Panacea Biotec Ltd
Incorporated in 1984, Panacea Biotec Ltd is a research-based biotechnology company[1]
- Market Cap ₹ 1,894 Cr.
- Current Price ₹ 309
- High / Low ₹ 582 / 305
- Stock P/E
- Book Value ₹ 47.6
- Dividend Yield 0.00 %
- ROCE -2.14 %
- ROE -4.76 %
- Face Value ₹ 1.00
Pros
Cons
- Stock is trading at 6.72 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of -10.3% over last 3 years.
- Company might be capitalizing the interest cost
* 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 Allcap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 498 | 679 | 647 | 530 | 184 | 96 | 158 | 344 | 236 | 257 | 360 | 310 | 370 | |
| 586 | 612 | 534 | 460 | 192 | 243 | 248 | 343 | 308 | 320 | 345 | 317 | 407 | |
| Operating Profit | -88 | 68 | 113 | 70 | -8 | -147 | -90 | 0 | -73 | -63 | 14 | -7 | -37 |
| OPM % | -18% | 10% | 17% | 13% | -4% | -152% | -57% | 0% | -31% | -24% | 4% | -2% | -10% |
| 304 | 28 | 75 | 16 | 84 | 322 | -14 | 21 | 13 | 34 | 25 | 17 | 18 | |
| Interest | 148 | 93 | 115 | 104 | 103 | 105 | 5 | 8 | 7 | 10 | 14 | 15 | 24 |
| Depreciation | 69 | 66 | 71 | 66 | 34 | 33 | 27 | 27 | 26 | 24 | 21 | 20 | 19 |
| Profit before tax | -0 | -63 | 1 | -84 | -61 | 37 | -136 | -13 | -94 | -63 | 4 | -26 | -61 |
| Tax % | 0% | 3% | 38% | -14% | 17% | 29% | 13% | 12% | 0% | 40% | 16% | -42% | |
| -0 | -65 | 1 | -73 | -72 | 27 | -153 | -14 | -94 | -88 | 4 | -15 | -42 | |
| EPS in Rs | -0.07 | -10.64 | 0.14 | -11.85 | -11.73 | 4.33 | -24.97 | -2.36 | -15.27 | -14.28 | 0.58 | -2.48 | -6.86 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | -8% |
| 5 Years: | 14% |
| 3 Years: | 10% |
| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 6% |
| 5 Years: | 13% |
| 3 Years: | 22% |
| TTM: | -900% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 12% |
| 3 Years: | 43% |
| 1 Year: | -28% |
| Return on Equity | |
|---|---|
| 10 Years: | -16% |
| 5 Years: | -10% |
| 3 Years: | -10% |
| Last Year: | -5% |
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 | 6 | 6 |
| Reserves | 556 | 517 | 518 | 450 | 382 | 412 | 887 | 502 | 409 | 320 | 323 | 308 | 286 |
| 990 | 1,031 | 1,035 | 1,023 | 970 | 689 | 67 | 65 | 84 | 102 | 125 | 228 | 280 | |
| 334 | 325 | 248 | 303 | 316 | 335 | 179 | 217 | 263 | 296 | 300 | 327 | 280 | |
| Total Liabilities | 1,886 | 1,879 | 1,807 | 1,782 | 1,673 | 1,442 | 1,138 | 790 | 762 | 724 | 754 | 869 | 851 |
| 1,086 | 1,060 | 988 | 942 | 891 | 496 | 499 | 464 | 454 | 435 | 423 | 416 | 446 | |
| CWIP | 26 | 17 | 19 | 28 | 37 | 3 | 4 | 13 | 1 | 28 | 97 | 119 | 97 |
| Investments | 394 | 395 | 395 | 345 | 345 | 3 | 3 | 0 | 0 | 0 | 0 | 0 | 0 |
| 380 | 408 | 406 | 467 | 401 | 940 | 633 | 313 | 307 | 260 | 234 | 334 | 309 | |
| Total Assets | 1,886 | 1,879 | 1,807 | 1,782 | 1,673 | 1,442 | 1,138 | 790 | 762 | 724 | 754 | 869 | 851 |
Cash Flows
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 53 | 45 | 98 | 104 | 172 | 107 | -83 | 38 | -53 | -11 | 33 | 4 | |
| -18 | -29 | 23 | -18 | -3 | -10 | -17 | -37 | 40 | 2 | -47 | -61 | |
| -38 | -11 | -129 | -91 | -164 | -98 | 109 | -7 | 10 | 9 | 13 | 90 | |
| Net Cash Flow | -3 | 5 | -8 | -5 | 6 | -2 | 10 | -6 | -3 | 1 | -1 | 33 |
| Free Cash Flow | 37 | 41 | 97 | 80 | 157 | 102 | -69 | 28 | -59 | -10 | -36 | -49 |
| CFO/OP | -62% | 71% | 69% | 140% | -2,130% | -73% | 83% | 8,010% | 71% | 15% | 247% | -73% |
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 | 66 | 54 | 80 | 121 | 283 | 96 | 41 | 37 | 36 | 17 | 11 | 25 |
| Inventory Days | 310 | 178 | 233 | 304 | 618 | 203 | 619 | 180 | 421 | 260 | 278 | 541 |
| Days Payable | 397 | 236 | 295 | 490 | 1,002 | 373 | 847 | 257 | 472 | 289 | 299 | 586 |
| Cash Conversion Cycle | -20 | -4 | 17 | -65 | -102 | -74 | -188 | -39 | -15 | -12 | -10 | -21 |
| Working Capital Days | -403 | -229 | -80 | -133 | -682 | -49 | 892 | 4 | -63 | -135 | -79 | -141 |
| ROCE % | -9% | 2% | 4% | 4% | 3% | -14% | -8% | -1% | -16% | -13% | 4% | -2% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Active Patents (Global) Number |
|
||||||||||
| Number of R&D Scientists Number |
|||||||||||
| Distribution Network - Vaccine Distributors Number |
|||||||||||
| Field Force Size (Sales & Marketing Staff) Number |
|||||||||||
| Distribution Network - Pharma Distributors Number |
|||||||||||
| Market Share - Tacrolimus (PanGraf) % |
|||||||||||
| Market Share - Transplant & Immunology Segment % |
|||||||||||
| R&D Expenditure (Percentage of Turnover) % |
|||||||||||
Documents
Announcements
-
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI LODR Regulations') Regarding Update On Ongoing Tax Litigation Reported Under Integrated Filing (Governance)
2d - CIT(A) dismissed appeals; penalty demand ~₹9.38 Crore for AYs 2017-18, 2020-21, 2021-22.
- Closure of Trading Window 24 Mar
-
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI LODR Regulations') - Update On Ongoing Tax Litigation Reported Earlier Under Integrated Filing (Governance)
11 Mar - PBPL tax demand cut from ₹1.58 Cr to ₹0.81 Cr; appeal planned; no material impact envisaged.
-
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI LODR Regulations') - Update On Ongoing Tax Litigation Reported Under Integrated Filing (Governance)
10 Mar - ITAT quashed assessments, dismissed DCIT appeals; ₹329.49 Crore demand cancelled (A.Y.2005-06 to 2012-13).
-
Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015
6 Mar - Received Demand Order (01-Mar-2026) for ~₹10.23 Crore tax demand relating to AY2016-17; company to appeal.
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from nse
-
Financial Year 2013
from bse
-
Financial Year 2012
from nse
Business Overview:[1]
a) PBL is in the business of research, development, manufacture and marketing of branded vaccines, pharmaceutical formulations, nutraceuticals and food & nutrition products
b) It is one of the largest Vaccine Manufacturing Company in India and is acknowledged by the United Nations (UN) Health Agencies in partnering the Global Polio Eradication Initiative (GPEI) with supplies of billions of doses of WHO Pre-qualified Polio vaccines in 50+ countries worldwide as a sequel to the completion of full range of Oral polio vaccines (tOPV, mOPV1, mOPV3 & bOPV (Type1&Type3)
c) It is the first company to have developed fully liquid Pentavalent vaccine (DTwP-Hep B+Hib) EasyFive and world’s first fully-liquid wP-IPV based Hexavalent vaccine (DTwP +HepB +Hib +IPV) EasySix