BAJAJHCARE

Bajaj Healthcare Limited

Formulations and APIs for domestic and regulated export markets

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

bajajhealth.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹341.10
Market cap
1,148 Cr
Stock P/E
55.7
P/B
2.06
Dividend yield
0.7%
ROE (FY26)
3.0%
ROCE (FY26)
6.0%
Operating margin (FY26)
12.6%
Debt / equity (FY26)
0.44
OCF / EBITDA (FY26)
55.4%
OCF / EBITDA (3Y)
65.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Bajaj Healthcare makes active pharmaceutical ingredients (APIs), intermediates and finished formulations in India, selling to domestic and export customers.

Company snapshot

88thBy market cap

Ranked among 119 companies in Pharmaceuticals.

Segment mix

Reportable segments as of 2022-03-31 (Standalone). Revenue share = segment revenue ÷ total revenue.

Largest segment: 102.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Bulk Grugs
102.1%
179 Cr25 Cr651 Cr
Formulations
9.5%
17 Cr2 Cr70 Cr

Shares add up to 112% because segment revenues are before inter-segment eliminations.

What we see

Concerns
  • ✗Net margin is very thin at 2.6% — little room for error if costs rise.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Standalone only

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricDec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026Sept 2026
Sales109 Cr134 Cr132 Cr133 Cr123 Cr154 Cr149 Cr148 Cr161 Cr153 Cr166 Cr176 Cr
Operating expenses (approx.)89 Cr118 Cr108 Cr109 Cr101 Cr143 Cr124 Cr121 Cr131 Cr130 Cr137 Cr145 Cr
EBITDA20 Cr16 Cr25 Cr25 Cr22 Cr12 Cr25 Cr27 Cr31 Cr23 Cr29 Cr31 Cr
OPM %18.0%12.0%18.5%18.4%17.6%7.6%16.5%18.2%19.0%14.8%17.4%17.7%
Other income0.80 Cr6 Cr0.85 Cr3 Cr2 Cr14 Cr0.88 Cr2 Cr2 Cr3 Cr0.81 Cr0.89 Cr
Interest7 Cr6 Cr8 Cr8 Cr6 Cr6 Cr5 Cr6 Cr6 Cr6 Cr6 Cr6 Cr
Depreciation7 Cr7 Cr7 Cr7 Cr7 Cr8 Cr6 Cr7 Cr7 Cr8 Cr7 Cr8 Cr
Profit before tax-0.89 Cr-49 Cr9 Cr12 Cr10 Cr11 Cr14 Cr14 Cr19 Cr-23 Cr16 Cr18 Cr
Tax %-145.5%38.4%21.3%18.5%-11.9%-3.1%15.9%21.6%16.1%1.1%15.4%22.1%
Net profit-2 Cr-30 Cr7 Cr9 Cr12 Cr11 Cr12 Cr11 Cr16 Cr-23 Cr14 Cr14 Cr
EPS (₹)₹-0.80₹-10.84₹2.59₹3.36₹3.65₹3.54₹3.74₹3.53₹4.96₹-7.16₹4.07₹4.19

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales231 Cr327 Cr370 Cr410 Cr657 Cr680 Cr673 Cr473 Cr543 Cr611 CrSign in free for the trailing twelve months
Operating expenses (approx.)200 Cr288 Cr328 Cr362 Cr521 Cr561 Cr566 Cr397 Cr460 Cr506 CrSign in free for the trailing twelve months
EBITDA31 Cr39 Cr43 Cr48 Cr136 Cr119 Cr107 Cr76 Cr82 Cr105 CrSign in free for the trailing twelve months
OPM %13.3%12.0%11.5%11.7%20.8%17.4%15.9%16.1%15.2%17.2%Sign in free for the trailing twelve months
Other income2 Cr2 Cr0.97 Cr3 Cr7 Cr1 Cr2 Cr9 Cr19 Cr7 CrSign in free for the trailing twelve months
Interest8 Cr8 Cr8 Cr6 Cr8 Cr13 Cr23 Cr30 Cr28 Cr22 CrSign in free for the trailing twelve months
Depreciation11 Cr11 Cr11 Cr12 Cr16 Cr18 Cr27 Cr28 Cr28 Cr28 CrSign in free for the trailing twelve months
Profit before tax14 Cr23 Cr24 Cr32 Cr119 Cr90 Cr58 Cr-104 Cr42 Cr24 CrSign in free for the trailing twelve months
Tax %42.8%33.1%32.5%30.7%30.1%20.4%26.1%19.3%6.0%33.8%Sign in free for the trailing twelve months
Net profit8 Cr15 Cr16 Cr22 Cr83 Cr71 Cr43 Cr-84 Cr39 Cr16 CrSign in free for the trailing twelve months
EPS (₹)₹11.37₹22.01₹23.64₹16.31₹60.23₹25.87₹15.59₹-30.36₹13.29₹4.98Sign in free for the trailing twelve months
Dividend payout %————2.9%1.9%9.6%—7.0%20.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital7 Cr7 Cr7 Cr14 Cr14 Cr14 Cr14 Cr14 Cr16 Cr17 Cr
Reserves92 Cr107 Cr122 Cr138 Cr245 Cr315 Cr354 Cr265 Cr450 Cr516 Cr
Borrowings66 Cr76 Cr——168 Cr257 Cr414 Cr332 Cr223 Cr233 Cr
Other liabilities54 Cr79 Cr138 Cr174 Cr99 Cr136 Cr119 Cr155 Cr144 Cr157 Cr
Total liabilities219 Cr268 Cr267 Cr326 Cr526 Cr721 Cr901 Cr765 Cr833 Cr923 Cr
Fixed assets (net)128 Cr127 Cr130 Cr140 Cr208 Cr270 Cr366 Cr252 Cr237 Cr247 Cr
CWIP0.23 Cr2 Cr——57 Cr52 Cr22 Cr5 Cr3 Cr8 Cr
Investments0.0031 Cr0.0031 Cr0.0031 Cr5 Cr0.0031 Cr0.0031 Cr0.0033 Cr0.0033 Cr0.0033 Cr0.0033 Cr
Inventories17 Cr34 Cr30 Cr39 Cr97 Cr159 Cr209 Cr144 Cr162 Cr216 Cr
Trade receivables53 Cr80 Cr78 Cr100 Cr99 Cr185 Cr227 Cr180 Cr252 Cr234 Cr
Cash & bank0.84 Cr8 Cr8 Cr4 Cr14 Cr2 Cr18 Cr2 Cr3 Cr37 Cr
Other assets21 Cr17 Cr21 Cr37 Cr50 Cr54 Cr60 Cr182 Cr177 Cr181 Cr
Total assets219 Cr268 Cr267 Cr326 Cr526 Cr721 Cr901 Cr765 Cr833 Cr923 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity22 Cr17 Cr25 Cr21 Cr44 Cr0.69 Cr-22 Cr92 Cr22 Cr58 Cr
Cash from investing-8 Cr-12 Cr-13 Cr-28 Cr-109 Cr-75 Cr-93 Cr-11 Cr-15 Cr-48 Cr
Cash from financing-13 Cr2 Cr-13 Cr3 Cr75 Cr62 Cr131 Cr-97 Cr-6 Cr24 Cr
Net cash flow0.47 Cr7 Cr-0.42 Cr-4 Cr10 Cr-12 Cr16 Cr-16 Cr0.43 Cr35 Cr
Free cash flow (OCF − Capex)13 Cr5 Cr10 Cr-2 Cr-70 Cr-74 Cr-116 Cr62 Cr10 Cr15 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %13.1%15.9%24.9%25.7%29.8%17.5%10.4%-12.2%10.1%6.0%
ROE %7.9%13.4%12.6%14.8%32.2%21.7%11.7%-30.1%8.5%3.0%
Debtor days838977895599123139169139
Inventory days4657384576116146199192257
Days payable5273——547659123113137
Cash conversion cycle777311413477138210214248259
OCF / EBITDA %72.2%42.4%59.0%43.0%32.0%0.6%-20.9%121.0%26.2%55.4%
OCF / EBITDA % (3 years)——56.8%48.1%39.4%21.4%6.1%23.4%34.5%65.3%
Debt / equity0.670.670.010.020.650.781.131.190.480.44
Current ratio0.981.061.171.231.411.241.171.081.781.78
Net debt / EBITDA2.131.73-0.18-0.091.132.153.714.332.671.87