BSE: 542934
Chandra Bhagat Pharma Limited
Operates as a pharmaceutical company headquartered in Matunga, Mumbai, listed on the BSE SME Exchange. FY26 revenue was Rs 116.27 crore against total assets of Rs 94.21 crore. The cost structure shows zero materials cost, 2.6% employee costs and 13.6% other operating expenses, indicating the business is positioned around pharmaceutical trading, marketing or distribution rather than in-house drug manufacturing. The company is expanding overseas — it opened a representative branch office in Sharjah Media City Free Zone, UAE, commencing 31 March 2026, aimed at export opportunities and relationships with international clients. In FY26, short-term borrowings were reduced to Rs 1,393.92 lakhs and operating cash flow turned positive to Rs 923.57 lakhs from a negative figure the year before. Trade receivables at FY26 year-end stood at Rs 5,461.70 lakhs, indicating extended credit cycles to customers. The company is led by Managing Director Hemant C Bhagat and is exempt from detailed SEBI corporate governance norms under Regulation 15 because of its SME listing. AR · MarketPing reader · 2026-08-02
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 94 | 120 | 221 | 87 | 116 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 1.06 | 1.20 | 2.03 | 1.14 | 4.04 |
| ROE % · ROCE % | — · 12.1 | — · 10.0 | — · 11.9 | — · 9.6 | — · 17.1 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 12 | 5 | 6 | (6) | 9 |
| Capex | — | — | — | (1) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 44 | 75 | 119 | 102 | 65 | 22 | 26 | 91 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 4 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 0.49 | 0.71 | 0.84 | 1.19 | 0.91 | 0.23 | 0.30 | 3.44 |
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 | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 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) | 9.7 | 30.8 | 16 of 158 | 90% |
| ROCE | 11.5 | 10.8 | 86 of 183 | 53% |
| Revenue growth | (11.2) | 16.3 | 135 of 161 | 16% |
| Market cap | 36 | 806 | 155 of 181 | 14% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Samir Dave allotted 5.66% stake via preferential warrants | ownership changes | high | — | — |
| 27 Oct 2026 · Chintan Makhecha allotted warrants equal to 5.66% stake | ownership changes | high | — | — |
| 26 Oct 2026 · Promoter group receives 50 lakh convertible warrants through preferential issue | ownership changes | high | — | — |
| 22 Oct 2026 · Board allots 6.6 million convertible warrants at Rs 44 | fund raising | high | — | — |
| 21 Oct 2026 · Corporate governance reporting exemption for September 2026 quarter | compliance | minimal | — | — |
| 13 Oct 2026 · In-Principle approval for 66 lakh convertible warrants on preferential basis | fund raising | medium | — | — |
| 1 Oct 2026 · Trading Window Closed Ahead of H2 FY26 Results | compliance | minimal | — | — |
| 30 Sept 2026 · Company Secretary resigns from Chandra Bhagat Pharma | management changes | medium | — | — |
| 3 Sept 2026 · AGM results: all 4 resolutions passed; 66L convertible warrants approved | board shareholder meetings | low | — | — |
| 1 Sept 2026 · 23rd AGM held; warrants issue and capital hike among key resolutions | 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.