Medi-Caps Ltd.

•

medicaps.comBSE: -NSE: MEDICAPQ

Market Cap₹ 31 Cr.

Current Price

High / Low₹ 28 / 20

Stock P/E—

Book Value₹ 88

Price to Book0.26

Dividend Yield0.00 %

ROCE-2.6 %

ROE-2.6 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Pharma Division: 81.5% • Real Estate Division: 18.5%

AI Sector View

AI GENERATED

Chemicals

Hold

The available domestic chemical proxies are mixed to weak. Fertilizers output was -8.0% YoY (2026-07) and sale quantity of fertilisers was 0.0% YoY (2026-05), although that high-frequency barometer is stale. FPI positioning is less negative than before, with net 3-month outflow only INR -11 crore versus INR -1229 crore in the prior 3 months to 2026-08-31, but the weak sector driver argues for a neutral stance.

Confidence

55%

View full sector analysis →

PROS

Company is almost debt free
Company generates healthy free cash flow

CONS

Company is loss-making at the operating / net level
Operating cash flow has been negative in recent years
Interest coverage is weak at -137.1x - earnings barely cover interest
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of -1.4%
Company has a low return on equity of -1.7% over last 3 years

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

Peer comparison

ChemicalsChemicalsChemicals

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

S.No.	Name
1.	SOLARINDS	21410.70	97.29	193745.54	0.05	666.37	88.98	3668.20	70.26	38.16	27.91
2.	PIDILITIND	1632.00	62.71	166117.97	1.32	8835.10	1202.86	45515.50	1112.74	32.38	26.28
3.	SRF	2605.00	35.72	77218.67	0.35	758.87	75.53	5033.26	34.63	14.21	24.57
4.	FLUOROCHEM	4691.60	83.80	51537.23	0.06	219.00	19.02	1588.00	23.97	9.58	26.83
5.	NAVINFLUOR	8697.20	56.51	44623.69	0.17	243.31	107.67	1045.08	44.07	21.39	34.17
6.	GODREJIND	1155.90	33.12	38936.61	0.00	523.36	-27.85	5448.09	22.16	10.64	12.82
7.	DEEPAKNTR	1727.25	30.08	23558.49	0.43	345.01	207.36	2577.60	36.39	11.58	20.96
8.	AETHER	1656.35	93.47	21984.38	0.00	62.75	33.45	326.56	27.49	11.65	31.47
9.	ATUL	6465.50	23.93	19035.57	0.46	253.93	91.85	1847.95	25.03	15.05	21.41
10.	AARTIIND	501.75	34.27	18199.81	0.20	155.00	260.47	2387.00	42.42	6.95	16.00
11.	DEEPAKFERT	1356.30	17.46	17179.29	0.74	490.04	100.95	3256.26	22.47	12.12	25.96
12.	MEDICAPQ	24.53	0.00	30.59	0.00	-2.23	36.05	2.79	3.99	-2.58	-65.73

Detailed Comparison with:

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
	6	6	7	7	6	8	4	7	3	2	4	3	3
	7	6	6	8	6	8	6	7	6	5	5	6	5
Operating Profit	-1	0	1	-1	-0	0	-2	-0	-3	-3	-1	-2	-2
OPM %	-13.94%	7.51%	7.95%	-12.80%	-5.20%	5.31%	-44.64%	-3.60%	-126.49%	-145.27%	-24.94%	-61.11%	-81.95%
	0	0	0	0	0	0	0	2	0	2	1	6	0
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before Tax	-1	0	0	-1	-1	0	-2	1	-3	-2	-1	3	-2
Tax %	-0.00%	0.00%	150.00%	-83.05%	-0.00%	0.00%	-0.00%	-18.62%	-0.00%	-0.00%	-4.05%	-0.33%	-0.00%
Net Profit	0	0	0	0	-1	0	-2	2	-3	-2	-1	3	-2
	-0.89	0.09	-0.13	-0.86	-0.45	0.25	-1.64	1.38	-2.80	-1.46	-0.61	2.44	-1.79

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
	44	50	52	43	59	70	49	27	25	12	13
	42	48	47	50	46	60	44	27	27	22	21
Operating Profit	2	2	5	-7	12	10	5	0	-2	-9	-8
OPM %	3.63%	4.35%	9.12%	-15.72%	20.91%	14.40%	10.51%	0.01%	-7.08%	-75.52%	-66.87%
	2	1	3	3	1	2	2	0	3	8	8
Interest	0	0	0	0	0	0	0	0	0	0	0
Depreciation	2	2	2	2	2	2	2	2	2	2	2
Profit before Tax	2	1	6	-6	11	10	5	-1	-1	-3	-2
Tax %	20.53%	14.85%	2.12%	-0.14%	-0.05%	0.14%	62.07%	-79.84%	32.11%	-0.47%	-1.13%
Net Profit	1	1	5	-6	11	10	2	-2	-1	-3	-2
EPS	0.00	0.00	0.00	-3.73	8.93	8.08	1.41	-1.80	-0.46	-2.44	—
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:: -12%
5 Years:: -27%
3 Years:: -37%

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:: 2%
5 Years:: 1%
3 Years:: -2%
Last Year:: -3%

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	12	12	12	12	12	12	12	12	12	12
	77	78	83	78	92	104	106	109	109	99
Trade Payables	4	6	6	2	6	12	3	2	2	0
	4	4	4	2	4	2	5	4	3	3
Total Liabilities	97	101	107	95	115	130	126	127	125	115
	61	60	59	57	58	59	59	58	56	55
Capital Work in Progress	0	0	0	1	1	0	0	0	0	0
	9	12	17	22	28	31	32	39	44	36
	13	10	11	5	7	12	7	6	3	3
	0	0	0	0	0	0	0	11	9	7
Cash & Bank	2	2	2	1	7	10	1	0	0	1
	12	16	17	8	14	19	27	13	13	14
Total Assets	97	101	107	95	115	130	126	127	125	115

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
	4	4	6	5	15	7	-3	7	5	-7
Cash from Investing	3	-4	-6	-6	-10	-4	-3	-8	-5	7
Cash from Financing	-6	0	-0	-0	-0	0	0	0	0	0
	1	0	0	-1	6	3	-9	-1	0	0

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
PER SHARE
EPS (₹)	1.10	0.92	4.32	-4.69	8.92	8.08	1.41	-1.80	-0.46	-2.44
Book Value (₹)	71.44	72.35	76.67	72.94	83.97	93.23	95.09	97.02	97.25	89.50
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 (₹)	2.55	2.36	5.78	-3.23	10.24	9.51	2.89	-0.44	0.92	-0.99
PROFITABILITY
Operating Margin %	7.79%	5.98%	13.45%	-8.65%	21.91%	17.14%	13.76%	0.01%	-7.08%	-75.52%
Net Margin %	2.94%	2.12%	9.72%	-12.99%	19.15%	14.37%	3.78%	-8.19%	-2.24%	-24.40%
ROE %	1.60%	1.28%	5.80%	-6.27%	11.49%	9.09%	1.59%	-1.87%	-0.47%	-2.61%
ROCE %	2.12%	1.61%	6.06%	-6.13%	11.59%	9.20%	4.30%	-1.01%	-0.66%	-2.58%
	1.44%	1.16%	5.19%	-5.80%	10.71%	8.19%	1.46%	-1.77%	-0.45%	-2.52%
EFFICIENCY
Debtor Days	73	74	85	70	34	43	69	129	140	230
Inventory Days	110	79	69	66	38	48	70	85	64	90
Payable Days	89	77	95	63	57	118	125	97	63	72
	94	76	60	74	15	-26	14	117	141	249
FINANCIAL HEALTH
Debt to Equity (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
Interest Coverage (x)	19.00x	14.43x	42.94x	-48.87x	110.44x	93.95x	39.47x	-33.04x	-16.63x	-137.05x
	4.89x	4.14x	4.59x	9.82x	5.68x	5.05x	9.43x	11.41x	17.25x	17.34x
GROWTH
Revenue Growth %	2.48%	12.80%	4.24%	-16.86%	36.39%	18.99%	-29.34%	-44.61%	-6.83%	-51.14%
Operating Profit Growth %	10.26%	-10.63%	130.07%	-152.26%	430.16%	-6.88%	-43.30%	-92.98%	93.84%	-229.03%
Net Profit Growth %	58.36%	-16.11%	369.44%	-208.63%	292.16%	-10.69%	-81.42%	-220.06%	74.52%	-431.96%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-227.64%	74.52%	-431.95%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.46x	0.43x	0.26x
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	115.19x	55.53x	-23.82x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.13	50.43	50.62	50.77	50.77	50.77	50.76	51.36	51.44
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	49.84	49.54	49.36	49.20	49.20	49.20	49.22	48.61	48.54

Documents

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

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