BSE: 531762
UNJHA FORMULATIONS LTD.
Manufactures and sells pharmaceutical formulations from its registered office in Sidhpur, North Gujarat, generating Rs 15.5852 crore of revenue in FY26, up roughly 12% from Rs 13.86 crore the prior year. The single biggest cost line is raw materials at 77% of revenue, with the company approving related-party purchases of psyllium husk from Urvesh and Company up to Rs 200 lakhs, signalling that ingredient is a key input. Employee cost runs at 6% of revenue and other operating expenses at 10.7%, while depreciation (0.9%) and capex (0%) are negligible. Profit after tax rose to Rs 0.7047 crore (a 72.8% increase) on an FY26 ebitda margin of 7.08%. The company carries no long-term borrowings, holds Rs 164.48 lakhs of cash, and reported net worth of Rs 384.34 lakhs as of 31 March 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceutical formulations. Small, asset-light pharmaceutical formulations company with high raw-material intensity and minimal capex
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 14 | 13 | 18 | 14 | 16 |
| EBITDA (ex other income) | 0 | 0 | 1 | 1 | 1 |
| margin % | 2.3 | 3.3 | 3.1 | 3.7 | 6.0 |
| Owners' profit | 0 | 0 | 0 | 0 | 1 |
| EPS, as reported (₹) | 0.56 | 0.63 | 0.62 | 0.91 | 1.57 |
| ROE % · ROCE % | 11.6 · 19.9 | 11.5 · 15.8 | 10.2 · 18.5 | 13.0 · 16.9 | 18.3 · 18.7 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 0 | (0) | 1 | (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 | 4 | 4 | 4 | 2 | 4 | 4 | 4 | 3 |
| Profit before tax | 1 | (0) | 0 | (0) | 0 | 1 | 0 | (0) |
| Net profit | 1 | (0) | 0 | (0) | 0 | 1 | 0 | (1) |
| EPS (₹) | 1.56 | (0.25) | 0.50 | 0.91 | 0.90 | 1.83 | 0.53 | (1.66) |
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) | 16.9 | 30.8 | 39 of 158 | 76% |
| P/B | 3.1 | 3.1 | 85 of 163 | 48% |
| ROCE | 18.5 | 10.8 | 42 of 183 | 78% |
| ROE | 18.3 | 9.8 | 24 of 166 | 86% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | (13.6) | 17.5 | 160 of 165 | 3% |
| Revenue growth | 38.6 | 16.3 | 29 of 161 | 83% |
| Profit growth | (82.8) | 30.9 | 143 of 158 | 10% |
| Market cap | 12 | 806 | 174 of 181 | 4% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board to approve half-year results on November 5 | results | low | — | — |
| 22 Oct 2026 · Board to approve Q2 FY2027 unaudited results | results | low | — | — |
| 22 Oct 2026 · Half-yearly share transfer compliance certified for September 2026 | compliance | minimal | — | — |
| 9 Oct 2026 · Routine quarterly compliance certificate filed with BSE | compliance | minimal | — | — |
| 8 Sept 2026 · UNJHA FORMULATIONS - XML Filing for FY26 Financial Statements | compliance | minimal | — | — |
| 8 Sept 2026 · Unjha Formulations submits FY2026 financial statements to BSE | results | high | — | — |
| 14 Aug 2026 · 32nd AGM held Aug 14, 2026; key resolutions including MD reappointment passed | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Unjha Formulations Q1 FY27 Results: Profit Falls 60% YoY | compliance | minimal | — | — |
| 3 Aug 2026 · UNJHA Formulations Q1 FY27 Results: PAT drops to 15.69 lakh from 38.99 lakh YoY | results | high | — | — |
| 3 Aug 2026 · Q1 FY27 results: revenue down 8.5% YoY, profit falls nearly 60% | results | high | — | — |
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.