BSE: 524602
BANDARAM PHARMA PACKTECH LIMIT
Supplies paper, board, and printing materials used in textbook printing through its material subsidiary VSR Paper and Packaging Limited (55% held), and is classified as a healthcare service provider. In FY26, consolidated revenue grew 70% year-on-year to Rs. 62.9232 crore, with consolidated net profit of Rs. 0.2815 crore. Materials cost 87.4% of revenue. Recent orders include Rs. 37.44 crore from the Government of Telangana covering 32.75 lakh textbooks and 99,554 textbooks for academic year 2026-27, Rs. 5.87 crore from Vijayaa Print Solutions, and Rs. 3.87 crore from S.A. Printers, all for execution between June and August 2026. The consolidated auditor issued a qualified opinion because VSR Paper and Packaging netted trade receivables against payables without adequate supporting documentation. The company also owns 100% of Craftsmart Products, acquired via a share swap, and standalone FY26 revenue stood at Rs. 6,292.32 lakhs, up 70% year-on-year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Paper, board and printing materials for textbooks, Pharmaceutical packaging, Other packaging products. Small-cap, BSE-listed packaging and paper-supply business; subsidiary-led with concentrated government textbook orders and a qualified consolidated audit opinion.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 19 | 34 | 37 | 63 |
| EBITDA (ex other income) | 1 | 3 | 3 | 3 |
| margin % | 6.2 | 8.3 | 7.6 | 4.6 |
| Owners' profit | 0 | 1 | 1 | 1 |
| EPS, as reported (₹) | 0.47 | 0.81 | 0.83 | 0.83 |
| ROE % · ROCE % | 5.0 · 5.9 | 6.4 · 10.7 | 6.3 · 7.8 | 0.9 · 4.7 |
| Debt / equity (x) | 2.77 | 0.81 | 1.08 | 0.76 |
| Cash from operations | (1) | (4) | (5) | (5) |
| Capex | 0 | (0) | (0) | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 7 | 10 | 8 | 8 | 14 | 15 | 26 |
| Profit before tax | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| Net profit | 0 | 1 | (0) | 0 | 0 | 0 | 0 | 0 |
| EPS (₹) | 0.15 | 0.56 | (0.01) | 0.13 | 0.01 | 0.03 | 0.11 | 0.06 |
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. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 32,213 | 46.3 | 12.68 | 37.5 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 14,838 | 79.1 | 15.50 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,341 | 23.4 | 7.44 | 27.1 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 7,871 | 28.9 | 13.43 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 6,301 | 65.1 | 5.64 | 24.9 | 6.9 | 8.6 | — | 25.3 |
| KRSNAA DIAGNOSTICS LTD | 1,628 | 16.7 | 1.66 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| SURAKSHA DIAGNOSTIC LTD | 1,621 | 45.3 | 6.66 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| 3B BLACKBIO DX LTD. | 1,170 | 19.5 | 3.53 | 13.8 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 93.8 | 23.4 | 23 of 25 | 8% |
| P/B | 1.1 | 2.0 | 9 of 24 | 65% |
| ROCE | 1.1 | 6.1 | 20 of 29 | 32% |
| ROE | 0.9 | 6.0 | 17 of 24 | 30% |
| Debt / Equity | 0.8 | 0.1 | 21 of 23 | 9% |
| EBITDA margin | 3.2 | 25.6 | 21 of 24 | 13% |
| Revenue growth | 209.3 | 20.8 | 1 of 25 | 100% |
| Profit growth | (32.2) | 22.0 | 20 of 25 | 21% |
| Market cap | 35 | 34 | 15 of 30 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting set for September 2026 quarter results | results | low | — | — |
| 10 Oct 2026 · RTA certificate under SEBI Regulation 74(5) filed with BSE | compliance | minimal | — | — |
| 30 Sept 2026 · Board meeting scheduled for 30 Sep 2026 has been cancelled | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Board meeting on Sep 30 to consider merger or amalgamation scheme | strategic transactions | medium | — | — |
| 22 Sept 2026 · Trading Window Closure from Oct 1, 2026 for Q2 Results | compliance | minimal | — | — |
| 1 Sept 2026 · AGM Notice and Annual Report for FY 2025-26 | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · AGM notice for FY 2025-26 rescheduled to September 24, 2026 | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Change in Management | management changes | high | — | — |
| 13 Aug 2026 · Un-Audited Financial Results (Standalone & Consolidated) for Quater ended 30.06.2026 | results | high | — | — |
| 6 Aug 2026 · Board meeting on 13 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
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.