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10 Yrs X-Ray 
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Analyst Note 
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About
Bilcare Ltd (BI)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526853 NSE: BI Professional Services | Small Cap | Bilcare Share Price
₹98.27 -2.00 (-1.99%)
As on 30-Sep'26 16:59
Bilcare Ltd (BI)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 526853 NSE: BI Professional Services | Small Cap | Bilcare Share Price
₹98.27 -2.00 (-1.99%)
As on 30-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹236 Cr.
Current Price
₹98.3
52-Week Low / High
₹50 / 116
TTM EPS
₹3.3
TTM Sales
₹773 Cr.
Book Value per Share
₹89.9
P/E Ratio
30.42
Higher than its 5-year historical median
Industry PE
38.4
Price to Book (P/B)
1.12
Higher than its 5-year historical median
Price to Sales (P/S)
0.31
Lower than its 5-year historical median
EV/EBITDA
8.74
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-11.62%
Underperforms industry median
Return on Capital Employed (ROCE)
0.93%
Underperforms industry median
Return on Assets (ROA)
-3.76%
Operating Profit Margin
5.7%
Net Profit Margin
-7.13%
Gross Profit Margin
-2.5%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
-14.09%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
13.98%
Net Profit Growth (1 Year)
-
-
Asset Quality
Promoter Holding
30.01%
Pledged shares (%) of Promoter's holding (%)
1.39%
Reserves
₹188 Cr.
Equity
₹23.6 Cr.
Face Value
₹10
All Time Low / High
₹5.00 / 1830.00
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Bilcare Ltd a good quality company?
Bilcare Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Bilcare Ltd performance compare with that of its Peers?
Revenue growth of Bilcare Ltd vs industry peers?
Bilcare Ltd revenue CAGR is -15.48%, compared to the industry median CAGR of 0.00%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Bilcare Ltd?
Promoters hold 30.01% of the Bilcare Ltd, with 1.39% of their stake pledged, indicating low pledge risk.
Stock return of Bilcare Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 3.3% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Bilcare Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -11.2% | -0.6% | -3.2% | -20.5% | -6.4% | 7.6% | 6.1% | 87.5% | 1.9% | 2.2% | - |
| Value Creation Index ⓘ | -1.8 | -1.0 | -1.2 | -2.5 | -1.5 | -0.5 | -0.6 | 5.3 | -0.9 | -0.8 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 315 | 286 | 258 | 240 | 212 | 304 | 430 | 14 | 17.6 | 15.1 | 7 |
| Sales YoY Gr. | - | -9.5% | -9.8% | -6.9% | -11.7% | 43.6% | 41.3% | -96.8% | 25.9% | -14.1% | - |
| Adj EPS ⓘ | -29.7 | -49 | -106.7 | -133.3 | -50 | -9.8 | -19.5 | 14.5 | -2.6 | 0.9 | -0.7 |
| YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | -118% | NA | - |
| BVPS (₹) ⓘ | 264.4 | 236.3 | 202.4 | 68.6 | 25.1 | 25.8 | 18.4 | 174.3 | 176.5 | 178.2 | 179.2 |
| Adj Net Profit ⓘ | -69.8 | -115 | -251 | -314 | -118 | -23.1 | -45.8 | 34.2 | -6.1 | 2.2 | -2 |
| Cash Flow from Ops. ⓘ | 28.4 | 37.3 | 7.2 | 62.1 | 71.1 | -0.4 | 46.3 | 397 | 32.8 | 2.4 | - |
| Debt/CF from Ops. ⓘ | 34.3 | 24.1 | 119.4 | 14 | 10 | -1642.7 | 14.9 | 0 | 0.3 | 4.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | -28.7% | -41% | -67.2% | -14.1% | ||||
| Adj EPS ⓘ | NA | NA | NA | NA | ||||
| BVPSⓘ | -4.3% | 48% | 113% | 1% | ||||
| Share Price | 3.1% | 6.7% | 6.9% | 19.3% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -10.8 | -19.6 | -48.6 | -98.4 | -106.7 | -38.6 | -88 | 15.1 | -1.5 | 0.5 | -0.4 |
| Op. Profit Mgn % ⓘ | 8.6 | -1 | 0.4 | 0.8 | -2.6 | 8.3 | 8.6 | -37.2 | -51.3 | -37.5 | -179.6 |
| Net Profit Mgn % ⓘ | -22.1 | -40.4 | -97.5 | -130.9 | -55.6 | -7.6 | -10.7 | 244.8 | -34.9 | 14.5 | -23.1 |
| Debt to Equity ⓘ | 1.6 | 1.6 | 1.8 | 5.4 | 12 | 11.2 | 15.9 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 448 | 278 | 290 | 300 | 346 | 273 | 229 | 5,522 | 1,826 | 837 | 2,316 |
| Cash Conv. Cycle ⓘ | 140 | 61 | 64 | 53 | 36 | 40 | 52 | 1,079 | 93 | 62 | 1,730 |
Valuation of Bilcare - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 | 1.39 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,603 | 2,633 | 2,778 | 2,997 | 1,827 | 623 | 845 | 982 | 747 | 788 |
| Operating Expenses ⓘ + | 2,396 | 2,445 | 2,621 | 2,829 | 1,782 | 572 | 784 | 925 | 708 | 743 |
| Operating Profit ⓘ | 206 | 188 | 157 | 168 | 45 | 51 | 60 | 57 | 39 | 45 |
| Operating Profit Margin (%) | 7.9% | 7.2% | 5.7% | 5.6% | 2.5% | 8.2% | 7.2% | 5.8% | 5.2% | 5.7% |
| Other Income ⓘ + | 30 | 39 | 34 | 60 | 97 | 18 | 15 | 10 | 23 | 18 |
| Interest ⓘ | 151 | 176 | 249 | 283 | 174 | 76 | 69 | 60 | 82 | 82 |
| Depreciation ⓘ | 164 | 177 | 416 | 378 | 239 | 46 | 39 | 38 | 45 | 46 |
| Profit Before Tax ⓘ | -194 | -56 | -207 | -433 | -114 | -25 | -4 | 196 | -72 | -71 |
| Tax ⓘ | -112 | 24 | -8 | 21 | -15 | -14 | 0 | 146 | -13 | -15 |
| Profit After Tax | -82 | -80 | -199 | -453 | -99 | -11 | -4 | 50 | -59 | -56 |
| PAT Margin (%) | -3.2% | -3.0% | -7.2% | -15.1% | -5.4% | -1.8% | -0.5% | 5.1% | -7.8% | -7.1% |
| Adjusted EPS (₹) | -36.0 | -35.9 | -85.4 | -194.0 | -44.0 | -9.0 | -5.4 | 6.4 | -14.1 | -12.2 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 713 | 614 | 400 | -70 | 108 | 86 | 75 | 531 | 498 | 469 | |
| Debt + | 2,106 | 1,996 | 2,069 | 2,252 | 707 | 677 | 690 | 637 | 755 | 669 | |
| Minority Interest | 59 | 62 | 63 | 64 | 68 | 78 | 86 | 173 | 148 | 121 | |
| Trade Payables | 318 | 318 | 426 | 320 | 96 | 104 | 168 | 156 | 97 | 84 | |
| Others Liabilities ⓘ | 425 | 467 | 444 | 521 | 44 | 9 | -6 | 97 | 74 | 76 | |
| Total Liabilities ⓘ | 3,620 | 3,457 | 3,402 | 3,087 | 1,023 | 955 | 1,013 | 1,593 | 1,572 | 1,418 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 2,432 | 2,402 | 2,179 | 2,005 | 534 | 493 | 465 | 1,045 | 1,038 | 949 | |
| CWIP ⓘ | 161 | 149 | 170 | 79 | 0 | 0 | 1 | 1 | 1 | 4 | |
| Investments ⓘ | 1 | 1 | 2 | 1 | 1 | 1 | 0 | 2 | 8 | 11 | |
| Inventories | 398 | 331 | 373 | 369 | 77 | 101 | 136 | 84 | 106 | 117 | |
| Trade Receivables | 249 | 208 | 290 | 309 | 108 | 154 | 220 | 188 | 150 | 119 | |
| Cash Equivalents | 110 | 124 | 100 | 91 | 64 | 57 | 40 | 31 | 36 | 15 | |
| Others Assets ⓘ | 269 | 241 | 288 | 233 | 239 | 149 | 151 | 242 | 232 | 203 | |
| Total Assets ⓘ | 3,620 | 3,457 | 3,402 | 3,087 | 1,023 | 955 | 1,013 | 1,593 | 1,572 | 1,418 | |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 177 | 300 | 98 | 206 | 256 | 72 | 41 | -7 | -2 | 85 |
| Cash Flow From Investing Activity ⓘ + | -358 | -129 | -203 | -104 | 1,309 | 2 | -4 | 36 | -42 | 81 |
| Cash Flow From Financing Activity ⓘ + | 149 | -155 | 91 | -103 | -1,600 | -83 | -55 | -19 | 36 | -169 |
| Net Cash Flow ⓘ | -32 | 16 | -13 | -1 | -35 | -9 | -18 | 10 | -8 | -3 |
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -9.09 | -12.03 | -39.29 | N/A | -515.03 | -11.48 | -5.4 | 35.67 | -16.63 | -11.62 |
| ROCE (%) | -1.4 | 4.4 | 1.64 | N/A | 4.01 | 6.41 | 8.46 | 31.84 | 0.96 | 0.93 |
| Asset Turnover Ratio | 0.67 | 0.76 | 0.81 | 0.92 | 0.89 | 0.63 | 0.86 | 0.75 | 0.47 | 0.53 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.14 | N/A | N/A |
| Working Capital Days | ||||||||||
| Receivable Days | 80.70 | 31.20 | 32.60 | 36.50 | 41.70 | 76.80 | 80.90 | 75.80 | 82.50 | 62.20 |
| Inventory Days | 55.80 | 49.60 | 46 | 45.20 | 44.60 | 52.10 | 51.30 | 41 | 46.50 | 51.70 |
| Payable Days | 79.50 | 81.30 | 89.60 | 83.10 | 75.80 | 89.30 | 83 | 80.10 | 91.80 | 61.60 |
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Bilcare Ltd FAQs
The current trading price of Bilcare on 30-Sep-2026 16:59 is ₹98.27.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Sep-2026 the market cap of Bilcare stood at ₹236.1 Cr
The latest P/E ratio of Bilcare as of 29-Sep-2026 is 0.00.
The latest P/B ratio of Bilcare as of 29-Sep-2026 is 0.56.
The 52-week high of Bilcare is ₹116.0 and the 52-week low is ₹50.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bilcare is ₹6.72 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Bilcare Ltd is a below average quality company.
The key valuation ratios of Bilcare Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Bilcare Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Bilcare Ltd
Bilcare, incorporated in the year 1987, is engaged in manufacturing pharmaceutical packaging. It has an experience of working with 500 pharma manufacturing companies worldwide.Bilcare is a global leader and an innovation-led packaging solutions provider that partners with the pharmaceutical industry to improve patient healthcare outcomes. The company endeavor to deliver effective and affordable solutions that enhance the speed and quality of drug discovery and help build and protect brands by ensuring the delivery of genuine medicines to patients.
Bilcare PPI offers Innovative Pharmaceutical Packaging Solutions comprising of a wide range of specialty Polymer Films and Aluminum Foils mainly used for packaging of solid dosage pharmaceutical products.
Bilcare GCS provides Global Clinical Material Supplies for new drug discovery projects.
Bilcare Technologies provides Anti-counterfeit (ncID - nonclonableID) solutions for product & people ID authentication and security
The company develops design keeping various aspects into consideration such as end-user, optimum material, composite dosages, on-pack communication, cost-effective, regulatory requirements, etc.It also offers pharmaceutical research and clinical services.
It has representative offices located in
It maintains quality standards prescribed by various agency such USFDA, DEA, IQA, SAP, ISO 9001 and 14001.Bilcare has a global customer base and customers comprise many of the largest global pharmaceutical companies viz. Bristol-Myers Squibb, Dr. Reddy’s, GlaxoSmithKline, Johnson & Johnson, Merck, Novartis, Pfizer, Ranbaxy, Sanofi-Aventis, Teva to name a few. Bilcare has a strong customer base of over 2,500 customers in over 50 countries worldwide.
For packaging purposes the company uses material like blister films range, aluminium foils, cold formed blisters, wrap systems, closures & containers, flexibles and eco-friendly paper composites.
Bilcare Singapore Pte a wholly owned subsidiary acquired 100 percent stakes in Singapore-based Singular ID. The firm specialises in technology to identify fake drugs.
In 2010 Bilcare won Pharmexcil / Govt of India Patent Award-2009-10.
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