NSE: FREDUN · BSE: 539730
FREDUN PHARMACEUTICALS L
Sells generic pharmaceutical formulations distributed in India and 52 international markets, alongside an expanding portfolio of consumer health products. The legacy generics business covers 1,200 products under registration, with 697 globally approved, and is supported by the Palghar manufacturing plant and 37 contract manufacturing sites; capacity expansion is underway across three plants plus one new plant. New-age verticals — pet care, nutrition, mobility, dermaceutics and cosmetics — are being built through acquisitions and own-brand launches, including One Pet Stop (4,000 recurring pet parents) and Wagr.ai (140,000 pet parents), and Snacky Jain functional pet food, with 12 tons already sold via preorders and the line now rolling out across six cities. FY26 consolidated total income reached Rs 633.33 cr, with EBITDA margin of 14.93%. Management targets new-age businesses to contribute 51% of revenue by FY29-30, and 51% of revenue from US operations by FY32. Materials account for 75.9% of revenue, the dominant cost line, while capex runs at 11.6% of revenue to fund capacity additions. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Legacy generic pharmaceuticals, Pet care, Nutrition / nutraceuticals, Mobility / orthopaedics, Dermaceuticals and cosmetics, Contract manufacturing. Diversified pharma plus consumer-health business; legacy generics funded cash generation, with asset-light scaling in pet care, nutrition, mobility and dermaceuticals.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 452 | 633 |
| EBITDA (ex other income) | 50 | 89 |
| margin % | 11.1 | 14.0 |
| Owners' profit | 0 | 33 |
| EPS, as reported (₹) | 44.83 | 66.81 |
| ROE % · ROCE % | 14.0 · 30.0 | 11.7 · 25.0 |
| Debt / equity (x) | 1.18 | 0.80 |
| Cash from operations | (29) | 26 |
| Capex | (6) | (74) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 165 | 119 | 144 | 160 | 210 |
| Profit before tax | 7 | 9 | 13 | 14 | 11 |
| Net profit | 6 | 7 | 9 | 10 | 11 |
| EPS (₹) | 12.71 | 14.33 | 19.98 | 19.53 | 19.70 |
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) | 20.0 | 30.8 | 47 of 158 | 70% |
| P/B | 2.9 | 3.1 | 77 of 163 | 53% |
| ROCE | 13.6 | 10.8 | 73 of 183 | 60% |
| ROE | 11.7 | 9.8 | 66 of 166 | 61% |
| Debt / Equity | 0.8 | 0.2 | 149 of 166 | 10% |
| EBITDA margin | 13.7 | 17.5 | 98 of 165 | 41% |
| Revenue growth | 27.2 | 16.3 | 54 of 161 | 67% |
| Profit growth | 79.6 | 30.9 | 43 of 158 | 73% |
| Market cap | 806 | 806 | 91 of 181 | 50% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · 44,000 equity shares allotted on warrant conversion | fund raising | low | — | — |
| 23 Oct 2026 · 14,667 warrants convert into 44,000 equity shares | fund raising | high | — | — |
| 12 Oct 2026 · Routine filing - Confirmation of share dematerialisation for Sep 2026 quarter | compliance | minimal | — | — |
| 8 Oct 2026 · Fredun Pharma H1 FY27 update: pet-care deals, branded push, bonus done | compliance | medium | — | — |
| 5 Oct 2026 · Revised Allotment: 1,82,400 Shares on Warrant Conversion | fund raising | low | — | — |
| 5 Oct 2026 · Warrant Conversion Results in 182,400 Equity Shares | fund raising | medium | — | — |
| 3 Oct 2026 · Conversion of 60,800 warrants into 1,82,400 equity shares | fund raising | high | — | — |
| 3 Oct 2026 · Fredun Pharmaceuticals allots 1,82,400 shares on warrant conversion | fund raising | medium | — | — |
| 28 Sept 2026 · Intimation of Trading Window Closure | compliance | minimal | — | — |
| 22 Sept 2026 · Revised Allotment of 3,61,599 Shares on Warrant Conversion post Bonus Issue | fund raising | medium | — | — |
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.