162	208	270	366	253	238
Capital Work in Progress	1	0	2	1	5	57	52	20	5	3
	0	0	0	0	5	0	0	0	0	0
	20	17	34	30	39	97	159	209	144	162
	0	0	0	0	0	0	0	0	180	252
Cash & Bank	0	1	8	8	4	14	2	19	3	4
	58	73	98	99	127	149	238	285	159	154
Total Assets	209	219	268	267	343	526	721	899	743	814

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	30	27	23	38	30	79	10	-11	92	22
Cash from Investing	-31	-8	-12	-13	-28	-109	-75	-93	-11	-15
Cash from Financing	5	-13	2	-13	3	75	62	131	-97	-6
	-0	0	7	-0	-4	10	-12	16	-16	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	12.15	11.34	22.01	23.64	18.29	60.23	25.87	23.02	-5.19	13.59
Book Value (₹)	68.67	143.49	105.47	128.82	128.94	187.26	119.02	133.23	100.86	142.04
Dividend per Share (₹)	0.00	0.00	1.00	0.00	0.00	2.75	1.50	1.00	1.00	1.00
Cash EPS (₹)	6.48	6.95	9.52	10.04	13.54	35.96	32.26	29.26	4.82	22.43
PROFITABILITY
Operating Margin %	13.65%	14.41%	12.69%	11.86%	13.37%	21.81%	17.67%	17.51%	16.12%	15.22%
Net Margin %	3.68%	3.39%	4.64%	4.41%	6.16%	12.65%	10.50%	9.84%	-3.03%	7.91%
ROE %	19.60%	10.77%	17.68%	20.18%	18.92%	38.09%	24.33%	18.25%	-4.44%	11.81%
ROCE %	18.00%	14.52%	18.25%	19.75%	19.47%	35.91%	20.00%	14.02%	1.88%	11.40%
	4.12%	3.65%	6.23%	6.10%	8.28%	19.14%	11.45%	7.84%	-1.74%	5.51%
EFFICIENCY
Debtor Days	77	76	74	78	79	55	76	107	144	145
Inventory Days	31	29	28	31	31	38	69	104	136	103
Payable Days	67	57	64	68	61	61	78	90	125	118
	41	47	38	42	49	32	67	121	156	130
FINANCIAL HEALTH
Debt to Equity (x)	1.75x	0.76x	1.19x	0.91x	0.51x	0.70x	0.78x	1.13x	1.19x	0.50x
Interest Coverage (x)	2.77x	2.67x	3.93x	3.91x	6.44x	15.25x	8.02x	5.42x	0.44x	2.64x
	0.89x	0.98x	1.06x	1.17x	1.22x	1.41x	1.24x	1.15x	1.01x	1.78x
GROWTH
Revenue Growth %	1.51%	3.50%	39.70%	12.27%	26.15%	60.24%	3.49%	-5.01%	-26.69%	14.61%
Operating Profit Growth %	5.30%	9.22%	24.88%	5.77%	24.87%	161.40%	-16.18%	-5.86%	-24.81%	19.95%
Net Profit Growth %	9.16%	-4.58%	94.08%	7.40%	54.73%	229.32%	-14.11%	-11.00%	-122.55%	399.64%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-122.55%	361.84%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	49.42x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.90x	4.73x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.34%	0.15%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	13.37x	22.94x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67.73	59.19	59.19	59.19	59.19	59.19	59.19	58.29	58.59
	0.00	1.07	1.01	1.05	1.09	1.12	1.18	1.98	2.19
	0.00	1.97	2.36	2.52	3.16	2.99	2.96	2.91	1.92
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.26	37.78	37.45	37.24	36.56	36.70	36.67	36.82	37.30

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Record Date

2026-09-03 - Bajaj Healthcare Limited has informed the Exchange that Record date for the purpose of Dividend is 14-Sep-2026.

2026-08-30

Copy of Newspaper Publication

2026-08-30 - Bajaj Healthcare Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-29

General Updates

2026-08-29 - Bajaj Healthcare Limited has informed the Exchange regarding the Inland Letters sent to Shareholders

2026-08-29

General Updates

2026-08-29 - Bajaj Healthcare Limited has informed the Exchange regarding Business Responsibility and Sustainability Report for the financial year 2025-26

2026-08-29

Shareholders meeting

2026-08-29 - Bajaj Healthcare Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 21, 2026

2026-08-26

Copy of Newspaper Publication

2026-08-26 - Bajaj Healthcare Limited has informed the Exchange about Copy of Newspaper Publication with respect to 33rd Annual General Meeting of the Company

2026-08-21

ESOP/ESOS/ESPS

2026-08-21 - Bajaj Healthcare Limited has informed the Exchange regarding Allotment of 2500 Equity Shares.

2026-08-21

Options to purchase securities

2026-08-21 - Bajaj Healthcare Limited has informed the Exchange about Options to purchase securities (Allotment of equity shares pursuant to exercise of ESOPs)

2026-08-12

Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals

2026-08-12 - Bajaj Healthcare Limited has informed the Exchange about Granting/withdrawal/surrender/cancellation/suspension of key licenses/ regulatory approvals

News

Recent coverage and analyst commentary for BAJAJHCARE

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Free 5nance Account

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

BAJAJHCARE

321.50

47.00

1082.33

0.47

13.70

12.46

165.63

11.28

11.40

17.36

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

130

101

109

134

132

133

123

154

149

148

161

153

166

108

118

108

109

101

143

124

121

131

130

150

Operating Profit

OPM %

16.76%

18.72%

17.99%

11.97%

18.53%

18.42%

17.62%

7.61%

16.47%

18.22%

19.03%

14.82%

9.45%

-38

-30

Interest

Depreciation

Profit before Tax

-35

-21

Tax %

-1.74%

2.29%

12.66%

8.96%

21.22%

33.01%

-28.41%

1.11%

16.17%

21.99%

16.32%

6.73%

15.59%

Net Profit

-32

-19

2.55

1.86

2.00

-11.59

2.91

2.96

4.66

3.67

3.85

3.95

5.10

-6.08

4.07

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

200

207

290

325

410

657

680

646

473

543

628

170

176

250

282

362

521

561

534

397

460

532

Operating Profit

136

119

111

OPM %

15.01%

14.88%

13.62%

13.21%

11.78%

20.76%

17.45%

17.26%

16.12%

15.22%

15.28%

-36

-26

Interest

Depreciation

Profit before Tax

119

-17

Tax %

39.25%

42.84%

33.05%

32.52%

30.02%

30.05%

20.40%

18.74%

14.09%

6.69%

25.34%

Net Profit

-14

EPS

0.00

30.11

25.87

15.59

-5.19

13.59

—

Dividend Payout %

0.00%

4.54%

0.00%

4.57%

5.80%

4.34%

-19.26%

7.36%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

107

122

164

245

315

354

265

433

168

243

415

301

199

Trade Payables

105

Total Liabilities

209

219

268

267

343

526

721

899

743

814

130

128

127

128

162

208

270

366

253

238

Capital Work in Progress

159

209

144

162

180

252

Cash & Bank

127

149

238

285

159

154

Total Assets

209

219

268

267

343

526

721

899

743

814

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-11

Cash from Investing

-31

-8

-12

-13

-28

-109

-75

-93

-11

-15

Cash from Financing

-13

131

-97

-6

-0

-4

-12

-16

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

12.15

11.34

22.01

23.64

18.29

60.23

25.87

23.02

-5.19

13.59

Book Value (₹)

68.67

143.49

105.47

128.82

128.94

187.26

119.02

133.23

100.86

142.04

Dividend per Share (₹)

0.00

1.00

0.00

2.75

1.50

1.00

Cash EPS (₹)

6.48

6.95

9.52

10.04

13.54

35.96

32.26

29.26

4.82

22.43

PROFITABILITY

Operating Margin %

13.65%

14.41%

12.69%

11.86%

13.37%

21.81%

17.67%

17.51%

16.12%

15.22%

Net Margin %

3.68%

3.39%

4.64%

4.41%

6.16%

12.65%

10.50%

9.84%

-3.03%

7.91%

ROE %

19.60%

10.77%

17.68%

20.18%

18.92%

38.09%

24.33%

18.25%

-4.44%

11.81%

ROCE %

18.00%

14.52%

18.25%

19.75%

19.47%

35.91%

20.00%

14.02%

1.88%

11.40%

4.12%

3.65%

6.23%

6.10%

8.28%

19.14%

11.45%

7.84%

-1.74%

5.51%

EFFICIENCY

Debtor Days

107

144

145

Inventory Days

104

136

103

Payable Days

125

118

121

156

130

FINANCIAL HEALTH

Debt to Equity (x)

1.75x

0.76x

1.19x

0.91x

0.51x

0.70x

0.78x

1.13x

1.19x

0.50x

Interest Coverage (x)

2.77x

2.67x

3.93x

3.91x

6.44x

15.25x

8.02x

5.42x

0.44x

2.64x

0.89x

0.98x

1.06x

1.17x

1.22x

1.41x

1.24x

1.15x

1.01x

1.78x

GROWTH

Revenue Growth %

1.51%

3.50%

39.70%

12.27%

26.15%

60.24%

3.49%

-5.01%

-26.69%

14.61%

Operating Profit Growth %

5.30%

9.22%

24.88%

5.77%

24.87%

161.40%

-16.18%

-5.86%

-24.81%

19.95%

Net Profit Growth %

9.16%

-4.58%

94.08%

7.40%

54.73%

229.32%

-14.11%

-11.00%

-122.55%

399.64%

0.00%

-122.55%

361.84%

VALUATION

P/E (x)

0.00x

49.42x

P/B (x)

0.00x

2.90x

4.73x

Dividend Yield %

0.00%

0.34%

0.15%

0.00x

13.37x

22.94x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

67.73

59.19

58.29

58.59

0.00

1.07

1.01

1.05

1.09

1.12

1.18

1.98

2.19

0.00

1.97

2.36

2.52

3.16

2.99

2.96

2.91

1.92

Government

0.00

32.26

37.78

37.45

37.24

36.56

36.70

36.67

36.82

37.30

Bajaj Healthcare Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

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Bajaj Healthcare Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI