NSE: BALPHARMA · BSE: 524824
BAL PHARMA LTD.
Manufactures pharmaceutical products, with consolidated FY26 revenue of Rs 311.66 crore. The company is building a greenfield active pharmaceutical ingredient (API) manufacturing facility at Yadagiri, Karnataka, with a project cost of about Rs 300 crore, for which land has been acquired and environmental clearance obtained. Materials and inputs make up 51.6% of revenue and employee costs 21.3%, making raw materials the largest cost line. FY26 consolidated net profit was Rs 6.32 crore and EBITDA margin 10.86%. Depreciation is 3.6% of revenue and other operating expenses 17.8% of revenue. The board recommended a final dividend of Rs 1.20 per equity share (12% on Rs 10 face value) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Active Pharmaceutical Ingredients (APIs). Asset-heavy pharmaceutical manufacturing with significant employee and raw material intensity.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 281 | 304 | 339 | 303 | 312 |
| EBITDA (ex other income) | 23 | 25 | 32 | 30 | 32 |
| margin % | 8.3 | 8.3 | 9.3 | 9.8 | 10.2 |
| Owners' profit | 6 | 0 | 7 | 7 | 6 |
| EPS, as reported (₹) | 3.79 | 1.67 | 4.94 | 4.56 | 3.95 |
| ROE % · ROCE % | 9.8 · 20.2 | 4.1 · 16.3 | 10.8 · 20.9 | 9.3 · 18.9 | 7.7 · 18.0 |
| Debt / equity (x) | 1.77 | 2.06 | 2.02 | 1.94 | 1.94 |
| Cash from operations | 32 | 23 | 329 | 21 | 8 |
| Capex | 0 | 0 | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74 | 73 | 82 | 66 | 74 | 88 | 84 | 89 |
| Profit before tax | 1 | 1 | 3 | 0 | 1 | 2 | 3 | 1 |
| Net profit | 1 | 1 | 5 | 0 | 1 | 2 | 4 | 1 |
| EPS (₹) | 0.65 | 0.33 | 3.40 | 0.13 | 0.45 | 1.12 | 2.26 | 0.71 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,22,229 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,48,067 | 84.9 | 14.80 | 64.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,270 | 73.8 | 8.89 | 38.8 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,10,978 | 24.8 | 3.75 | 14.4 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,07,937 | 98.6 | 19.87 | 60.1 | 16.4 | 17.2 | 7.2 | 32.0 |
| CIPLA LTD | 1,05,570 | 31.3 | 3.06 | 16.1 | 11.2 | 14.7 | 8.0 | 19.7 |
| DR. REDDY S LABORATORIES | 98,530 | 30.5 | 2.58 | 13.2 | 10.9 | 13.0 | 12.1 | 15.0 |
| MANKIND PHARMA LIMITED | 98,294 | 48.1 | 5.94 | 27.1 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.0 | 31.2 | 50 of 158 | 69% |
| P/B | 1.9 | 3.1 | 47 of 163 | 72% |
| ROCE | 4.7 | 10.8 | 129 of 183 | 30% |
| ROE | 7.7 | 9.8 | 100 of 166 | 40% |
| Debt / Equity | 1.9 | 0.2 | 161 of 166 | 3% |
| EBITDA margin | 9.5 | 17.5 | 124 of 165 | 25% |
| Revenue growth | 34.5 | 16.3 | 38 of 161 | 77% |
| Profit growth | 445.7 | 30.9 | 14 of 158 | 92% |
| Market cap | 152 | 857 | 121 of 181 | 33% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Compliance certificate for share dematerialisation for Q2 FY26 | compliance | minimal | — | — |
| 25 Sept 2026 · Bal Pharma directors swap executive roles effective Oct 1, 2026 | management changes | medium | — | — |
| 25 Sept 2026 · Bal Pharma 39th AGM: All 7 resolutions passed, Rs 1.20 dividend approved | compliance | minimal | — | — |
| 25 Sept 2026 · Trading window closure for Q2 FY27 results | compliance | minimal | — | — |
| 24 Sept 2026 · Bal Pharma 39th AGM: Rs 1.20 dividend, director role changes approved | board shareholder meetings | low | — | — |
| 10 Sept 2026 · No undisclosed info behind Bal Pharma price movement | regulatory legal | low | — | — |
| 10 Sept 2026 · NSE seeks clarification after significant price movement in Bal Pharma | regulatory legal | medium | — | — |
| 7 Sept 2026 · Promoter Warrants Allotted at Rs 84 on Preferential Basis | fund raising | high | — | — |
| 27 Aug 2026 · Record date Sep 17, 2026 fixed for final dividend of Rs 1.20 per share | corporate actions | high | — | — |
| 26 Aug 2026 · Bal Pharma files FY26 Annual Report; Rs 1.20 dividend, 39th AGM on Sep 24 | compliance | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.