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 | 4,49,869 | 37.2 | 5.36 | 24.1 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,49,683 | 85.5 | 14.90 | 64.4 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,282 | 79.4 | 9.57 | 41.6 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,16,367 | 26.0 | 3.93 | 15.0 | 17.3 | 18.0 | 12.4 | 25.2 |
| CIPLA LTD | 1,11,403 | 33.0 | 3.23 | 17.1 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,08,995 | 99.6 | 20.07 | 60.7 | 16.4 | 17.2 | 7.2 | 32.0 |
| MANKIND PHARMA LIMITED | 1,00,400 | 49.1 | 6.06 | 27.6 | 11.7 | 10.8 | — | 27.3 |
| DR. REDDY S LABORATORIES | 1,00,367 | 31.1 | 2.63 | 13.5 | 10.9 | 13.0 | 12.1 | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.5 | 29.6 | 105 of 170 | 39% |
| P/B | 3.4 | 3.3 | 87 of 164 | 47% |
| ROCE | (4.7) | 10.8 | 163 of 183 | 11% |
| ROE | (8.8) | 10.4 | 159 of 171 | 7% |
| Debt / Equity | 0.5 | 0.1 | 139 of 171 | 19% |
| EBITDA margin | 3.1 | 17.5 | 148 of 165 | 10% |
| Revenue growth | (4.2) | 16.3 | 125 of 161 | 23% |
| Profit growth | 13.6 | 30.9 | 98 of 158 | 38% |
| Market cap | 1065 | 770 | 89 of 184 | 52% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 19 Sept 2026 · All 6 resolutions passed at Bharat Parenterals 33rd AGM; final dividend approved | board shareholder meetings | low | — | — |
| 19 Sept 2026 · 33rd AGM held via video conferencing; six resolutions put to vote | board shareholder meetings | low | — | — |
| 14 Sept 2026 · Newspaper ads filed for proposed physical share transfers | compliance | minimal | — | — |
| 28 Aug 2026 · Newspaper advertisement for 33rd AGM on September 19, 2026 | compliance | minimal | — | — |
| 27 Aug 2026 · Letter sent to shareholders on FY26 Annual Report access and 33rd AGM | compliance | low | — | — |
| 27 Aug 2026 · Record Date Set for FY26 Dividend | corporate actions | high | — | — |
| 27 Aug 2026 · Annual Report FY25-26: Revenue Rs345.4cr, EBITDA up Six-Fold, Loss Narrows 37.5% | results | high | — | — |
| 27 Aug 2026 · 33rd AGM notice on Sept 19, 2026; Rs.1 dividend and director reappointment | board shareholder meetings | low | — | — |
| 24 Aug 2026 · Bharat Parenterals fixes Sep 19, 2026 for 33rd AGM via video conferencing | compliance | minimal | — | — |
| 20 Aug 2026 · Bharat Parenterals shares now permitted to trade on NSE | capital market events | 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.