BSE: 524711
VISTA PHARMACEUTICALS LTD.
Manufactures pharmaceutical products, including generic and specialty drugs, from its base in Hyderabad, with a marketing presence in the US and other regulated markets. In February 2026, it announced a joint venture with Pleiades Therapeutics to jointly develop generic and specialty pharmaceutical products for regulated and rest-of-the-world markets. Revenue fell from Rs 1,007.46 lakhs in FY25 to Rs 539.95 lakhs in FY26, with the company posting losses for five consecutive years. The FY26 net loss of Rs 1,206.12 lakhs included a Rs 821.74 lakhs write-off of bad trade receivables and a Rs 205.43 lakhs Expected Credit Loss provision. Raw materials dominate the cost base at 96.7% of revenue, with employee costs at 40.7% and other operating expenses running at 233.3% of revenue. The company has defaulted on Bank of Baroda loan repayments and carries Rs 395.48 lakhs in unpaid statutory dues (TDS, PF, ESI, professional tax, income tax) since FY20-21, with year-end cash of only Rs 10.70 lakhs. To shore up funds, it issued 1.02 crore convertible share warrants, collecting Rs 307.50 lakhs as 25% upfront subscription. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Generic Drug Products, Specialty Pharmaceutical Products. Small, loss-making generic and specialty pharmaceutical manufacturer, five consecutive years of losses.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 1 | 10 | 10 | 5 |
| EBITDA (ex other income) | (1) | (2) | (4) | (4) | (15) |
| margin % | (306.8) | (221.3) | (34.7) | (40.0) | (270.7) |
| Owners' profit | (1) | (6) | (5) | (5) | (12) |
| EPS, as reported (₹) | (0.24) | (1.58) | (1.03) | (0.79) | (1.96) |
| ROE % · ROCE % | (2.3) · (3.2) | (15.9) · (8.4) | (11.2) · (9.1) | (10.2) · (9.0) | (33.1) · (39.2) |
| Debt / equity (x) | 0.48 | 0.27 | 0.20 | 0.16 | 0.27 |
| Cash from operations | (1) | (2) | (5) | (7) | (4) |
| Capex | (0) | (1) | (1) | (0) | (1) |
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 | 2 | 3 | 3 | 2 | 1 | 2 | 0 | 0 |
| Profit before tax | (1) | (2) | (1) | (1) | (4) | (3) | (8) | (1) |
| Net profit | (1) | (1) | (1) | (1) | (3) | (2) | (6) | (1) |
| EPS (₹) | 0.00 | (0.07) | (0.26) | 0.22 | 0.42 | 0.41 | (0.91) | (0.16) |
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/B | 1.0 | 3.1 | 24 of 163 | 86% |
| ROCE | (42.0) | 10.8 | 176 of 183 | 4% |
| ROE | (33.1) | 9.8 | 161 of 166 | 3% |
| Debt / Equity | 0.3 | 0.2 | 111 of 166 | 33% |
| Revenue growth | (100.0) | 16.3 | 157 of 161 | 0% |
| Profit growth | 23.6 | 30.9 | 86 of 158 | 46% |
| Market cap | 38 | 806 | 152 of 181 | 16% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Sept 2026 · Company Secretary and Compliance Officer resigns from Vista Pharmaceuticals | management changes | medium | — | — |
| 14 Aug 2026 · Vista Pharma posts nil revenue with going concern flag | results | high | — | — |
| 14 Aug 2026 · Vista Pharma Q1 loss: revenue nil, going concern doubt flagged | results | high | — | — |
| 13 Aug 2026 · Board meeting on 14 Aug 2026 to consider Q1 FY27 results | results | low | — | — |
| 15 Jul 2026 · Compliance certificate for dematerialization of securities – Q1 FY27 | compliance | minimal | — | — |
| 25 Jun 2026 · Trading window closed from July 1, 2026 for Q1 results | compliance | minimal | — | — |
| 29 May 2026 · SEBI Secretarial Compliance Report for the year ended 31.03.2026 | compliance | minimal | — | — |
| 29 May 2026 · Board meeting outcome | results | high | — | — |
| 19 May 2026 · Vista Pharmaceuticals Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/05/2026 ,inter alia, to consider and approve 1. Audited financial .... | results | low | — | — |
| 29 Apr 2026 · <b>Format of the Annual Disclosure to be made by an entity identified as a Large Corporate.</b><br/><br/> <table border=''1px''> <tr> <td><b>Sr. No.</b></td> <td><b>Particulars</b></td> .... | 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.