Wockhardt Ltd

NSE: WOCKPHARMA BSE: 532300Pharma

Wockhardt is a global pharmaceutical and biotechnology organization engaged in manufacturing finished dosage formulations, injectables, biopharmaceuticals, orals and topicals (creams and ointments). [1]

₹1,572

52W: ₹1087 — ₹1870

PE 87.5 · Book ₹190 · +727% vs book

Market Cap₹25,548 Cr

Stock P/E87.5Price to Earnings

ROCE9.74%Return on Capital

ROE9.99%Return on Equity

Div. Yield0%Face Value ₹5

Strengths

+Company is expected to give good quarter

Weaknesses

−Stock is trading at 8.11 times its book value
−Company has a low return on equity of -1.83% over last 3 years.
−Company has high debtors of 178 days.
−Promoter holding has decreased over last 3 years: -10.2%
−Working capital days have increased from -17.5 days to 178 days

Shareholding Pattern

Promoters49.09%

FIIs7.09%

DIIs10.96%

Public32.84%

Category	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	51.99%	51.99%	49.09%▼2.9	49.09%	49.09%	49.09%	49.09%	49.09%
FIIs	5.94%	6.7%▲0.8	6.54%▼0.2	6.82%▲0.3	7.29%▲0.5	7.1%▼0.2	7%▼0.1	7.09%▲0.1
DIIs	4.45%	5.08%▲0.6	9.82%▲4.7	10.58%▲0.8	11%▲0.4	11%	10.55%▼0.4	10.96%▲0.4
Public	37.62%	36.21%▼1.4	34.54%▼1.7	33.5%▼1.0	32.6%▼0.9	32.79%▲0.2	33.36%▲0.6	32.84%▼0.5

Financial Statements

Metric	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	288	355	352	370	325	355	413	380	430	516
Expenses	263	401	272	321	263	249	282	267	317	355
Operating Profit	25	-46	80	49	62	106	131	113	113	161
OPM %	9%	-13%	23%	13%	19%	30%	32%	30%	26%	31%
Net Profit	-74	-126	6	-36	-22	40	69	54	28	167
EPS ₹	-5.14	-8.21	0.39	-2.35	-1.35	2.46	4.25	3.32	1.72	10.28

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,739Cr, up 24% YoY. OPM at 30%.

Debt Position

Borrowings at ₹1,964Cr. Debt-to-equity ratio: 0.65x. Moderate leverage.

Capex Cycle

CWIP at ₹121Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.96% (+10.78pp change). FIIs: 7.09% (+4.49pp change). Promoters hold 49.09%.

Margin & Efficiency

ROCE declining from 20% (Mar 2015) to 10% (Mar 2026). Working capital days: 178.

Valuation

PE 87.5x with 9.74% ROCE. Price is 727% above book value of ₹190. Dividend yield: 0%.