NSE: WANBURY · BSE: 524212
WANBURY LIMITED
Manufactures active pharmaceutical ingredients (APIs), which account for 88% of FY26 revenue, with a smaller formulations business that reached break-even. Operations are anchored at a manufacturing facility in Tanuku, Andhra Pradesh, which is inspected by overseas regulators including the USFDA and Australia's TGA. The company sells APIs such as Metformin HCl and supplies them to generic drug partners in the US, with drug master files (DMFs) filed in the US and South Korea. New APIs are being added to the portfolio, including an anaesthetic API launched in Q4 FY26, with a stated plan to add four new molecules a year from FY27. Costs are dominated by raw materials at 42% of revenue, followed by employees at 18.4% and other operating expenses at 22.7%. A new 82%-owned Indian subsidiary, Wanbury Skin Health Limited, has been incorporated in the pharma space. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Active Pharmaceutical Ingredients (APIs) (88%), Formulations. Asset-light API manufacturer serving global generic pharma, with an early-stage formulations and skin-health extension
Exhibit 1: Financial summary, FY21–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 393 | 511 | 500 | 576 | 600 |
| EBITDA (ex other income) | 18 | 112 | 23 | 96 | 76 |
| margin % | 4.6 | 21.8 | 4.5 | 16.6 | 12.7 |
| Owners' profit | (13) | 0 | (10) | 0 | 31 |
| EPS, as reported (₹) | (5.04) | 26.88 | (6.18) | 26.39 | 9.32 |
| ROE % · ROCE % | 8.1 · (16.1) | (347.9) · (1408.4) | 31.7 · (67.3) | 200.3 · 66.1 | 51.5 · 27.8 |
| Debt / equity (x) | (0.57) | (2.86) | (1.95) | 3.94 | 2.92 |
| Cash from operations | 17 | 38 | 20 | 4 | 26 |
| Capex | 0 | 0 | 0 | (17) | (49) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 144 | 145 | 139 | 131 | 161 | 133 | 172 | 163 |
| Profit before tax | 7 | 10 | 34 | 1 | 8 | 1 | 19 | 14 |
| Net profit | 7 | 10 | 34 | 1 | 8 | 1 | 20 | 13 |
| EPS (₹) | 2.25 | 3.13 | 12.75 | 0.32 | 2.44 | 0.76 | 6.18 | 4.12 |
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) | 12.8 | 30.8 | 30 of 158 | 82% |
| P/B | 10.2 | 3.1 | 147 of 163 | 10% |
| ROCE | 12.3 | 10.8 | 81 of 183 | 56% |
| ROE | 51.5 | 9.8 | 4 of 166 | 98% |
| Debt / Equity | 2.9 | 0.2 | 164 of 166 | 1% |
| EBITDA margin | 15.2 | 17.5 | 91 of 165 | 45% |
| Revenue growth | 24.5 | 16.3 | 61 of 161 | 63% |
| Profit growth | 1200.4 | 30.9 | 6 of 158 | 97% |
| Market cap | 605 | 806 | 96 of 181 | 47% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting to approve Q2 and half-year results | results | low | — | — |
| 19 Oct 2026 · Wanbury facilities win safety and employer awards | business updates | medium | — | — |
| 16 Oct 2026 · Wanbury: USFDA nod for 9 Metformin DMFs, new Saudi and Mexico business | compliance | low | — | — |
| 12 Oct 2026 · Wanbury's subsidiary launches berrysoft baby range in paediatric dermatology | business updates | medium | — | — |
| 12 Oct 2026 · Subsidiary Wanbury Skin Health launches berrysoft baby range across multiple states | business updates | medium | — | — |
| 9 Oct 2026 · Wanbury submits quarterly RTA certificate for share dematerialisation | compliance | minimal | — | — |
| 8 Oct 2026 · Wanbury files new DMFs in South Africa, Philippines, Singapore; gets EDQM and TGA nods | business updates | medium | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 results declaration | compliance | minimal | — | — |
| 25 Sept 2026 · All 4 AGM resolutions passed; director reappointment beyond age 70 approved | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Wanbury AGM approves cost auditor and re-appoints WTD beyond age 70 | management changes | 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.