BSE: 524414
NORRIS MEDICINES LTD.
Manufactures and supplies pharmaceutical products, with regulatory clearance to supply the Nigerian market (a clean NAFDAC inspection was completed in December 2025). The operations are run out of Ankleshwar, Gujarat. FY26 revenue from operations was Rs. 813.20 lakhs, up 39.7% from Rs. 582.02 lakhs in FY25, with Q3 FY26 alone delivering Rs. 326.66 lakhs (nearly three times the Rs. 110.60 lakhs in Q3 FY25). The cost base is dominated by materials, which made up 53.4% of FY26 revenue, followed by employee cost at 20.5% and other operating expenses at 18.4%. Despite top-line growth, the company reported a net loss of Rs. 28.06 lakhs for FY26 (improved from Rs. 123.75 lakhs), and operating cash flow was negative at Rs. 11.26 lakhs. Total equity is deeply negative at Rs. -1,514.80 lakhs, and a long-pending Bombay High Court order directing a Rs. 1.33 crore deposit was quashed in November 2025. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pharmaceutical products. Small-scale pharmaceutical manufacturing with negative net worth and recent losses.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9 | 8 | 6 | 6 | 8 |
| EBITDA (ex other income) | (0) | 1 | (0) | (0) | 1 |
| margin % | (0.8) | 11.0 | (3.3) | (4.5) | 8.2 |
| Owners' profit | (3) | (2) | (1) | (1) | (0) |
| EPS, as reported (₹) | (3.26) | (1.75) | (1.19) | (1.24) | (0.28) |
| ROE % · ROCE % | 30.5 · (9.5) | 14.1 · 5.1 | 8.7 · (14.7) | 8.3 · (20.2) | 1.9 · 6.5 |
| Debt / equity (x) | (1.97) | (1.72) | (1.58) | (1.45) | (1.42) |
| Cash from operations | (1) | 1 | 0 | 0 | 1 |
| Capex | 0 | (0) | 0 | (0) | (0) |
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 | 1 | 1 | 1 | 3 | 1 | 3 | 3 | 1 |
| Profit before tax | (0) | (0) | (0) | (0) | (0) | (1) | 1 | 0 |
| Net profit | (0) | (0) | (0) | (0) | (0) | (1) | 1 | 0 |
| EPS (₹) | (0.37) | (0.36) | (0.28) | (0.23) | 0.62 | 2.08 | 0.70 | 0.05 |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 27,525 | 16.2 | 2.64 | 12.8 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 7,740 | 17.3 | 3.65 | 16.5 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 3,896 | 16.6 | 4.31 | 11.3 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,653 | 25.4 | 4.27 | 19.0 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,104 | — | 12.27 | — | (0.0) | (0.0) | — | 45.0 |
| SHIV AUM STEELS LIMITED | 736 | 64.8 | 6.09 | 47.0 | 6.0 | 6.9 | — | 4.9 |
| The Yamuna Syndicate Ltd | 736 | 8.1 | 0.57 | 185.3 | 4.0 | 0.3 | 4.8 | 6.2 |
| THE STATE TRADING CORPN | 602 | 0.9 | — | 51.0 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.2 | 13.9 | 21 of 130 | 85% |
| ROCE | (8.3) | 2.1 | 159 of 177 | 10% |
| EBITDA margin | 23.3 | 4.5 | 25 of 137 | 82% |
| Revenue growth | (48.2) | (8.6) | 93 of 135 | 31% |
| Profit growth | 122.1 | 0.6 | 41 of 157 | 74% |
| Market cap | 15 | 21 | 110 of 179 | 39% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine compliance certificate on dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · AGM Results: All 6 Resolutions Passed Including MD Appointment | board shareholder meetings | low | — | — |
| 29 Sept 2026 · All 6 resolutions passed at Norris Medicines 35th AGM | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Norris Medicines 35th AGM held on Sep 29, 2026; six resolutions transacted | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · Norris Medicines 35th AGM held; six resolutions put to e-voting | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 35th AGM of Norris Medicines held on Sep 29, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading Window Closed from 1 Oct for Q2 Results | compliance | minimal | — | — |
| 7 Sept 2026 · Norris Medicines files newspaper ad for 35th AGM notice with BSE | compliance | minimal | — | — |
| 4 Sept 2026 · 35th Annual Report for FY 2025-26 filed; AGM set for Sep 29 | results | high | — | — |
| 4 Sept 2026 · AGM on Sep 29: MD appointment, higher debt and asset sale limits | 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.