BSE: 538964
Mercury Laboratories Limited
Manufactures pharmaceutical products as its single business segment, operating from at least one plant at Jarod (Gujarat, where the company has a Plant Head role on record). FY26 total income was Rs 75.94 crore, with net profit of Rs 4.83 crore and an EBITDA margin of 13.96%. The filings repeatedly describe the business as a one-segment pharmaceutical products company, with no breakdown of therapy area, formulation type, or geography of sale provided. In Q1 FY27, revenue from operations was about Rs 579 lakh and net profit was Rs 12.47 lakh. The largest cost line is raw materials at 33.4% of revenue, followed by employee cost at 23.0% and other operating expenses at 26.3%; depreciation is 4.5% and capex is 4.2% of revenue, indicating a relatively asset-light cost base. Outstanding borrowings stood at Rs 7.31 crore as of March 31, 2026, and the company's fixed deposit programme carries a CRISIL rating of BB+/Stable. The Board recommended a final dividend of Rs 3.50 per share (35% of face value) for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceutical products (100%). Small, single-segment pharmaceutical manufacturer with one identified plant at Jarod.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 58 | 75 | 76 | 75 | 76 |
| EBITDA (ex other income) | 7 | 9 | 9 | 7 | 9 |
| margin % | 12.5 | 11.4 | 12.0 | 9.3 | 11.4 |
| Owners' profit | 4 | 6 | 6 | 3 | 5 |
| EPS, as reported (₹) | 30.72 | 46.49 | 47.12 | 26.21 | 40.28 |
| ROE % · ROCE % | 9.1 · 11.3 | 12.2 · 15.4 | 11.1 · 13.3 | 5.9 · 8.8 | 8.3 · 10.7 |
| Debt / equity (x) | 0.13 | 0.12 | 0.11 | 0.08 | 0.13 |
| Cash from operations | 5 | 2 | 8 | 4 | 4 |
| Capex | — | (1) | (6) | (9) | (3) |
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 | 18 | 20 | 21 | 18 | 19 | 18 | 20 | 16 |
| Profit before tax | 1 | 2 | 1 | 2 | 2 | 1 | 2 | 0 |
| Net profit | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 0 |
| EPS (₹) | 4.17 | 9.94 | 9.25 | 8.06 | 13.69 | 8.31 | 10.21 | 2.48 |
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) | 21.6 | 30.8 | 53 of 158 | 67% |
| P/B | 1.6 | 3.1 | 41 of 163 | 75% |
| ROCE | 9.8 | 10.8 | 100 of 183 | 46% |
| ROE | 8.3 | 9.8 | 94 of 166 | 44% |
| Debt / Equity | 0.1 | 0.2 | 78 of 166 | 53% |
| EBITDA margin | 7.8 | 17.5 | 129 of 165 | 22% |
| Revenue growth | (12.0) | 16.3 | 137 of 161 | 15% |
| Profit growth | (69.2) | 30.9 | 139 of 158 | 12% |
| Market cap | 90 | 806 | 136 of 181 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · HR Manager Jaydeepsinh Raj ceased duties with effect from October 28, 2026 | management changes | low | — | — |
| 6 Oct 2026 · Reg 74(5) Demat Compliance Certificate for Jul-Sep 2026 Quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Non-Executive Director not re-appointed by shareholders at AGM | management changes | medium | — | — |
| 30 Sept 2026 · AGM 2026 results: 5 of 9 resolutions rejected by shareholders | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Mercury Labs 45th AGM: FY26 dividend of Rs 3.50 per share, 9 resolutions tabled | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 FY27 results | compliance | minimal | — | — |
| 3 Sept 2026 · Appointment of Manager-HR as Senior Management Personnel | management changes | low | — | — |
| 2 Sept 2026 · Newspaper publication of 45th AGM notice for September 28, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Mercury Labs files 45th Annual Report, Rs 3.50/share dividend recommended | compliance | minimal | — | — |
| 1 Sept 2026 · Mercury Labs 45th AGM on Sep 28, 2026: Rs 3.50/share dividend proposed | 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.