Neuland Laboratories Ltd.

•

₹ 23,301-1.13%

2026-08-21

neulandlabs.comBSE: 524558NSE: NEULANDLAB

Market Cap₹ 29,890 Cr.

Current Price₹ 23,568

High / Low₹ 23,881 / 11,500

Stock P/E60.0

Book Value₹ 1,575

Price to Book8.23

Dividend Yield0.15 %

ROCE27.5 %

ROE21.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

PROS

Company has delivered good profit growth of 35.2% CAGR over last 5 years
Company has a healthy return on capital (ROCE) of 28.2%
Company has a good return on equity (ROE) track record: 3 Years ROE 22.1%
Latest quarter profit grew 962.4% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Operating margins have improved to 28.4% from 23.6%

CONS

Receivables are growing faster than sales - a possible quality concern
Total debt has risen sharply - up 44.6% year on year
Stock is trading at 8.2x its book value
Though reporting repeated profits, the company pays out little dividend (12.0%)
Rich enterprise valuation - EV/EBITDA of 25.2x

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

Peer comparison

EDIT COLUMNS

HealthcareHealthcarePharmaceuticals & Drugs

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

S.No.	Name	CMP Rs.	P/E	Mar Cap Rs.Cr.	Div Yld %	NP Qtr Rs.Cr.	Qtr Profit Var %	Sales Qtr Rs.Cr.	Qtr Sales Var %	ROCE %	OPM %
1.	SUNPHARMA	1898.00	37.65	455393.78	0.84	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	8525.00	77.37	226311.96	0.35	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	5013.00	87.43	190678.41	0.76	566.00	3.28	4921.00	57.32	19.27	33.81
4.	CIPLA	1416.00	33.94	114392.01	0.92	785.55	-39.18	7119.28	4.13	16.00	16.73
5.	ZYDUSLIFE	1105.00	24.42	110224.17	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
6.	LUPIN	2220.00	18.36	101506.15	0.81	1416.98	16.01	8276.89	34.28	28.86	29.59
7.	MANKIND	2391.00	48.34	98747.34	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
8.	DRREDDY	1171.00	30.33	97740.54	0.68	435.60	-69.10	8099.80	-5.21	13.75	10.63
9.	LAURUSLABS	1807.00	89.30	97634.42	0.11	3620.70	2139.42	20263.10	1191.00	18.20	31.50
10.	AUROPHARMA	1615.15	25.03	92932.16	0.25	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	BIOCON	414.30	136.32	67518.23	0.12	136.80	53.36	4336.00	10.89	3.26	19.54
12.	NEULANDLAB	23296.85	60.05	29889.60	0.15	147.67	962.40	641.58	119.16	27.50	34.74

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
	363	418	393	385	440	311	398	328	293	514	440	776	642
	266	280	272	278	316	249	311	277	258	359	363	469	452
Operating Profit	—	—	—	—	—	—	—	—	—	—	—	—	—
OPM %	—	—	—	—	—	—	—	—	—	—	—	—	—
Other Income	2	3	2	5	5	4	4	7	8	2	8	12	8
Interest	2	4	4	4	3	1	2	2	5	5	7	7	7
Depreciation	14	15	15	16	16	16	16	17	20	23	24	25	27
	83	122	104	92	130	49	128	39	18	129	54	288	198
Tax %	25.59%	26.61%	22.10%	26.72%	24.62%	33.55%	20.49%	29.24%	20.89%	25.17%	25.51%	26.02%	25.36%
Net Profit	0	0	0	0	98	33	102	28	14	97	41	213	148
	48	70	63	53	76	26	79	22	11	75	32	166	12
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	13	13	13	13	13	13	13	13	13	13	13	13	13
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2023

: 363
: 266
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 2
Depreciation: 14
: 83
Tax %: 25.59%
Net Profit: 0
: 48
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2023

: 418
: 280
Operating Profit: —
OPM %: —
Other Income: 3
Interest: 4
Depreciation: 15
: 122
Tax %: 26.61%
Net Profit: 0
: 70
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 393
: 272
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 4
Depreciation: 15
: 104
Tax %: 22.10%
Net Profit: 0
: 63
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2024

: 385
: 278
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 4
Depreciation: 16
: 92
Tax %: 26.72%
Net Profit: 0
: 53
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 440
: 316
Operating Profit: —
OPM %: —
Other Income: 5
Interest: 3
Depreciation: 16
: 130
Tax %: 24.62%
Net Profit: 98
: 76
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 311
: 249
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 16
: 49
Tax %: 33.55%
Net Profit: 33
: 26
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 398
: 311
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 2
Depreciation: 16
: 128
Tax %: 20.49%
Net Profit: 102
: 79
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 328
: 277
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 2
Depreciation: 17
: 39
Tax %: 29.24%
Net Profit: 28
: 22
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2025

: 293
: 258
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 5
Depreciation: 20
: 18
Tax %: 20.89%
Net Profit: 14
: 11
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2025

: 514
: 359
Operating Profit: —
OPM %: —
Other Income: 2
Interest: 5
Depreciation: 23
: 129
Tax %: 25.17%
Net Profit: 97
: 75
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2025

: 440
: 363
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 7
Depreciation: 24
: 54
Tax %: 25.51%
Net Profit: 41
: 32
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2026

: 776
: 469
Operating Profit: —
OPM %: —
Other Income: 12
Interest: 7
Depreciation: 25
: 288
Tax %: 26.02%
Net Profit: 213
: 166
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2026

: 642
: 452
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 7
Depreciation: 27
: 198
Tax %: 25.36%
Net Profit: 148
: 12
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

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
	579	527	667	763	937	951	1,191	1,559	1,477	2,023	2,372
	473	477	608	661	790	808	919	1,096	1,154	1,448	1,642
Operating Profit	108	55	62	106	163	145	282	475	344	605	—
OPM %	19	10	9	14	17	15	24	30	23	30	—
Other Income	1	5	3	4	16	2	10	13	21	30	31
Interest	21	19	16	22	18	13	13	14	8	24	26
Depreciation	19	22	26	31	40	49	53	60	66	92	98
	67	14	20	53	105	82	216	401	346	489	669
Tax %	30	13	19	69	23	22	24	25	25	26	26
Net Profit	47	12	16	16	81	64	164	300	260	364	498
EPS	42	11	13	13	63	50	127	234	203	284	—
Dividend Payout %	0	0	9	16	8	10	8	6	6	12	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	53	14	13	13	63	50	127	234	203	284	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	53	14	13	13	63	50	127	234	203	284	—

Mar 2017

: 579
: 473
Operating Profit: 108
OPM %: 19
Other Income: 1
Interest: 21
Depreciation: 19
: 67
Tax %: 30
Net Profit: 47
EPS: 42
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 53
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 53

Mar 2018

: 527
: 477
Operating Profit: 55
OPM %: 10
Other Income: 5
Interest: 19
Depreciation: 22
: 14
Tax %: 13
Net Profit: 12
EPS: 11
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 14

Mar 2019

: 667
: 608
Operating Profit: 62
OPM %: 9
Other Income: 3
Interest: 16
Depreciation: 26
: 20
Tax %: 19
Net Profit: 16
EPS: 13
Dividend Payout %: 9
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2020

: 763
: 661
Operating Profit: 106
OPM %: 14
Other Income: 4
Interest: 22
Depreciation: 31
: 53
Tax %: 69
Net Profit: 16
EPS: 13
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2021

: 937
: 790
Operating Profit: 163
OPM %: 17
Other Income: 16
Interest: 18
Depreciation: 40
: 105
Tax %: 23
Net Profit: 81
EPS: 63
Dividend Payout %: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 63
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 63

Mar 2022

: 951
: 808
Operating Profit: 145
OPM %: 15
Other Income: 2
Interest: 13
Depreciation: 49
: 82
Tax %: 22
Net Profit: 64
EPS: 50
Dividend Payout %: 10
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 50
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 50

Mar 2023

: 1,191
: 919
Operating Profit: 282
OPM %: 24
Other Income: 10
Interest: 13
Depreciation: 53
: 216
Tax %: 24
Net Profit: 164
EPS: 127
Dividend Payout %: 8
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 127
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 127

Mar 2024

: 1,559
: 1,096
Operating Profit: 475
OPM %: 30
Other Income: 13
Interest: 14
Depreciation: 60
: 401
Tax %: 25
Net Profit: 300
EPS: 234
Dividend Payout %: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 234
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 234

Mar 2025

: 1,477
: 1,154
Operating Profit: 344
OPM %: 23
Other Income: 21
Interest: 8
Depreciation: 66
: 346
Tax %: 25
Net Profit: 260
EPS: 203
Dividend Payout %: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 203
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 203

Mar 2026

: 2,023
: 1,448
Operating Profit: 605
OPM %: 30
Other Income: 30
Interest: 24
Depreciation: 92
: 489
Tax %: 26
Net Profit: 364
EPS: 284
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 284
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 284

TTM

: 2,372
: 1,642
Operating Profit: —
OPM %: —
Other Income: 31
Interest: 26
Depreciation: 98
: 669
Tax %: 26
Net Profit: 498
EPS: —
Dividend Payout %: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: —

COMPOUNDED SALES GROWTH

10 Years:: 15%
5 Years:: 17%
3 Years:: 19%

COMPOUNDED PROFIT GROWTH

10 Years:: 30%
5 Years:: 35%
3 Years:: 31%

STOCK PRICE CAGR

10 Years:: 38%
5 Years:: 71%
3 Years:: 82%
1 Year:: 72%

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 18%
3 Years:: 22%
Last Year:: 21%

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	9	9	13	13	13	13	13	13	13	13
	226	238	686	697	774	828	981	1,270	1,512	1,862
	162	216	171	182	82	127	47	0	0	0
Trade Payables	86	124	120	116	152	117	171	192	252	269
	403	484	141	223	304	299	367	358	403	787
Total Liabilities	886	1,071	1,130	1,231	1,325	1,383	1,580	1,833	2,180	2,930
ASSETS	-	-	-	-	-	-	-	-	-	-
	436	445	512	623	697	748	738	805	955	1,177
Capital Work in Progress	20	126	104	24	17	20	41	46	45	209
	8	8	8	8	7	4	1	1	109	2
	135	175	193	220	248	265	279	350	386	510
	0	0	0	0	0	0	0	374	316	541
Cash & Bank	12	17	38	47	19	20	59	117	259	355
	275	300	276	310	337	326	462	140	111	135
Total Assets	886	1,071	1,130	1,231	1,325	1,383	1,580	1,833	2,180	2,930
Total Debt	192	319	231	260	170	231	122	83	136	197
Net Working Capital	89	80	126	158	181	218	322	493	674	773
Contingent Liabilities	10	10	107	125	105	75	91	28	9	13
Book Value per Share	263.23	277.21	544.35	552.65	612.28	654.40	774.12	999.07	1187.77	1460.31
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	192	319	231	260	170	231	122	83	136	197
Net Working Capital	89	80	126	158	181	218	322	493	674	773
Contingent Liabilities	10	10	107	125	105	75	91	28	9	13
Book Value per Share	263.23	277.21	544.35	552.65	612.28	654.40	774.12	999.07	1187.77	1460.31
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2017

Equity Capital: 9
: 226
: 162
Trade Payables: 86
: 403
Total Liabilities: 886
: 436
Capital Work in Progress: 20
: 8
: 135
: 0
Cash & Bank: 12
: 275
Total Assets: 886
Total Debt: 192
Net Working Capital: 89
Contingent Liabilities: 10
Book Value per Share: 263.23
Face Value: 10.00
Total Debt: 192
Net Working Capital: 89
Contingent Liabilities: 10
Book Value per Share: 263.23
Face Value: 10.00

Mar 2018

Equity Capital: 9
: 238
: 216
Trade Payables: 124
: 484
Total Liabilities: 1,071
: 445
Capital Work in Progress: 126
: 8
: 175
: 0
Cash & Bank: 17
: 300
Total Assets: 1,071
Total Debt: 319
Net Working Capital: 80
Contingent Liabilities: 10
Book Value per Share: 277.21
Face Value: 10.00
Total Debt: 319
Net Working Capital: 80
Contingent Liabilities: 10
Book Value per Share: 277.21
Face Value: 10.00

Mar 2019

Equity Capital: 13
: 686
: 171
Trade Payables: 120
: 141
Total Liabilities: 1,130
: 512
Capital Work in Progress: 104
: 8
: 193
: 0
Cash & Bank: 38
: 276
Total Assets: 1,130
Total Debt: 231
Net Working Capital: 126
Contingent Liabilities: 107
Book Value per Share: 544.35
Face Value: 10.00
Total Debt: 231
Net Working Capital: 126
Contingent Liabilities: 107
Book Value per Share: 544.35
Face Value: 10.00

Mar 2020

Equity Capital: 13
: 697
: 182
Trade Payables: 116
: 223
Total Liabilities: 1,231
: 623
Capital Work in Progress: 24
: 8
: 220
: 0
Cash & Bank: 47
: 310
Total Assets: 1,231
Total Debt: 260
Net Working Capital: 158
Contingent Liabilities: 125
Book Value per Share: 552.65
Face Value: 10.00
Total Debt: 260
Net Working Capital: 158
Contingent Liabilities: 125
Book Value per Share: 552.65
Face Value: 10.00

Mar 2021

Equity Capital: 13
: 774
: 82
Trade Payables: 152
: 304
Total Liabilities: 1,325
: 697
Capital Work in Progress: 17
: 7
: 248
: 0
Cash & Bank: 19
: 337
Total Assets: 1,325
Total Debt: 170
Net Working Capital: 181
Contingent Liabilities: 105
Book Value per Share: 612.28
Face Value: 10.00
Total Debt: 170
Net Working Capital: 181
Contingent Liabilities: 105
Book Value per Share: 612.28
Face Value: 10.00

Mar 2022

Equity Capital: 13
: 828
: 127
Trade Payables: 117
: 299
Total Liabilities: 1,383
: 748
Capital Work in Progress: 20
: 4
: 265
: 0
Cash & Bank: 20
: 326
Total Assets: 1,383
Total Debt: 231
Net Working Capital: 218
Contingent Liabilities: 75
Book Value per Share: 654.40
Face Value: 10.00
Total Debt: 231
Net Working Capital: 218
Contingent Liabilities: 75
Book Value per Share: 654.40
Face Value: 10.00

Mar 2023

Equity Capital: 13
: 981
: 47
Trade Payables: 171
: 367
Total Liabilities: 1,580
: 738
Capital Work in Progress: 41
: 1
: 279
: 0
Cash & Bank: 59
: 462
Total Assets: 1,580
Total Debt: 122
Net Working Capital: 322
Contingent Liabilities: 91
Book Value per Share: 774.12
Face Value: 10.00
Total Debt: 122
Net Working Capital: 322
Contingent Liabilities: 91
Book Value per Share: 774.12
Face Value: 10.00

Mar 2024

Equity Capital: 13
: 1,270
: 0
Trade Payables: 192
: 358
Total Liabilities: 1,833
: 805
Capital Work in Progress: 46
: 1
: 350
: 374
Cash & Bank: 117
: 140
Total Assets: 1,833
Total Debt: 83
Net Working Capital: 493
Contingent Liabilities: 28
Book Value per Share: 999.07
Face Value: 10.00
Total Debt: 83
Net Working Capital: 493
Contingent Liabilities: 28
Book Value per Share: 999.07
Face Value: 10.00

Mar 2025

Equity Capital: 13
: 1,512
: 0
Trade Payables: 252
: 403
Total Liabilities: 2,180
: 955
Capital Work in Progress: 45
: 109
: 386
: 316
Cash & Bank: 259
: 111
Total Assets: 2,180
Total Debt: 136
Net Working Capital: 674
Contingent Liabilities: 9
Book Value per Share: 1187.77
Face Value: 10.00
Total Debt: 136
Net Working Capital: 674
Contingent Liabilities: 9
Book Value per Share: 1187.77
Face Value: 10.00

Mar 2026

Equity Capital: 13
: 1,862
: 0
Trade Payables: 269
: 787
Total Liabilities: 2,930
: 1,177
Capital Work in Progress: 209
: 2
: 510
: 541
Cash & Bank: 355
: 135
Total Assets: 2,930
Total Debt: 197
Net Working Capital: 773
Contingent Liabilities: 13
Book Value per Share: 1460.31
Face Value: 10.00
Total Debt: 197
Net Working Capital: 773
Contingent Liabilities: 13
Book Value per Share: 1460.31
Face Value: 10.00

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
	39	11	70	57	189	60	237	261	317	347
Cash from Investing	-42	-116	-77	-49	-84	-96	-61	-150	-298	-424
Cash from Financing	-0	105	12	-5	-114	38	-136	-69	25	21
	-4	-0	5	3	-9	3	40	42	44	-56
Free Cash Flow	-103	-124	-0	-1	84	-30	180	136	155	-116
OCF / Net Profit	0.83	0.93	4.25	3.54	2.35	0.95	1.45	0.87	1.22	0.95
Cumulative 5-Year FCF	0	0	0	0	-145	-71	233	370	526	326
OCF / Net Profit	0.83	0.93	4.25	3.54	2.35	0.95	1.45	0.87	1.22	0.95
Cumulative 5-Year FCF	0	0	0	0	-145	-71	233	370	526	326

Mar 2017

: 39
Cash from Investing: -42
Cash from Financing: -0
: -4
Free Cash Flow: -103
OCF / Net Profit: 0.83
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.83
Cumulative 5-Year FCF: 0

Mar 2018

: 11
Cash from Investing: -116
Cash from Financing: 105
: -0
Free Cash Flow: -124
OCF / Net Profit: 0.93
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.93
Cumulative 5-Year FCF: 0

Mar 2019

: 70
Cash from Investing: -77
Cash from Financing: 12
: 5
Free Cash Flow: -0
OCF / Net Profit: 4.25
Cumulative 5-Year FCF: 0
OCF / Net Profit: 4.25
Cumulative 5-Year FCF: 0

Mar 2020

: 57
Cash from Investing: -49
Cash from Financing: -5
: 3
Free Cash Flow: -1
OCF / Net Profit: 3.54
Cumulative 5-Year FCF: 0
OCF / Net Profit: 3.54
Cumulative 5-Year FCF: 0

Mar 2021

: 189
Cash from Investing: -84
Cash from Financing: -114
: -9
Free Cash Flow: 84
OCF / Net Profit: 2.35
Cumulative 5-Year FCF: -145
OCF / Net Profit: 2.35
Cumulative 5-Year FCF: -145

Mar 2022

: 60
Cash from Investing: -96
Cash from Financing: 38
: 3
Free Cash Flow: -30
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: -71
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: -71

Mar 2023

: 237
Cash from Investing: -61
Cash from Financing: -136
: 40
Free Cash Flow: 180
OCF / Net Profit: 1.45
Cumulative 5-Year FCF: 233
OCF / Net Profit: 1.45
Cumulative 5-Year FCF: 233

Mar 2024

: 261
Cash from Investing: -150
Cash from Financing: -69
: 42
Free Cash Flow: 136
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 370
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 370

Mar 2025

: 317
Cash from Investing: -298
Cash from Financing: 25
: 44
Free Cash Flow: 155
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 526
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 526

Mar 2026

: 347
Cash from Investing: -424
Cash from Financing: 21
: -56
Free Cash Flow: -116
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: 326
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: 326

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 (₹)	52.75	13.58	12.82	12.63	62.85	49.74	127.45	233.89	202.74	283.71
Book Value (₹)	263.23	277.21	544.35	552.65	612.28	654.40	774.12	999.07	1187.77	1460.31
Dividend per Share (₹)	0.00	0.00	1.20	2.00	5.00	5.00	10.00	14.00	12.00	34.00
Cash EPS (₹)	74.39	38.46	32.97	37.02	93.78	87.97	168.59	280.42	253.82	355.22
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	18.29%	10.39%	9.28%	13.87%	17.39%	15.21%	23.64%	29.68%	21.89%	28.40%
Net Margin %	7.97%	2.28%	2.47%	2.13%	8.61%	6.71%	13.73%	19.25%	17.61%	17.99%
ROE %	22.34%	5.02%	3.48%	2.30%	10.79%	7.85%	17.84%	26.38%	18.54%	21.43%
ROCE %	15.98%	4.07%	3.99%	7.85%	12.81%	9.44%	20.94%	33.51%	23.45%	27.50%
	6.65%	1.23%	1.49%	1.37%	6.31%	4.71%	11.04%	17.59%	12.97%	14.25%
EFFICIENCY	-	-	-	-	-	-	-	-	-	-
Debtor Days	93	129	98	85	79	87	91	86	85	77
Inventory Days	81	107	101	99	91	98	83	74	91	81
Payable Days	118	161	122	113	111	117	110	115	138	126
	57	75	77	70	59	69	65	45	38	32
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.82x	1.30x	0.33x	0.37x	0.22x	0.28x	0.12x	0.06x	0.09x	0.10x
Interest Coverage (x)	4.19x	1.74x	2.30x	3.45x	6.89x	7.09x	17.51x	29.68x	42.74x	21.42x
	1.31x	1.22x	1.39x	1.44x	1.49x	1.60x	1.73x	2.15x	2.45x	2.09x
GROWTH	-	-	-	-	-	-	-	-	-	-
Revenue Growth %	13.51%	-8.89%	26.44%	14.38%	22.84%	1.51%	25.25%	30.84%	-5.24%	36.98%
Operating Profit Growth %	30.74%	-48.87%	12.55%	70.98%	54.02%	-11.18%	94.61%	68.73%	-27.65%	75.89%
Net Profit Growth %	73.06%	-74.26%	36.30%	-1.41%	397.40%	-20.85%	156.21%	83.51%	-13.32%	39.94%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	83.51%	-13.32%	39.94%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	26.86x	59.57x	42.34x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.29x	10.17x	8.23x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.22%	0.10%	0.28%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	16.89x	44.72x	25.23x

Mar 2017

EPS (₹): 52.75
Book Value (₹): 263.23
Dividend per Share (₹): 0.00
Cash EPS (₹): 74.39
Operating Margin %: 18.29%
Net Margin %: 7.97%
ROE %: 22.34%
ROCE %: 15.98%
: 6.65%
Debtor Days: 93
Inventory Days: 81
Payable Days: 118
: 57
Debt to Equity (x): 0.82x
Interest Coverage (x): 4.19x
: 1.31x
Revenue Growth %: 13.51%
Operating Profit Growth %: 30.74%
Net Profit Growth %: 73.06%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 13.58
Book Value (₹): 277.21
Dividend per Share (₹): 0.00
Cash EPS (₹): 38.46
Operating Margin %: 10.39%
Net Margin %: 2.28%
ROE %: 5.02%
ROCE %: 4.07%
: 1.23%
Debtor Days: 129
Inventory Days: 107
Payable Days: 161
: 75
Debt to Equity (x): 1.30x
Interest Coverage (x): 1.74x
: 1.22x
Revenue Growth %: -8.89%
Operating Profit Growth %: -48.87%
Net Profit Growth %: -74.26%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 12.82
Book Value (₹): 544.35
Dividend per Share (₹): 1.20
Cash EPS (₹): 32.97
Operating Margin %: 9.28%
Net Margin %: 2.47%
ROE %: 3.48%
ROCE %: 3.99%
: 1.49%
Debtor Days: 98
Inventory Days: 101
Payable Days: 122
: 77
Debt to Equity (x): 0.33x
Interest Coverage (x): 2.30x
: 1.39x
Revenue Growth %: 26.44%
Operating Profit Growth %: 12.55%
Net Profit Growth %: 36.30%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 12.63
Book Value (₹): 552.65
Dividend per Share (₹): 2.00
Cash EPS (₹): 37.02
Operating Margin %: 13.87%
Net Margin %: 2.13%
ROE %: 2.30%
ROCE %: 7.85%
: 1.37%
Debtor Days: 85
Inventory Days: 99
Payable Days: 113
: 70
Debt to Equity (x): 0.37x
Interest Coverage (x): 3.45x
: 1.44x
Revenue Growth %: 14.38%
Operating Profit Growth %: 70.98%
Net Profit Growth %: -1.41%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 62.85
Book Value (₹): 612.28
Dividend per Share (₹): 5.00
Cash EPS (₹): 93.78
Operating Margin %: 17.39%
Net Margin %: 8.61%
ROE %: 10.79%
ROCE %: 12.81%
: 6.31%
Debtor Days: 79
Inventory Days: 91
Payable Days: 111
: 59
Debt to Equity (x): 0.22x
Interest Coverage (x): 6.89x
: 1.49x
Revenue Growth %: 22.84%
Operating Profit Growth %: 54.02%
Net Profit Growth %: 397.40%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 49.74
Book Value (₹): 654.40
Dividend per Share (₹): 5.00
Cash EPS (₹): 87.97
Operating Margin %: 15.21%
Net Margin %: 6.71%
ROE %: 7.85%
ROCE %: 9.44%
: 4.71%
Debtor Days: 87
Inventory Days: 98
Payable Days: 117
: 69
Debt to Equity (x): 0.28x
Interest Coverage (x): 7.09x
: 1.60x
Revenue Growth %: 1.51%
Operating Profit Growth %: -11.18%
Net Profit Growth %: -20.85%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 127.45
Book Value (₹): 774.12
Dividend per Share (₹): 10.00
Cash EPS (₹): 168.59
Operating Margin %: 23.64%
Net Margin %: 13.73%
ROE %: 17.84%
ROCE %: 20.94%
: 11.04%
Debtor Days: 91
Inventory Days: 83
Payable Days: 110
: 65
Debt to Equity (x): 0.12x
Interest Coverage (x): 17.51x
: 1.73x
Revenue Growth %: 25.25%
Operating Profit Growth %: 94.61%
Net Profit Growth %: 156.21%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 233.89
Book Value (₹): 999.07
Dividend per Share (₹): 14.00
Cash EPS (₹): 280.42
Operating Margin %: 29.68%
Net Margin %: 19.25%
ROE %: 26.38%
ROCE %: 33.51%
: 17.59%
Debtor Days: 86
Inventory Days: 74
Payable Days: 115
: 45
Debt to Equity (x): 0.06x
Interest Coverage (x): 29.68x
: 2.15x
Revenue Growth %: 30.84%
Operating Profit Growth %: 68.73%
Net Profit Growth %: 83.51%
: 83.51%
P/E (x): 26.86x
P/B (x): 6.29x
Dividend Yield %: 0.22%
: 16.89x

Mar 2025

EPS (₹): 202.74
Book Value (₹): 1187.77
Dividend per Share (₹): 12.00
Cash EPS (₹): 253.82
Operating Margin %: 21.89%
Net Margin %: 17.61%
ROE %: 18.54%
ROCE %: 23.45%
: 12.97%
Debtor Days: 85
Inventory Days: 91
Payable Days: 138
: 38
Debt to Equity (x): 0.09x
Interest Coverage (x): 42.74x
: 2.45x
Revenue Growth %: -5.24%
Operating Profit Growth %: -27.65%
Net Profit Growth %: -13.32%
: -13.32%
P/E (x): 59.57x
P/B (x): 10.17x
Dividend Yield %: 0.10%
: 44.72x

Mar 2026

EPS (₹): 283.71
Book Value (₹): 1460.31
Dividend per Share (₹): 34.00
Cash EPS (₹): 355.22
Operating Margin %: 28.40%
Net Margin %: 17.99%
ROE %: 21.43%
ROCE %: 27.50%
: 14.25%
Debtor Days: 77
Inventory Days: 81
Payable Days: 126
: 32
Debt to Equity (x): 0.10x
Interest Coverage (x): 21.42x
: 2.09x
Revenue Growth %: 36.98%
Operating Profit Growth %: 75.89%
Net Profit Growth %: 39.94%
: 39.94%
P/E (x): 42.34x
P/B (x): 8.23x
Dividend Yield %: 0.28%
: 25.23x

Shareholding Pattern

Numbers in percentages

TRADES

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
32.72	32.64	32.68	32.68	32.68	32.64	32.63	32.63	32.62
25.72	26.46	23.86	22.12	21.69	20.60	20.90	20.46	21.08
6.39	6.38	9.09	10.97	11.57	13.55	14.72	15.84	16.52
0.40	0.40	0.40	0.40	0.40	0.40	0.00	0.00	0.00
34.76	34.11	33.97	33.84	33.67	32.81	31.76	31.07	29.79

Jun 2024

: 32.72
: 25.72
: 6.39
: 0.40
: 34.76

Sep 2024

: 32.64
: 26.46
: 6.38
: 0.40
: 34.11

Dec 2024

: 32.68
: 23.86
: 9.09
: 0.40
: 33.97

Mar 2025

: 32.68
: 22.12
: 10.97
: 0.40
: 33.84

Jun 2025

: 32.68
: 21.69
: 11.57
: 0.40
: 33.67

Sep 2025

: 32.64
: 20.60
: 13.55
: 0.40
: 32.81

Dec 2025

: 32.63
: 20.90
: 14.72
: 0.00
: 31.76

Mar 2026

: 32.63
: 20.46
: 15.84
: 0.00
: 31.07

Jun 2026

: 32.62
: 21.08
: 16.52
: 0.00
: 29.79

Documents

Announcements

Updates
2026-08-14 - Neuland Laboratories Limited has informed the Exchange regarding 'Intimation Regarding Completion Of US FDA Inspection'.
Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-10 - Transcript of the Earnings Call conducted on August 5, 2026

Annual Reports

Credit Ratings

Credit Rating
2026-07-13 - Neuland Laboratories Limited has informed the Exchange about Credit Rating

Concalls

Aug 2026
Transcript PPTREC
May 2026
Transcript PPTREC
Feb 2026
Transcript PPTREC