Makers Laboratories Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Chemical Manufacturing: 64.2% • Pharmaceutical: 35.8%
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
- Company is almost debt free
- Operating margins have improved to 1.5% from -7.0%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.65x)
- Working capital cycle has improved - days down from 22 to 16
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on equity of -2.4% over last 3 years
- Company has a low return on capital employed of -0.3%
- Interest coverage is weak at -2.8x - earnings barely cover interest
* 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 | 3620.70 | 2139.42 | 20263.10 | 1191.00 | 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 |
| MAKERSL | 190.80 | 32.92 | 112.58 | 0.00 | 4.60 | 257.39 | 42.77 | 22.21 | 15.83 | 16.28 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12 | 15 | 11 | 11 | 12 | 12 | 9 | 10 | 14 | 13 | 13 | 11 | 10 | |
| 13 | 16 | 12 | 12 | 13 | 12 | 10 | 11 | 13 | 13 | 12 | 12 | 12 | |
| Operating Profit | -2 | -1 | -1 | -0 | -0 | -0 | -1 | -1 | 0 | -0 | 1 | -0 | -1 |
| OPM % | -15.51% | -4.83% | -10.03% | -1.22% | -2.20% | -1.48% | -5.93% | -12.47% | 3.42% | -0.63% | 5.66% | -3.28% | -13.03% |
| 0 | 1 | 0 | 0 | 0 | 10 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Profit before Tax | -3 | -1 | -2 | -1 | -1 | 9 | -1 | -2 | -0 | -0 | -0 | -1 | -1 |
| Tax % | 5.75% | 10.81% | 7.14% | -36.84% | 1.61% | 10.58% | 9.41% | 28.93% | 10.00% | 24.39% | -21.43% | 17.24% | 14.48% |
| Net Profit | -2 | -1 | -2 | -2 | -1 | 8 | -1 | -1 | -0 | -0 | -0 | -1 | -1 |
| -4.17 | -1.68 | -3.30 | -2.64 | -2.07 | 13.62 | -1.31 | -2.38 | -0.46 | -0.53 | -0.29 | -1.63 | -1.82 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 58 | 56 | 47 | 51 | 44 | 52 | 43 | 49 | 43 | 50 | 47 | |
| 53 | 52 | 44 | 49 | 41 | 49 | 47 | 53 | 45 | 50 | 48 | |
| Operating Profit | 5 | 4 | 2 | 3 | 3 | 3 | -4 | -4 | -2 | 1 | -1 |
| OPM % | 8.53% | 7.88% | 4.73% | 5.28% | 7.45% | 5.83% | -9.72% | -7.66% | -5.14% | 1.46% | -2.26% |
| 2 | 2 | 3 | 0 | 0 | 1 | 1 | 1 | 11 | 1 | 1 | |
| Interest | 0 | 0 | 0 | 1 | 2 | 2 | 1 | 2 | 1 | 1 | 1 |
| Depreciation | 1 | 2 | 2 | 2 | 4 | 2 | 2 | 3 | 3 | 3 | 3 |
| Profit before Tax | 5 | 4 | 3 | 0 | -2 | 0 | -7 | -7 | 5 | -2 | -3 |
| Tax % | 30.67% | 27.83% | 18.81% | 149.72% | 22.06% | 45.15% | 6.12% | 0.08% | 5.83% | 14.49% | 15.23% |
| Net Profit | 4 | 3 | 2 | -0 | -2 | 0 | -6 | -7 | 5 | -2 | -3 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | -3.29 | 0.34 | -10.58 | -11.78 | 7.87 | -2.91 | — |
| Dividend Payout % | 13.29% | 16.08% | 20.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -2%
- 5 Years:
- 3%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- 0%
- 5 Years:
- -4%
- 3 Years:
- -2%
- Last Year:
- -3%
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 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 |
| 29 | 32 | 37 | 40 | 45 | 45 | 52 | 46 | 50 | 49 | |
| 1 | 1 | 6 | 13 | 16 | 19 | 12 | 16 | 1 | 4 | |
| Trade Payables | 7 | 7 | 4 | 7 | 6 | 4 | 5 | 8 | 6 | 8 |
| 8 | 9 | 8 | 9 | 8 | 12 | 10 | 11 | 8 | 8 | |
| Total Liabilities | 50 | 53 | 60 | 74 | 79 | 85 | 85 | 86 | 71 | 74 |
| 17 | 17 | 18 | 33 | 31 | 30 | 40 | 40 | 29 | 27 | |
| Capital Work in Progress | 0 | 0 | 6 | 1 | 0 | 9 | 0 | 0 | 0 | 0 |
| 7 | 9 | 11 | 15 | 24 | 23 | 23 | 23 | 23 | 23 | |
| 8 | 13 | 12 | 11 | 11 | 12 | 8 | 11 | 8 | 11 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 6 | 6 | |
| Cash & Bank | 4 | 0 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | 14 | 10 | 14 | 14 | 12 | 14 | 6 | 6 | 7 | |
| Total Assets | 50 | 53 | 60 | 74 | 79 | 85 | 85 | 86 | 71 | 74 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 2 | 6 | 4 | 2 | 7 | -1 | -3 | -2 | -2 | |
| Cash from Investing | -3 | -2 | -8 | -8 | -3 | -9 | -4 | -2 | 16 | 0 |
| Cash from Financing | 0 | -1 | 4 | 3 | 1 | 2 | 5 | 5 | -15 | 2 |
| 3 | -3 | 1 | -1 | -1 | -0 | -0 | 0 | -0 | -0 |
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 (₹) | 7.52 | 6.22 | 4.98 | -0.25 | -3.29 | 0.35 | -10.78 | -11.78 | 7.87 | -2.91 |
| Book Value (₹) | 69.28 | 74.89 | 84.81 | 90.74 | 100.92 | 102.30 | 98.78 | 87.19 | 95.04 | 92.25 |
| Dividend per Share (₹) | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 9.30 | 9.03 | 7.71 | 3.64 | 5.03 | 4.23 | -6.71 | -7.18 | 12.69 | 1.84 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 9.96% | 10.98% | 10.24% | 5.72% | 8.38% | 7.45% | -7.04% | -7.66% | -5.14% | 1.46% |
| Net Margin % | 6.25% | 5.44% | 5.25% | -0.24% | -3.64% | 0.33% | -14.95% | -14.16% | 10.81% | -3.42% |
| ROE % | 12.25% | 8.62% | 6.24% | -0.29% | -3.43% | 0.34% | -11.72% | -12.67% | 8.63% | -3.11% |
| ROCE % | 18.09% | 12.48% | 7.59% | 1.84% | -0.80% | 3.05% | -7.99% | -8.03% | 9.67% | -2.60% |
| 8.18% | 5.91% | 4.32% | -0.18% | -2.11% | 0.21% | -7.47% | -8.13% | 5.89% | -2.37% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 82 | 76 | 64 | 45 | 61 | 44 | 55 | 52 | 52 | 42 |
| Inventory Days | 44 | 69 | 98 | 79 | 89 | 80 | 87 | 71 | 80 | 67 |
| Payable Days | 82 | 74 | 71 | 73 | 116 | 71 | 60 | 85 | 121 | 104 |
| 43 | 71 | 91 | 51 | 33 | 54 | 83 | 39 | 11 | 6 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.04x | 0.04x | 0.15x | 0.24x | 0.28x | 0.34x | 0.16x | 0.26x | 0.01x | 0.05x |
| Interest Coverage (x) | 20.53x | 12.79x | 12.74x | 1.35x | -0.30x | 1.19x | -3.91x | -3.26x | 6.23x | -2.77x |
| 1.65x | 1.78x | 2.02x | 1.23x | 1.10x | 0.72x | 0.92x | 0.81x | 1.19x | 1.13x | |
| GROWTH | ||||||||||
| Revenue Growth % | -5.34% | -3.76% | -16.66% | 10.23% | -13.59% | 17.93% | -18.77% | 15.38% | -12.52% | 17.24% |
| Operating Profit Growth % | 15.31% | 4.66% | -22.55% | -38.42% | 26.55% | 4.79% | -176.82% | 12.95% | 434.21% | -84.79% |
| Net Profit Growth % | 60.43% | -17.37% | -19.89% | -105.06% | -1205.82% | 110.63% | -3802.50% | -9.29% | 166.76% | -137.06% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -9.29% | 166.76% | -137.06% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 16.40x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.29x | 1.36x | 1.47x |
| 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 | -30.55x | 8.76x | 62.18x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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News
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Makers Laboratories Ltd.
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