NSE: BPLPHARMA · BSE: 541096
BHARAT PARENTERALS LTD.
Manufactures sterile injectable pharmaceutical formulations (parenterals) including beta-lactams and cephalosporins, operating through a parent business and three subsidiaries from Vadodara. The BPL standalone business sells injectable formulations into emerging markets across Africa, Latin America, Southeast Asia and CIS via tender and institutional channels, generating ₹234 crore in FY26 at 48% capacity utilisation on general lines, 21% on beta-lactams and 24% on cephalosporins, with an order book of ₹171 crore. Innoxel Lifesciences operates as a sterile injectable CDMO and out-licensing platform with ₹72.4 crore FY26 revenue from 23 licensing deals (7 out-licensed and 16 CMO/CDO), 42 active deals and a pipeline of 20 active products covering complex ANDAs, 505(b)(2) NDAs and long-acting injectables; the facility is cleared by USFDA and EUGMP. Varenyam Healthcare markets specialty drugs to Indian hospitals and clinics through a 200+ MR field force in anaesthesia, critical care and pain management, generating ₹58.4 crore in FY26 with Sugammadex as the largest brand at over ₹10 crore. A fourth entity, Varenyam Bio, is under construction with ₹32.3 crore of capital work-in-progress against a ₹160 crore budget, targeting EU GMP filings from FY27. The largest cost is materials at 49% of revenue, followed by employee costs at 19.5% and other operating expenses at 20.5%, with depreciation at 9.9% reflecting the asset-heavy nature of sterile manufacturing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. BPL Standalone, Innoxel Lifesciences, Varenyam Healthcare, Varenyam Bio. Asset-heavy, multi-subsidiary sterile injectable pharmaceutical group with tender-driven ROW exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 212 | 218 | 257 | 340 | 345 |
| EBITDA (ex other income) | 28 | 20 | 22 | 3 | 16 |
| margin % | 13.0 | 9.1 | 8.7 | 0.8 | 4.6 |
| Owners' profit | 21 | 16 | 11 | 0 | (8) |
| EPS, as reported (₹) | 36.67 | 28.40 | 8.65 | 66.64 | 39.62 |
| ROE % · ROCE % | 12.2 · 15.6 | 7.2 · 11.2 | 4.4 · 7.0 | (12.9) · (4.8) | (8.8) · (1.9) |
| Debt / equity (x) | 0.10 | 0.23 | 0.35 | 0.53 | 0.47 |
| Cash from operations | (1) | 22 | (5) | (14) | 38 |
| Capex | (39) | (92) | (104) | (29) | (40) |
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 | 93 | 72 | 72 | 104 | 116 | 65 | 65 | 100 |
| Profit before tax | (5) | (15) | (6) | (8) | 3 | (7) | (8) | (8) |
| Net profit | (9) | (18) | (8) | (9) | (1) | (9) | (10) | (8) |
| EPS (₹) | (14.71) | (27.00) | (10.00) | 14.40 | 1.27 | (14.00) | 14.03 | 11.84 |
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 | 4,46,270 | 40.7 | 4.98 | 24.9 | 5.5 | 8.0 | 11.8 | 29.3 |
| DIVI S LABORATORIES LTD | 2,73,493 | 93.6 | 16.32 | 79.4 | 15.3 | 18.8 | 8.7 | 40.7 |
| TORRENT PHARMACEUTICALS L | 1,80,500 | 80.2 | 9.82 | 42.6 | 6.0 | 4.0 | 11.8 | 33.5 |
| LAURUS LABS LIMITED | 1,26,430 | 94.3 | 20.45 | 72.4 | 12.9 | 14.2 | 7.2 | 34.0 |
| ZYDUS LIFESCIENCES LTD | 1,19,550 | 28.8 | 3.94 | 15.4 | 6.4 | 6.8 | 12.4 | 24.0 |
| DR. REDDY S LABORATORIES | 1,14,646 | 40.9 | 2.93 | 18.5 | 3.4 | 4.2 | 12.1 | 19.9 |
| CIPLA LTD | 1,13,988 | 39.3 | 3.21 | 19.3 | 4.6 | 6.2 | 8.0 | 18.7 |
| MANKIND PHARMA LIMITED | 1,04,902 | 46.8 | 5.88 | 30.6 | 7.2 | 7.3 | — | 27.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 144.5 | 29.3 | 150 of 160 | 6% |
| P/B | 4.2 | 3.1 | 109 of 163 | 33% |
| ROCE | (4.7) | 8.0 | 160 of 177 | 10% |
| ROE | (8.8) | 6.8 | 156 of 165 | 6% |
| Debt / Equity | 0.5 | 0.1 | 136 of 166 | 18% |
| EBITDA margin | (0.5) | 14.6 | 153 of 178 | 14% |
| Revenue growth | (4.2) | 17.1 | 122 of 163 | 25% |
| Profit growth | 13.6 | 21.8 | 87 of 157 | 45% |
| Market cap | 1309 | 814 | 85 of 181 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · USFDA finds Innoxel facility ready for commercial operations | regulatory legal | medium | — | — |
| 2 Nov 2026 · Q2 revenue jumps 110%, profit turns positive as order book reaches INR117 crore | investor communications | medium | — | — |
| 30 Oct 2026 · Q2FY27 earnings call audio recording available | investor communications | low | — | — |
| 30 Oct 2026 · Newspaper ad publishes September 2026 quarterly and half-year results | compliance | minimal | — | — |
| 29 Oct 2026 · Q2 FY27 revenue doubles as Innoxel turns profitable and launches US product | investor communications | medium | — | — |
| 29 Oct 2026 · Q2 revenue up 111%, profit at Rs 11.8 Cr and EBITDA margin 17.3% | results | high | — | — |
| 29 Oct 2026 · Q2 FY27 revenue doubles as consolidated profit turns positive | results | high | — | — |
| 26 Oct 2026 · Special window for re-lodging physical share transfer requests | compliance | minimal | — | — |
| 25 Oct 2026 · Shareholders approve preferential equity issue; EGM results revised | fund raising | high | — | — |
| 25 Oct 2026 · Revised EGM results correct shareholder categories without changing approvals | 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.