Bajaj Healthcare Ltd

₹ 394 2.32%

14 Jan - close price

bajajhealth.com BSE: 539872 NSE: BAJAJHCARE

About

Incorporated in 1993, Bajaj Healthcare Ltd manufactures a wide range of Active Pharmaceutical Ingredients and Formulations^[1]

Key Points

Business Overview:^[1]^[2]^[3]
BHL is focused on development, supply, manufacturing of Amino Acids, Nutritional Supplements and Active Pharma Ingredients for Pharmaceutical, Nutraceuticals and Food industries. It manufactures active pharmaceutical ingredients and formulations in the form of tablets, capsules, powder, etc. for ~550+ clients, exporting bulk drugs to ~62+ countries in Europe, USA, Africa, Australia, etc.

Website BSE NSE

Market Cap ₹ 1,245 Cr.
Current Price ₹ 394
High / Low ₹ 745 / 379
Stock P/E 24.3
Book Value ₹ 154
Dividend Yield 0.25 %
ROCE 11.4 %
ROE 10.7 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.

Cons

Stock is trading at 2.56 times its book value
The company has delivered a poor sales growth of 5.76% over past five years.
Company has a low return on equity of 4.15% over last 3 years.
Dividend payout has been low at 3.71% of profits over last 3 years
Company has high debtors of 169 days.
Promoter holding has decreased over last 3 years: -8.11%
Working capital days have increased from 55.6 days to 140 days

* 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

Part of BSE Healthcare BSE SmallCap BSE Allcap

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	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
	195	133	154	130	101	109	134	132	133	123	154	149	148
	161	102	132	108	82	89	118	108	109	101	143	124	121
Operating Profit	34	30	22	22	19	20	16	24	25	22	12	25	27
OPM %	18%	23%	14%	17%	19%	18%	12%	19%	18%	18%	8%	16%	18%
	-5	-6	-7	-55	-7	-7	-36	-0	4	-1	13	1	0
Interest	4	5	6	9	8	7	6	8	8	6	6	5	6
Depreciation	4	4	5	6	7	7	7	7	7	7	8	6	7
Profit before tax	22	15	5	-48	-3	-1	-33	9	14	8	11	14	15
Tax %	26%	26%	21%	-0%	4%	58%	-10%	23%	30%	-39%	1%	17%	24%
	16	11	4	-48	-3	-2	-30	7	9	12	11	12	11
EPS in Rs	5.93	4.00	1.30	-17.47	-1.25	-0.80	-10.84	2.58	3.00	3.71	3.54	3.75	3.52
Raw PDF

Upcoming result date: today

Profit & Loss

Figures in Rs. Crores

	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
	205	218	223	231	327	370	410	657	680	646	473	543	574
	186	189	193	200	288	327	362	521	561	534	397	460	489
Operating Profit	19	29	30	31	39	43	48	136	119	112	76	83	85
OPM %	9%	13%	14%	13%	12%	12%	12%	21%	17%	17%	16%	15%	15%
	0	0	0	2	2	1	7	7	1	-19	-105	16	13
Interest	7	8	8	8	8	8	7	8	13	18	30	28	22
Depreciation	9	9	9	11	11	11	12	16	18	17	28	28	27
Profit before tax	3	12	14	14	23	24	36	119	90	58	-86	43	49
Tax %	40%	37%	39%	43%	33%	33%	30%	30%	20%	25%	-3%	7%
	2	8	8	8	15	16	25	83	71	43	-84	40	46
EPS in Rs	2.19	8.34	3.04	2.83	5.50	5.91	9.14	30.11	25.87	15.59	-30.36	12.51	14.52
Dividend Payout %	0%	0%	0%	0%	5%	0%	0%	5%	6%	6%	-3%	8%

Compounded Sales Growth
10 Years:	10%
5 Years:	6%
3 Years:	-7%
TTM:	13%

Compounded Profit Growth
10 Years:	18%
5 Years:	10%
3 Years:	-18%
TTM:	50%

Stock Price CAGR
10 Years:	%
5 Years:	9%
3 Years:	-1%
1 Year:	-30%

Return on Equity
10 Years:	13%
5 Years:	13%
3 Years:	4%
Last Year:	11%

Balance Sheet

Figures in Rs. Crores

	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	2	2	7	7	7	7	14	14	14	14	14	16	16
Reserves	28	78	82	92	107	122	164	245	315	354	265	450	471
	72	70	81	75	87	81	91	181	257	415	333	223	238
	43	38	39	45	68	57	74	86	136	115	154	144	114
Total Liabilities	145	189	209	219	268	267	343	526	721	898	765	833	839
	56	108	130	128	127	128	162	208	270	366	253	238	251
CWIP	3	1	1	0	2	1	5	57	52	22	7	3	6
Investments	0	0	0	0	0	0	5	0	0	0	0	0	0
	87	79	78	91	140	137	170	260	399	510	506	591	582
Total Assets	145	189	209	219	268	267	343	526	721	898	765	833	839

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	17	28	25	22	17	25	21	44	1	-22	92	22
	-9	-17	-31	-8	-12	-13	-28	-109	-75	-93	-11	-15
	-8	-11	5	-13	2	-13	3	75	62	131	-97	-6
Net Cash Flow	1	-0	-0	0	7	-0	-4	10	-12	16	-16	0

Ratios

Figures in Rs. Crores

	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	98	86	70	83	90	77	88	55	99	110	139	169
Inventory Days	51	50	56	45	57	45	54	94	143	199	206	206
Days Payable	68	63	46	51	74	45	80	67	94	81	128	122
Cash Conversion Cycle	81	73	80	78	73	77	62	82	148	228	217	254
Working Capital Days	-25	-11	-17	-4	0	12	24	34	40	27	-0	140
ROCE %	10%	16%	13%	13%	16%	16%	18%	36%	20%	14%	8%	11%

Shareholding Pattern

Numbers in percentages

1 Recently

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	67.42%	67.49%	67.49%	67.69%	67.73%	67.74%	67.74%	59.19%	59.19%	59.19%	59.19%	59.19%
	0.94%	0.78%	0.69%	0.66%	0.74%	0.53%	0.00%	1.07%	1.01%	1.05%	1.09%	1.12%
	0.34%	0.34%	0.34%	0.43%	0.48%	0.43%	0.00%	1.97%	2.36%	2.52%	3.16%	2.99%
	31.30%	31.38%	31.48%	31.22%	31.06%	31.31%	32.27%	37.77%	37.45%	37.25%	36.56%	36.70%
No. of Shareholders	26,930	26,037	27,322	28,008	29,626	32,712	32,397	31,995	32,672	35,710	35,980	38,576

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
	67.26%	67.26%	67.26%	67.26%	67.26%	67.26%	67.49%	67.74%	59.19%	59.19%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	0.78%	0.53%	1.05%	1.12%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.34%	0.43%	2.52%	2.99%
	32.74%	32.74%	32.74%	32.74%	32.74%	32.36%	31.38%	31.31%	37.25%	36.70%
No. of Shareholders	151	116	99	1,031	7,236	30,723	26,037	32,712	35,710	38,576

* 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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