BSE: 538634
VASUNDHARA RASAYANS LTD
Manufactures Active Pharmaceutical Ingredients (APIs), the chemical compounds used to make finished pharmaceutical dosage forms. Operations were previously run from a leased manufacturing facility at C-104, MIDC Mahad, Maharashtra, under a Leave and License Agreement with Keva Fragrances Private Limited. After the Mahad lease was terminated (effective date extended to 30 April 2026), the Board approved a Memorandum of Understanding cum Loan-Lease agreement with its holding company, PandJ Cretechem Private Limited, to manufacture APIs at PandJ Cretechem's facility in Dahej SEZ, Gujarat, a related-party transaction pre-approved by the Audit Committee. For FY26, revenue from operations stood at Rs 3,572.31 lakhs (up 5.1% from Rs 3,399.01 lakhs in FY25) and net profit after tax was Rs 578.91 lakhs (up 36.3% from Rs 424.63 lakhs), with a final dividend of Rs 2 per share (face value Rs 10) recommended. Q3 FY26 was a weak quarter, with revenue from operations of Rs 744.77 lakhs down 15.6% year-on-year and the nine months ended December 2025 seeing revenue decline 9.2% to Rs 2,382.99 lakhs, as the company navigated the transition between facilities. Raw materials are the largest cost input at 41.3% of revenue, followed by other operating expenses at 32.3% and employee costs at 9.2%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Active Pharmaceutical Ingredients (APIs) manufacturing. Small, single-product API manufacturer in transition; reliant on contract-manufacturing arrangement with its holding company after losing its own leased plant
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 27 | 38 | 37 | 34 | 36 |
| EBITDA (ex other income) | 2 | 6 | 6 | 4 | 6 |
| margin % | 8.1 | 14.5 | 17.3 | 11.9 | 16.2 |
| Owners' profit | 2 | 6 | 6 | 4 | 6 |
| EPS, as reported (₹) | 6.77 | 17.59 | 18.44 | 13.39 | 18.22 |
| ROE % · ROCE % | 10.1 · 14.3 | 21.1 · 28.6 | 18.3 · 24.9 | 11.9 · 16.9 | 14.2 · 20.0 |
| Debt / equity (x) | 0.06 | 0.15 | 0.06 | 0.12 | 0.04 |
| Cash from operations | 8 | (7) | 6 | (6) | (2) |
| Capex | (0) | (0) | (2) | (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 | 8 | 10 | 9 | 8 | 8 | 9 | 7 | 12 |
| Profit before tax | 1 | 2 | 2 | 1 | 1 | 3 | 1 | 3 |
| Net profit | 1 | 1 | 1 | 0 | 1 | 2 | 1 | 2 |
| EPS (₹) | 2.71 | 9.22 | 9.14 | 1.43 | 1.80 | 6.47 | 2.27 | 7.80 |
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 | 4,19,398 | 34.7 | 5.00 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,37,175 | 81.2 | 14.15 | 61.2 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,53,133 | 72.3 | 8.71 | 38.1 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,12,714 | 25.2 | 3.81 | 14.6 | 17.3 | 18.0 | 12.4 | 25.2 |
| CIPLA LTD | 1,08,090 | 32.1 | 3.13 | 16.5 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,429 | 97.2 | 19.60 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,02,663 | 31.8 | 2.69 | 13.8 | 10.9 | 13.0 | 12.1 | 15.0 |
| MANKIND PHARMA LIMITED | 91,380 | 44.7 | 5.52 | 25.3 | 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) | 7.3 | 29.1 | 10 of 158 | 94% |
| P/B | 1.1 | 2.9 | 25 of 163 | 85% |
| ROCE | 19.1 | 10.8 | 39 of 183 | 79% |
| ROE | 14.2 | 9.8 | 49 of 166 | 71% |
| Debt / Equity | 0.0 | 0.2 | 64 of 166 | 62% |
| EBITDA margin | 29.6 | 17.5 | 37 of 165 | 78% |
| Revenue growth | 53.3 | 16.3 | 20 of 161 | 88% |
| Profit growth | 455.5 | 30.9 | 13 of 158 | 92% |
| Market cap | 43 | 799 | 150 of 181 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Reg 74(5) certificate submission for quarter ended Sep 30 2026 | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 results | compliance | minimal | — | — |
| 27 Aug 2026 · 39th AGM results: all 8 resolutions passed with over 99.9 percent support | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Vasundhara Rasayans 39th AGM: 8 Resolutions Tabled | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Q1 FY27 Results: Revenue down, PAT up modestly | results | high | — | — |
| 14 Aug 2026 · Q1 FY27 results: revenue dips 8%, PAT grows 13% | results | high | — | — |
| 6 Aug 2026 · Board meeting on 14 Aug 2026 to approve Q1 FY27 results | results | low | — | — |
| 4 Aug 2026 · Vasundhara Rasayans 39th AGM notice published in newspapers | compliance | minimal | — | — |
| 1 Aug 2026 · AGM notice on Aug 25 2026 and FY26 annual report submitted | board shareholder meetings | low | — | — |
| 1 Aug 2026 · Vasundhara Rasayans 39th AGM on Aug 25, 2026; Rs.2 dividend proposed | board shareholder meetings | low | — | — |
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.