BALPHARMA

Bal Pharma Limited

Bal Pharma Limited (BALPHARMA) financial statements and selected valuation metrics through 30 June 2026.

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

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

Price as of 2026-10-16

Stock price
₹95.75
Market cap
152 Cr
Stock P/E
21.2
P/B
1.85
Dividend yield
0.0%
ROE (FY26)
7.6%
ROCE (FY26)
9.4%
Operating margin (FY26)
6.7%
Debt / equity (FY26)
1.94
OCF / EBITDA (FY26)
24.7%
OCF / EBITDA (3Y)
384.8%

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

Bal Pharma makes pharmaceutical formulations (finished medicines) and active pharmaceutical ingredients (the drug substances inside them) in India, and sells most of what it makes to export customers.

Company snapshot

108thBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓385% of operating profit came in as cash over the last three years — profits are backed by real cash.
Concerns
  • ✗Net margin is very thin at 2.0% — 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
Sales93 Cr82 Cr95 Cr74 Cr74 Cr73 Cr82 Cr66 Cr74 Cr88 Cr84 Cr89 Cr
Operating expenses (approx.)85 Cr74 Cr85 Cr68 Cr66 Cr65 Cr74 Cr60 Cr68 Cr78 Cr74 Cr81 Cr
EBITDA8 Cr8 Cr10 Cr6 Cr8 Cr8 Cr8 Cr6 Cr6 Cr10 Cr11 Cr8 Cr
OPM %8.3%9.5%10.1%8.7%10.4%10.6%9.3%9.2%7.7%10.9%12.6%9.0%
Other income0.14 Cr0.10 Cr2 Cr0.82 Cr-0.20 Cr0.51 Cr1 Cr0.72 Cr1 Cr0.33 Cr-0.24 Cr0.44 Cr
Interest4 Cr4 Cr4 Cr4 Cr4 Cr5 Cr4 Cr4 Cr4 Cr5 Cr4 Cr4 Cr
Depreciation2 Cr3 Cr2 Cr2 Cr2 Cr3 Cr2 Cr3 Cr2 Cr3 Cr3 Cr3 Cr
Profit before tax2 Cr1 Cr6 Cr0.62 Cr1 Cr0.57 Cr3 Cr0.21 Cr0.72 Cr2 Cr3 Cr1 Cr
Tax %39.4%32.9%3.8%58.0%23.5%8.5%-110.8%0.0%0.0%0.0%-12.0%0.0%
Net profit0.97 Cr0.85 Cr6 Cr0.26 Cr1 Cr0.52 Cr5 Cr0.21 Cr0.72 Cr2 Cr4 Cr1 Cr
EPS (₹)₹0.62₹0.54₹3.73₹0.16₹0.65₹0.33₹3.40₹0.13₹0.45₹1.12₹2.26₹0.71

Profit & loss (annual)

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

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales235 Cr212 Cr225 Cr171 Cr251 Cr281 Cr304 Cr339 Cr303 Cr312 CrSign in free for the trailing twelve months
Operating expenses (approx.)220 Cr194 Cr208 Cr166 Cr226 Cr258 Cr279 Cr308 Cr274 Cr280 CrSign in free for the trailing twelve months
EBITDA15 Cr17 Cr18 Cr5 Cr24 Cr23 Cr25 Cr32 Cr30 Cr32 CrSign in free for the trailing twelve months
OPM %6.3%8.2%7.8%2.8%9.8%8.3%8.3%9.3%9.8%10.2%Sign in free for the trailing twelve months
Other income3 Cr2 Cr1 Cr2 Cr1 Cr5 Cr0.94 Cr3 Cr2 Cr2 CrSign in free for the trailing twelve months
Interest8 Cr9 Cr13 Cr12 Cr12 Cr10 Cr12 Cr15 Cr17 Cr17 CrSign in free for the trailing twelve months
Depreciation6 Cr7 Cr6 Cr8 Cr10 Cr9 Cr9 Cr10 Cr10 Cr11 CrSign in free for the trailing twelve months
Profit before tax3 Cr3 Cr-0.20 Cr-14 Cr4 Cr9 Cr5 Cr9 Cr5 Cr6 CrSign in free for the trailing twelve months
Tax %113.8%86.9%1163.7%4.7%-14.9%37.9%44.8%17.7%-41.1%-6.5%Sign in free for the trailing twelve months
Net profit-0.40 Cr0.38 Cr2 Cr-13 Cr5 Cr6 Cr3 Cr7 Cr7 Cr6 CrSign in free for the trailing twelve months
EPS (₹)₹-0.52₹0.20₹1.52₹-8.62₹3.34₹3.79₹1.67₹4.94₹4.56₹3.95Sign in free for the trailing twelve months
Dividend payout %————4.2%0.0%0.0%0.0%0.0%0.3%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 capital——14 Cr14 Cr15 Cr15 Cr16 Cr16 Cr16 Cr16 Cr
Reserves——52 Cr38 Cr39 Cr44 Cr48 Cr53 Cr61 Cr66 Cr
Borrowings——116 Cr113 Cr105 Cr104 Cr131 Cr140 Cr150 Cr160 Cr
Other liabilities——85 Cr80 Cr82 Cr100 Cr118 Cr111 Cr108 Cr134 Cr
Total liabilities——261 Cr238 Cr240 Cr262 Cr313 Cr320 Cr336 Cr376 Cr
Fixed assets (net)——61 Cr60 Cr58 Cr56 Cr62 Cr62 Cr71 Cr77 Cr
CWIP——4 Cr3 Cr0 Cr2 Cr0 Cr0.47 Cr3 Cr7 Cr
Investments——0.01 Cr0 Cr4 Cr0 Cr0 Cr7 Cr2 Cr2 Cr
Loans & advances———2 Cr2 Cr2 Cr0.96 Cr1 Cr1 Cr0 Cr
Inventories——70 Cr68 Cr60 Cr74 Cr98 Cr88 Cr103 Cr116 Cr
Trade receivables——65 Cr50 Cr67 Cr75 Cr94 Cr100 Cr92 Cr94 Cr
Cash & bank——2 Cr0.86 Cr1 Cr1 Cr1 Cr4 Cr2 Cr2 Cr
Other assets——60 Cr54 Cr48 Cr52 Cr57 Cr59 Cr61 Cr77 Cr
Total assets——261 Cr238 Cr240 Cr262 Cr313 Cr320 Cr336 Cr376 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 activity6 Cr-0.50 Cr8 Cr23 Cr22 Cr32 Cr23 Cr329 Cr21 Cr8 Cr
Cash from investing-8 Cr-4 Cr-8 Cr-5 Cr0 Cr11 Cr18 Cr0 Cr-18 Cr-10 Cr
Cash from financing-6 Cr4 Cr0.01 Cr-20 Cr-32 Cr1 Cr0 Cr35 Cr0.29 Cr-27 Cr
Net cash flow-8 Cr-0.51 Cr-0.27 Cr-2 Cr-10 Cr44 Cr41 Cr364 Cr3 Cr-29 Cr
Free cash flow (OCF − Capex)-2 Cr-4 Cr-0.84 Cr18 Cr22 Cr32 Cr23 Cr329 Cr21 Cr8 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %——7.0%-0.7%10.2%12.1%8.7%11.6%9.6%9.4%
ROE %——6.3%-28.4%8.9%9.6%4.1%10.7%9.3%7.6%
Debtor days——1051069897112107111109
Inventory days——223342162165199177250263
Days payable——152196127145160157198201
Cash conversion cycle——176253133117151126163171
OCF / EBITDA %42.6%-2.9%44.3%n.m.90.8%136.5%91.6%1044.1%70.2%24.7%
OCF / EBITDA % (3 years)——27.3%76.6%113.6%146.8%105.8%479.6%432.6%384.8%
Debt / equity——1.922.491.961.772.062.021.941.94
Current ratio——1.121.011.081.111.091.151.071.05
Net debt / EBITDA0.000.006.4823.514.244.375.164.305.034.93