Fredun Pharmaceuticals Ltd.

•

fredungroup.comBSE: -NSE: FREDUN

Market Cap₹ 2,438 Cr.

Current Price

High / Low₹ 1,590 / 1,400

Stock P/E54.9

Book Value₹ 178

Price to Book3.46

Dividend Yield0.02 %

ROCE21.5 %

ROE16.3 %

Face Value₹ 10

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ABOUT

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

Company has delivered good profit growth of 75.1% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 94.6% YoY, showing strong momentum
Company has delivered good sales growth of 36.5% CAGR over last 5 years
Operating margins have improved to 14.3% from 10.1%

CONS

Promoter holding has decreased over last 2 years: -4.6pp
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.07x)
Operating cash flow has been negative in recent years
Free cash flow has been persistently negative
Working capital days have increased from 76 to 116 days
Valuation is stretched - P/E of 54.9 is well above its own 5-year median (27.6)

* 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.	FREDUN	1474.10	55.63	2437.88	0.02	131.32	94.09	2282.48	90.44	21.34	14.34

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
	620	820	870	1,180	788	1,074	1,027	1,674	1,199	1,453	1,609	2,131	2,282
	580	762	812	1,122	733	998	956	1,594	1,108	1,323	1,469	2,015	2,077
Operating Profit	41	58	58	58	55	76	71	80	90	130	140	115	206
OPM %	6.58%	7.04%	6.62%	4.95%	7.00%	7.06%	6.95%	4.80%	7.54%	8.95%	8.70%	5.41%	9.02%
	0	0	0	0	0	0	0	0	0	0	0	0	0
Interest	26	29	38	44	39	53	50	81	65	77	106	145	86
Depreciation	9	9	10	10	10	11	11	12	14	16	18	31	36
Profit before Tax	41	58	58	58	55	76	71	80	90	130	140	115	206
Tax %	41.13%	31.76%	26.75%	13.29%	25.17%	43.60%	25.26%	12.06%	25.17%	25.17%	25.17%	4.06%	36.04%
Net Profit	24	39	42	51	41	43	53	71	68	97	105	111	132
	5.24	8.40	8.99	10.77	8.79	9.05	11.29	14.98	14.33	20.61	19.53	20.22	23.89

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
	57	60	97	113	134	224	275	348	454	635	7,475
	53	54	87	104	125	211	247	310	401	544	6,884
Operating Profit	3	6	10	8	9	14	28	38	53	91	591
OPM %	5.86%	9.59%	10.34%	7.39%	6.98%	6.20%	10.11%	10.91%	11.60%	14.35%	7.91%
	2	0	1	1	0	2	2	1	2	4	0
Interest	2	2	3	4	4	5	9	14	22	39	414
Depreciation	1	1	1	2	2	2	3	4	4	8	101
Profit before Tax	2	3	6	2	3	9	18	21	28	48	591
Tax %	35.87%	33.72%	27.62%	23.76%	37.17%	26.33%	38.28%	27.17%	26.40%	30.21%	24.84%
Net Profit	1	2	4	2	2	6	11	16	21	33	444
EPS	5.36	4.16	11.18	4.77	5.05	14.29	23.84	33.25	44.07	60.68	—
Dividend Payout %	11.20%	14.42%	5.81%	13.84%	13.86%	4.90%	2.94%	2.11%	1.59%	1.15%	—

COMPOUNDED SALES GROWTH

10 Years:: 31%
5 Years:: 37%
3 Years:: 32%

COMPOUNDED PROFIT GROWTH

10 Years:: 41%
5 Years:: 75%
3 Years:: 45%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 15%
3 Years:: 16%
Last Year:: 16%

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
	2	3	4	4	4	4	5	5	5	5
	2	19	35	37	39	63	84	115	137	259
	15	10	19	35	40	53	83	100	159	202
Trade Payables	23	39	34	46	60	49	59	63	145	87
	14	8	13	19	19	18	27	25	41	87
Total Liabilities	56	79	105	141	162	187	257	308	487	642
	21	16	31	31	30	32	39	47	53	118
Capital Work in Progress	0	11	0	0	0	0	0	0	0	0
	0	0	0	0	0	0	0	1	2	2
	7	18	41	50	68	46	150	175	240	270
	0	0	0	0	0	0	0	65	177	93
Cash & Bank	1	1	1	3	1	2	3	1	0	65
	28	32	31	57	63	106	64	19	15	94
Total Assets	56	79	105	141	162	187	257	308	487	642

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
	4	17	1	-10	1	-2	-14	-0	-21	16
Cash from Investing	-7	-8	-5	-1	-1	-4	-9	-8	-6	-74
Cash from Financing	3	-8	4	14	-1	7	25	6	26	122
	-1	1	0	2	-2	1	1	-2	-1	65

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 (₹)	5.36	4.16	11.18	4.77	5.05	14.29	23.84	33.25	44.07	60.68
Book Value (₹)	20.14	64.71	97.73	103.57	107.96	153.07	194.27	255.15	299.47	483.87
Dividend per Share (₹)	0.60	0.60	0.65	0.66	0.70	0.70	0.70	0.70	0.70	0.70
Cash EPS (₹)	3.63	2.95	4.84	3.16	3.36	6.39	10.01	13.77	17.83	25.05
PROFITABILITY
Operating Margin %	5.86%	9.59%	10.34%	7.39%	6.98%	6.20%	10.11%	10.91%	11.60%	14.35%
Net Margin %	2.52%	2.94%	4.60%	1.69%	1.50%	2.82%	3.93%	4.49%	4.58%	5.23%
ROE %	33.88%	13.02%	14.59%	4.74%	4.77%	11.42%	13.86%	15.03%	15.93%	16.35%
ROCE %	18.16%	15.90%	20.56%	10.36%	9.53%	13.15%	17.64%	17.13%	18.94%	21.50%
	2.88%	2.59%	4.84%	1.54%	1.33%	3.63%	4.86%	5.53%	5.24%	5.88%
EFFICIENCY
Debtor Days	102	109	62	92	109	107	83	52	97	77
Inventory Days	55	78	111	148	161	93	131	170	167	146
Payable Days	290	285	221	178	190	112	94	85	115	93
	-133	-98	-48	61	80	88	119	137	149	131
FINANCIAL HEALTH
Debt to Equity (x)	2.53x	0.45x	0.49x	0.84x	0.92x	0.78x	0.98x	0.88x	1.18x	0.84x
Interest Coverage (x)	2.19x	2.36x	2.97x	1.56x	1.73x	2.80x	2.89x	2.57x	2.26x	2.21x
	0.87x	0.97x	1.36x	1.27x	1.50x	2.07x	1.55x	1.54x	1.29x	1.68x
GROWTH
Revenue Growth %	33.97%	5.03%	62.92%	16.24%	18.73%	67.64%	22.37%	26.75%	30.35%	40.03%
Operating Profit Growth %	9.97%	12.17%	80.70%	-16.64%	21.42%	44.65%	90.46%	31.41%	41.64%	72.09%
Net Profit Growth %	33.47%	22.67%	154.72%	-57.36%	5.93%	214.45%	70.58%	44.57%	33.18%	59.59%
	20.13%	-22.38%	168.74%	-57.36%	5.93%	183.03%	66.83%	39.44%	32.55%	37.69%
VALUATION
P/E (x)	11.38x	34.30x	37.85x	24.45x	91.79x	64.04x	32.60x	21.57x	15.17x	27.55x
P/B (x)	3.03x	2.21x	4.33x	1.13x	4.29x	5.98x	4.00x	2.81x	2.23x	3.46x
Dividend Yield %	0.98%	0.42%	0.15%	0.57%	0.15%	0.08%	0.09%	0.10%	0.10%	0.04%
	6.59x	9.76x	17.58x	8.85x	20.80x	29.37x	14.71x	11.34x	8.74x	11.31x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49.17	48.93	48.93	48.93	48.93	48.93	43.06	44.17	44.57
	0.00	0.00	0.00	0.00	0.00	0.01	0.46	1.06	1.06
	1.60	1.59	1.59	1.59	1.59	1.61	3.48	2.83	2.94
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	49.24	49.48	49.48	49.48	49.48	49.45	53.00	51.94	51.43

Documents

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

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