NSE: BALAXI
BALAXI PHARMA LTD
Wholesale trades pharmaceutical products internationally, with 100% of revenue from exports across seven countries and a portfolio of 964 registered products. The company runs an asset-light model, sourcing 100% of products from GMP-certified CDMOs (Contract Development and Manufacturing Organisations), supported by 62 permanent employees. LATAM was a key geography, generating ₹111.29 crore with 11% year-on-year growth in FY26. The Angola institutional business faced extended working capital cycles that pulled consolidated revenue down 7.7% to ₹270.17 crore. The company is now adding backward integration: its Jadcherla formulation plant near Hyderabad received its Manufacturing Licence on May 23, 2026, with commercial production slated for Paracetamol 500mg and Piroxicam 20mg capsules, raw materials already stocked, and 40 additional product permissions applied for. WHO-GMP certification is being pursued. Materials (pharma products sourced from CDMOs) form the largest cost at 55.8% of revenue, followed by employee costs at 14.1% and other operating expenses at 26.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. International wholesale pharma trading (100%). Asset-light international pharma wholesaler now adding backward integration into formulation manufacturing
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 279 | 336 | 241 | 293 | 270 |
| EBITDA (ex other income) | 50 | 57 | 8 | 37 | 9 |
| margin % | 18.0 | 16.8 | 3.5 | 12.7 | 3.2 |
| Owners' profit | 0 | 0 | 0 | 25 | 1 |
| EPS, as reported (₹) | 47.66 | 45.81 | (2.32) | 4.54 | 0.26 |
| ROE % · ROCE % | — · — | 25.1 · 30.8 | (1.2) · 1.8 | 10.8 · 12.4 | 0.6 · 3.1 |
| Debt / equity (x) | — | 0.06 | 0.09 | 0.22 | 0.22 |
| Cash from operations | 34 | 6 | 5 | (35) | (5) |
| Capex | (5) | (11) | (1) | (1) | (15) |
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 | 77 | 73 | 76 | 71 | 56 | 73 | 71 | 81 |
| Profit before tax | 6 | 6 | 10 | 1 | 1 | 2 | 1 | 2 |
| Net profit | 5 | 5 | 9 | 0 | 0 | 0 | 1 | 1 |
| EPS (₹) | 0.84 | 0.97 | 1.56 | 0.05 | 0.04 | 0.06 | 0.11 | 0.24 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Quarterly compliance certificate for dematerialization of shares filed | compliance | minimal | — | — |
| 7 Oct 2026 · RTA Report on Re-Lodgement of Physical Share Transfer Requests - Sep 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Newspaper ad on special window for physical share transfer and demat | compliance | minimal | — | — |
| 27 Sept 2026 · Trading window closed from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 7 Sept 2026 · RTA Report on Re-Lodgement of Physical Share Transfer Requests for August 2026 | compliance | minimal | — | — |
| 31 Aug 2026 · Balaxi Pharma receives WHO-GMP certification for Hyderabad facility | business updates | high | — | — |
| 24 Aug 2026 · Balaxi Pharma re-appoints Independent Director Akshita Ostwal for 5 years | management changes | medium | — | — |
| 24 Aug 2026 · 83rd AGM voting results: all 4 resolutions passed with over 99.9% approval | compliance | minimal | — | — |
| 24 Aug 2026 · Balaxi Pharma holds 83rd AGM, all 4 resolutions tabled for e-voting | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Newspaper notice on physical shares demat window | compliance | minimal | — | — |
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.