BSE: 543616
Trident Lifeline Limited
Sells a wide pharmaceutical product portfolio of 3,625 products, with 1,091 products registered across 46 countries and 2,534 registrations pending, generating revenue from both domestic and export markets. In FY26, consolidated revenue was Rs 129.02 crore, up 48.4% year-on-year, driven by growth in pharmaceutical sales. The company also operates a medical-device subsidiary, Trident Mediquip Limited (TML), in which it holds around 58.67% and which reported turnover of Rs 27.31 crore in FY26 versus Rs 21.29 crore in FY25. Materials are the single largest cost at 46.5% of revenue, followed by other operating expenses at 10.6% and employee costs at 8.4%. Capital expenditure absorbed 28.3% of revenue in FY26, reflecting ongoing investment in the business. The company is currently migrating its listing from the BSE SME platform to the BSE and NSE main boards. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pharmaceutical products, Medical devices (via Trident Mediquip subsidiary). Pharmaceutical formulations exporter with a growing medical-device subsidiary and heavy reinvestment
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 32 | 45 | 87 | 129 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 6.23 | 5.17 | 10.22 | 16.32 |
| ROE % · ROCE % | — · 14.7 | — · 13.9 | — · 17.2 | — · 21.0 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (17) | 2 | (10) | 5 |
| Capex | — | — | (11) | (36) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 29 | 50 | 24 | 53 | 26 | 76 | 34 |
| Profit before tax | 3 | 7 | 7 | 4 | 11 | 6 | 17 | 7 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 1.39 | 4.69 | 6.32 | 2.66 | 6.91 | 3.72 | 9.45 | 4.27 |
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 | 4,49,869 | 37.2 | 5.36 | 24.1 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,49,683 | 85.5 | 14.90 | 64.4 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,282 | 79.4 | 9.57 | 41.6 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,16,367 | 26.0 | 3.93 | 15.0 | 17.3 | 18.0 | 12.4 | 25.2 |
| CIPLA LTD | 1,11,403 | 33.0 | 3.23 | 17.1 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,08,995 | 99.6 | 20.07 | 60.7 | 16.4 | 17.2 | 7.2 | 32.0 |
| MANKIND PHARMA LIMITED | 1,00,400 | 49.1 | 6.06 | 27.6 | 11.7 | 10.8 | — | 27.3 |
| DR. REDDY S LABORATORIES | 1,00,367 | 31.1 | 2.63 | 13.5 | 10.9 | 13.0 | 12.1 | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.2 | 29.6 | 42 of 170 | 76% |
| ROCE | 18.3 | 10.8 | 43 of 183 | 77% |
| Revenue growth | 42.8 | 16.3 | 25 of 161 | 85% |
| Market cap | 441 | 770 | 100 of 184 | 46% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 16 Sept 2026 · Trident Lifeline to attend Arihant Capital Bharat Connect conference on Sep 25 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Trident Lifeline honoured by PHARMEXCIL for pharma exports | business updates | low | — | — |
| 5 Sept 2026 · Trident Lifeline publishes 13th AGM notice and e-voting details in newspapers | compliance | minimal | — | — |
| 4 Sept 2026 · Trident Lifeline FY26 Annual Report: Revenue 129cr, PAT up 84% | results | high | — | — |
| 4 Sept 2026 · Trident Lifeline 13th AGM on September 26, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Trident Lifeline revises Book Closure dates for 13th AGM | corporate actions | low | — | — |
| 1 Sept 2026 · Newspaper ad published for 13th AGM on September 26, 2026 via video conferencing | compliance | minimal | — | — |
| 31 Aug 2026 · Trident Lifeline allots 24000 shares on warrant conversion | fund raising | low | — | — |
| 31 Aug 2026 · Trident Lifeline allots 24000 shares on warrant conversion | fund raising | low | — | — |
| 31 Aug 2026 · Trident Lifeline selected for Pharmexcil pharmaceutical exports award | business updates | 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.