Bajaj Healthcare Ltd

₹ 307 0.59%

27 May - 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 ₹ 1,034 Cr.
Current Price ₹ 307
High / Low ₹ 560 / 272
Stock P/E 22.0
Book Value ₹ 158
Dividend Yield 0.33 %
ROCE 11.5 %
ROE 9.40 %
Face Value ₹ 5.00

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Pros

Cons

Promoter holding has decreased over last quarter: -0.90%
The company has delivered a poor sales growth of -1.44% over past five years.
Company has a low return on equity of 3.96% over last 3 years.
Dividend payout has been low at 1.57% of profits 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

Part of BSE Healthcare

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	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
	154	130	101	109	134	132	133	123	154	149	148	161	153
	132	108	82	89	118	108	109	101	143	124	121	131	130
Operating Profit	22	22	19	20	16	24	25	22	12	25	27	31	23
OPM %	14%	17%	19%	18%	12%	19%	18%	18%	8%	16%	18%	19%	15%
	-7	-55	-7	-7	-36	-0	4	-1	13	1	0	1	-34
Interest	6	9	8	7	6	8	8	6	6	5	6	6	6
Depreciation	5	6	7	7	7	7	7	7	8	6	7	7	8
Profit before tax	5	-48	-3	-1	-33	9	14	8	11	14	15	19	-24
Tax %	21%	-0%	4%	58%	-10%	23%	30%	-39%	1%	17%	24%	17%	-6%
	4	-48	-3	-2	-30	7	9	12	11	12	11	16	-23
EPS in Rs	1.30	-17.47	-1.25	-0.80	-10.84	2.58	3.00	3.71	3.54	3.75	3.52	4.96	-6.79
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Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	218	223	231	327	370	410	657	680	646	473	543	611
	189	193	200	288	327	362	521	561	534	397	460	506
Operating Profit	29	30	31	39	43	48	136	119	112	76	83	105
OPM %	13%	14%	13%	12%	12%	12%	21%	17%	17%	16%	15%	17%
	0	0	2	2	1	7	7	1	-19	-105	16	-32
Interest	8	8	8	8	8	7	8	13	18	30	28	22
Depreciation	9	9	11	11	11	12	16	18	17	28	28	28
Profit before tax	12	14	14	23	24	36	119	90	58	-86	43	23
Tax %	37%	39%	43%	33%	33%	30%	30%	20%	25%	-3%	7%	33%
	8	8	8	15	16	25	83	71	43	-84	40	16
EPS in Rs	8.34	3.04	2.83	5.50	5.91	9.14	30.11	25.87	15.59	-30.36	12.51	4.68
Dividend Payout %	0%	0%	0%	5%	0%	0%	5%	6%	6%	-3%	8%	0%

Compounded Sales Growth
10 Years:	11%
5 Years:	-1%
3 Years:	-2%
TTM:	13%

Compounded Profit Growth
10 Years:	19%
5 Years:	-11%
3 Years:	3%
TTM:	18%

Stock Price CAGR
10 Years:	22%
5 Years:	-2%
3 Years:	0%
1 Year:	-45%

Return on Equity
10 Years:	12%
5 Years:	9%
3 Years:	4%
Last Year:	9%

Balance Sheet

Figures in Rs. Crores

	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	2	7	7	7	7	14	14	14	14	14	16	17
Reserves	78	82	92	107	122	164	245	315	354	265	450	516
	70	81	75	87	81	91	181	257	415	333	223	249
	38	39	45	68	57	74	86	136	115	154	144	141
Total Liabilities	189	209	219	268	267	343	526	721	898	765	833	923
	108	130	128	127	128	162	208	270	366	253	238	248
CWIP	1	1	0	2	1	5	57	52	22	7	3	8
Investments	0	0	0	0	0	5	0	0	0	0	0	0
	79	78	91	140	137	170	260	399	510	506	591	667
Total Assets	189	209	219	268	267	343	526	721	898	765	833	923

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	28	25	22	17	25	21	44	1	-22	92	22	58
	-17	-31	-8	-12	-13	-28	-109	-75	-93	-11	-15	-48
	-11	5	-13	2	-13	3	75	62	131	-97	-6	24
Net Cash Flow	-0	-0	0	7	-0	-4	10	-12	16	-16	0	35
Free Cash Flow	11	-6	14	5	11	-2	-70	-74	-115	73	10	18
CFO/OP	99%	100%	88%	57%	89%	62%	58%	9%	-10%	138%	32%	53%

Ratios

Figures in Rs. Crores

	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	86	70	83	90	77	88	55	99	110	139	169	140
Inventory Days	50	56	45	57	45	54	94	143	199	206	206	249
Days Payable	63	46	51	74	45	80	67	94	81	128	122	133
Cash Conversion Cycle	73	80	78	73	77	62	82	148	228	217	254	256
Working Capital Days	-11	-17	-4	0	12	24	34	40	27	-0	140	119
ROCE %	16%	13%	13%	16%	16%	18%	36%	20%	14%	8%	11%	11%

Insights

In beta

Mar 2014

Mar 2015

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Mar 2020

Mar 2021

Mar 2022

Mar 2023

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Mar 2025

Revenue Mix - API Segment
Percentage

	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	x.xx	xx.xx	x.xx	xx.xx	xx.xx
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			xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
		x,xxx	xxx	xxx		xxx	xxx	x,xxx	x,xxx		xxx
xx.xx	xx.xx	xx.xx				xxx.xx	xx.xx	xx.xx	xx.xx		xxx.xx
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Revenue Mix - Formulation Segment
Percentage

Installed Capacity - API & Intermediates
MT/Month

Export Revenue Share
Percentage

Employee Count (Total Workforce)
Number

Installed Capacity - Formulations (FDF)
Mn units/month

Total Drug Master Files (DMF) Filed
Number

Opium Gum Processing Capacity
MTPA

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

7 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	67.49%	67.69%	67.73%	67.74%	67.74%	59.19%	59.19%	59.19%	59.19%	59.19%	59.19%	58.29%
	0.69%	0.66%	0.74%	0.53%	0.00%	1.07%	1.01%	1.05%	1.09%	1.12%	1.18%	1.98%
	0.34%	0.43%	0.48%	0.43%	0.00%	1.97%	2.36%	2.52%	3.16%	2.99%	2.96%	2.91%
	31.48%	31.22%	31.06%	31.31%	32.27%	37.77%	37.45%	37.25%	36.56%	36.70%	36.67%	36.82%
No. of Shareholders	27,322	28,008	29,626	32,712	32,397	31,995	32,672	35,710	35,980	38,576	37,953	38,158

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	67.26%	67.26%	67.26%	67.26%	67.26%	67.26%	67.49%	67.74%	59.19%	58.29%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	0.78%	0.53%	1.05%	1.98%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.34%	0.43%	2.52%	2.91%
	32.74%	32.74%	32.74%	32.74%	32.74%	32.36%	31.38%	31.31%	37.25%	36.82%
No. of Shareholders	151	116	99	1,031	7,236	30,723	26,037	32,712	35,710	38,158

* 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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