Makers Laboratories Ltd

Makers Labs. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Makers Laboratories Ltd

₹ 154 0.59%
14 Jul - close price
makerslabs.com BSE: 506919
About

Incorporated in 1984, Makers Laboratories Ltd manufactures and markets around 200 pharma
formulations.[1]

Key Points

Business Overview:[1][2]
The Co. is promoted by IPCA Laboratories' promoters, the company markets diverse generic formulations domestically. It covers key therapeutic segments, including anti-malarials, antibiotics, and anti-diabetics, catering to common health needs and diseases.

The company utilizes a Procure-to-Pay (P2P) model for manufacturing in Himachal Pradesh and Uttarakhand’s excise-free zones. Additionally, it exclusively handles job-work manufacturing for injectable anti-malarial products on behalf of IPCA.

Production Facility:[3]
The company has completed the upgradation/ capacity enhancement project of its old liquid injectable manufacturing facility at Naroda, Ahmedabad. This manufacturing unit is in the process of obtaining registrations for its product dossiers from ROW countries
to enable it to manufacture the products to ROW markets.

Website BSE
  • Market Cap ₹ 90.6 Cr.
  • Current Price ₹ 154
  • High / Low ₹ 187 / 109
  • Stock P/E
  • Book Value ₹ 92.2
  • Dividend Yield 0.00 %
  • ROCE -2.57 %
  • ROE -3.13 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 2.55% over past five years.
  • Company has a low return on equity of -8.82% over last 3 years.
  • Earnings include an other income of Rs.0.59 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
10.84 11.54 14.92 11.17 11.45 12.29 11.50 9.45 9.70 13.73 12.64 12.70 11.27
11.02 13.32 15.63 12.28 11.59 12.56 11.66 10.01 10.92 13.27 12.72 11.98 11.64
Operating Profit -0.18 -1.78 -0.71 -1.11 -0.14 -0.27 -0.16 -0.56 -1.22 0.46 -0.08 0.72 -0.37
OPM % -1.66% -15.42% -4.76% -9.94% -1.22% -2.20% -1.39% -5.93% -12.58% 3.35% -0.63% 5.67% -3.28%
0.18 0.19 0.69 0.12 0.15 0.14 10.19 0.57 0.03 0.04 0.53 0.00 0.02
Interest 0.28 0.35 0.41 0.42 0.46 0.39 0.33 0.13 0.09 0.10 0.15 0.15 0.12
Depreciation 0.66 0.67 0.68 0.68 0.68 0.71 0.71 0.73 0.69 0.70 0.71 0.71 0.69
Profit before tax -0.94 -2.61 -1.11 -2.09 -1.13 -1.23 8.99 -0.85 -1.97 -0.30 -0.41 -0.14 -1.16
Tax % -12.77% -5.75% -10.81% -7.18% 37.17% -1.63% 10.57% -9.41% -28.93% -10.00% -24.39% 21.43% -17.24%
-0.80 -2.46 -0.99 -1.95 -1.56 -1.22 8.03 -0.77 -1.40 -0.27 -0.31 -0.17 -0.96
EPS in Rs -1.36 -4.17 -1.68 -3.30 -2.64 -2.07 13.61 -1.30 -2.37 -0.46 -0.53 -0.29 -1.63
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
64.91 61.41 58.13 55.95 46.60 51.31 44.34 52.34 42.46 48.85 42.87 50.30
60.53 56.71 52.69 51.28 44.38 48.55 41.03 49.24 46.60 52.60 45.07 49.57
Operating Profit 4.38 4.70 5.44 4.67 2.22 2.76 3.31 3.10 -4.14 -3.75 -2.20 0.73
OPM % 6.75% 7.65% 9.36% 8.35% 4.76% 5.38% 7.47% 5.92% -9.75% -7.68% -5.13% 1.45%
0.94 0.41 1.24 1.50 2.56 0.18 0.41 0.80 1.14 1.14 10.92 0.59
Interest 0.39 0.36 0.27 0.36 0.26 0.70 1.60 1.68 1.38 1.63 0.94 0.53
Depreciation 1.53 1.25 1.08 1.57 1.50 1.99 4.20 1.91 2.40 2.71 2.85 2.80
Profit before tax 3.40 3.50 5.33 4.24 3.02 0.25 -2.08 0.31 -6.78 -6.95 4.93 -2.01
Tax % 30.88% 34.29% 30.77% 27.83% 18.87% 148.00% -22.12% 45.16% -6.05% 0.00% 5.88% -14.43%
2.35 2.31 3.70 3.06 2.45 -0.12 -1.62 0.17 -6.36 -6.95 4.64 -1.72
EPS in Rs 3.98 3.92 6.27 5.19 4.15 -0.20 -2.75 0.29 -10.78 -11.78 7.86 -2.92
Dividend Payout % 20.94% 21.30% 13.30% 16.08% 20.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -2%
5 Years: 3%
3 Years: 6%
TTM: 17%
Compounded Profit Growth
10 Years: %
5 Years: 1%
3 Years: 20%
TTM: 70%
Stock Price CAGR
10 Years: 8%
5 Years: -5%
3 Years: 10%
1 Year: 2%
Return on Equity
10 Years: -3%
5 Years: -8%
3 Years: -9%
Last Year: -3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 4.92 4.92 4.92 4.92 4.92 4.92 4.92 4.92 5.90 5.90 5.90 5.90
Reserves 19.71 21.42 29.15 31.90 36.78 39.70 44.70 45.38 52.38 45.55 50.18 48.53
0.80 0.18 1.43 1.29 6.38 13.05 15.99 19.40 11.20 15.37 1.76 3.88
13.67 13.68 14.70 15.18 11.94 16.20 13.51 15.78 15.30 19.33 13.55 15.23
Total Liabilities 39.10 40.20 50.20 53.29 60.02 73.87 79.12 85.48 84.78 86.15 71.39 73.54
11.47 10.39 17.30 16.62 18.10 32.89 30.59 29.94 40.45 39.88 29.38 26.92
CWIP 2.71 4.23 0.15 0.11 6.42 0.69 0.12 8.94 0.04 0.00 0.04 0.06
Investments 2.35 2.35 7.12 9.18 11.16 15.04 23.66 22.55 22.52 22.56 22.59 22.60
22.57 23.23 25.63 27.38 24.34 25.25 24.75 24.05 21.77 23.71 19.38 23.96
Total Assets 39.10 40.20 50.20 53.29 60.02 73.87 79.12 85.48 84.78 86.15 71.39 73.54

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1.32 3.52 5.53 0.21 5.39 4.23 0.67 6.80 -1.42 -3.06 -1.59 -2.02
-1.00 -1.49 -2.96 -2.06 -8.31 -8.43 -2.65 -8.78 -3.55 -2.04 16.14 0.28
-0.38 -0.91 0.39 -1.09 3.92 2.91 1.37 1.77 4.94 5.12 -14.56 1.75
Net Cash Flow -0.06 1.12 2.96 -2.95 1.00 -1.29 -0.61 -0.21 -0.04 0.02 -0.01 0.00
Free Cash Flow -0.62 1.47 2.41 -1.50 -3.50 -4.35 -0.76 -4.21 -5.55 -5.69 14.49 -2.32
CFO/OP 40% 100% 128% 34% 283% 155% 62% 237% 25% 73% 52% -195%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 66.58 85.65 75.73 73.20 39.32 53.71 59.19 37.31 64.73 49.09 48.28 43.32
Inventory Days 83.67 60.14 84.04 135.66 147.65 132.22 176.97 159.36 109.67 135.03 122.14 149.25
Days Payable 68.30 73.93 75.31 67.88 49.81 90.79 98.48 52.16 61.39 101.09 98.05 106.05
Cash Conversion Cycle 81.96 71.87 84.46 140.97 137.16 95.14 137.68 144.51 113.01 83.03 72.36 86.53
Working Capital Days 67.03 70.85 35.79 70.91 72.45 24.47 14.74 -59.28 -15.73 -36.99 21.71 16.33
ROCE % 13.08% 15.63% 15.54% 13.15% 7.63% 1.80% -1.05% 3.02% -7.77% -7.84% -6.79% -2.57%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Number of permanent employees
count

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R&D expenditure
INR lacs
Number of formulations
count (approx.)
Top 10 products contribution to net sales
%
Pharmaceutical segment share of consolidated external revenue
%
Installed capacity of injectables (anti-malarial vials)
million vials per year
Capacity utilization of injectables (anti-malarial vials)
%

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Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
61.28% 61.28% 61.28% 61.28% 61.28% 61.28% 61.28% 61.28% 61.28% 61.28% 61.28% 61.28%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.39% 0.39% 0.39% 0.39% 0.39% 0.39%
38.73% 38.73% 38.74% 38.73% 38.74% 38.73% 38.33% 38.34% 38.35% 38.35% 38.35% 38.34%
No. of Shareholders 4,4024,2834,1794,1764,0904,0084,0314,1354,0734,0263,9263,801

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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