NSE: BETA
BETA DRUGS LIMITED
Manufactures and sells pharmaceutical products across four verticals: branded oncology formulations sold to hospitals and oncologists in India, contract development and manufacturing (CDMO) for third-party pharma companies, exports of formulations to international markets mainly via government tenders, and a dermatology/cosmetology business. The branded oncology portfolio spans 135+ products and grew 20% to INR 123 crore in FY26; CDMO generated INR 149 crore despite a Platin supply disruption; exports were INR 71 crore, down 11% on delayed tenders worth INR 20-25 crore; and the dermatology segment grew 35% to INR 16.58 crore and turned EBITDA-positive. The company also runs an API facility that cleared the PIC/S regulatory audit and is commercialising an intermediate plant. In April 2026, it acquired a 66.09% stake in Nivian Lifesciences for INR 69.4 crore, adding an IVF/fertility business with INR 45-46 crore FY26 revenue at 18-19% EBITDA margins. Raw materials are the largest input cost at 45.2% of revenue, followed by employee costs at 17.7% and other operating expenses at 18.2%. Management targets INR 900 crore revenue by FY30 under Vision 2030, with a planned mix shift to 51% branded, 30% exports and 13% CDMO. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Branded oncology formulations, CDMO / Contract manufacturing, Exports, Others (API + Derma/Cosmetology), IVF / Fertility (Nivian Lifesciences). Multi-vertical specialty pharma spanning branded oncology, contract manufacturing, exports, dermatology and a newly acquired IVF segment.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 362 | 385 |
| EBITDA (ex other income) | — | 76 |
| margin % | — | 19.7 |
| Owners' profit | — | 41 |
| EPS, as reported (₹) | 42.02 | 40.92 |
| ROE % · ROCE % | — · 19.2 | 16.9 · 18.0 |
| Debt / equity (x) | — | 0.60 |
| Cash from operations | 32 | 37 |
| Capex | (33) | (50) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|
| Revenue | 182 | 204 | 87 | 94 | 126 |
| Profit before tax | 24 | 32 | 10 | 12 | 22 |
| Net profit | — | — | 9 | 9 | 16 |
| EPS (₹) | 17.81 | 47.38 | 8.40 | 8.93 | 14.78 |
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) | 24.1 | 31.2 | 59 of 158 | 63% |
| P/B | 8.7 | 3.1 | 144 of 163 | 12% |
| ROCE | 14.0 | 10.8 | 70 of 183 | 62% |
| ROE | 16.9 | 9.8 | 35 of 166 | 79% |
| Debt / Equity | 0.6 | 0.2 | 144 of 166 | 13% |
| EBITDA margin | 23.1 | 17.5 | 62 of 165 | 63% |
| Revenue growth | (31.0) | 16.3 | 148 of 161 | 8% |
| Market cap | 2129 | 857 | 78 of 181 | 57% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Confirmation certificate for demat securities - Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · AGM 2026 voting results: all 6 resolutions passed unanimously | compliance | low | — | — |
| 30 Sept 2026 · Trading Window Closed for Insiders Ahead of Q2 Results | compliance | minimal | — | — |
| 30 Sept 2026 · Beta Drugs Limited 21st AGM proceedings held on September 30, 2026 | board shareholder meetings | medium | — | — |
| 22 Sept 2026 · Beta Drugs gets Azerbaijan regulatory approvals for oncology portfolio | business updates | high | — | — |
| 10 Sept 2026 · Beta Drugs to attend Valorem CXO Meet on Sept 17 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Newspaper publication of 21st AGM notice | compliance | minimal | — | — |
| 5 Sept 2026 · Notice of 21st Annual General Meeting on September 30, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Book closure from 24 Sep to 30 Sep 2026 for 21st AGM | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Beta Drugs announces 21st AGM on September 30, 2026 | board shareholder meetings | 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.