Vaishali Pharma Ltd.

•

vaishalipharma.comBSE: -NSE: VAISHALI

Market Cap₹ 113 Cr.

Current Price

High / Low₹ 13 / 5

Stock P/E26.6

Book Value₹ 6

Price to Book2.53

Dividend Yield0.00 %

ROCE5.0 %

ROE1.6 %

Face Value₹ 2

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Oil Gas & Consumable Fuels

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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.

Confidence

78%

View full sector analysis →

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

Oil Gas & Consumable FuelsTradingTrading

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

S.No.	Name
1.	ADANIENT	2886.00	52.48	390684.34	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	1002.00	27.32	45485.94	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	AEGISLOG	1286.15	36.08	45143.87	0.68	544.84	210.70	2356.86	37.07	19.76	30.28
4.	CPPLUS	3748.55	92.91	44345.51	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
5.	REDINGTON	372.40	17.12	29113.28	1.61	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	477.45	62.55	15566.03	0.63	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	71.95	97.81	10983.54	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	814.50	82.57	10265.57	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	62.28	20.88	9342.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1847.60	64.12	8041.32	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	343.50	24.77	7747.24	0.44	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	VAISHALI	8.25	26.61	112.86	0.00	15.45	—	228.91	—	4.99	6.74

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
	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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	26.32	26.32	26.32	26.32	26.32	26.32	31.61	31.61	31.61
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	73.68	73.67	73.68	73.68	73.68	73.68	68.39	68.39	68.39

Documents

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

2026-09-04

General Updates

2026-09-04 - Vaishali Pharma Limited has informed the Exchange about General Updates

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Vaishali Pharma Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-01

General Updates

2026-09-01 - Book Closure for the 19th AGM

2026-09-01

Record Date

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

Shareholders meeting

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

Copy of Newspaper Publication

2026-08-17 - Vaishali Pharma Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-14

Resignation of Director/KMP/SMP

2026-08-14 - Vaishali Pharma Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-14

Resignation of Director/KMP/SMP

2026-08-14 - Vaishali Pharma Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-14

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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Vaishali Pharma Ltd.

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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

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

229

217

Operating Profit

-7

-6

-0

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%

Interest

Depreciation

Profit before Tax

-6

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

-5

-4

1.50

1.61

1.99

-4.37

0.15

0.98

-0.33

0.10

-0.49

0.10

0.02

0.11

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

108

104

Operating Profit

OPM %

0.82%

5.43%

4.12%

2.77%

1.50%

4.92%

9.08%

13.46%

1.93%

0.58%

3.62%

Interest

Depreciation

Profit before Tax

-0

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

EPS

0.00

0.03

0.99

3.82

5.91

0.67

0.06

—

Dividend Payout %

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

Trade Payables

Total Liabilities

110

Cash & Bank

Total Assets

110

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-9

-18

Cash from Investing

-0

-1

-0

Cash from Financing

-8

-1

-4

-3

-2

-1

-0

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

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%

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

Payable Days

123

130

115

125

172

254

198

155

100

105

114

111

127

137

106

149

134

FINANCIAL HEALTH

Debt to Equity (x)

6.56x

5.75x

0.89x

0.80x

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%

-89.29%

-90.65%

VALUATION

P/E (x)

0.00x

20.88x

200.64x

P/B (x)

0.00x

4.19x

2.53x

Dividend Yield %

0.00%

0.00x

43.54x

46.02x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

26.32

31.61

FIIs

0.00

DIIs

0.00

Government

0.00

73.68

73.67

73.68

68.39

Vaishali Pharma Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Vaishali Pharma Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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