BSE: 524572
PHARMAIDS PHARMACEUTICALS LTD.
Operates a pharmaceutical business with a drug discovery services arm, where a Vice President of Discovery Services leads the work. Through its material subsidiary Adita Bio Sys Private Limited, the company runs a laboratory accredited by the American Association for Laboratory Accreditation (A2LA) to test medical devices in the biological field under ISO/IEC 17025:2017 and US FDA Good Laboratory Practice Regulations per 21 CFR Part 58, serving medical device clients needing regulatory-grade testing. A step-down subsidiary, Spring Labs, also contributed to consolidated revenue, while step-down subsidiary Siri Labvivo Diet Private Limited was sold in March 2026 for Rs. 3 lakh. The standalone pharmaceutical entity recorded revenue of Rs. 1,060.25 lakh in FY26, up sharply from Rs. 234.09 lakh in FY25, while consolidated revenue was Rs. 2,788.24 lakh (up 43% year-on-year), with most consolidated revenue coming from the subsidiaries. The company is loss-making at both standalone and consolidated levels, with FY26 consolidated net loss of Rs. 1,157.19 lakh and operating cash outflows of Rs. 405.72 lakh. Materials consumed are the single largest cost at 52.9% of revenue, followed by employee costs at 48.0%, and the board approved a Rs. 75 lakh corporate guarantee for Adita Bio Sys under the ECLGS 5.0 scheme. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Drug discovery services (standalone), Medical device laboratory testing (via subsidiary Adita Bio Sys), Other subsidiary operations (including Spring Labs). Loss-making, small-scale pharmaceutical and contract laboratory services company with consolidated revenue under Rs. 30 crore.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 0 | 15 | 19 | 28 |
| EBITDA (ex other income) | (10) | (13) | (13) | (11) |
| margin % | — | (87.4) | (66.1) | (39.7) |
| Owners' profit | (8) | (8) | (11) | (12) |
| EPS, as reported (₹) | (5.83) | (3.56) | (3.05) | (3.31) |
| ROE % · ROCE % | (33.6) · (44.1) | (16.8) · (17.6) | (24.5) · (16.7) | (24.3) · (20.3) |
| Debt / equity (x) | 0.00 | 0.08 | 0.64 | 0.44 |
| Cash from operations | (4) | (11) | (14) | (4) |
| Capex | (2) | (23) | (12) | (4) |
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 | 5 | 5 | 5 | 5 | 7 | 9 | 5 | 7 |
| Profit before tax | (4) | (4) | (4) | (5) | (7) | (4) | (4) | (1) |
| Net profit | (3) | (3) | (3) | (5) | (5) | (3) | (3) | (1) |
| EPS (₹) | (0.76) | (0.73) | (0.55) | (1.11) | (1.41) | (0.70) | (0.70) | (0.51) |
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 | 4,26,524 | 38.9 | 4.76 | 23.7 | 5.5 | 8.0 | 11.8 | 29.3 |
| DIVI S LABORATORIES LTD | 2,59,170 | 88.7 | 15.46 | 75.3 | 15.3 | 18.8 | 8.7 | 40.7 |
| TORRENT PHARMACEUTICALS L | 1,75,309 | 77.9 | 9.54 | 41.5 | 6.0 | 4.0 | 11.8 | 33.5 |
| LAURUS LABS LIMITED | 1,29,969 | 96.9 | 21.03 | 74.4 | 12.9 | 14.2 | 7.2 | 34.0 |
| ZYDUS LIFESCIENCES LTD | 1,24,301 | 27.8 | 4.20 | 15.9 | 17.3 | 18.0 | 12.4 | 24.1 |
| DR. REDDY S LABORATORIES | 1,12,892 | 40.2 | 2.89 | 18.2 | 3.4 | 4.2 | 12.1 | 19.9 |
| CIPLA LTD | 1,11,394 | 38.4 | 3.14 | 18.8 | 4.6 | 6.2 | 8.0 | 18.7 |
| MANKIND PHARMA LIMITED | 1,02,953 | 45.9 | 5.77 | 30.1 | 7.2 | 7.3 | — | 27.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 2.1 | 2.9 | 58 of 163 | 65% |
| ROCE | (25.8) | 9.2 | 172 of 182 | 6% |
| ROE | (24.3) | 7.8 | 159 of 165 | 4% |
| Debt / Equity | 0.4 | 0.1 | 132 of 166 | 21% |
| EBITDA margin | (4.7) | 13.7 | 161 of 177 | 9% |
| Revenue growth | 50.7 | 17.1 | 25 of 161 | 85% |
| Profit growth | 77.4 | 27.3 | 48 of 158 | 70% |
| Market cap | 100 | 802 | 134 of 181 | 26% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Newspaper notice on special window for physical share transfer re-lodgement | compliance | minimal | — | — |
| 13 Oct 2026 · Compliance certificate on share dematerialization for Sep 2026 quarter | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from October 1 for Q2 FY26 Results | compliance | minimal | — | — |
| 16 Sept 2026 · Pharmaids files recovery case against Anugraha Chemicals over dishonoured cheques | regulatory legal | medium | — | — |
| 15 Sept 2026 · 37th AGM results: all 4 resolutions passed with over 99.9% approval | board shareholder meetings | low | — | — |
| 11 Sept 2026 · 37th AGM held on Sept 11, 2026 - 4 resolutions taken up via video conferencing | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Newspaper publication of 37th AGM Notice dated September 11, 2026 | compliance | minimal | — | — |
| 18 Aug 2026 · 37th AGM notice and Annual Report for FY2025-26 filed | results | high | — | — |
| 18 Aug 2026 · Notice of 37th AGM on Sept 11, 2026 and FY26 Annual Report | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
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.