NSE: UNICHEMLAB · BSE: 506690
UNICHEM LABORATORIES LTD
Manufactures and sells pharmaceutical formulations, with 97.6% of standalone turnover coming from exports across 65 countries. Operates 6 manufacturing plants in India across 14 states, four of which are zero liquid discharge facilities, supported by a workforce of 1,907 employees and 908 workers. Formulation volumes rose 131% and standalone revenue grew 84% over the current MD's tenure, reaching Rs 1,475 crore in FY26; on a consolidated basis, total income was Rs 2,201.85 crore with net profit of Rs 252.84 crore. Related party sales accounted for 65.59% of revenue, with material supplies received from a step-down subsidiary. The company's largest cost line is materials at 34.9% of revenue, followed by employees at 18.0% and other operating expenses at 27.3%. EBITDA margin stood at 20.4% in FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceutical formulations, Related party sales (66%). Export-heavy, formulation-focused pharmaceutical manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,270 | 1,343 | 1,705 | 2,111 | 2,202 |
| EBITDA (ex other income) | 73 | (84) | 43 | 265 | 386 |
| margin % | 5.7 | (6.3) | 2.5 | 12.5 | 17.5 |
| Owners' profit | 0 | (202) | 0 | 0 | 0 |
| EPS, as reported (₹) | 4.70 | (28.72) | (10.01) | 19.53 | 35.91 |
| ROE % · ROCE % | 1.3 · 1.1 | (8.3) · (6.2) | (3.0) · (1.6) | 5.6 · 6.8 | 9.3 · 11.4 |
| Debt / equity (x) | 0.13 | 0.12 | 0.09 | 0.18 | 0.17 |
| Cash from operations | (260) | (85) | 17 | (7) | 4 |
| Capex | (127) | (44) | (23) | (137) | (123) |
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 | 462 | 533 | 587 | 527 | 579 | 521 | 575 | 633 |
| Profit before tax | 33 | 62 | 58 | (9) | (11) | 293 | 19 | 49 |
| Net profit | 30 | 58 | 53 | (10) | (12) | 264 | 11 | 41 |
| EPS (₹) | 4.34 | 8.22 | 7.52 | (1.49) | (1.69) | 37.54 | 1.55 | 6.61 |
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) | 11.1 | 30.8 | 24 of 158 | 85% |
| P/B | 1.3 | 3.1 | 33 of 163 | 80% |
| ROCE | 10.3 | 10.8 | 97 of 183 | 47% |
| ROE | 9.3 | 9.8 | 88 of 166 | 47% |
| Debt / Equity | 0.2 | 0.2 | 89 of 166 | 47% |
| EBITDA margin | 13.5 | 17.5 | 99 of 165 | 40% |
| Revenue growth | 20.1 | 16.3 | 68 of 161 | 58% |
| Profit growth | 496.1 | 30.9 | 10 of 158 | 94% |
| Market cap | 3442 | 806 | 66 of 181 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting on Nov 4 to consider Q2 and H1 FY27 results | results | low | — | — |
| 13 Oct 2026 · Quarterly compliance certificate under SEBI Depositories Regulations | compliance | minimal | — | — |
| 26 Sept 2026 · USFDA inspection at Goa facility ends with 5 procedural observations | regulatory legal | high | — | — |
| 24 Sept 2026 · Trading Window Closure Notice for Q2 FY26 Results Period | compliance | minimal | — | — |
| 19 Sept 2026 · Unichem Labs faces Rs 87 cr GST penalty order, plans further appeal | regulatory legal | high | — | — |
| 11 Sept 2026 · Unichem extends ESOP exercise period for vested options to March 2027 | business updates | low | — | — |
| 26 Aug 2026 · Clarification on sudden rise in trading volume | regulatory legal | medium | — | — |
| 25 Aug 2026 · NSE seeks clarification from Unichem Labs on unusual trading volume | regulatory legal | high | — | — |
| 12 Aug 2026 · Unichem Labs 63rd AGM: All 5 resolutions passed with near-unanimous support | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Unichem Labs Q1 FY27 PAT jumps to Rs 41.47 cr vs Rs 10.91 cr YoY | 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.