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Swing Capital

Bafna Pharmaceuticals Ltd

NSE: BAFNAPH BSE: 532989Pharma

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

₹135
52W: ₹72 — ₹205
PE 28 · Book ₹38.6 · +250% vs book
Market Cap₹320 Cr
Stock P/E28Price to Earnings
ROCE8.34%Return on Capital
ROE7.69%Return on Equity
Div. Yield0%Face Value ₹10

Weaknesses

  • −Stock is trading at 3.51 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 10.9% over last 3 years.

Shareholding Pattern

Promoters75%
FIIs9.34%
DIIs0%
Public15.66%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters88.29%88.29%88.29%75%▼13.375%75%75%75%
FIIs0%0%0%8.53%▲8.59.34%▲0.89.34%9.34%9.34%
DIIs0%0%0%0%0%0%0%0%
Public11.71%11.7%▼0.011.7%16.47%▲4.815.66%▼0.815.66%15.66%15.66%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales40.6828.4441.433.2940.3233.1939.0634.6235.4738.29
Expenses36.6730.5138.5132.0836.5330.1335.9529.5531.1935.24
Operating Profit4.01-2.072.891.213.793.063.115.074.283.05
OPM %9.86%-7.28%6.98%3.63%9.4%9.22%7.96%14.64%12.07%7.97%
Net Profit2.48-2.941.46-0.722.620.951.313.393.121.84
EPS ₹1.05-1.240.62-0.31.110.40.551.431.320.78

AI Insights

Revenue Trend

TTM revenue at ₹147Cr, up 0.7% YoY. OPM at 11%.

Debt Position

Borrowings at ₹32Cr. Debt-to-equity ratio: 0.47x. Healthy balance sheet.

Capex Cycle

CWIP at ₹15Cr (23% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 9.34% (+9.34pp change). Promoters hold 75%.

Margin & Efficiency

ROCE declining from 9% (Mar 2014) to 8% (Mar 2025). Working capital days: 74.

Valuation

PE 28x with 8.34% ROCE. Price is 250% above book value of ₹38.6. Dividend yield: 0%.

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