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10 Yrs X-Ray 
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Analyst Note 
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About
Bafna Pharmaceuticals Ltd (BAFNAPH)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532989 NSE: BAFNAPH Pharmaceuticals & Drugs | Small Cap | Bafna Pharmaceutical Share Price
₹302.55 -6.15 (-1.99%)
As on 03-Sep'26 16:59
Bafna Pharmaceuticals Ltd (BAFNAPH)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532989 NSE: BAFNAPH Pharmaceuticals & Drugs | Small Cap | Bafna Pharmaceutical Share Price
₹302.55 -6.15 (-1.99%)
As on 03-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹716 Cr.
Current Price
₹302.6
52-Week Low / High
₹95 / 318
TTM EPS
₹3.3
TTM Sales
₹143 Cr.
Book Value per Share
₹40.7
P/E Ratio
91.90
Higher than its 5-year historical median
Industry PE
54.3
Price to Book (P/B)
7.44
Higher than its 5-year historical median
Price to Sales (P/S)
5.02
Higher than its 5-year historical median
EV/EBITDA
42.12
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
12.27%
Outperforms industry median
Return on Capital Employed (ROCE)
11.87%
Outperforms industry median
Return on Assets (ROA)
6.76%
Operating Profit Margin
10.5%
Net Profit Margin
7.37%
Gross Profit Margin
11.3%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
3.26%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
45.5%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
167.47%
Asset Quality
Promoter Holding
75.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹73 Cr.
Equity
₹23.7 Cr.
Face Value
₹10
All Time Low / High
₹4.65 / 318.00
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Bafna Pharmaceuticals Ltd a good quality company?
Bafna Pharmaceuticals 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 Bafna Pharmaceuticals Ltd performance compare with that of its Peers?
Revenue growth of Bafna Pharmaceuticals Ltd vs industry peers?
Bafna Pharmaceuticals Ltd revenue CAGR is 16.16%, compared to the industry median CAGR of 5.82%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Bafna Pharmaceuticals Ltd?
Promoters hold 75.00% of the Bafna Pharmaceuticals Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Bafna Pharmaceuticals Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 26.9% 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.
Bafna Pharmaceuticals 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'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -6% | -7% | -20.9% | -3% | 10.6% | 8.4% | 16.1% | 9.6% | 6.3% | 11.9% | - |
| Value Creation Index ⓘ | -1.4 | -1.5 | -2.5 | NA | -0.2 | -0.4 | 0.2 | -0.3 | -0.6 | -0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 65 | 47.2 | 43.6 | 42.5 | 71.2 | 85.1 | 115 | 152 | 146 | 151 | 143 |
| Sales YoY Gr. | - | -27.4% | -7.5% | -2.7% | 67.7% | 19.6% | 35.5% | 32.2% | -4.3% | 3.3% | - |
| Adj EPS ⓘ | -10.1 | -15.9 | -8.3 | -8.4 | 2.4 | 2.1 | 4.3 | 2.6 | 2 | 3.6 | 3.3 |
| YoY Gr. | - | NA | NA | NA | NA | -10.6% | 102.4% | -39.1% | -24.7% | 84.6% | - |
| BVPS (₹) ⓘ | 22 | 17.1 | 8.8 | -18.6 | 24 | 26.2 | 31.1 | 34.2 | 35.9 | 40.6 | 40.7 |
| Adj Net Profit ⓘ | -18.8 | -37.7 | -19.7 | -2 | 5.6 | 5 | 10.1 | 6.1 | 4.6 | 8.5 | 8 |
| Cash Flow from Ops. ⓘ | 19.8 | -7.1 | -1.1 | -34.3 | -13.6 | 9.7 | 5 | 9.5 | 22.1 | 15.4 | - |
| Debt/CF from Ops. ⓘ | 4.2 | -6.6 | -42.2 | -0.1 | -1 | 1.1 | 4.6 | 2.6 | 1.3 | 2.4 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.8% | 16.2% | 9.3% | 3.3% | ||||
| Adj EPS ⓘ | NA | 8.9% | -5.4% | 84.6% | ||||
| BVPSⓘ | 7.1% | 11.1% | 9.4% | 13.4% | ||||
| Share Price | 26.9% | 18.2% | 44.9% | 197.5% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -35.9 | -88.2 | -64.4 | -5.5 | 10.3 | 8.4 | 14.9 | 8 | 5.6 | 9.4 | 8.1 |
| Op. Profit Mgn % ⓘ | -8 | -74.4 | -29.8 | 3 | 14.5 | 14 | 13.6 | 7.3 | 7.5 | 10.5 | 8.3 |
| Net Profit Mgn % ⓘ | -28.9 | -80 | -45.2 | -4.7 | 7.8 | 5.8 | 8.7 | 4 | 3.2 | 5.7 | 5.5 |
| Debt to Equity ⓘ | 2 | 1.2 | 2.2 | -0.7 | 0.2 | 0.2 | 0.3 | 0.3 | 0.3 | 0.4 | - |
| Working Cap Days ⓘ | 603 | 721 | 682 | 459 | 193 | 212 | 208 | 208 | 220 | 207 | 99 |
| Cash Conv. Cycle ⓘ | 290 | 236 | 31 | 3 | 40 | 74 | 81 | 79 | 88 | 87 | 38 |
Valuation of Bafna Pharmaceutical - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 65 | 47 | 44 | 42 | 71 | 85 | 115 | 152 | 146 | 151 |
| Operating Expenses ⓘ + | 70 | 82 | 57 | 41 | 61 | 73 | 100 | 141 | 135 | 135 |
| Operating Profit ⓘ | -5 | -35 | -13 | 1 | 10 | 12 | 16 | 11 | 11 | 16 |
| Operating Profit Margin (%) | -8.0% | -74.4% | -30.0% | 2.9% | 14.5% | 14.0% | 13.6% | 7.3% | 7.5% | 10.5% |
| Other Income ⓘ + | 1 | 31 | 0 | 0 | 1 | 2 | 3 | 4 | 3 | 5 |
| Interest ⓘ | 11 | 7 | 2 | 0 | 1 | 1 | 2 | 2 | 3 | 4 |
| Depreciation ⓘ | 4 | 4 | 3 | 3 | 4 | 5 | 5 | 5 | 5 | 6 |
| Profit Before Tax ⓘ | -19 | -14 | -18 | -2 | 6 | 5 | 12 | 7 | 4 | 11 |
| Tax ⓘ | -1 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | -0 |
| Profit After Tax | -18 | -16 | -20 | -2 | 6 | 5 | 11 | 7 | 4 | 11 |
| PAT Margin (%) | -28.4% | -34.9% | -45.2% | -4.4% | 8.2% | 6.1% | 9.8% | 4.8% | 2.9% | 7.4% |
| Adjusted EPS (₹) | -9.9 | -7.0 | -8.3 | -7.9 | 2.5 | 2.2 | 4.8 | 3.1 | 1.8 | 4.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 41 | 41 | 21 | -4 | 57 | 62 | 73 | 81 | 85 | 96 | |
| Debt + | 82 | 47 | 46 | 3 | 13 | 10 | 20 | 21 | 23 | 30 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 23 | 28 | 39 | 13 | 11 | 12 | 28 | 35 | 31 | 31 | |
| Others Liabilities ⓘ | 20 | 13 | 14 | 60 | 7 | 6 | 7 | 11 | 15 | 19 | |
| Total Liabilities ⓘ | 167 | 128 | 121 | 71 | 86 | 90 | 130 | 148 | 153 | 176 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 43 | 40 | 37 | 35 | 36 | 39 | 40 | 40 | 59 | 82 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 1 | 0 | 2 | 12 | 7 | 3 | |
| Investments ⓘ | 18 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 17 | 11 | 9 | 11 | 15 | 20 | 22 | 30 | 28 | 29 | |
| Trade Receivables | 54 | 24 | 25 | 6 | 10 | 15 | 41 | 45 | 40 | 44 | |
| Cash Equivalents | 3 | 3 | 3 | 8 | 2 | 0 | 8 | 1 | 3 | 2 | |
| Others Assets ⓘ | 32 | 48 | 45 | 10 | 23 | 16 | 17 | 19 | 15 | 16 | |
| Total Assets ⓘ | 167 | 128 | 121 | 71 | 86 | 90 | 130 | 148 | 153 | 176 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 20 | -7 | -1 | -34 | -14 | 10 | 5 | 9 | 22 | 15 |
| Cash Flow From Investing Activity ⓘ + | -14 | 38 | 4 | 33 | -5 | -7 | -7 | -15 | -21 | -22 |
| Cash Flow From Financing Activity ⓘ + | -5 | -31 | -2 | 7 | 12 | -5 | 10 | -1 | 1 | 6 |
| Net Cash Flow ⓘ | -0 | 0 | -0 | 6 | -7 | -2 | 8 | -6 | 2 | -1 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -37.05 | -40.37 | -64.36 | N/A | 22.26 | 8.79 | 16.75 | 9.52 | 5.01 | 12.27 |
| ROCE (%) | -5.98 | -6.97 | -20.9 | N/A | 10.62 | 8.42 | 16.12 | 9.56 | 6.31 | 11.87 |
| Asset Turnover Ratio | 0.38 | 0.32 | 0.35 | 0.44 | 0.9 | 0.96 | 1.05 | 1.1 | 0.97 | 0.92 |
| PAT to CFO Conversion(x) | N/A | N/A | N/A | N/A | -2.33 | 2 | 0.45 | 1.29 | 5.5 | 1.36 |
| Working Capital Days | ||||||||||
| Receivable Days | 334.60 | 301.70 | 205.50 | 132.60 | 40 | 52.20 | 88.50 | 103.60 | 107.10 | 101.90 |
| Inventory Days | 91.10 | 106.10 | 83.50 | 88.90 | 68.80 | 76.60 | 67.20 | 62.10 | 72.20 | 69.10 |
| Payable Days | 196.50 | 280.40 | 512.60 | 586.40 | 133.60 | 105.60 | 118.30 | 134.40 | 149.70 | 138.50 |
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Bafna Pharmaceuticals Ltd FAQs
The current trading price of Bafna Pharmaceutical on 03-Sep-2026 16:59 is ₹302.6.
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 02-Sep-2026 the market cap of Bafna Pharmaceutical stood at ₹715.7 Cr
The latest P/E ratio of Bafna Pharmaceutical as of 02-Sep-2026 is 91.90.
The latest P/B ratio of Bafna Pharmaceutical as of 02-Sep-2026 is 7.44.
The 52-week high of Bafna Pharmaceutical is ₹318.0 and the 52-week low is ₹95.00.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bafna Pharmaceutical is ₹143 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Bafna Pharmaceuticals Ltd is a below average quality company.
The key valuation ratios of Bafna Pharmaceuticals 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 Bafna Pharmaceuticals Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Bafna Pharmaceuticals Ltd
Bafna Pharmaceuticals, incorporated in 1995, has been engaged in the manufacturing of pharmaceutical formulations for more than 3 decades. It exports its products to the United Kingdom, Australia, Sri Lanka, Africa, Philippines, Tanzania, Nigeria, and Commonwealth countries. It is known for providing consistent and unmatched service, supplying high-end pharmaceutical formulations to regulated and emerging markets. Additionally, the company has established itself as a competent player in the Contract Research and Manufacturing Services (CRAMS) industry. It has a WHO-GMP certified manufacturing facility. The facility is also accredited by EU GMP, UK MHRA, and TGA Australia for Non-Betalactum solid oral dosage forms.
The company has established an in-house state-of-the-art Quality Control Lab at the its manufacturing facility. The lab features sophisticated and cutting-edge technology with advanced instruments to ensure rigorous quality control across all manufacturing processes. The facility has a dedicated containment area for manufacturing high potent drugs within the current manufacturing facility. This includes special features for ensuring protection of workers from cytotoxic agents, specialized equipment for handling highly potent formulations, and protocols to achieve safety, quality control, and compliance with stringent regulations. The company holds active product registrations in multiple countries.
Business area of the company:
The company is engaged in the manufacturing of pharmaceutical products. It exports its products to the United Kingdom, Australia, Sri Lanka, Africa, Philippines, Tanzania, Nigeria, and Commonwealth countries.
Product Range:
- Anti-Diabetic
- Cardiovascular
- Anti-Hypertensive
- Bi-Layer Antihypertensive
Awards, accreditations and recognition
- 1995: The company was awarded the WHO GMP.
- 2005: The company bagged the ‘Best Supplier Award’ from the State Pharmaceutical Corporation of Sri Lanka.
- 2009: The company received ISO 9001: 2000 Certificate of Registration for Manufacture and Export of Pharmaceutical products.
- 2010: The company received ‘Best Supplier Award’ from the Government of Sri Lanka, Gold Quality Excellence Award 2009.
- 2011: The company received Indian Drug Manufacturer's Association (IDMA) Quality Excellence Award 2010 - Silver Award under the category of Formulations Units.
- 2011: The company received Excellence Award 2011 from IES.
- 2011-12: The company received IDMA - Gold Award - Quality Excellence Award.
- 2012-13: Bafna received the Prestigious Certificate Of Excellence From 16th State Pharmaceuticals Corporation (spc) Suppliers Convention 2013, Sri Lanka.
- 2024-2025: Excellence in Pharma Exports by Times of India.
- 2024-2025: Top 10 Finished Dosage Formulations Manufacturer by India Pharma Outlook.
- 2024-2025: Emerging Company of the Year 2025 - Healthcare by MSME Chamber of Commerce & Industry of India.
- 2024-2025: MSME Best CEO 2025 by MSME Chamber of Commerce & Industry of India.
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