Bal Pharma 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 3.52x)
- Company has consistently been profitable over the last 5 years
- Company has been maintaining a healthy dividend payout of 30.4%
- Company generates healthy free cash flow
- Working capital cycle has improved - days down from 19 to 15
- Company has a consistent dividend-paying track record
CONS
- Company has a high debt-to-equity of 1.94x
- Recent results are weak - TTM profit is down 35.6% versus prior year
- A large part of profit comes from other income (32.5% of PBT)
- Company has a low return on capital employed of 10.5%
- Interest coverage is weak at 1.3x - earnings barely cover interest
- Company has a low return on equity of 9.5% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SUNPHARMA | 1842.00 | 36.54 | 441957.50 | 0.87 | 2901.23 | 26.53 | 15299.88 | 10.98 | 19.11 | 28.81 |
| DIVISLAB | 9326.00 | 84.64 | 247576.00 | 0.32 | 902.00 | 65.50 | 3080.00 | 27.80 | 21.51 | 40.75 |
| TORNTPHARM | 4975.00 | 86.76 | 189233.01 | 0.76 | 566.00 | 3.28 | 4921.00 | 57.32 | 19.27 | 33.81 |
| ZYDUSLIFE | 1119.50 | 24.74 | 111670.55 | 0.09 | 990.20 | -34.90 | 8017.00 | 23.97 | 21.39 | 24.54 |
| CIPLA | 1365.00 | 32.72 | 110272.68 | 0.95 | 785.55 | -39.18 | 7119.28 | 4.13 | 16.00 | 16.73 |
| LAURUSLABS | 1970.35 | 97.37 | 106460.42 | 0.10 | 362.07 | 123.94 | 2026.31 | 29.10 | 18.20 | 31.50 |
| DRREDDY | 1161.00 | 30.07 | 96906.38 | 0.69 | 435.60 | -69.10 | 8099.80 | -5.21 | 13.75 | 10.63 |
| AUROPHARMA | 1675.45 | 25.97 | 96401.69 | 0.24 | 1032.03 | 25.22 | 9150.35 | 17.44 | 12.76 | 20.54 |
| LUPIN | 2096.00 | 17.34 | 95842.92 | 0.86 | 1416.98 | 16.01 | 8276.89 | 34.28 | 28.86 | 29.59 |
| MANKIND | 2277.00 | 46.04 | 94050.37 | 0.04 | 574.09 | 29.12 | 4030.59 | 12.89 | 13.24 | 26.30 |
| GLENMARK | 2416.90 | 37.94 | 68210.88 | 0.10 | 482.83 | 927.88 | 4018.48 | 31.35 | 20.35 | 20.03 |
| BALPHARMA | 107.47 | 23.74 | 171.10 | 1.12 | 1.14 | 444.50 | 88.62 | 34.53 | 9.78 | 8.97 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 70 | 93 | 82 | 95 | 74 | 74 | 73 | 82 | 66 | 74 | 88 | 84 | 89 | |
| 64 | 85 | 74 | 85 | 68 | 66 | 65 | 74 | 60 | 68 | 78 | 74 | 88 | |
| Operating Profit | 6 | 8 | 8 | 10 | 6 | 8 | 8 | 8 | 6 | 6 | 10 | 11 | 1 |
| OPM % | 9.16% | 8.31% | 9.54% | 10.14% | 8.70% | 10.44% | 10.59% | 9.33% | 9.20% | 7.74% | 10.88% | 12.57% | 0.79% |
| 0 | 0 | 0 | 2 | 1 | -0 | 1 | 1 | 1 | 1 | 0 | -0 | 0 | |
| Interest | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 | 4 | 4 | 5 | 4 | 4 |
| Depreciation | 3 | 2 | 3 | 2 | 2 | 2 | 3 | 2 | 3 | 2 | 3 | 3 | 3 |
| Profit before Tax | 0 | 2 | 1 | 6 | 1 | 1 | 1 | 3 | 0 | 1 | 2 | 3 | 1 |
| Tax % | 79.07% | 39.38% | 33.07% | 3.83% | 58.06% | 23.53% | 8.77% | -109.27% | 0.00% | 0.00% | 0.00% | -12.11% | 0.00% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 5 | 0 | 1 | 2 | 4 | 1 |
| 0.06 | 0.62 | 0.54 | 3.73 | 0.16 | 0.65 | 0.33 | 3.40 | 0.13 | 0.45 | 1.12 | 2.26 | 0.71 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 229 | 209 | 225 | 171 | 251 | 281 | 304 | 339 | 303 | 312 | 334 | |
| 214 | 192 | 207 | 166 | 226 | 257 | 279 | 308 | 273 | 280 | 308 | |
| Operating Profit | 15 | 17 | 18 | 5 | 25 | 24 | 25 | 31 | 30 | 32 | 27 |
| OPM % | 6.47% | 8.28% | 7.86% | 2.94% | 9.84% | 8.53% | 8.30% | 9.12% | 9.82% | 10.30% | 7.94% |
| 3 | 2 | 1 | 2 | 1 | 5 | 1 | 3 | 2 | 2 | 2 | |
| Interest | 8 | 9 | 13 | 13 | 12 | 11 | 12 | 15 | 17 | 17 | 17 |
| Depreciation | 6 | 7 | 6 | 8 | 10 | 9 | 9 | 10 | 10 | 11 | 11 |
| Profit before Tax | 3 | 3 | -0 | -14 | 4 | 9 | 5 | 9 | 5 | 6 | 7 |
| Tax % | 113.79% | 86.94% | 1163.74% | 4.71% | -14.86% | 37.87% | 44.84% | 17.70% | -40.86% | -6.51% | -5.68% |
| Net Profit | -0 | 0 | 2 | -13 | 5 | 6 | 3 | 7 | 7 | 6 | 7 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 3.34 | 3.79 | 1.68 | 4.68 | 4.53 | 3.95 | — |
| Dividend Payout % | 80.65% | 50.94% | 37.41% | 0.00% | 31.26% | 26.41% | 61.01% | 25.66% | 26.48% | 30.40% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 4%
- 3 Years:
- 1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 16%
- 5 Years:
- 6%
- 3 Years:
- 35%
STOCK PRICE CAGR
- 10 Years:
- 2%
- 5 Years:
- 1%
- 3 Years:
- 4%
- 1 Year:
- 19%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 9%
- 3 Years:
- 10%
- Last Year:
- 8%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 15 | 15 | 16 | 16 | 16 | 16 |
| Minority Interest | -2 | -5 | -6 | -7 | -0 | -0 | -0 | -0 | -0 | 0 |
| 48 | 51 | 52 | 38 | 38 | 43 | 48 | 56 | 61 | 66 | |
| 91 | 111 | 122 | 117 | 115 | 108 | 133 | 134 | 140 | 151 | |
| Trade Payables | 54 | 50 | 47 | 39 | 47 | 66 | 79 | 77 | 82 | 89 |
| 28 | 39 | 32 | 37 | 26 | 30 | 36 | 36 | 36 | 53 | |
| Total Liabilities | 233 | 260 | 261 | 238 | 240 | 261 | 311 | 320 | 335 | 375 |
| 60 | 71 | 70 | 71 | 69 | 67 | 76 | 80 | 87 | 94 | |
| Capital Work in Progress | 2 | 0 | 4 | 3 | 0 | 2 | 0 | 0 | 3 | 7 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 2 | 2 | |
| 55 | 66 | 70 | 68 | 60 | 74 | 98 | 88 | 103 | 116 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100 | 92 | 94 | |
| Cash & Bank | 5 | 4 | 4 | 3 | 4 | 5 | 8 | 13 | 8 | 7 |
| 112 | 118 | 113 | 94 | 107 | 112 | 129 | 32 | 40 | 54 | |
| Total Assets | 233 | 260 | 261 | 238 | 240 | 261 | 311 | 320 | 335 | 375 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 8 | 2 | 10 | 23 | 22 | 28 | -1 | 23 | 20 | 31 | |
| Cash from Investing | -8 | -4 | -8 | -5 | -6 | -9 | -22 | -19 | -15 | -21 |
| Cash from Financing | -6 | 4 | 0 | -20 | -17 | -17 | 24 | -1 | -8 | -10 |
| -8 | 1 | -0 | -1 | 0 | 0 | 0 | 3 | -2 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Significant movement in price has been observed in Bal Pharma Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Bal Pharma Limited has submitted their response.
2026-09-10 - Significant movement in price has been observed in Bal Pharma Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-09-07 - Bal Pharma Limited has informed the Exchange about Confirming the allotment of Convertible Warrants on Preferential basis
2026-08-27 - Bal Pharma Limited has informed the Exchange that Record date for the purpose of Dividend is 17-Sep-2026 and Communication to shareholders regarding TDS on Final Dividend payment
2026-08-26 - Bal Pharma Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026
2026-08-26 - Bal Pharma Limited has informed the Exchange about Fixation of AGM on 24th September 2026 at 11.30 AM
2026-08-25 - Bal Pharma Limited has informed the Exchange about Clarification with respect to tentative timeline for utilization of net proceeds of Preferential Issue
2026-08-13 - Bal Pharma Limited has informed the Exchange about Newspaper Publications - Unaudited Financial Results and IEPF Notice
2026-08-12 - Bal Pharma Limited has informed the Exchange regarding Outcome of Board Meeting held on August 12, 2026.1. Considered and approved the unaudited Financial Results (Standalone and Consolidated) of the Company quarter ended on 30th June, 20262. Approved the change in designation of Mr. Ravindra Kumar Kothari (DIN: 03418320) from Non-Executive Director to Whole-Time Director3. Approved the change in designation of Mr. Virupakshaya Himesh (DIN: 08554422) from Whole-Time Director to Non-Executive Director4. Approved the proposal to make investment in the proposed Joint Venture entity to be incorporated in the Republic of the Philippines 5. approved the allotment of 10,00,000 (Ten Lakhs) Warrants to Mr. Shailesh Siroya, Promoter of the Company, on preferential basis
News
Recent coverage and analyst commentary for BALPHARMA
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Bal Pharma Ltd.
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