BALAXI

BALAXI PHARMACEUTICALS LIMITED

OTC medicines distributor under brands like Balaxi in frontier markets

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

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

Price as of 2026-10-16

Stock price
₹22.09
Market cap
122 Cr
Stock P/E
50.3
P/B
0.49
Dividend yield
0.4%
ROE (FY26)
0.6%
ROCE (FY26)
3.0%
Operating margin (FY26)
2.4%
Debt / equity (FY26)
0.22
OCF / EBITDA (FY26)
-52.8%
OCF / EBITDA (3Y)
-37.5%

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

Balaxi sells essential branded and generic medicines across Africa and Latin America through its own warehouses and vehicle fleet, buying them from certified contract manufacturers and now making some at its own plant near Hyderabad.

Company snapshot

111thBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓Debt-to-equity of 0.22x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is very thin at 0.5% — little room for error if costs rise.
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Statement tables · Consolidated

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

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales55 Cr61 Cr60 Cr66 Cr77 Cr73 Cr76 Cr71 Cr56 Cr73 Cr71 Cr81 Cr
Operating expenses (approx.)44 Cr47 Cr46 Cr56 Cr67 Cr69 Cr64 Cr67 Cr55 Cr69 Cr71 Cr76 Cr
EBITDA11 Cr14 Cr13 Cr10 Cr11 Cr4 Cr13 Cr4 Cr1 Cr3 Cr0.12 Cr5 Cr
OPM %19.7%22.5%22.5%15.4%13.7%5.4%16.5%5.9%2.1%4.3%0.2%5.8%
Other income0.28 Cr-0.13 Cr-2 Cr-2 Cr-4 Cr4 Cr-2 Cr-2 Cr2 Cr0.10 Cr3 Cr-0.99 Cr
Interest0.37 Cr0.41 Cr0.60 Cr0.37 Cr0.45 Cr1 Cr0.73 Cr1 Cr0.89 Cr1 Cr0.99 Cr0.73 Cr
Depreciation0.66 Cr0.48 Cr0.67 Cr0.49 Cr0.46 Cr0.48 Cr0.46 Cr0.46 Cr0.48 Cr0.56 Cr0.65 Cr0.85 Cr
Profit before tax16 Cr14 Cr11 Cr7 Cr6 Cr6 Cr10 Cr0.90 Cr1 Cr2 Cr1 Cr2 Cr
Tax %7.9%4.8%4.9%12.1%17.5%11.6%10.6%67.9%84.8%81.1%56.3%37.9%
Net profit14 Cr14 Cr11 Cr6 Cr5 Cr5 Cr9 Cr0.29 Cr0.21 Cr0.30 Cr0.61 Cr1 Cr
EPS (₹)₹14.10₹13.29₹10.41₹1.17₹0.84₹0.97₹1.56₹0.05₹0.04₹0.06₹0.11₹0.24

Profit & loss (annual)

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

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales46 Cr231 Cr279 Cr336 Cr241 Cr293 Cr270 CrSign in free for the trailing twelve months
Operating expenses (approx.)40 Cr189 Cr229 Cr280 Cr195 Cr255 Cr262 CrSign in free for the trailing twelve months
EBITDA6 Cr42 Cr50 Cr57 Cr47 Cr37 Cr9 CrSign in free for the trailing twelve months
OPM %13.3%18.3%18.0%16.8%19.4%12.7%3.2%Sign in free for the trailing twelve months
Other income3 Cr2 Cr5 Cr3 Cr-3 Cr-4 Cr3 CrSign in free for the trailing twelve months
Interest0 Cr0.01 Cr0.14 Cr0.50 Cr2 Cr3 Cr4 CrSign in free for the trailing twelve months
Depreciation0.0075 Cr0.30 Cr0.51 Cr2 Cr2 Cr2 Cr2 CrSign in free for the trailing twelve months
Profit before tax9 Cr44 Cr55 Cr57 Cr2 Cr29 Cr5 CrSign in free for the trailing twelve months
Tax %31.2%14.0%12.6%19.3%218.4%12.6%73.2%Sign in free for the trailing twelve months
Net profit6 Cr38 Cr48 Cr46 Cr-2 Cr25 Cr1 CrSign in free for the trailing twelve months
EPS (₹)₹8.12₹38.14₹47.66₹45.81₹-2.32₹4.54₹0.26Sign in free for the trailing twelve months
Dividend payout %—0.0%0.0%1.1%—0.0%0.0%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 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital10 Cr10 Cr10 Cr10 Cr11 Cr11 Cr11 Cr
Reserves18 Cr55 Cr103 Cr173 Cr190 Cr221 Cr238 Cr
Borrowings—4 Cr4 Cr12 Cr18 Cr52 Cr56 Cr
Other liabilities8 Cr31 Cr60 Cr45 Cr39 Cr27 Cr32 Cr
Total liabilities36 Cr100 Cr176 Cr240 Cr258 Cr310 Cr337 Cr
Fixed assets (net)0.19 Cr1 Cr5 Cr16 Cr15 Cr14 Cr49 Cr
CWIP——0.57 Cr3 Cr2 Cr22 Cr—
Investments—3 Cr—0 Cr0 Cr0 Cr0 Cr
Loans & advances———2 Cr2 Cr3 Cr0.43 Cr
Inventories0.83 Cr14 Cr99 Cr105 Cr82 Cr78 Cr83 Cr
Trade receivables30 Cr77 Cr29 Cr53 Cr56 Cr111 Cr136 Cr
Cash & bank4 Cr2 Cr7 Cr28 Cr62 Cr39 Cr15 Cr
Other assets1 Cr3 Cr36 Cr32 Cr39 Cr42 Cr53 Cr
Total assets36 Cr100 Cr176 Cr240 Cr258 Cr310 Cr337 Cr

Cash flows

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

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity—0.0032 Cr34 Cr6 Cr5 Cr-35 Cr-5 Cr
Cash from investing—-6 Cr-28 Cr-11 Cr-1 Cr-22 Cr-21 Cr
Cash from financing—4 Cr-0.16 Cr26 Cr30 Cr34 Cr0.44 Cr
Net cash flow—-2 Cr6 Cr21 Cr34 Cr-23 Cr-25 Cr
Free cash flow (OCF − Capex)—-1 Cr29 Cr-7 Cr3 Cr-37 Cr-25 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %32.0%64.6%46.8%29.5%1.7%11.2%3.0%
ROE %22.0%58.7%42.1%25.1%-1.2%10.8%0.6%
Debtor days238121375884138183
Inventory days929184189233172201
Days payable5353976682360
Cash conversion cycle19497124181235275385
OCF / EBITDA %—0.0%68.0%10.7%10.4%-94.1%-52.8%
OCF / EBITDA % (3 years)———27.0%29.4%-17.1%-37.5%
Debt / equity—0.060.030.060.090.220.22
Current ratio———3.643.884.456.14
Net debt / EBITDA———-0.29-0.960.334.84