BSE: 524202
LACTOSE (INDIA) LTD.
Manufactures pharmaceutical products in Gujarat with a current production capacity of 10,000 metric tonnes per annum. FY26 revenue was Rs 163.29 crore, up 40.3% year-on-year, while net profit rose 17.4% to Rs 6.06 crore. EBITDA margin compressed from 14.6% in FY25 to 11.2% in FY26 as material costs rose faster than revenue. Raw materials are the largest cost, accounting for 53.6% of revenue in FY26, followed by other operating expenses at 22.4% and employee cost at 8.6%. The company is seeking NCLT and SEBI approval to amalgamate with Vitanosh Ingredients Private Limited, a related-party merger whose promoters are family members of the company's promoters, that would lift production capacity to 15,000 MT per annum. Working capital is funded through Rs 90 crore of bank facilities (long-term rating BBB-/Stable from CRISIL), including Rs 35 crore cash credit from Bank of Baroda, Rs 25 crore from YES Bank, and a Rs 30 crore term loan from Bank of Baroda. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pharmaceuticals. Small-cap, Gujarat-based pharmaceutical manufacturer; capacity expansion driven by related-party amalgamation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 46 | 66 | 114 | 116 | 163 |
| EBITDA (ex other income) | 12 | 11 | 19 | 17 | 18 |
| margin % | 26.7 | 17.4 | 16.7 | 14.6 | 11.3 |
| Owners' profit | 2 | 1 | 7 | 5 | 6 |
| EPS, as reported (₹) | 2.10 | 0.96 | 5.39 | 4.10 | 4.82 |
| ROE % · ROCE % | 6.2 · 11.0 | 3.0 · 10.0 | 14.4 · 19.8 | 8.8 · 14.7 | 9.4 · 14.7 |
| Debt / equity (x) | 1.04 | 0.96 | 0.81 | 0.96 | 0.95 |
| Cash from operations | 8 | 8 | 9 | (0) | 6 |
| Capex | (1) | (2) | (2) | (14) | (10) |
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 | 30 | 29 | 28 | 40 | 41 | 37 | 46 | 47 |
| Profit before tax | 3 | 1 | 1 | 2 | 3 | 1 | 2 | 3 |
| Net profit | 2 | 0 | 1 | 1 | 2 | 1 | 2 | 2 |
| EPS (₹) | 1.61 | 0.17 | 0.51 | 1.19 | 1.71 | 0.42 | 1.49 | 1.88 |
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 | 4,46,270 | 40.7 | 4.98 | 24.9 | 5.5 | 8.0 | 11.8 | 29.3 |
| DIVI S LABORATORIES LTD | 2,73,493 | 93.6 | 16.32 | 79.4 | 15.3 | 18.8 | 8.7 | 40.7 |
| TORRENT PHARMACEUTICALS L | 1,80,500 | 80.2 | 9.82 | 42.6 | 6.0 | 4.0 | 11.8 | 33.5 |
| LAURUS LABS LIMITED | 1,26,430 | 94.3 | 20.45 | 72.4 | 12.9 | 14.2 | 7.2 | 34.0 |
| ZYDUS LIFESCIENCES LTD | 1,19,550 | 28.8 | 3.94 | 15.4 | 6.4 | 6.8 | 12.4 | 24.0 |
| DR. REDDY S LABORATORIES | 1,14,646 | 40.9 | 2.93 | 18.5 | 3.4 | 4.2 | 12.1 | 19.9 |
| CIPLA LTD | 1,13,988 | 39.3 | 3.21 | 19.3 | 4.6 | 6.2 | 8.0 | 18.7 |
| MANKIND PHARMA LIMITED | 1,04,902 | 46.8 | 5.88 | 30.6 | 7.2 | 7.3 | — | 27.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.0 | 28.9 | 45 of 160 | 72% |
| P/B | 2.0 | 3.1 | 54 of 163 | 67% |
| ROCE | 9.2 | 8.0 | 73 of 177 | 59% |
| ROE | 9.4 | 6.8 | 59 of 165 | 65% |
| Debt / Equity | 0.9 | 0.1 | 153 of 166 | 8% |
| EBITDA margin | 12.9 | 14.6 | 96 of 178 | 46% |
| Revenue growth | 18.7 | 17.1 | 75 of 163 | 54% |
| Profit growth | 57.9 | 21.8 | 57 of 157 | 64% |
| Market cap | 132 | 811 | 127 of 181 | 30% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · No figures disclosed; board to review Q2 results and allot 15.89 lakh shares | results | low | — | — |
| 21 Oct 2026 · NCLT approves amalgamation of Vitanosh Ingredients into Lactose India | strategic transactions | medium | — | — |
| 14 Oct 2026 · Quarterly demat compliance certificate submitted to BSE | compliance | minimal | — | — |
| 1 Oct 2026 · AGM results: All 6 resolutions passed with 100% approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 35th AGM: All 6 resolutions passed with over 99.99% approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Lactose India appoints Alpesh A. Lakeshri as Cost Auditor for FY27 | management changes | low | — | — |
| 30 Sept 2026 · 35th AGM concluded; 6 resolutions passed including remuneration hike | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 financial results | compliance | minimal | — | — |
| 8 Sept 2026 · 35th AGM on Sept 30, 2026 via video conferencing; book closure from Sept 24 | compliance | minimal | — | — |
| 7 Sept 2026 · Lactose India 35th AGM on 30 Sept 2026; book closure 24-30 Sept | 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.