NSE: PGHL · BSE: 500126
PROCTER & GAMBLE HEALTH L
Sells vitamins, minerals and supplements in India under brands like Neurobion (B-vitamin / nerve care), Evion (Vitamin E / muscle health), Livogen (iron), and Polybion, distributed mainly through pharmacies and increasingly through e-pharmacy platforms. The portfolio is concentrated in nerve care, muscle health and iron deficiency, with recent launches in gummy and cream formats such as Livogen Iron Gummies and Neurobion Nerve Pain Relief Cream. Distribution runs on a super-distributor go-to-market model that has expanded Neurobion's pharmacy reach by 1.4x in five years, adding roughly 100,000 new stores. Exports contributed ₹50 crore (+12% YoY) with the Sri Lanka business growing 30%+. The business is asset-light (capex 1.1% of revenue), with materials being the largest cost at 21.8% of revenue, followed by employee costs at 15.8% and other operating expenses at 25.8%, and it generated operating cash flow of ₹338 crore in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Nerve care / B-vitamin portfolio, Vitamin E / muscle health, Iron supplements, Polybion / B-complex range, Exports. Brand-led, asset-light vitamins and supplements company with high margins and low capital intensity
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 819 | 928 | 867 | 934 | 1,408 |
| EBITDA (ex other income) | 209 | 279 | 258 | 318 | 457 |
| margin % | 25.5 | 30.0 | 29.7 | 34.1 | 32.4 |
| Owners' profit | 151 | 200 | 184 | 234 | 327 |
| EPS, as reported (₹) | 91.20 | 120.30 | 111.00 | 141.22 | 196.94 |
| ROE % · ROCE % | — · — | — · — | — · — | 43.7 · 53.9 | 62.3 · 76.8 |
| Debt / equity (x) | — | — | — | 0.00 | 0.00 |
| Cash from operations | — | — | — | 169 | 338 |
| Capex | — | — | — | 0 | (16) |
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 | 313 | 310 | 311 | 339 | 325 | 374 | 370 | 364 |
| Profit before tax | 111 | 122 | 79 | 89 | 119 | 109 | 133 | 129 |
| Net profit | 82 | 91 | 61 | 66 | 89 | 78 | 95 | 96 |
| EPS (₹) | 49.60 | 54.76 | 36.86 | 39.87 | 53.34 | 46.74 | 56.99 | 57.92 |
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) | 25.1 | 30.8 | 64 of 158 | 60% |
| P/B | 17.1 | 3.1 | 155 of 163 | 5% |
| ROCE | 76.7 | 10.8 | 2 of 183 | 100% |
| ROE | 62.3 | 9.8 | 3 of 166 | 99% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 37.2 | 17.5 | 14 of 165 | 92% |
| Revenue growth | 7.4 | 16.3 | 104 of 161 | 36% |
| Profit growth | 45.3 | 30.9 | 67 of 158 | 58% |
| Market cap | 8972 | 806 | 45 of 181 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Compliance certificate for Q2 FY27 demat details filed | compliance | minimal | — | — |
| 30 Sept 2026 · Board meeting on Nov 2 to consider Q2 and H1 FY26 results | results | low | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · P&G Health: SEBI extends special window for physical share transfer re-lodgement till Feb 2027 | compliance | minimal | — | — |
| 4 Sept 2026 · Re-appointment of Mr. S. Madhavan as Independent Director approved | management changes | medium | — | — |
| 4 Sept 2026 · P and G Health 59th AGM: All 5 Resolutions Approved with Over 99% Support | board shareholder meetings | low | — | — |
| 3 Sept 2026 · P&G Health 59th AGM held; FY26 sales up 16%, PAT up 30% | board shareholder meetings | medium | — | — |
| 12 Aug 2026 · 59th AGM scheduled on September 3, 2026 at 2:30 PM | board shareholder meetings | low | — | — |
| 12 Aug 2026 · BRSR Report for FY ended March 31, 2026 filed with stock exchanges | compliance | low | — | — |
| 12 Aug 2026 · P&G Health FY26 Annual Report filed; 59th AGM on September 3, 2026 | board shareholder meetings | 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.