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Swing Capital

Bal Pharma Ltd

NSE: BALPHARMA BSE: 524824Pharma

Incorporated in 1987, Bal Pharma Ltd does manufacturing and selling of pharmaceutical products and related services[1]

₹77.1
52W: ₹59.7 — ₹113
PE 14.2 · Book ₹62.8 · +23% vs book
Market Cap₹123 Cr
Stock P/E14.2Price to Earnings
ROCE9.69%Return on Capital
ROE8.14%Return on Equity
Div. Yield1.56%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 24.9%
  • +Company's working capital requirements have reduced from 40.4 days to 28.7 days

Weaknesses

  • −Company has low interest coverage ratio.
  • −Tax rate seems low
  • −Company has a low return on equity of 7.65% over last 3 years.

Shareholding Pattern

Promoters50.87%
FIIs0.14%
DIIs0%
Public49.01%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters51.24%50.87%▼0.450.87%50.87%50.87%50.87%50.87%50.87%
FIIs0.13%0.13%0.14%▲0.00.14%0.15%▲0.00.23%▲0.10.14%▼0.10.14%
DIIs0%0%0%0%0%0%0%0%
Public48.63%49.01%▲0.449%▼0.049.01%▲0.048.99%▼0.048.91%▼0.149.01%▲0.149.01%

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales92.381.4994.5873.1374.772.8981.7865.6473.7587.49
Expenses84.6473.6785.466.5767.2364.9673.9559.4967.9777.82
Operating Profit7.667.829.186.567.477.937.836.155.789.67
OPM %8.3%9.6%9.71%8.97%10%10.88%9.57%9.37%7.84%11.05%
Net Profit1.61.265.340.361.20.695.610.320.781.95
EPS ₹1.020.83.380.230.750.433.520.20.491.22

AI Insights

Revenue Trend

TTM revenue at ₹309Cr, up 2.3% YoY. OPM at 10%.

Debt Position

Borrowings at ₹149Cr. Debt-to-equity ratio: 1.77x. High leverage — monitor closely.

Capex Cycle

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

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.14% (-0.03pp change). Promoters hold 50.87%.

Margin & Efficiency

ROCE declining from 14% (Mar 2014) to 10% (Mar 2025). Working capital days: 29.

Valuation

PE 14.2x with 9.69% ROCE. Price is 23% above book value of ₹62.8. Dividend yield: 1.56%.

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