Bafna Pharmaceuticals Ltd

₹ 176 10.00%

05 Jun - close price

bafnapharma.com BSE: 532989 NSE: BAFNAPH

About

Incorporated in 1981, Bafna Pharmaceuticals
Ltd manufactures finished pharmaceutical formulations^[1]

Key Points

Product Profile:^[1]^[2]^[3]
Company is manufacturing over 336
licensed pharmaceutical formulations
and has globally registered 78 of its
products viz. Afenac-p Tab, Afenac-th
Tab, finished solid oral and liquid oral
dosage forms of Betalactam and Non – Betalactam and Cephalosporin products

Website BSE NSE

Market Cap ₹ 417 Cr.
Current Price ₹ 176
High / Low ₹ 205 / 72.0
Stock P/E 37.6
Book Value ₹ 40.6
Dividend Yield 0.00 %
ROCE 11.9 %
ROE 12.3 %
Face Value ₹ 10.0

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Pros

Cons

Stock is trading at 4.34 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
Company has a low return on equity of 9.88% over last 3 years.

* 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

	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
	42.24	41.95	40.68	28.44	41.40	33.29	40.32	33.19	39.06	34.62	35.47	38.29	42.24
	34.62	35.66	36.67	30.51	38.51	32.08	36.53	30.13	35.95	29.55	31.19	35.24	38.69
Operating Profit	7.62	6.29	4.01	-2.07	2.89	1.21	3.79	3.06	3.11	5.07	4.28	3.05	3.55
OPM %	18.04%	14.99%	9.86%	-7.28%	6.98%	3.63%	9.40%	9.22%	7.96%	14.64%	12.07%	7.97%	8.40%
	0.26	1.87	0.16	0.98	0.52	0.16	1.02	0.18	-0.76	0.60	1.18	1.22	1.76
Interest	0.70	0.60	0.44	0.58	0.68	0.65	0.62	0.64	0.82	0.91	0.86	0.86	1.03
Depreciation	1.53	1.21	1.24	1.27	1.27	1.44	1.58	1.66	0.22	1.37	1.47	1.57	1.66
Profit before tax	5.65	6.35	2.49	-2.94	1.46	-0.72	2.61	0.94	1.31	3.39	3.13	1.84	2.62
Tax %	4.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4.96%
	5.37	6.35	2.48	-2.94	1.46	-0.72	2.62	0.95	1.31	3.39	3.12	1.84	2.75
EPS in Rs	2.27	2.68	1.05	-1.24	0.62	-0.30	1.11	0.40	0.55	1.43	1.32	0.78	1.16
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
	100	85	65	46	44	42	71	85	115	152	146	151
	116	82	70	81	57	41	61	73	100	141	135	135
Operating Profit	-16	3	-5	-35	-13	1	10	12	16	11	11	16
OPM %	-16%	3%	-8%	-77%	-30%	3%	14%	14%	14%	7%	8%	11%
	40	1	1	31	0	-23	1	-0	3	4	1	5
Interest	12	12	11	7	2	0	1	1	2	2	3	4
Depreciation	5	4	4	4	3	3	4	5	5	5	5	6
Profit before tax	6	-13	-19	-14	-18	-25	6	5	12	7	4	11
Tax %	-0%	-3%	-4%	15%	8%	0%	0%	0%	2%	0%	0%	-1%
	6	-12	-18	-16	-20	-25	6	5	11	7	4	11
EPS in Rs	3.28	-6.53	-9.90	-6.95	-8.34	-106.53	2.46	2.21	4.79	3.11	1.75	4.69
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	6%
5 Years:	16%
3 Years:	9%
TTM:	3%

Compounded Profit Growth
10 Years:	11%
5 Years:	14%
3 Years:	0%
TTM:	74%

Stock Price CAGR
10 Years:	20%
5 Years:	5%
3 Years:	12%
1 Year:	139%

Return on Equity
10 Years:	-6%
5 Years:	11%
3 Years:	10%
Last Year:	12%

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	19	19	19	24	24	2	24	24	24	24	24	24
Reserves	53	41	26	17	-3	49	33	38	50	57	61	72
	64	80	82	47	46	3	15	11	23	24	28	37
	50	45	40	40	54	17	14	17	33	42	40	42
Total Liabilities	185	185	167	128	121	71	86	90	130	148	153	176
	49	47	43	40	37	35	36	39	40	40	59	82
CWIP	0	0	0	0	0	0	1	0	2	12	7	3
Investments	18	18	18	1	1	0	0	0	0	0	0	0
	118	120	106	86	82	36	50	51	88	95	87	91
Total Assets	185	185	167	128	121	71	86	90	130	148	153	176

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
	9	-3	14	-7	-1	-34	-14	10	5	9	22	15
	56	-1	-8	38	4	33	-5	-7	-7	-15	-21	-22
	-66	4	-5	-31	-2	7	12	-5	10	-1	1	6
Net Cash Flow	-0	0	-0	0	0	6	-7	-2	8	-6	2	-1
Free Cash Flow	2	-5	20	40	-1	-36	-20	2	-2	-6	0	-10
CFO/OP	-74%	-106%	-263%	20%	8%	-2,786%	-132%	83%	32%	87%	194%	96%

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	303	291	302	195	208	52	49	63	130	109	101	106
Inventory Days	66	92	118	102	122	208	154	185	129	125	127	129
Days Payable	149	169	164	265	517	229	107	113	165	149	140	139
Cash Conversion Cycle	220	214	255	31	-188	31	96	135	94	84	88	96
Working Capital Days	56	125	-36	-108	-210	89	121	123	104	92	74	74
ROCE %	-13%	-0%	-6%	-35%	-21%	-3%	10%	11%	16%	9%	8%	12%

Insights

In beta

Mar 2014

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Mar 2023

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Mar 2025

Permanent Employee Count
Number

xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx	xxx
	xx	x	xx		xx	xx	xx		xx	xx	xx
	xx.xx	xx.xx	xx.xx	xx.xx		xxx.xx				xx.xx	xxx.xx
	xxx.xx	xxx.xx	xxx.xx	xxx.xx		xxx.xx				xxx.xx	xxx.xx
		xx	xx	xx		xxx				xx	xxx
		x,xxx.xx	x,xxx.xx	x,xxx.xx		x,xxx.xx				x,xxx.xx	xxx.xx
x.xx	x.xx	x.xx	x.xx

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Total Product Registrations
Number

Global Footprint - Number of Countries
Number

Actual Production Volume - Capsules
Million Units

Actual Production Volume - Tablets
Million Units

Installed Capacity - Capsules
Million Units

Installed Capacity - Tablets
Million Units

R&D Expenditure (Percentage of Turnover)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	89.99%	88.73%	88.42%	88.29%	88.29%	88.29%	88.29%	75.00%	75.00%	75.00%	75.00%	75.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.53%	9.34%	9.34%	9.34%	9.34%
	10.00%	11.27%	11.57%	11.70%	11.71%	11.70%	11.70%	16.47%	15.66%	15.66%	15.66%	15.66%
No. of Shareholders	6,992	7,354	7,367	7,539	7,391	7,295	7,214	7,142	7,283	7,572	7,119	6,928

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	33.42%	26.36%	26.36%	26.40%	91.74%	90.42%	89.99%	88.29%	75.00%	75.00%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.53%	9.34%
	0.25%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	66.32%	73.64%	73.64%	73.60%	8.26%	9.58%	10.00%	11.70%	16.47%	15.66%
No. of Shareholders	9,881	8,612	8,425	7,595	8,603	7,326	7,120	7,539	7,142	6,928

* 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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Bafna Pharmaceuticals Ltd

Bafna Pharmaceuticals Ltd

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Quarterly Results

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Shareholding Pattern

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