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Bal Pharma Ltd (BALPHARMA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524824 NSE: BALPHARMA Pharmaceuticals & Drugs | Small Cap | Bal Pharma Share Price
₹85.34 -0.05 (-0.06%)
As on 02-Sep'26 16:59
Bal Pharma Ltd (BALPHARMA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524824 NSE: BALPHARMA Pharmaceuticals & Drugs | Small Cap | Bal Pharma Share Price
₹85.34 -0.05 (-0.06%)
As on 02-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹136 Cr.
Current Price
₹85.3
52-Week Low / High
₹60 / 99
TTM EPS
₹4.8
TTM Sales
₹334 Cr.
Book Value per Share
₹66.1
P/E Ratio
17.91
In line with its 5-year historical median
Industry PE
54.5
Price to Book (P/B)
1.29
Lower than its 5-year historical median
Price to Sales (P/S)
0.41
Lower than its 5-year historical median
EV/EBITDA
7.90
Lower than its 5-year historical median
Dividend Yield
1.41%
Profitability Efficiency
Return on Equity (ROE)
6.65%
Underperforms industry median
Return on Capital Employed (ROCE)
9.33%
Underperforms industry median
Return on Assets (ROA)
1.82%
Operating Profit Margin
10%
Net Profit Margin
2.17%
Gross Profit Margin
5.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-10.65%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
7.13%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-13.46%
Asset Quality
Promoter Holding
50.86%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹89 Cr.
Equity
₹15.9 Cr.
Face Value
₹10
All Time Low / High
₹1.60 / 167.90
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Bal Pharma Ltd a good quality company?
Bal Pharma 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 Bal Pharma Ltd performance compare with that of its Peers?
Revenue growth of Bal Pharma Ltd vs industry peers?
Bal Pharma Ltd revenue CAGR is 12.13%, compared to the industry median CAGR of 5.82%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Bal Pharma Ltd?
Promoters hold 50.86% of the Bal Pharma Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Bal Pharma Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of -0.1% 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.
Bal Pharma 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 % ⓘ | 10.1% | 12.8% | 11.8% | 10% | 2.1% | 12.6% | 12.3% | 10.4% | 10.7% | 9.7% | - |
| Value Creation Index ⓘ | -0.3 | -0.1 | -0.2 | -0.3 | -0.9 | -0.1 | -0.1 | -0.3 | -0.2 | -0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 198 | 226 | 208 | 223 | 171 | 249 | 280 | 303 | 339 | 303 | 334 |
| Sales YoY Gr. | - | 14.3% | -8.1% | 7.4% | -23.5% | 46.1% | 12.5% | 8.1% | 11.7% | -10.7% | - |
| Adj EPS ⓘ | 1.7 | 2.3 | 3.5 | 4.6 | -6.6 | 7 | 4.4 | 4.5 | 5.3 | 4.8 | 4.8 |
| YoY Gr. | - | 41.8% | 51.3% | 29.7% | -243.6% | NA | -37.1% | 1.1% | 18.2% | -9.3% | - |
| BVPS (₹) ⓘ | 42.5 | 47 | 51 | 54.2 | 46.5 | 52.9 | 57.7 | 60.3 | 58.3 | 62.1 | 66.1 |
| Adj Net Profit ⓘ | 2.1 | 3.3 | 5 | 6.5 | -9.3 | 10.4 | 6.5 | 7 | 8.3 | 7.6 | 8 |
| Cash Flow from Ops. ⓘ | 1.3 | 6.4 | 12.6 | 11.6 | 21.7 | 10.2 | 30.6 | 5.4 | 28.5 | 20.3 | - |
| Debt/CF from Ops. ⓘ | 54.6 | 11.7 | 7.2 | 9.1 | 4.6 | 10.2 | 3.2 | 23.3 | 4.7 | 7.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.8% | 12.1% | 2.6% | -10.7% | ||||
| Adj EPS ⓘ | 12.5% | NA | 2.7% | -9.3% | ||||
| BVPSⓘ | 4.3% | 5.9% | 2.5% | 6.4% | ||||
| Share Price | -0.4% | -2.7% | -4.1% | -4.4% | ||||
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 % ⓘ | 3.8 | 5.4 | 7.2 | 8.7 | -13.1 | 14.3 | 7.8 | 7.6 | 8.8 | 7.9 | 7.4 |
| Op. Profit Mgn % ⓘ | 8.7 | 8.9 | 11 | 9.2 | 4.2 | 11.4 | 8.4 | 9.2 | 7.4 | 10 | 10.2 |
| Net Profit Mgn % ⓘ | 1.1 | 1.5 | 2.4 | 2.9 | -5.5 | 4.2 | 2.3 | 2.3 | 2.5 | 2.5 | 2.3 |
| Debt to Equity ⓘ | 1.3 | 1.1 | 1.3 | 1.4 | 1.5 | 1.3 | 1.2 | 1.3 | 1.5 | 1.5 | - |
| Working Cap Days ⓘ | 211 | 221 | 290 | 303 | 386 | 270 | 273 | 296 | 270 | 290 | 153 |
| Cash Conv. Cycle ⓘ | 71 | 78 | 112 | 129 | 179 | 106 | 96 | 102 | 101 | 127 | 19 |
Valuation of Bal Pharma - 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 | 226 | 208 | 223 | 171 | 249 | 280 | 303 | 339 | 302 | 311 |
| Operating Expenses ⓘ + | 206 | 185 | 203 | 164 | 223 | 257 | 277 | 315 | 272 | 278 |
| Operating Profit ⓘ | 20 | 23 | 20 | 7 | 27 | 23 | 26 | 24 | 30 | 32 |
| Operating Profit Margin (%) | 8.9% | 11.0% | 9.2% | 4.1% | 10.6% | 8.4% | 8.7% | 7.1% | 10.0% | 10.4% |
| Other Income ⓘ + | 3 | 2 | 3 | 4 | 3 | 6 | 2 | 10 | 2 | 2 |
| Interest ⓘ | 8 | 9 | 13 | 13 | 12 | 11 | 13 | 15 | 17 | 17 |
| Depreciation ⓘ | 6 | 7 | 6 | 7 | 7 | 7 | 7 | 10 | 10 | 11 |
| Profit Before Tax ⓘ | 9 | 8 | 4 | -9 | 10 | 12 | 9 | 9 | 6 | 6 |
| Tax ⓘ | 3 | 3 | -2 | -0 | 1 | 3 | 2 | 2 | -2 | -0 |
| Profit After Tax | 5 | 6 | 7 | -9 | 9 | 9 | 6 | 8 | 8 | 7 |
| PAT Margin (%) | 2.4% | 2.9% | 3.0% | -5.2% | 3.7% | 3.1% | 2.0% | 2.3% | 2.6% | 2.2% |
| Adjusted EPS (₹) | 3.8 | 4.2 | 4.8 | -6.3 | 6.1 | 5.8 | 3.9 | 4.9 | 4.9 | 4.2 |
| Dividend Payout Ratio (%) | 26.70% | 23.90% | 21% | 0% | 16.30% | 17.30% | 25.60% | 24.60% | 24.50% | 28.30% |
| 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 + | 67 | 72 | 77 | 66 | 78 | 85 | 95 | 92 | 99 | 104 | |
| Debt + | 70 | 84 | 97 | 94 | 99 | 92 | 117 | 126 | 133 | 139 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 54 | 50 | 47 | 39 | 49 | 72 | 91 | 78 | 82 | 89 | |
| Others Liabilities ⓘ | 29 | 45 | 36 | 40 | 36 | 40 | 45 | 38 | 37 | 58 | |
| Total Liabilities ⓘ | 219 | 251 | 257 | 239 | 262 | 290 | 348 | 334 | 350 | 390 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 60 | 58 | 57 | 56 | 53 | 53 | 63 | 79 | 87 | 94 | |
| CWIP ⓘ | 2 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 3 | 7 | |
| Investments ⓘ | 0 | 7 | 7 | 7 | 8 | 8 | 8 | 9 | 5 | 4 | |
| Inventories | 54 | 66 | 70 | 68 | 60 | 74 | 98 | 88 | 103 | 116 | |
| Trade Receivables | 61 | 64 | 66 | 52 | 69 | 78 | 95 | 102 | 95 | 96 | |
| Cash Equivalents | 5 | 4 | 4 | 3 | 4 | 5 | 7 | 13 | 8 | 7 | |
| Others Assets ⓘ | 37 | 51 | 53 | 53 | 67 | 70 | 76 | 43 | 50 | 65 | |
| Total Assets ⓘ | 219 | 251 | 257 | 239 | 262 | 290 | 348 | 334 | 350 | 390 | |
| 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 ⓘ + | 6 | 13 | 12 | 22 | 10 | 31 | 5 | 29 | 20 | 31 |
| Cash Flow From Investing Activity ⓘ + | -8 | -16 | -12 | -3 | -7 | -13 | -22 | -19 | -15 | -21 |
| Cash Flow From Financing Activity ⓘ + | 2 | 4 | 0 | -20 | -3 | -17 | 17 | -7 | -8 | -10 |
| Net Cash Flow ⓘ | 0 | 1 | -0 | -1 | 0 | -0 | 0 | 3 | -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 (%) | 8.76 | 8.56 | 9.07 | -12.47 | 12.61 | 10.47 | 6.8 | 8.27 | 8.17 | 6.65 |
| ROCE (%) | 12.77 | 11.76 | 9.95 | 2.09 | 12.57 | 12.28 | 10.4 | 10.7 | 9.69 | 9.33 |
| Asset Turnover Ratio | 1.13 | 0.89 | 0.88 | 0.69 | 1 | 1.02 | 0.95 | 0.99 | 0.88 | 0.84 |
| PAT to CFO Conversion(x) | 1.2 | 2.17 | 1.71 | N/A | 1.11 | 3.44 | 0.83 | 3.63 | 2.5 | 4.43 |
| Working Capital Days | ||||||||||
| Receivable Days | 92.70 | 108.80 | 106.20 | 125.50 | 88.70 | 95.90 | 104 | 106 | 118.70 | 112.30 |
| Inventory Days | 75.50 | 104.80 | 111 | 146.60 | 93.50 | 87.30 | 103.40 | 99.90 | 114.80 | 128.50 |
| Payable Days | 176.50 | 214.90 | 171.50 | 209.20 | 114.30 | 144.50 | 190.50 | 174.80 | 203.50 | 220.20 |
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Bal Pharma Ltd FAQs
The current trading price of Bal Pharma on 02-Sep-2026 16:59 is ₹85.34.
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 01-Sep-2026 the market cap of Bal Pharma stood at ₹135.9 Cr
The latest P/E ratio of Bal Pharma as of 01-Sep-2026 is 17.91.
The latest P/B ratio of Bal Pharma as of 01-Sep-2026 is 1.29.
The 52-week high of Bal Pharma is ₹99.00 and the 52-week low is ₹59.69.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Bal Pharma is ₹334 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Bal Pharma Ltd is a below average quality company.
The key valuation ratios of Bal Pharma Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Bal Pharma Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Bal Pharma Ltd
Bal Pharma Limited is a leading Indian Pharmaceutical Company with 25+ years of experience, specialized in Prescription Drugs, Generic & OTC Products, Intravenous Infusion and Bulk Actives.
The company strives hard to improve the quality of life for patients by providing them products that are Safe, Effective, High Quality and Affordable.
The company’s API and FDF are produced at world class manufacturing facilities. APIs are largely exported to Europe, Far East, Latin America, Africa, Middle East and other World markets. The FDF are exported to Semi-Regulated, Non-Regulated market and are now foraying to regulated market. The company is also one of the strong contenders for World Tender Business.
Business area of the company
The company is engaged in the manufacturing and selling of pharmaceutical products. The company caters to both domestic and international markets.
Business segments
API Intermediate: The company’s API (Active Pharmaceutical Ingredients) business began in 1996 with a simple objective of facilitating the manufacture of niche molecules that have been able to take the benefits of vertical integration to international and domestic markets. Bal Pharma’s API business has the competence and knowledge to undertake more than 30 different types of complex chemical reactions.
Finished formulations: Bal Pharma has a winning formula of cutting edge technology, handled by a highly qualified professional with a passion to deliver beyond excellence. The company is successfully exporting Finished Formulation to many countries. The company offers extensive range of products covering dosage forms - tablets, capsules, syrups, suspensions, IV infusions, Ophthalmic, creams and ointments to various Semi-Regulated markets.
Ayurveda/Herbal: Ayurveda is India’s traditional, natural system of medicine that has been practiced for more than 5,000 years. Ayurveda is a Sanskrit word that, when literally translated, means 'science of life' or 'practices of longevity.' Ayurveda provides an integrated approach to preventing and treating illness through lifestyle interventions and natural therapies. The company’s objective of providing “Good life to All” launched its Ayurvedic Division - Bal Vedics in 2003. Bal Vedics is dedicated to bringing out ‘nature’s best’ through International Quality Natural Formulations that combine traditional Indian Wisdom of medicine with Scientific Manufacturing.
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