Makers Laboratories Ltd

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Makers Laboratories Ltd

₹ 221 18.18%
24 Aug - close price
makerslabs.com BSE: 506919 NSE: MAKERSL
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 NSE
  • Market Cap ₹ 130 Cr.
  • Current Price ₹ 221
  • High / Low ₹ 224 / 109
  • Stock P/E 38.2
  • Book Value ₹ 124
  • Dividend Yield 0.00 %
  • ROCE 9.28 %
  • ROE 3.17 %
  • Face Value ₹ 10.0
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Pros

  • Company has delivered good profit growth of 49.3% CAGR over last 5 years
  • Debtor days have improved from 68.8 to 51.6 days.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of -2.05% 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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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
25.01 25.06 26.51 27.81 29.59 29.57 27.69 33.90 35.00 34.17 35.67 35.75 42.77
25.15 24.86 26.31 26.95 27.78 27.38 26.38 30.81 31.99 31.89 31.51 30.47 35.81
Operating Profit -0.14 0.20 0.20 0.86 1.81 2.19 1.31 3.09 3.01 2.28 4.16 5.28 6.96
OPM % -0.56% 0.80% 0.75% 3.09% 6.12% 7.41% 4.73% 9.12% 8.60% 6.67% 11.66% 14.77% 16.27%
0.25 0.41 0.37 0.43 -0.51 10.63 0.87 0.10 0.27 0.36 0.33 0.76 0.61
Interest 0.41 0.49 0.53 0.52 0.49 0.43 0.19 0.18 0.18 0.22 0.20 0.17 0.15
Depreciation 1.11 1.13 1.16 1.15 1.28 1.29 1.31 0.90 1.12 1.13 1.14 1.13 1.13
Profit before tax -1.41 -1.01 -1.12 -0.38 -0.47 11.10 0.68 2.11 1.98 1.29 3.15 4.74 6.29
Tax % 18.44% 10.89% -4.46% 152.63% 48.94% 11.98% 60.29% 24.64% 34.85% 42.64% 27.94% 24.89% 27.03%
-1.66 -1.13 -1.06 -0.97 -0.70 9.76 0.27 1.58 1.29 0.74 2.27 3.56 4.59
EPS in Rs -3.56 -2.27 -2.61 -2.19 -1.66 14.95 -0.51 -0.08 0.75 -0.20 1.59 1.85 2.54
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
69 127 101 104 121 141 148
60 108 98 103 112 126 130
Operating Profit 8 19 3 1 9 15 19
OPM % 12% 15% 3.3% 1.1% 7% 11% 13%
1 3 2 2 11 2 2
Interest 2 2 2 2 1 1 1
Depreciation 5 4 4 5 5 5 5
Profit before tax 3 16 -1 -4 13 11 15
Tax % 50% 25% 161% 23% 19% 30%
1 12 -2 -5 11 8 11
EPS in Rs -0.56 8.44 -8.05 -10.61 12.69 3.98 5.78
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 15%
3 Years: 12%
TTM: 18%
Compounded Profit Growth
10 Years: %
5 Years: 49%
3 Years: 35%
TTM: -61%
Stock Price CAGR
10 Years: 14%
5 Years: 2%
3 Years: 28%
1 Year: 51%
Return on Equity
10 Years: %
5 Years: -1%
3 Years: -2%
Last Year: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 5 5 6 6 6 6
Reserves 49 55 63 57 65 67
21 23 17 22 8 9
62 62 66 76 70 85
Total Liabilities 136 144 152 161 148 167
71 68 85 87 74 71
CWIP 0 9 0 0 1 4
Investments 2 0 0 3 0 12
63 66 67 71 73 81
Total Assets 136 144 152 161 148 167

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
0 18 -9 1 -4 14
0 -22 1 -7 20 -15
0 0 6 6 -16 0
Net Cash Flow 0 -3 -2 -0 -0 -0
Free Cash Flow 0 9 -21 -6 11 11
CFO/OP 0% 128% -185% 232% -20% 118%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 88 39 72 70 85 52
Inventory Days 344 166 281 227 230 250
Days Payable 182 38 91 112 79 110
Cash Conversion Cycle 250 167 262 185 236 192
Working Capital Days 112 61 113 97 140 106
ROCE % 15% 1% -2% 4% 9%

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 ・Standalone data

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

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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% 0.39% 0.39% 0.39% 0.39% 0.39% 0.39% 0.39%
38.73% 38.74% 38.73% 38.74% 38.73% 38.33% 38.34% 38.35% 38.35% 38.35% 38.34% 38.34%
No. of Shareholders 4,2834,1794,1764,0904,0084,0314,1354,0734,0263,9263,8013,745

* 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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