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Swing Capital

Paushak Ltd

NSE: PAUSHAKLTD BSE: 532742Pharma

Paushak is India’s largest phosgene based specialty chemicals manufacturer serving pharmaceutical, agrochemical and performance industries. Paushak is part of the Alembic group of companies situated in Gujarat, India.. Alembic Ltd is the oldest pharmaceutical company in India founded in 1907. [1][2]

₹451
52W: ₹342 — ₹991
PE 28.3 · Book ₹199 · +127% vs book
Market Cap₹1,112 Cr
Stock P/E28.3Price to Earnings
ROCE9.73%Return on Capital
ROE8.22%Return on Equity
Div. Yield0.55%Face Value ₹5

Weaknesses

  • −The company has delivered a poor sales growth of 9.17% over past five years.
  • −Company has a low return on equity of 10.0% over last 3 years.
  • −Dividend payout has been low at 13.2% of profits over last 3 years

Shareholding Pattern

Promoters67.28%
FIIs0%
DIIs0.25%
Public32.48%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.97%66.97%66.97%67.14%▲0.267.14%67.28%▲0.167.28%67.28%
FIIs0%0%0%0.01%▲0.00%▼0.00%0%0%
DIIs0.29%0.34%▲0.10.39%▲0.00.53%▲0.10.53%0.7%▲0.20.67%▼0.00.25%▼0.4
Public32.74%32.7%▼0.032.64%▼0.132.33%▼0.332.34%▲0.032.02%▼0.332.05%▲0.032.48%▲0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales52545257495256594955
Expenses33354040353638443738
Operating Profit19191217151618151117
OPM %36%35%23%30%30%30%32%25%23%30%
Net Profit141810141510129613
EPS ₹5.547.424.195.776.23.94.893.52.55.07

AI Insights

Revenue Trend

Mar 2026 revenue at ₹219Cr, up 3.8% YoY. OPM at 28%.

Debt Position

Borrowings at ₹77Cr. Debt-to-equity ratio: 0.16x. Healthy balance sheet.

Capex Cycle

CWIP at ₹26Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.25% (+0.25pp change). FIIs: 0% (-0.02pp change). Promoters hold 67.28%.

Margin & Efficiency

ROCE declining from 32% (Mar 2015) to 10% (Mar 2026). Working capital days: 109.

Valuation

PE 28.3x with 9.73% ROCE. Price is 127% above book value of ₹199. Dividend yield: 0.55%.

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