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Swing Capital

Bajaj Healthcare Ltd

NSE: BAJAJHCARE BSE: 539872Pharma

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

₹275
52W: ₹272 — ₹609
PE 19.7 · Book ₹158 · +74% vs book
Market Cap₹926 Cr
Stock P/E19.7Price to Earnings
ROCE11.5%Return on Capital
ROE9.4%Return on Equity
Div. Yield0.35%Face Value ₹5

Weaknesses

  • −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

Shareholding Pattern

Promoters58.29%
FIIs1.98%
DIIs2.91%
Public36.82%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.74%59.19%▼8.559.19%59.19%59.19%59.19%59.19%58.29%▼0.9
FIIs0%1.07%▲1.11.01%▼0.11.05%▲0.01.09%▲0.01.12%▲0.01.18%▲0.11.98%▲0.8
DIIs0%1.97%▲2.02.36%▲0.42.52%▲0.23.16%▲0.62.99%▼0.22.96%▼0.02.91%▼0.0
Public32.27%37.77%▲5.537.45%▼0.337.25%▼0.236.56%▼0.736.7%▲0.136.67%▼0.036.82%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales109134132133123154149148161153
Expenses89118108109101143124121131130
Operating Profit20162425221225273123
OPM %18%12%19%18%18%8%16%18%19%15%
Net Profit-2-30791211121116-23
EPS ₹-0.8-10.842.5833.713.543.753.524.96-6.79

AI Insights

Revenue Trend

Mar 2026 revenue at ₹611Cr, up 12.5% YoY. OPM at 17%.

Debt Position

Borrowings at ₹249Cr. Debt-to-equity ratio: 0.48x. Healthy balance sheet.

Capex Cycle

CWIP at ₹8Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 2.91% (+2.57pp change). FIIs: 1.98% (+1.29pp change). Promoters hold 58.29%.

Margin & Efficiency

ROCE declining from 16% (Mar 2015) to 11% (Mar 2026). Working capital days: 119.

Valuation

PE 19.7x with 11.5% ROCE. Price is 74% above book value of ₹158. Dividend yield: 0.35%.

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