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/E0.0

Book Value₹ 1,568

Price to Book8.26

Dividend Yield0.15 %

ROCE27.5 %

ROE21.5 %

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 22.2%
Latest quarter profit grew 974.9% YoY, showing strong momentum
Operating margins have improved to 28.3% from 23.6%
Company has delivered good sales growth of 16.6% CAGR over last 5 years

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 8.3x its book value
Though reporting repeated profits, the company pays out little dividend (12.0%)
Rich enterprise valuation - EV/EBITDA of 25.3x

* 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

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
	363	418	393	385	440	311	398	328	293	514	440	776	642
	266	280	272	278	316	250	312	278	258	359	363	469	453
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
	84	121	104	92	130	49	128	39	17	129	54	287	198
Tax %	25.49%	26.64%	22.24%	26.57%	24.53%	34.16%	20.50%	28.86%	21.12%	25.25%	25.54%	25.96%	25.40%
Net Profit	62	89	81	68	98	32	101	28	14	96	40	213	147
	48	69	63	53	77	25	79	22	11	75	32	166	11
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
: 84
Tax %: 25.49%
Net Profit: 62
: 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
: 121
Tax %: 26.64%
Net Profit: 89
: 69
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 %: 22.24%
Net Profit: 81
: 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 %: 26.57%
Net Profit: 68
: 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 %: 24.53%
Net Profit: 98
: 77
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Sep 2024

: 311
: 250
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 1
Depreciation: 16
: 49
Tax %: 34.16%
Net Profit: 32
: 25
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2024

: 398
: 312
Operating Profit: —
OPM %: —
Other Income: 4
Interest: 2
Depreciation: 16
: 128
Tax %: 20.50%
Net Profit: 101
: 79
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

Mar 2025

: 328
: 278
Operating Profit: —
OPM %: —
Other Income: 7
Interest: 2
Depreciation: 17
: 39
Tax %: 28.86%
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
: 17
Tax %: 21.12%
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 %: 25.25%
Net Profit: 96
: 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 %: 25.54%
Net Profit: 40
: 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
: 287
Tax %: 25.96%
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
: 453
Operating Profit: —
OPM %: —
Other Income: 8
Interest: 7
Depreciation: 27
: 198
Tax %: 25.40%
Net Profit: 147
: 11
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 13
Reserves: 0
Promoter Pledge %: 0.00%

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
	579	527	667	763	937	951	1,191	1,559	1,477	2,023	2,372
	473	477	609	661	790	809	920	1,097	1,155	1,450	1,644
Operating Profit	107	55	61	105	163	144	281	474	343	603	—
OPM %	18	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	52	105	82	215	401	345	488	668
Tax %	30	13	19	70	24	22	24	25	25	26	26
Net Profit	46	12	16	16	80	64	163	300	259	363	497
EPS	42	11	13	12	63	50	127	234	202	283	—
Dividend Payout %	0	0	10	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	52	13	13	12	63	50	127	234	202	283	—
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	52	13	13	12	63	50	127	234	202	283	—

Mar 2017

: 579
: 473
Operating Profit: 107
OPM %: 18
Other Income: 1
Interest: 21
Depreciation: 19
: 67
Tax %: 30
Net Profit: 46
EPS: 42
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 52
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 52

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: 13
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 13

Mar 2019

: 667
: 609
Operating Profit: 61
OPM %: 9
Other Income: 3
Interest: 16
Depreciation: 26
: 20
Tax %: 19
Net Profit: 16
EPS: 13
Dividend Payout %: 10
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: 105
OPM %: 14
Other Income: 4
Interest: 22
Depreciation: 31
: 52
Tax %: 70
Net Profit: 16
EPS: 12
Dividend Payout %: 16
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 12

Mar 2021

: 937
: 790
Operating Profit: 163
OPM %: 17
Other Income: 16
Interest: 18
Depreciation: 40
: 105
Tax %: 24
Net Profit: 80
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
: 809
Operating Profit: 144
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
: 920
Operating Profit: 281
OPM %: 24
Other Income: 10
Interest: 13
Depreciation: 53
: 215
Tax %: 24
Net Profit: 163
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
: 1,097
Operating Profit: 474
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
: 1,155
Operating Profit: 343
OPM %: 23
Other Income: 21
Interest: 8
Depreciation: 66
: 345
Tax %: 25
Net Profit: 259
EPS: 202
Dividend Payout %: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 202
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 202

Mar 2026

: 2,023
: 1,450
Operating Profit: 603
OPM %: 30
Other Income: 30
Interest: 24
Depreciation: 92
: 488
Tax %: 26
Net Profit: 363
EPS: 283
Dividend Payout %: 12
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 283
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 283

TTM

: 2,372
: 1,644
Operating Profit: —
OPM %: —
Other Income: 31
Interest: 26
Depreciation: 98
: 668
Tax %: 26
Net Profit: 497
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

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
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	9	9	13	13	13	13	13	13	13	13
	223	235	683	693	769	823	975	1,264	1,505	1,853
	162	216	171	182	82	127	47	0	0	0
Trade Payables	89	129	124	120	157	123	178	199	261	279
	402	482	140	222	303	297	366	356	400	784
Total Liabilities	885	1,071	1,130	1,230	1,324	1,382	1,579	1,831	2,178	2,928
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	37	46	18	19	59	115	257	354
	274	300	276	310	337	326	462	140	111	135
Total Assets	885	1,071	1,130	1,230	1,324	1,382	1,579	1,831	2,178	2,928
Total Debt	192	319	231	260	170	231	122	83	136	197
Net Working Capital	86	76	122	152	175	211	315	486	665	762
Contingent Liabilities	10	10	107	125	105	75	91	28	9	13
Book Value per Share	260.03	273.54	541.45	549.21	608.71	650.56	769.65	994.26	1182.30	1453.59
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	86	76	122	152	175	211	315	486	665	762
Contingent Liabilities	10	10	107	125	105	75	91	28	9	13
Book Value per Share	260.03	273.54	541.45	549.21	608.71	650.56	769.65	994.26	1182.30	1453.59
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
: 223
: 162
Trade Payables: 89
: 402
Total Liabilities: 885
: 436
Capital Work in Progress: 20
: 8
: 135
: 0
Cash & Bank: 12
: 274
Total Assets: 885
Total Debt: 192
Net Working Capital: 86
Contingent Liabilities: 10
Book Value per Share: 260.03
Face Value: 10.00
Total Debt: 192
Net Working Capital: 86
Contingent Liabilities: 10
Book Value per Share: 260.03
Face Value: 10.00

Mar 2018

Equity Capital: 9
: 235
: 216
Trade Payables: 129
: 482
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: 76
Contingent Liabilities: 10
Book Value per Share: 273.54
Face Value: 10.00
Total Debt: 319
Net Working Capital: 76
Contingent Liabilities: 10
Book Value per Share: 273.54
Face Value: 10.00

Mar 2019

Equity Capital: 13
: 683
: 171
Trade Payables: 124
: 140
Total Liabilities: 1,130
: 512
Capital Work in Progress: 104
: 8
: 193
: 0
Cash & Bank: 37
: 276
Total Assets: 1,130
Total Debt: 231
Net Working Capital: 122
Contingent Liabilities: 107
Book Value per Share: 541.45
Face Value: 10.00
Total Debt: 231
Net Working Capital: 122
Contingent Liabilities: 107
Book Value per Share: 541.45
Face Value: 10.00

Mar 2020

Equity Capital: 13
: 693
: 182
Trade Payables: 120
: 222
Total Liabilities: 1,230
: 623
Capital Work in Progress: 24
: 8
: 220
: 0
Cash & Bank: 46
: 310
Total Assets: 1,230
Total Debt: 260
Net Working Capital: 152
Contingent Liabilities: 125
Book Value per Share: 549.21
Face Value: 10.00
Total Debt: 260
Net Working Capital: 152
Contingent Liabilities: 125
Book Value per Share: 549.21
Face Value: 10.00

Mar 2021

Equity Capital: 13
: 769
: 82
Trade Payables: 157
: 303
Total Liabilities: 1,324
: 697
Capital Work in Progress: 17
: 7
: 248
: 0
Cash & Bank: 18
: 337
Total Assets: 1,324
Total Debt: 170
Net Working Capital: 175
Contingent Liabilities: 105
Book Value per Share: 608.71
Face Value: 10.00
Total Debt: 170
Net Working Capital: 175
Contingent Liabilities: 105
Book Value per Share: 608.71
Face Value: 10.00

Mar 2022

Equity Capital: 13
: 823
: 127
Trade Payables: 123
: 297
Total Liabilities: 1,382
: 748
Capital Work in Progress: 20
: 4
: 265
: 0
Cash & Bank: 19
: 326
Total Assets: 1,382
Total Debt: 231
Net Working Capital: 211
Contingent Liabilities: 75
Book Value per Share: 650.56
Face Value: 10.00
Total Debt: 231
Net Working Capital: 211
Contingent Liabilities: 75
Book Value per Share: 650.56
Face Value: 10.00

Mar 2023

Equity Capital: 13
: 975
: 47
Trade Payables: 178
: 366
Total Liabilities: 1,579
: 738
Capital Work in Progress: 41
: 1
: 279
: 0
Cash & Bank: 59
: 462
Total Assets: 1,579
Total Debt: 122
Net Working Capital: 315
Contingent Liabilities: 91
Book Value per Share: 769.65
Face Value: 10.00
Total Debt: 122
Net Working Capital: 315
Contingent Liabilities: 91
Book Value per Share: 769.65
Face Value: 10.00

Mar 2024

Equity Capital: 13
: 1,264
: 0
Trade Payables: 199
: 356
Total Liabilities: 1,831
: 805
Capital Work in Progress: 46
: 1
: 350
: 374
Cash & Bank: 115
: 140
Total Assets: 1,831
Total Debt: 83
Net Working Capital: 486
Contingent Liabilities: 28
Book Value per Share: 994.26
Face Value: 10.00
Total Debt: 83
Net Working Capital: 486
Contingent Liabilities: 28
Book Value per Share: 994.26
Face Value: 10.00

Mar 2025

Equity Capital: 13
: 1,505
: 0
Trade Payables: 261
: 400
Total Liabilities: 2,178
: 955
Capital Work in Progress: 45
: 109
: 386
: 316
Cash & Bank: 257
: 111
Total Assets: 2,178
Total Debt: 136
Net Working Capital: 665
Contingent Liabilities: 9
Book Value per Share: 1182.30
Face Value: 10.00
Total Debt: 136
Net Working Capital: 665
Contingent Liabilities: 9
Book Value per Share: 1182.30
Face Value: 10.00

Mar 2026

Equity Capital: 13
: 1,853
: 0
Trade Payables: 279
: 784
Total Liabilities: 2,928
: 1,177
Capital Work in Progress: 209
: 2
: 510
: 541
Cash & Bank: 354
: 135
Total Assets: 2,928
Total Debt: 197
Net Working Capital: 762
Contingent Liabilities: 13
Book Value per Share: 1453.59
Face Value: 10.00
Total Debt: 197
Net Working Capital: 762
Contingent Liabilities: 13
Book Value per Share: 1453.59
Face Value: 10.00

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
	39	12	70	57	189	60	239	260	318	348
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
	-3	0	4	2	-9	3	41	41	44	-55
Free Cash Flow	-103	-124	-1	-2	84	-30	178	138	150	-111
OCF / Net Profit	0.84	0.98	4.31	3.57	2.36	0.95	1.46	0.87	1.22	0.96
Cumulative 5-Year FCF	0	0	0	0	-146	-72	230	369	521	327
OCF / Net Profit	0.84	0.98	4.31	3.57	2.36	0.95	1.46	0.87	1.22	0.96
Cumulative 5-Year FCF	0	0	0	0	-146	-72	230	369	521	327

Mar 2017

: 39
Cash from Investing: -42
Cash from Financing: -0
: -3
Free Cash Flow: -103
OCF / Net Profit: 0.84
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.84
Cumulative 5-Year FCF: 0

Mar 2018

: 12
Cash from Investing: -116
Cash from Financing: 105
: 0
Free Cash Flow: -124
OCF / Net Profit: 0.98
Cumulative 5-Year FCF: 0
OCF / Net Profit: 0.98
Cumulative 5-Year FCF: 0

Mar 2019

: 70
Cash from Investing: -77
Cash from Financing: 12
: 4
Free Cash Flow: -1
OCF / Net Profit: 4.31
Cumulative 5-Year FCF: 0
OCF / Net Profit: 4.31
Cumulative 5-Year FCF: 0

Mar 2020

: 57
Cash from Investing: -49
Cash from Financing: -5
: 2
Free Cash Flow: -2
OCF / Net Profit: 3.57
Cumulative 5-Year FCF: 0
OCF / Net Profit: 3.57
Cumulative 5-Year FCF: 0

Mar 2021

: 189
Cash from Investing: -84
Cash from Financing: -114
: -9
Free Cash Flow: 84
OCF / Net Profit: 2.36
Cumulative 5-Year FCF: -146
OCF / Net Profit: 2.36
Cumulative 5-Year FCF: -146

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: -72
OCF / Net Profit: 0.95
Cumulative 5-Year FCF: -72

Mar 2023

: 239
Cash from Investing: -61
Cash from Financing: -136
: 41
Free Cash Flow: 178
OCF / Net Profit: 1.46
Cumulative 5-Year FCF: 230
OCF / Net Profit: 1.46
Cumulative 5-Year FCF: 230

Mar 2024

: 260
Cash from Investing: -150
Cash from Financing: -69
: 41
Free Cash Flow: 138
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 369
OCF / Net Profit: 0.87
Cumulative 5-Year FCF: 369

Mar 2025

: 318
Cash from Investing: -298
Cash from Financing: 25
: 44
Free Cash Flow: 150
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 521
OCF / Net Profit: 1.22
Cumulative 5-Year FCF: 521

Mar 2026

: 348
Cash from Investing: -424
Cash from Financing: 21
: -55
Free Cash Flow: -111
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 327
OCF / Net Profit: 0.96
Cumulative 5-Year FCF: 327

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 (₹)	52.21	13.29	12.58	12.38	62.58	49.52	127.14	233.51	202.20	283.01
Book Value (₹)	260.03	273.54	541.45	549.21	608.71	650.56	769.65	994.26	1182.30	1453.59
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 (₹)	73.85	38.17	32.74	36.76	93.51	87.74	168.28	280.05	253.29	354.51
PROFITABILITY	-	-	-	-	-	-	-	-	-	-
Operating Margin %	18.18%	10.31%	9.20%	13.81%	17.35%	15.17%	23.59%	29.64%	21.82%	28.34%
Net Margin %	7.89%	2.23%	2.42%	2.08%	8.57%	6.68%	13.69%	19.22%	17.57%	17.95%
ROE %	22.39%	4.98%	3.44%	2.27%	10.81%	7.86%	17.90%	26.48%	18.58%	21.47%
ROCE %	15.94%	4.04%	3.95%	7.84%	12.83%	9.44%	20.99%	33.62%	23.49%	27.55%
	6.59%	1.21%	1.47%	1.35%	6.29%	4.70%	11.02%	17.57%	12.94%	14.22%
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	121	167	126	117	115	121	115	119	143	130
	53	70	73	66	55	64	60	41	33	28
FINANCIAL HEALTH	-	-	-	-	-	-	-	-	-	-
Debt to Equity (x)	0.83x	1.31x	0.33x	0.37x	0.22x	0.28x	0.12x	0.06x	0.09x	0.11x
Interest Coverage (x)	4.16x	1.72x	2.27x	3.43x	6.86x	7.06x	17.47x	29.63x	42.63x	21.37x
	1.30x	1.21x	1.37x	1.42x	1.47x	1.57x	1.71x	2.12x	2.41x	2.06x
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 %	31.13%	-48.94%	12.45%	71.69%	54.29%	-11.24%	94.81%	68.82%	-27.75%	76.02%
Net Profit Growth %	75.60%	-74.54%	36.71%	-1.63%	405.63%	-20.87%	156.75%	83.67%	-13.41%	39.97%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	83.67%	-13.41%	39.97%
VALUATION	-	-	-	-	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	26.90x	59.73x	42.45x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	6.32x	10.21x	8.26x
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	16.92x	44.85x	25.28x

Mar 2017

EPS (₹): 52.21
Book Value (₹): 260.03
Dividend per Share (₹): 0.00
Cash EPS (₹): 73.85
Operating Margin %: 18.18%
Net Margin %: 7.89%
ROE %: 22.39%
ROCE %: 15.94%
: 6.59%
Debtor Days: 93
Inventory Days: 81
Payable Days: 121
: 53
Debt to Equity (x): 0.83x
Interest Coverage (x): 4.16x
: 1.30x
Revenue Growth %: 13.51%
Operating Profit Growth %: 31.13%
Net Profit Growth %: 75.60%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2018

EPS (₹): 13.29
Book Value (₹): 273.54
Dividend per Share (₹): 0.00
Cash EPS (₹): 38.17
Operating Margin %: 10.31%
Net Margin %: 2.23%
ROE %: 4.98%
ROCE %: 4.04%
: 1.21%
Debtor Days: 129
Inventory Days: 107
Payable Days: 167
: 70
Debt to Equity (x): 1.31x
Interest Coverage (x): 1.72x
: 1.21x
Revenue Growth %: -8.89%
Operating Profit Growth %: -48.94%
Net Profit Growth %: -74.54%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2019

EPS (₹): 12.58
Book Value (₹): 541.45
Dividend per Share (₹): 1.20
Cash EPS (₹): 32.74
Operating Margin %: 9.20%
Net Margin %: 2.42%
ROE %: 3.44%
ROCE %: 3.95%
: 1.47%
Debtor Days: 98
Inventory Days: 101
Payable Days: 126
: 73
Debt to Equity (x): 0.33x
Interest Coverage (x): 2.27x
: 1.37x
Revenue Growth %: 26.44%
Operating Profit Growth %: 12.45%
Net Profit Growth %: 36.71%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2020

EPS (₹): 12.38
Book Value (₹): 549.21
Dividend per Share (₹): 2.00
Cash EPS (₹): 36.76
Operating Margin %: 13.81%
Net Margin %: 2.08%
ROE %: 2.27%
ROCE %: 7.84%
: 1.35%
Debtor Days: 85
Inventory Days: 99
Payable Days: 117
: 66
Debt to Equity (x): 0.37x
Interest Coverage (x): 3.43x
: 1.42x
Revenue Growth %: 14.38%
Operating Profit Growth %: 71.69%
Net Profit Growth %: -1.63%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 62.58
Book Value (₹): 608.71
Dividend per Share (₹): 5.00
Cash EPS (₹): 93.51
Operating Margin %: 17.35%
Net Margin %: 8.57%
ROE %: 10.81%
ROCE %: 12.83%
: 6.29%
Debtor Days: 79
Inventory Days: 91
Payable Days: 115
: 55
Debt to Equity (x): 0.22x
Interest Coverage (x): 6.86x
: 1.47x
Revenue Growth %: 22.84%
Operating Profit Growth %: 54.29%
Net Profit Growth %: 405.63%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 49.52
Book Value (₹): 650.56
Dividend per Share (₹): 5.00
Cash EPS (₹): 87.74
Operating Margin %: 15.17%
Net Margin %: 6.68%
ROE %: 7.86%
ROCE %: 9.44%
: 4.70%
Debtor Days: 87
Inventory Days: 98
Payable Days: 121
: 64
Debt to Equity (x): 0.28x
Interest Coverage (x): 7.06x
: 1.57x
Revenue Growth %: 1.51%
Operating Profit Growth %: -11.24%
Net Profit Growth %: -20.87%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 127.14
Book Value (₹): 769.65
Dividend per Share (₹): 10.00
Cash EPS (₹): 168.28
Operating Margin %: 23.59%
Net Margin %: 13.69%
ROE %: 17.90%
ROCE %: 20.99%
: 11.02%
Debtor Days: 91
Inventory Days: 83
Payable Days: 115
: 60
Debt to Equity (x): 0.12x
Interest Coverage (x): 17.47x
: 1.71x
Revenue Growth %: 25.25%
Operating Profit Growth %: 94.81%
Net Profit Growth %: 156.75%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 233.51
Book Value (₹): 994.26
Dividend per Share (₹): 14.00
Cash EPS (₹): 280.05
Operating Margin %: 29.64%
Net Margin %: 19.22%
ROE %: 26.48%
ROCE %: 33.62%
: 17.57%
Debtor Days: 86
Inventory Days: 74
Payable Days: 119
: 41
Debt to Equity (x): 0.06x
Interest Coverage (x): 29.63x
: 2.12x
Revenue Growth %: 30.84%
Operating Profit Growth %: 68.82%
Net Profit Growth %: 83.67%
: 83.67%
P/E (x): 26.90x
P/B (x): 6.32x
Dividend Yield %: 0.22%
: 16.92x

Mar 2025

EPS (₹): 202.20
Book Value (₹): 1182.30
Dividend per Share (₹): 12.00
Cash EPS (₹): 253.29
Operating Margin %: 21.82%
Net Margin %: 17.57%
ROE %: 18.58%
ROCE %: 23.49%
: 12.94%
Debtor Days: 85
Inventory Days: 91
Payable Days: 143
: 33
Debt to Equity (x): 0.09x
Interest Coverage (x): 42.63x
: 2.41x
Revenue Growth %: -5.24%
Operating Profit Growth %: -27.75%
Net Profit Growth %: -13.41%
: -13.41%
P/E (x): 59.73x
P/B (x): 10.21x
Dividend Yield %: 0.10%
: 44.85x

Mar 2026

EPS (₹): 283.01
Book Value (₹): 1453.59
Dividend per Share (₹): 34.00
Cash EPS (₹): 354.51
Operating Margin %: 28.34%
Net Margin %: 17.95%
ROE %: 21.47%
ROCE %: 27.55%
: 14.22%
Debtor Days: 77
Inventory Days: 81
Payable Days: 130
: 28
Debt to Equity (x): 0.11x
Interest Coverage (x): 21.37x
: 2.06x
Revenue Growth %: 36.98%
Operating Profit Growth %: 76.02%
Net Profit Growth %: 39.97%
: 39.97%
P/E (x): 42.45x
P/B (x): 8.26x
Dividend Yield %: 0.28%
: 25.28x

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