Bharat Parenterals Ltd

₹ 1,119 -0.52%

14 Nov - close price

About

Incorporated in 1992, Bharat Parenterals Ltd is in the business of manufacturing and marketing of formulations^[1]

Key Points

Business Overview:^[1]
BPL is a Gujarat-based WHO GMP & an ISO 10002: 2014, 9001: 2015 certified pharmaceutical company. It manufactures over 800 products spread over 20+ different categories including General Products, β-Lactum/ Cephalosporin Products, Formulations in the form of Tablets, Capsules, Liquid- orals, Ointments, Creams, Lotions, and most importantly Powdered Injections and small Volume Parenterals both in Ampoules and Vials.

Website BSE

Market Cap ₹ 771 Cr.
Current Price ₹ 1,119
High / Low ₹ 1,870 / 802
Stock P/E 35.8
Book Value ₹ 579
Dividend Yield 0.09 %
ROCE 11.2 %
ROE 9.05 %
Face Value ₹ 10.0

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Pros

Company has reduced debt.
Company is almost debt free.

Cons

The company has delivered a poor sales growth of 6.09% over past five years.
Company has a low return on equity of 10.2% over last 3 years.
Earnings include an other income of Rs.11.9 Cr.
Dividend payout has been low at 2.32% of profits over last 3 years
Company has high debtors of 198 days.
Promoter holding has decreased over last 3 years: -6.65%

* 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

Healthcare Healthcare Pharmaceuticals & Biotechnology Pharmaceuticals

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	81.90	59.02	50.97	69.91	59.81	58.80	65.64	92.06	64.45	67.34	80.28	94.37	41.70
	72.56	55.51	44.38	58.42	53.38	52.02	61.91	77.07	58.79	58.99	75.70	79.11	39.36
Operating Profit	9.34	3.51	6.59	11.49	6.43	6.78	3.73	14.99	5.66	8.35	4.58	15.26	2.34
OPM %	11.40%	5.95%	12.93%	16.44%	10.75%	11.53%	5.68%	16.28%	8.78%	12.40%	5.71%	16.17%	5.61%
	6.39	3.95	6.96	2.86	3.46	2.40	3.24	3.90	4.60	3.79	2.26	1.62	4.21
Interest	0.34	0.79	0.80	0.88	0.61	0.61	1.09	1.02	0.88	1.41	1.48	1.42	0.96
Depreciation	1.45	1.43	1.43	1.51	1.61	1.67	1.61	1.61	1.75	1.86	1.82	2.06	2.17
Profit before tax	13.94	5.24	11.32	11.96	7.67	6.90	4.27	16.26	7.63	8.87	3.54	13.40	3.42
Tax %	28.34%	27.29%	17.93%	25.67%	27.51%	26.52%	28.10%	25.09%	28.05%	26.72%	35.59%	25.37%	20.18%
	9.99	3.81	9.29	8.89	5.56	5.07	3.07	12.18	5.49	6.50	2.28	10.00	2.73
EPS in Rs	17.30	6.60	16.09	15.39	9.55	8.71	5.28	18.67	8.41	9.43	3.31	14.51	3.96
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	114	119	125	111	136	220	226	204	212	218	258	304	284
	102	108	114	104	123	189	196	179	183	196	225	269	253
Operating Profit	12	11	10	7	13	30	30	25	29	22	33	35	31
OPM %	10%	9%	8%	6%	10%	14%	13%	12%	14%	10%	13%	11%	11%
	-1	4	5	8	7	13	11	9	7	19	8	14	12
Interest	1	2	1	1	1	1	1	1	1	3	4	5	5
Depreciation	3	4	4	6	6	6	6	6	7	6	6	7	8
Profit before tax	6	9	9	8	14	36	35	27	28	32	31	36	29
Tax %	-3%	15%	31%	7%	27%	37%	25%	25%	25%	24%	27%	27%
	7	7	6	7	10	23	26	20	21	24	23	26	22
EPS in Rs	11.43	12.98	11.26	12.88	17.63	39.39	45.90	35.27	36.89	42.15	38.82	38.38	31.21
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	2%	3%	3%

Compounded Sales Growth
10 Years:	10%
5 Years:	6%
3 Years:	13%
TTM:	1%

Compounded Profit Growth
10 Years:	14%
5 Years:	0%
3 Years:	8%
TTM:	-17%

Stock Price CAGR
10 Years:	%
5 Years:	25%
3 Years:	40%
1 Year:	-25%

Return on Equity
10 Years:	14%
5 Years:	11%
3 Years:	10%
Last Year:	9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	6	6	6	6	6	6	6	6	6	6	6	7	7
Reserves	37	44	51	58	69	91	117	138	160	185	208	380	392
	21	16	19	6	9	5	1	12	15	46	83	65	18
	37	50	44	40	50	60	68	40	37	71	91	98	81
Total Liabilities	101	116	120	111	133	161	192	196	218	308	387	549	499
	29	29	35	31	34	35	33	45	41	36	39	46	47
CWIP	0	0	0	0	0	1	12	0	1	0	0	5	5
Investments	0	0	0	1	1	2	0	42	16	38	49	168	168
	72	87	85	79	99	123	147	110	160	233	299	330	278
Total Assets	101	116	120	111	133	161	192	196	218	308	387	549	499

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	5	-2	6	20	14	22	-22	-12	-0	19
	-8	-2	-8	-9	-13	-41	22	-14	-38	-90
	6	-8	4	-4	-3	11	2	29	34	69
Net Cash Flow	2	-11	2	7	-1	-8	2	3	-5	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	126	179	129	144	158	109	132	122	126	188	198	198
Inventory Days	70	55	62	69	60	55	69	61	56	100	125	90
Days Payable	119	188	171	167	110	82	106	71	60	127	121	121
Cash Conversion Cycle	77	47	20	46	108	82	95	111	122	161	202	167
Working Capital Days	12	58	8	65	82	78	97	111	150	98	68	100
ROCE %	18%	17%	15%	12%	19%	40%	32%	20%	18%	14%	13%	11%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	73.84%	73.84%	73.84%	73.84%	73.84%	73.27%	73.27%	65.35%	67.20%	67.20%	67.19%	67.19%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.11%	0.11%	0.11%	0.11%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.57%	0.54%	0.54%	0.54%	0.54%
	26.16%	26.15%	26.16%	26.15%	26.15%	26.72%	26.72%	33.98%	32.16%	32.15%	32.16%	32.16%
No. of Shareholders	2,608	2,515	2,485	2,481	2,397	2,497	2,708	2,748	3,116	3,177	3,231	3,205

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	74.42%	74.42%	74.42%	74.42%	73.84%	73.84%	73.27%	67.20%	67.19%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.11%	0.11%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.54%	0.54%
	25.57%	25.57%	25.57%	25.57%	26.15%	26.15%	26.72%	32.15%	32.16%
No. of Shareholders	1,422	1,447	1,471	2,572	2,796	2,515	2,497	3,177	3,205

* 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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