Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Jul
Source: Bse
Bajaj Healthcare Limited (BAJAJHCARE)
Small CapPharma stocks · Small cap · NSE
Bajaj Healthcare Limited manufactures APIs, intermediates, and formulations. It is strategically expanding into high-value science-led APIs like Peptides and Oncology, alongside shifting its formulation mix towards high-margin branded and specialized products. The company also supplies to institutional and government healthcare programs.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals18 Oct 2026 · screener
Official result overlay30 Sept 2026 · nse-xbrl
Latest result17 Oct, 05:17 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
77BullishSMA20 +1.7% / mo · MACD + · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 63
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
BAJAJHCARED candles · FIT view+4.5%Latest close ₹338.50 on 2026-10-19
Bar
-1.9%
RSI
56
MACD hist
1.43
52W pos
31%
2026-10-19O ₹345.00H ₹351.00L ₹323.95C ₹338.50Vol 3.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BAJAJHCARENifty PharmaNifty 500
- BAJAJHCARE
- -12.4%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -6.9 pp
Chart stats
19 Oct 2026- From 52W high
- -30.9%
- 52W range position
- 30%
- ATR (14)
- 4.0%
- Volume vs 20D
- 2.37x
- Avg traded value
- ₹5.6 Cr
- 20D price channel
- ₹311.1 - ₹364.4
₹490
₹272.4 - ₹490
₹13.6
Latest completed session
20-session average
30.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +18.9% · PAT +28.1% YoY
Technical
Bullish77
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1504.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence75
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Good · 67/100Rev +19% YoY · PAT +28% YoY · +6% QoQ · operating leverage · margin compression
Filed 17 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹175.9 Cr | +18.9% | +6.2% |
| EBITDA | ₹31.2 Cr | +15.6% | +8.6% |
| Operating margin | 17.7% | -26 bps | +38 bps |
| PAT | ₹14.1 Cr | +28.1% | +2.9% |
| PAT margin | 8.0% | +58 bps | -26 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.70
- P/B
- 2.05
- EV/EBITDA
- 10.07
- Market Cap
- 1148.00Cr
Profitability
- ROE
- 8.26%
- ROCE
- 11.50%
- ROA
- 2.14%
- Dividend Y
- 0.47%
Growth (CAGR)
- Revenue 5Y
- -1.00%
- EPS 5Y
- -13.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 0.51
- Interest Coverage
- 4.71×
- Altman Z
- 3.65
- Book Value
- 166.00
Cash Flow
- FCF Yield
- 0.87%
- FCF Positive Y
- 7/5
- OCF
- 58.00 Cr
- EPS TTM
- 6.43
Shareholding
- Promoter Hold
- 58.59%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 32%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 176+6.2% vs prev
Net Profit
₹ CrLatest: 14.1+2.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 56.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~1.7% over last month) — short-term momentum positive.
- RSI(14) at 56 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 31% off 52W high · 24% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
40
RS percentile
Stage 2 UptrendNew S2
1M return
+2.4%
3M return
-12.4%
6M return
+1.7%
1Y return
-25.0%
RS 1D
0
RS 20D
+11
Sector rank
#1
Industry rank
#11
Stage evidence
- Price is 4.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +0.6%.
50-DMA
price above
200-DMA
price above
S2 entered
16 Oct 2026
S2 age
2 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 71.23+0.27%
RS vs Nifty 50071
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth2/25
Quality0/20
Balance Sheet9/15
Cash Flow6/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 9/15 to the score.
- Cash flow contributes 6/10 to the score.
- Valuation contributes 4/30 to the score.
Main drags
- Fair-value margin of safety is negative at -1504.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 2/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
19.7
PB
2.0
EV/EBITDA
10.1
ROE
8.3%
ROCE
11.5%
FCF Yield
0.9%
Debt/Equity
0.5
MoS
-1504.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1504.9%
Previous: -1504.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
24
24
24
24
24
24
24
22
24
24
24
24
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹154.97
-118.4% MoS
Growth-justified P/E
3.3
Growth-justified Value
₹21.09
-1504.9% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
KOPRAN
Small
Kopran Limited
Pharmaceuticals
match 167
22
51.9
4.9%
-1785%
OVERVALUED
BAFNAPH
Small
Bafna Pharmaceuticals Limited
Pharmaceuticals
match 166
27
—
-6.2%
—
OVERVALUED
ANUHPHR
Small
Anuh Pharma Limited
Pharmaceuticals
match 164
40
19.5
10.7%
+40%
WATCHLIST
AMANTA
Small
Amanta Healthcare Limited
Pharmaceuticals
match 163
39
48.2
10.3%
+3%
WATCHLIST
AHCL
Small
Anlon Healthcare Limited
Pharmaceuticals
match 162
41
52.5
18.4%
-11%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-10T07:21:09.806Z
Management commentary snapshot
Q1 FY27 revenue grew 11.3% YoY to INR 165.6 crores, with gross profit up 16.2% YoY and gross margin expanding 210 bps to 48.3%. EBITDA improved 70 bps YoY to 17.8%, and PAT from continuing operations rose 14.1% YoY to INR 13.9 crores.
Bajaj Healthcare is executing a strategic shift towards high-value APIs and branded formulations, evidenced by new product developments and facility expansions. Strong Q1 FY27 results show growth and margin expansion, supported by deleveraging. Management's focus on ROE/ROA and sustained capex indicates a clear growth path, though execution on new projects and export recovery are key.
Current business mix
Revenue by Business Segment (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Domestic API55.7%
Export30.2%
Formulation14.1%
Growth engines
High-Value Peptides
Expanding into high-value science-led APIs like Peptides, with four molecules developed and six more under development, including Semaglutide.
Oncology API & Formulations
Building a dedicated oncology API manufacturing facility. Bajaj Oncocare, launched in 2024, has 15+ brands across 23 states and 3 UTs.
Branded & Specialized Formulations
Consciously shifting mix towards high-margin branded and specialized products, with first-mover regulatory milestones in CNS therapy space (Cenobamate, Suvorexant).
Specialty Nutraceuticals
Secured exclusive licensing rights for Magnesium L-Threonate capsule (Magtein), supplying to patent holder in US and planning Indian formulation launch.
Capacity and execution
Peptide Manufacturing Facility
Dedicated peptide manufacturing facility with ~250 kg per annum capacity, targeted for commissioning by Q4 2027. First production will be Semaglutide.
Oncology API Manufacturing Facility
Building a dedicated oncology API manufacturing facility, with a target commercialization date by Q4 2028.
GenRx Pharmaceutical Facility Acquisition
Acquisition of GenRx Pharmaceutical manufacturing facility in Nashik (under NCLT approval). Commercial production expected by H2 2027.
R&D Centre Expansion
Expanded DSIR approved R&D centre at Savli with a new 10,000 sq ft facility, expected to operationalize by August 2026, housing over 100 researchers.
Tailwinds
First-Mover Advantage
First company in India to secure SEC recommendation for Cenobamate Tablets and first to launch Posaconazole 300 mg tablet.
High-Margin Product Mix Shift
Consciously shifting product mix towards high-margin branded and specialized products, including peptides and oncology, expected to improve margins.
Headwinds
Geopolitical Conditions
Geopolitical conditions impact export business and API prices, which are dependent on oil prices and global stability.
Risk radar
Regulatory & Customer Approval Timelines
New product commercialization (e.g., Cenobamate, CDMO molecules) depends on DCGI/state licenses and customer qualification, which can take 1-1.5 years.
API Price Volatility
API prices are stable this quarter but future stability depends on geopolitical situation and oil prices.
Inventory Holding
Inventory holding period increased due to product mix changes and strategic ordering in Q4 FY26 due to war situation; expected to improve.
Loss-Making Plant Divestment
Two loss-making plants in Tarapur are still awaiting buyers, impacting capital allocation efficiency.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both year-on-year (YoY) and quarter-on-quarter (QoQ) comparisons are relevant. YoY reflects underlying business growth and strategic shifts, while QoQ highlights sequential momentum in operations and margin improvements.
Sector KPIs management disclosed
Domestic API Growth
Domestic API was a key growth driver, growing 27% year-on-year to INR 92.3 crores in Q1 FY27.
Export Business Revenue
Export business contributed INR 50.1 crores in Q1 FY27. Management expects revenue mix to normalize as export improves and geopolitical conditions ease.
Formulation Business Revenue
Formulation business contributed INR 23.3 crores in Q1 FY27.
R&D Spend (% of Sales)
R&D spending as a percentage of sales scaled meaningfully from 0.4% in 2024 to 2.2% in 2026.
Management forward view
Revenue Growth Guidance
Management expects revenue growth of 10% to 15% for FY27 and a similar rate for FY28.
Margin Improvement
Expects margin improvement from current mid-to-high teens due to changing product mix towards high-volume to low-volume, high-margin products like peptides and oncology.
Deleveraging & Capital Allocation
Debt-to-equity ratio improved to 0.45 in Q1 FY27 from 1.19 in FY24. Focus on sustaining margin profiles, deleveraging, and improving capital allocation.
Long-Term Financial Metrics
Three years out, management wants investors to judge performance on Return on Equity (ROE) and Return on Assets (ROA).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Peptide Plant Commercialization | Targeted for Q4 2027 commissioning, with revenue expected in 2028. | Timely commissioning and ramp-up of production, especially Semaglutide, and subsequent revenue generation. |
| Oncology API Facility Commercialization | Targeted for Q4 2028 commercialization. | Progress on construction and timely commencement of commercial operations. |
| GenRx Facility Commercial Production | Expected to commence by H2 2027, pending NCLT approval. | Completion of NCLT approval process and start of commercial production. |
| CDMO Revenue from UK/EU | Six CEP approvals received; first batch of revenue expected FY28 end. | Customer approvals and initial revenue contribution from these new CDMO opportunities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
75Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 78th percentile of the scored universe and 69th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
24 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
78th percentile
overall median 67 · Pharma: 69th pctile, median 70 · Small: 80th pctile, median 66
Evidence depth
Financial-only
24 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
72
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 58.6%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸7 years of positive FCF.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Bajaj Healthcare Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Aug - Intimation for newspaper publication- Dispatch of Notice of 33rd Annual General Meeting and Annual Report for the financial year 2025-26
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 29 Aug - Bajaj Healthcare filed its FY 2025-26 BRSR as part of the annual report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.