Vaishali Pharma Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Promoters have been increasing their shareholding - up 5.3pp over 2 years
- Company generates healthy free cash flow
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (261.5% of PBT)
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.98x)
- Company has a low return on equity of 8.7% over last 3 years
- Company has a low return on capital employed of 10.9%
- Interest coverage is weak at 1.6x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 2886.00 | 52.48 | 390684.34 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| PREMIERENE | 1002.00 | 27.32 | 45485.94 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| AEGISLOG | 1286.15 | 36.08 | 45143.87 | 0.68 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3748.55 | 92.91 | 44345.51 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 372.40 | 17.12 | 29113.28 | 1.61 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 477.45 | 62.55 | 15566.03 | 0.63 | 90.45 | 118.87 | 755.95 | 27.00 | 8.99 | 14.58 |
| LLOYDSENT | 71.95 | 97.81 | 10983.54 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 814.50 | 82.57 | 10265.57 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 62.28 | 20.88 | 9342.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1847.60 | 64.12 | 8041.32 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| CELLO | 343.50 | 24.77 | 7747.24 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
| VAISHALI | 8.25 | 26.61 | 112.86 | 0.00 | 15.45 | — | 228.91 | — | 4.99 | 6.74 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 13 | 13 | 28 | 32 | 18 | 21 | 28 | 32 | 24 | 33 | 25 | 27 | 229 | |
| 11 | 10 | 25 | 39 | 16 | 18 | 27 | 38 | 22 | 32 | 23 | 27 | 217 | |
| Operating Profit | 2 | 3 | 3 | -7 | 2 | 2 | 1 | -6 | 1 | 1 | 2 | -0 | 12 |
| OPM % | 17.21% | 21.16% | 10.61% | -20.93% | 12.94% | 11.64% | 4.87% | -18.73% | 5.77% | 4.16% | 6.33% | -0.74% | 5.03% |
| 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before Tax | 2 | 2 | 3 | -6 | 2 | 3 | 2 | -6 | 2 | 2 | 2 | 0 | 17 |
| Tax % | 25.00% | 27.97% | 26.22% | 26.95% | 25.11% | 25.10% | 25.39% | 23.39% | 26.44% | 28.31% | 28.57% | -50.00% | 13.97% |
| Net Profit | 2 | 2 | 2 | -5 | 2 | 2 | 1 | -4 | 1 | 1 | 1 | 0 | 15 |
| 1.50 | 1.61 | 1.99 | -4.37 | 0.15 | 0.15 | 0.98 | -0.33 | 0.10 | -0.49 | 0.10 | 0.02 | 0.11 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 67 | 64 | 68 | 75 | 60 | 54 | 76 | 70 | 86 | 99 | 108 | |
| 66 | 60 | 65 | 73 | 59 | 51 | 69 | 60 | 85 | 98 | 104 | |
| Operating Profit | 1 | 3 | 3 | 2 | 1 | 3 | 7 | 9 | 2 | 1 | 4 |
| OPM % | 0.82% | 5.43% | 4.12% | 2.77% | 1.50% | 4.92% | 9.08% | 13.46% | 1.93% | 0.58% | 3.62% |
| 3 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 4 | |
| Interest | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 |
| Profit before Tax | -0 | 1 | 1 | 1 | 0 | 1 | 6 | 9 | 1 | 1 | 5 |
| Tax % | -741.67% | 31.24% | 40.72% | 36.99% | 58.56% | 25.51% | 29.76% | 25.35% | 22.37% | 33.32% | 21.18% |
| Net Profit | -0 | 1 | 1 | 1 | 0 | 1 | 4 | 7 | 1 | 1 | 4 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.99 | 3.82 | 5.91 | 0.67 | 0.06 | — |
| 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:
- 0%
- 5 Years:
- 11%
- 3 Years:
- 9%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 18%
- 5 Years:
- 90%
- 3 Years:
- -41%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 17%
- 3 Years:
- -13%
- 1 Year:
- -32%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 9%
- 3 Years:
- 9%
- Last Year:
- 2%
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 | 0 | 3 | 7 | 7 | 11 | 11 | 11 | 11 | 11 | 26 |
| 3 | 1 | 14 | 15 | 11 | 12 | 16 | 22 | 25 | 39 | |
| 20 | 21 | 18 | 16 | 16 | 16 | 20 | 13 | 11 | 9 | |
| Trade Payables | 25 | 15 | 22 | 25 | 24 | 41 | 28 | 18 | 19 | 27 |
| 2 | 4 | 4 | 6 | 5 | 7 | 7 | 14 | 13 | 9 | |
| Total Liabilities | 49 | 45 | 64 | 69 | 66 | 86 | 81 | 79 | 80 | 110 |
| 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | |
| 3 | 1 | 2 | 1 | 1 | 1 | 1 | 3 | 0 | 5 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49 | 47 | |
| Cash & Bank | 1 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 2 |
| 43 | 42 | 60 | 66 | 63 | 83 | 78 | 72 | 26 | 54 | |
| Total Assets | 49 | 45 | 64 | 69 | 66 | 86 | 81 | 79 | 80 | 110 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 1 | -9 | 4 | 4 | 2 | 2 | 3 | 1 | -18 | |
| Cash from Investing | 3 | 1 | 1 | -0 | -0 | -0 | -1 | 0 | 1 | -0 |
| Cash from Financing | -8 | -1 | 8 | -4 | -3 | -2 | 0 | -2 | -1 | 18 |
| 0 | -0 | 0 | 0 | 0 | 0 | 1 | -0 | 1 | 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 (₹) | -0.61 | 2.37 | 1.21 | 1.08 | 0.03 | 0.99 | 3.82 | 6.26 | 0.67 | 0.06 |
| Book Value (₹) | 64.09 | 13.25 | 31.26 | 32.47 | 20.27 | 21.26 | 24.99 | 31.26 | 33.41 | 4.98 |
| 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 (₹) | 0.07 | 0.03 | 0.10 | 0.09 | 0.04 | 0.14 | 0.42 | 0.67 | 0.11 | 0.10 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 5.59% | 6.89% | 6.57% | 5.41% | 5.12% | 8.29% | 11.44% | 16.66% | 1.93% | 0.58% |
| Net Margin % | -0.05% | 1.11% | 1.18% | 0.95% | 0.05% | 1.95% | 5.31% | 9.48% | 0.83% | 0.83% |
| ROE % | -0.94% | 19.80% | 6.49% | 3.40% | 0.15% | 4.78% | 16.50% | 22.26% | 2.09% | 1.62% |
| ROCE % | 12.80% | 16.18% | 12.75% | 9.80% | 6.89% | 10.33% | 18.87% | 21.92% | 5.82% | 4.99% |
| -0.06% | 1.51% | 1.47% | 1.08% | 0.05% | 1.38% | 4.81% | 8.24% | 0.91% | 0.86% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 205 | 222 | 221 | 228 | 293 | 386 | 301 | 294 | 218 | 177 |
| Inventory Days | 18 | 13 | 8 | 7 | 6 | 5 | 3 | 10 | 7 | 10 |
| Payable Days | 123 | 130 | 115 | 125 | 172 | 254 | 198 | 155 | 92 | 99 |
| 100 | 105 | 114 | 111 | 127 | 137 | 106 | 149 | 134 | 88 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 6.56x | 5.75x | 0.89x | 0.80x | 0.78x | 0.78x | 0.79x | 0.41x | 0.35x | 0.18x |
| Interest Coverage (x) | 1.00x | 1.33x | 1.47x | 1.43x | 1.03x | 1.53x | 3.30x | 4.92x | 1.41x | 1.59x |
| 1.14x | 1.07x | 1.45x | 1.48x | 1.51x | 1.37x | 1.47x | 2.27x | 2.25x | 2.61x | |
| GROWTH | ||||||||||
| Revenue Growth % | -29.46% | -4.10% | 5.93% | 10.81% | -19.98% | -10.50% | 41.00% | -8.12% | 23.85% | 14.77% |
| Operating Profit Growth % | -6.11% | 18.17% | 0.99% | -8.75% | -24.35% | 45.00% | 94.60% | 33.82% | -68.11% | 2.11% |
| Net Profit Growth % | -118.76% | 2446.26% | 12.19% | -10.54% | -95.41% | 3091.33% | 284.58% | 64.12% | -89.11% | 13.70% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -89.29% | -90.65% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 20.88x | 200.64x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 4.19x | 2.53x |
| 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 | 0.00x | 43.54x | 46.02x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Vaishali Pharma Limited has informed the Exchange about General Updates
2026-09-03 - Vaishali Pharma Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-01 - Book Closure for the 19th AGM
2026-09-01 - Vaishali Pharma Limited has informed the Exchange that Record date for the purpose of Meeting is 17-Sep-2026.
2026-09-01 - Vaishali Pharma Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 24, 2026
2026-08-17 - Vaishali Pharma Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Vaishali Pharma Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-14 - Vaishali Pharma Limited has informed the Exchange about Resignation of Director/KMP/SMP
2026-08-14 - Vaishali Pharma Limited has informed the Exchange about Resignation of Director/KMP/SMP
News
Recent coverage and analyst commentary for VAISHALI
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