Sotac Pharmaceuticals Ltd.

•

₹ 90.050%

2026-08-21

sotacpharma.comBSE: -NSE: SOTAC

Market Cap₹ 100 Cr.

Current Price₹ 90

High / Low₹ 140 / 86

Stock P/E0.0

Book Value₹ 52

Price to Book2.47

Dividend Yield0.22 %

ROCE11.4 %

ROE9.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2025 • Tablet: 92.5% • Capsules: 4.9% • Ointment: 2.0% • Liquid: 0.6%

PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 25.6%
Company has a healthy return on capital (ROCE) of 20.2%
Company has delivered good sales growth of 16.9% CAGR over last 5 years
Operating margins have improved to 12.3% from 8.8%
Institutional investors have been accumulating - FII+DII up 7.8pp
Company comfortably covers its interest (6.5x coverage)

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (37.0% of PBT)
Receivables are growing faster than sales - a possible quality concern
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -1.15x)
Equity base is being diluted - shares outstanding up 380.4%
Total debt has risen sharply - up 80.3% year on year

* 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	1901.00	37.71	456113.58	0.84	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	8587.00	77.93	227957.87	0.35	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	4994.90	87.11	189989.94	0.76	566.00	3.28	4921.00	57.32	19.27	33.81
4.	CIPLA	1437.65	34.46	116141.01	0.90	785.55	-39.18	7119.28	4.13	16.00	16.73
5.	ZYDUSLIFE	1108.80	24.51	110603.22	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
6.	LUPIN	2203.10	18.22	100733.42	0.82	1416.98	16.01	8276.89	34.28	28.86	29.59
7.	DRREDDY	1181.35	30.60	98604.43	0.68	435.60	-69.10	8099.80	-5.21	13.75	10.63
8.	MANKIND	2385.00	48.22	98499.54	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
9.	LAURUSLABS	1823.00	90.09	98498.92	0.11	362.07	123.94	2026.31	29.10	18.20	31.50
10.	AUROPHARMA	1606.40	24.90	92428.71	0.25	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	BIOCON	412.10	135.59	67159.70	0.12	136.80	53.36	4336.00	10.89	3.26	19.54
12.	SOTAC	90.05	17.25	99.51	0.22	1.35	—	25.25	27.08	16.40	8.79

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2022	Dec 2022	Jun 2023	Dec 2023	Jun 2024
	15	14	19	18	13
	12	13	17	15	11
Operating Profit	—	—	—	—	—
OPM %	—	—	—	—	—
Other Income	0	0	0	0	0
Interest	0	0	0	0	0
Depreciation	0	0	0	1	1
	2	1	2	2	2
Tax %	25.30%	5.56%	28.40%	27.67%	25.15%
Net Profit	2	1	1	1	1
	8	0	1	3	1
Equity Capital	2	8	11	11	11
Reserves	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%
Equity Capital	2	8	11	11	11
Reserves	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%

Jun 2022

: 15
: 12
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 0
: 2
Tax %: 25.30%
Net Profit: 2
: 8
Equity Capital: 2
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 2
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2022

: 14
: 13
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 0
: 1
Tax %: 5.56%
Net Profit: 1
: 0
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 8
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2023

: 19
: 17
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 0
: 2
Tax %: 28.40%
Net Profit: 1
: 1
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%

Dec 2023

: 18
: 15
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 1
: 2
Tax %: 27.67%
Net Profit: 1
: 3
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%

Jun 2024

: 13
: 11
Operating Profit: —
OPM %: —
Other Income: 0
Interest: 0
Depreciation: 1
: 2
Tax %: 25.15%
Net Profit: 1
: 1
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%
Equity Capital: 11
Reserves: 0
Promoter Pledge %: 0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	29	43	73	58	67	62	64
	27	41	67	50	57	55	55
Operating Profit	2	3	6	8	11	10	—
OPM %	8	7	9	15	17	16	—
Other Income	0	0	0	0	1	2	1
Interest	0	1	1	1	1	1	1
Depreciation	1	1	1	2	3	2	2
	1	1	5	6	8	6	6
Tax %	23	29	30	25	26	26	25
Net Profit	1	1	3	4	6	5	4
EPS	7	4	14	6	5	4	—
Dividend Payout %	0	0	14	0	0	2	—
Minority Interest	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0
Adjusted EPS	1	1	4	6	5	4	—
Minority Interest	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0
Adjusted EPS	1	1	4	6	5	4	—

Mar 2020

: 29
: 27
Operating Profit: 2
OPM %: 8
Other Income: 0
Interest: 0
Depreciation: 1
: 1
Tax %: 23
Net Profit: 1
EPS: 7
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2021

: 43
: 41
Operating Profit: 3
OPM %: 7
Other Income: 0
Interest: 1
Depreciation: 1
: 1
Tax %: 29
Net Profit: 1
EPS: 4
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 1

Mar 2022

: 73
: 67
Operating Profit: 6
OPM %: 9
Other Income: 0
Interest: 1
Depreciation: 1
: 5
Tax %: 30
Net Profit: 3
EPS: 14
Dividend Payout %: 14
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

Mar 2023

: 58
: 50
Operating Profit: 8
OPM %: 15
Other Income: 0
Interest: 1
Depreciation: 2
: 6
Tax %: 25
Net Profit: 4
EPS: 6
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 6

Mar 2024

: 67
: 57
Operating Profit: 11
OPM %: 17
Other Income: 1
Interest: 1
Depreciation: 3
: 8
Tax %: 26
Net Profit: 6
EPS: 5
Dividend Payout %: 0
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 5

Mar 2025

: 62
: 55
Operating Profit: 10
OPM %: 16
Other Income: 2
Interest: 1
Depreciation: 2
: 6
Tax %: 26
Net Profit: 5
EPS: 4
Dividend Payout %: 2
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4
Minority Interest: 0
Share of Associates: 0
Adjusted EPS: 4

TTM

: 64
: 55
Operating Profit: —
OPM %: —
Other Income: 1
Interest: 1
Depreciation: 2
: 6
Tax %: 25
Net Profit: 4
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:: —
5 Years:: 17%
3 Years:: -5%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 47%
3 Years:: 13%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -11%
1 Year:: -28%

RETURN ON EQUITY

10 Years:: —
5 Years:: 32%
3 Years:: 26%
Last Year:: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-	-	-	-
Equity Capital	2	2	2	8	11	11
	1	2	5	3	37	42
	4	4	6	4	5	6
Trade Payables	10	10	20	18	15	9
	4	3	3	21	8	17
Total Liabilities	21	22	36	55	76	85
ASSETS	-	-	-	-	-	-
	6	6	9	14	18	17
	2	2	0	4	11	13
	2	4	5	10	11	10
	0	0	0	0	22	25
Cash & Bank	0	0	0	10	1	0
	10	9	22	17	13	20
Total Assets	21	22	36	55	76	85
Total Debt	7	7	7	11	11	20
Net Working Capital	-2	-2	-1	9	23	28
Contingent Liabilities	0	0	0	0	0	2
Book Value per Share	14.67	18.35	30.87	14.31	43.69	47.99
Face Value	10.00	10.00	10.00	10.00	10.00	10.00
Total Debt	7	7	7	11	11	20
Net Working Capital	-2	-2	-1	9	23	28
Contingent Liabilities	0	0	0	0	0	2
Book Value per Share	14.67	18.35	30.87	14.31	43.69	47.99
Face Value	10.00	10.00	10.00	10.00	10.00	10.00

Mar 2020

Equity Capital: 2
: 1
: 4
Trade Payables: 10
: 4
Total Liabilities: 21
: 6
: 2
: 2
: 0
Cash & Bank: 0
: 10
Total Assets: 21
Total Debt: 7
Net Working Capital: -2
Contingent Liabilities: 0
Book Value per Share: 14.67
Face Value: 10.00
Total Debt: 7
Net Working Capital: -2
Contingent Liabilities: 0
Book Value per Share: 14.67
Face Value: 10.00

Mar 2021

Equity Capital: 2
: 2
: 4
Trade Payables: 10
: 3
Total Liabilities: 22
: 6
: 2
: 4
: 0
Cash & Bank: 0
: 9
Total Assets: 22
Total Debt: 7
Net Working Capital: -2
Contingent Liabilities: 0
Book Value per Share: 18.35
Face Value: 10.00
Total Debt: 7
Net Working Capital: -2
Contingent Liabilities: 0
Book Value per Share: 18.35
Face Value: 10.00

Mar 2022

Equity Capital: 2
: 5
: 6
Trade Payables: 20
: 3
Total Liabilities: 36
: 9
: 0
: 5
: 0
Cash & Bank: 0
: 22
Total Assets: 36
Total Debt: 7
Net Working Capital: -1
Contingent Liabilities: 0
Book Value per Share: 30.87
Face Value: 10.00
Total Debt: 7
Net Working Capital: -1
Contingent Liabilities: 0
Book Value per Share: 30.87
Face Value: 10.00

Mar 2023

Equity Capital: 8
: 3
: 4
Trade Payables: 18
: 21
Total Liabilities: 55
: 14
: 4
: 10
: 0
Cash & Bank: 10
: 17
Total Assets: 55
Total Debt: 11
Net Working Capital: 9
Contingent Liabilities: 0
Book Value per Share: 14.31
Face Value: 10.00
Total Debt: 11
Net Working Capital: 9
Contingent Liabilities: 0
Book Value per Share: 14.31
Face Value: 10.00

Mar 2024

Equity Capital: 11
: 37
: 5
Trade Payables: 15
: 8
Total Liabilities: 76
: 18
: 11
: 11
: 22
Cash & Bank: 1
: 13
Total Assets: 76
Total Debt: 11
Net Working Capital: 23
Contingent Liabilities: 0
Book Value per Share: 43.69
Face Value: 10.00
Total Debt: 11
Net Working Capital: 23
Contingent Liabilities: 0
Book Value per Share: 43.69
Face Value: 10.00

Mar 2025

Equity Capital: 11
: 42
: 6
Trade Payables: 9
: 17
Total Liabilities: 85
: 17
: 13
: 10
: 25
Cash & Bank: 0
: 20
Total Assets: 85
Total Debt: 20
Net Working Capital: 28
Contingent Liabilities: 2
Book Value per Share: 47.99
Face Value: 10.00
Total Debt: 20
Net Working Capital: 28
Contingent Liabilities: 2
Book Value per Share: 47.99
Face Value: 10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-0	2	4	9	-20	-6
Cash from Investing	-2	-1	-3	-11	-13	-2
Cash from Financing	2	-1	-0	12	23	8
	-0	-0	0	10	-9	-0
Free Cash Flow	-0	1	3	2	-26	-8
OCF / Net Profit	-0.36	2.73	1.09	1.90	-3.43	-1.27
Cumulative 5-Year FCF	0	0	0	0	0	-28
OCF / Net Profit	-0.36	2.73	1.09	1.90	-3.43	-1.27
Cumulative 5-Year FCF	0	0	0	0	0	-28

Mar 2020

: -0
Cash from Investing: -2
Cash from Financing: 2
: -0
Free Cash Flow: -0
OCF / Net Profit: -0.36
Cumulative 5-Year FCF: 0
OCF / Net Profit: -0.36
Cumulative 5-Year FCF: 0

Mar 2021

: 2
Cash from Investing: -1
Cash from Financing: -1
: -0
Free Cash Flow: 1
OCF / Net Profit: 2.73
Cumulative 5-Year FCF: 0
OCF / Net Profit: 2.73
Cumulative 5-Year FCF: 0

Mar 2022

: 4
Cash from Investing: -3
Cash from Financing: -0
: 0
Free Cash Flow: 3
OCF / Net Profit: 1.09
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.09
Cumulative 5-Year FCF: 0

Mar 2023

: 9
Cash from Investing: -11
Cash from Financing: 12
: 10
Free Cash Flow: 2
OCF / Net Profit: 1.90
Cumulative 5-Year FCF: 0
OCF / Net Profit: 1.90
Cumulative 5-Year FCF: 0

Mar 2024

: -20
Cash from Investing: -13
Cash from Financing: 23
: -9
Free Cash Flow: -26
OCF / Net Profit: -3.43
Cumulative 5-Year FCF: 0
OCF / Net Profit: -3.43
Cumulative 5-Year FCF: 0

Mar 2025

: -6
Cash from Investing: -2
Cash from Financing: 8
: -0
Free Cash Flow: -8
OCF / Net Profit: -1.27
Cumulative 5-Year FCF: -28
OCF / Net Profit: -1.27
Cumulative 5-Year FCF: -28

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE	-	-	-	-	-	-
EPS (₹)	3.07	3.75	14.33	5.58	5.20	4.32
Book Value (₹)	14.67	18.35	30.87	14.31	43.69	47.99
Dividend per Share (₹)	0.00	0.00	2.00	0.00	0.00	0.10
Cash EPS (₹)	2.20	2.46	5.49	7.60	7.47	6.56
PROFITABILITY	-	-	-	-	-	-
Operating Margin %	7.79%	6.63%	8.75%	14.64%	14.86%	12.32%
Net Margin %	2.47%	1.98%	4.51%	7.75%	8.57%	7.65%
ROE %	20.93%	22.71%	58.23%	48.29%	19.23%	9.42%
ROCE %	10.98%	16.43%	41.56%	29.76%	19.28%	11.44%
	3.33%	4.00%	11.32%	9.88%	8.80%	5.93%
EFFICIENCY	-	-	-	-	-	-
Debtor Days	104	59	46	76	91	137
Inventory Days	30	26	23	47	56	62
Payable Days	170	108	98	173	133	100
	-36	-23	-29	-50	14	99
FINANCIAL HEALTH	-	-	-	-	-	-
Debt to Equity (x)	2.13x	1.58x	1.04x	0.93x	0.23x	0.38x
Interest Coverage (x)	4.70x	3.16x	8.98x	7.63x	8.57x	6.47x
	0.86x	0.88x	0.98x	1.35x	2.01x	2.07x
GROWTH	-	-	-	-	-	-
Revenue Growth %	0.00%	51.86%	68.40%	-20.74%	15.73%	-7.03%
Operating Profit Growth %	0.00%	29.26%	122.16%	32.62%	33.00%	-10.90%
Net Profit Growth %	0.00%	22.07%	282.22%	36.41%	27.88%	-17.00%
	0.00%	0.00%	0.00%	0.00%	-6.84%	-17.00%
VALUATION	-	-	-	-	-	-
P/E (x)	0.00x	0.00x	0.00x	0.00x	23.26x	27.50x
P/B (x)	0.00x	0.00x	0.00x	0.00x	2.77x	2.47x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%
	0.00x	0.00x	0.00x	0.00x	12.77x	15.00x

Mar 2020

EPS (₹): 3.07
Book Value (₹): 14.67
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.20
Operating Margin %: 7.79%
Net Margin %: 2.47%
ROE %: 20.93%
ROCE %: 10.98%
: 3.33%
Debtor Days: 104
Inventory Days: 30
Payable Days: 170
: -36
Debt to Equity (x): 2.13x
Interest Coverage (x): 4.70x
: 0.86x
Revenue Growth %: 0.00%
Operating Profit Growth %: 0.00%
Net Profit Growth %: 0.00%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2021

EPS (₹): 3.75
Book Value (₹): 18.35
Dividend per Share (₹): 0.00
Cash EPS (₹): 2.46
Operating Margin %: 6.63%
Net Margin %: 1.98%
ROE %: 22.71%
ROCE %: 16.43%
: 4.00%
Debtor Days: 59
Inventory Days: 26
Payable Days: 108
: -23
Debt to Equity (x): 1.58x
Interest Coverage (x): 3.16x
: 0.88x
Revenue Growth %: 51.86%
Operating Profit Growth %: 29.26%
Net Profit Growth %: 22.07%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2022

EPS (₹): 14.33
Book Value (₹): 30.87
Dividend per Share (₹): 2.00
Cash EPS (₹): 5.49
Operating Margin %: 8.75%
Net Margin %: 4.51%
ROE %: 58.23%
ROCE %: 41.56%
: 11.32%
Debtor Days: 46
Inventory Days: 23
Payable Days: 98
: -29
Debt to Equity (x): 1.04x
Interest Coverage (x): 8.98x
: 0.98x
Revenue Growth %: 68.40%
Operating Profit Growth %: 122.16%
Net Profit Growth %: 282.22%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2023

EPS (₹): 5.58
Book Value (₹): 14.31
Dividend per Share (₹): 0.00
Cash EPS (₹): 7.60
Operating Margin %: 14.64%
Net Margin %: 7.75%
ROE %: 48.29%
ROCE %: 29.76%
: 9.88%
Debtor Days: 76
Inventory Days: 47
Payable Days: 173
: -50
Debt to Equity (x): 0.93x
Interest Coverage (x): 7.63x
: 1.35x
Revenue Growth %: -20.74%
Operating Profit Growth %: 32.62%
Net Profit Growth %: 36.41%
: 0.00%
P/E (x): 0.00x
P/B (x): 0.00x
Dividend Yield %: 0.00%
: 0.00x

Mar 2024

EPS (₹): 5.20
Book Value (₹): 43.69
Dividend per Share (₹): 0.00
Cash EPS (₹): 7.47
Operating Margin %: 14.86%
Net Margin %: 8.57%
ROE %: 19.23%
ROCE %: 19.28%
: 8.80%
Debtor Days: 91
Inventory Days: 56
Payable Days: 133
: 14
Debt to Equity (x): 0.23x
Interest Coverage (x): 8.57x
: 2.01x
Revenue Growth %: 15.73%
Operating Profit Growth %: 33.00%
Net Profit Growth %: 27.88%
: -6.84%
P/E (x): 23.26x
P/B (x): 2.77x
Dividend Yield %: 0.00%
: 12.77x

Mar 2025

EPS (₹): 4.32
Book Value (₹): 47.99
Dividend per Share (₹): 0.10
Cash EPS (₹): 6.56
Operating Margin %: 12.32%
Net Margin %: 7.65%
ROE %: 9.42%
ROCE %: 11.44%
: 5.93%
Debtor Days: 137
Inventory Days: 62
Payable Days: 100
: 99
Debt to Equity (x): 0.38x
Interest Coverage (x): 6.47x
: 2.07x
Revenue Growth %: -7.03%
Operating Profit Growth %: -10.90%
Net Profit Growth %: -17.00%
: -17.00%
P/E (x): 27.50x
P/B (x): 2.47x
Dividend Yield %: 0.08%
: 15.00x

Shareholding Pattern

Numbers in percentages

TRADES

	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	72.85	72.85	72.85	72.85	72.85	72.85
	8.52	8.99	8.88	15.12	16.14	16.79
	0.00	0.00	0.00	0.68	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00
	18.64	18.16	18.27	11.35	11.01	10.36

Sep 2023

: 72.85
: 8.52
: 0.00
Government: 0.00
: 18.64

Mar 2024

: 72.85
: 8.99
: 0.00
Government: 0.00
: 18.16

Sep 2024

: 72.85
: 8.88
: 0.00
Government: 0.00
: 18.27

Mar 2025

: 72.85
: 15.12
: 0.68
Government: 0.00
: 11.35

Sep 2025

: 72.85
: 16.14
: 0.00
Government: 0.00
: 11.01

Mar 2026

: 72.85
: 16.79
: 0.00
Government: 0.00
: 10.36

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