BSE: 537536
DENIS CHEM LAB LTD
Makes parenteral products, which are injectable pharmaceuticals. FY26 revenue was Rs. 181.72 crore with net profit of Rs. 8.41 crore on total assets of Rs. 124.83 crore. Materials account for 48.2% of revenue, with employee costs at 9.4%, other operating expenses at 27.1%, depreciation at 3.8% and annual capex at 2.6%. EBITDA margin stood at 10.77% in FY26. Operating cash flow dropped to Rs. 413 lakh from Rs. 1,209 lakh in FY25, while trade receivables grew by Rs. 804 lakh and current borrowings rose to Rs. 373 lakh from Rs. 37 lakh. The board has recommended a Rs. 2.50 per share final dividend for FY26, subject to shareholder approval. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Injectable (parenteral) pharmaceuticals. Small-cap pharma manufacturer; materials-heavy cost structure, low capex intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 137 | 161 | 168 | 173 | 182 |
| EBITDA (ex other income) | 14 | 19 | 21 | 16 | 18 |
| margin % | 10.5 | 11.7 | 12.7 | 9.3 | 9.7 |
| Owners' profit | 6 | 8 | 11 | 8 | 8 |
| EPS, as reported (₹) | 4.51 | 5.66 | 8.04 | 5.82 | 6.06 |
| ROE % · ROCE % | 9.4 · 13.6 | 10.9 · 15.3 | 13.9 · 19.1 | 9.5 · 13.5 | 9.2 · 13.7 |
| Debt / equity (x) | 0.05 | 0.03 | 0.01 | 0.01 | 0.05 |
| Cash from operations | 17 | 16 | 18 | 12 | 4 |
| Capex | 0 | 0 | (7) | (8) | (5) |
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 | 41 | 48 | 43 | 41 | 43 | 46 | 46 | 47 |
| Profit before tax | 3 | 5 | 2 | 1 | 3 | 3 | 4 | 1 |
| Net profit | 2 | 4 | 2 | 1 | 2 | 2 | 3 | 0 |
| EPS (₹) | 1.50 | 2.54 | 1.27 | 0.51 | 1.78 | 1.60 | 2.39 | 0.29 |
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) | 10.1 | 30.8 | 19 of 158 | 89% |
| P/B | 0.9 | 3.1 | 20 of 163 | 88% |
| ROCE | 12.8 | 10.8 | 79 of 183 | 57% |
| ROE | 9.2 | 9.8 | 90 of 166 | 46% |
| Debt / Equity | 0.1 | 0.2 | 65 of 166 | 61% |
| EBITDA margin | 6.6 | 17.5 | 135 of 165 | 18% |
| Revenue growth | 13.0 | 16.3 | 86 of 161 | 47% |
| Profit growth | (43.5) | 30.9 | 128 of 158 | 19% |
| Market cap | 85 | 806 | 138 of 181 | 24% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board to approve September quarter unaudited results | results | low | — | — |
| 16 Oct 2026 · Foreign holder VS Holding B V cuts Denis Chem Lab stake by 2.05 percent | ownership changes | high | — | — |
| 7 Oct 2026 · Routine RTA compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 26 Sept 2026 · Trading Window Closed from Oct 1 Until Q2 Results Announcement | compliance | minimal | — | — |
| 25 Sept 2026 · Shareholders approve re-appointment of Dr Himanshu Patel as MD for 3 years | management changes | medium | — | — |
| 25 Sept 2026 · Dr. Himanshu Patel re-appointed as Managing Director for 3 years | management changes | medium | — | — |
| 25 Sept 2026 · Appointment of Secretarial Auditors at 45th AGM | management changes | medium | — | — |
| 25 Sept 2026 · All 6 resolutions passed at Denis Chem Lab 45th AGM; Rs 2.50 dividend approved | board shareholder meetings | low | — | — |
| 25 Sept 2026 · All 6 resolutions passed at Denis Chem Lab 45th AGM; Rs 2.50 dividend cleared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Denis Chem Lab 45th AGM: Dividend of Rs 2.50 per share declared | 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.