NSE: BLISSGVS · BSE: 506197
BLISS GVS PHARMA LTD
Manufactures pharmaceutical products and recently commenced operations in Kenya. Facilities received a WHO inspection closure report, indicating compliance with WHO manufacturing standards, and reportedly use 55 to 60 percent renewable energy. For FY26, the company reported revenue of Rs 927.11 crore with an EBITDA margin of 25.36 percent. The cost structure is materials-heavy at 41.7 percent of revenue, followed by other operating expenses at 21.7 percent and employee costs at 14.7 percent. A leadership transition took effect in July 2026, with Mr. Rahul Adakmol, previously at Dr. Reddy's, Bharat Serums and Reliance, appointed CEO from July 15, 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceuticals. Pharmaceutical manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 747 | 752 | 770 | 810 | 927 |
| EBITDA (ex other income) | 45 | 117 | 121 | 127 | 162 |
| margin % | 6.0 | 15.6 | 15.8 | 15.6 | 17.4 |
| Owners' profit | 15 | 71 | 75 | 84 | 129 |
| EPS, as reported (₹) | 1.46 | 6.83 | 7.23 | 8.02 | 12.23 |
| ROE % · ROCE % | 2.7 · 6.7 | 8.4 · 12.1 | 8.1 · 11.7 | 8.3 · 11.8 | 10.9 · 16.0 |
| Debt / equity (x) | 0.12 | 0.11 | 0.09 | 0.07 | 0.00 |
| Cash from operations | 135 | 34 | 152 | 106 | 139 |
| Capex | 0 | (94) | (28) | (76) | (57) |
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 | 218 | 210 | 198 | 207 | 244 | 218 | 257 | 286 |
| Profit before tax | 36 | 36 | 23 | 63 | 41 | 41 | 45 | 75 |
| Net profit | 26 | 26 | 17 | 44 | 29 | 25 | 37 | 51 |
| EPS (₹) | 2.31 | 2.27 | 1.47 | 4.08 | 2.58 | 2.20 | 3.37 | 4.73 |
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 | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 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) | 49.7 | 30.1 | 115 of 158 | 27% |
| P/B | 5.5 | 3.0 | 124 of 163 | 24% |
| ROCE | 15.1 | 10.8 | 63 of 183 | 66% |
| ROE | 10.9 | 9.8 | 78 of 166 | 53% |
| Debt / Equity | 0.0 | 0.2 | 39 of 166 | 77% |
| EBITDA margin | 30.1 | 17.5 | 34 of 165 | 80% |
| Revenue growth | 37.6 | 16.3 | 31 of 161 | 81% |
| Profit growth | 15.8 | 30.9 | 92 of 158 | 42% |
| Market cap | 6787 | 810 | 51 of 181 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 16 Oct 2026 · Postal ballot notice for appointment of three directors | compliance | minimal | — | — |
| 15 Oct 2026 · Postal ballot to appoint 3 new directors nominated by new promoter Anupam Rasayan | management changes | medium | — | — |
| 15 Oct 2026 · Allotment of 53,500 shares under ESOP 2019 to employees | capital market events | low | — | — |
| 14 Oct 2026 · Change of control: New promoters take over, old promoters reclassified as public | ownership changes | high | — | — |
| 14 Oct 2026 · Extension of special window for physical share transfer re-lodgement | compliance | minimal | — | — |
| 6 Oct 2026 · Reg 74(5) RTA certificate filed for Q2 FY25 | compliance | minimal | — | — |
| 6 Oct 2026 · Bliss GVS Pharma: Debenture trustee discloses 48% share pledge | ownership changes | medium | — | — |
| 1 Oct 2026 · Bliss GVS Pharma board approves two ESOP schemes for employees | capital market events | medium | — | — |
| 1 Oct 2026 · Anupam Rasayan crosses 50% in Bliss GVS, becomes new promoter | ownership changes | high | — | — |
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.