Infinium Pharmachem Ltd. (INFINIUM)
SME CapPharma stocks · SME cap · NSE
Infinium Pharmachem Ltd. specializes in Iodine Derivatives & APIs, serving pharma, agro, nutra, and specialty chemical sectors. It operates on a CRAMS model with 220+ derivatives and 19 APIs, boasting a global footprint across 30 countries. The company is vertically integrated with secured iodine supply and is expanding into contrast media.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +43% YoY · PAT +60% YoY · +26% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹106 Cr | +43.2% | +26.2% |
| EBITDA | ₹11 Cr | +37.5% | +10.0% |
| Operating margin | 11.0% | +0 bps | -100 bps |
| PAT | ₹8 Cr | +60.0% | +14.3% |
| PAT margin | 7.5% | +344 bps | -78 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
H1FY26 consolidated revenue grew 1% YoY, with gross profit up 14%, EBITDA up 20%, and PAT increasing by 35%, driven by margin expansion.
H1FY26 results show strong margin expansion and PAT growth despite modest revenue, supported by strategic backward integration for iodine supply and forward integration into high-value contrast media. Execution on ambitious revenue targets for new segments and improving current low capacity utilization are key.
Contrast Media Segment
Targeting Rs 300 Cr revenue in 3-5 years with 30% EBITDA margin, leveraging iodine chemistry expertise.
Captive Iodine Source
Strategic JV with IBL Elements secures consistent iodine supply (~120 MT/year) at competitive prices for 30 years.
EU Market Expansion
Targeting Rs 10 Cr revenue from the EU market for FY26, supported by 16 EU-REACH registered products.
Japan Distribution
Exclusive distribution agreement with M/s. K Sakai & Company for all iodine derivative products for 5 years.
Contrast Media Project
Project nearing completion, expected to conclude in December 2025; pilot scale commenced for Atipa and Atipa Dichloride.
Iodine Extraction JV
Commercial production from the US brine extraction JV expected by December 2026, ensuring ~120 MT/year captive supply.
Rising Iodine Demand
Global and Indian iodine markets are set for strong growth, driven by medical imaging, pharmaceuticals, and specialty chemicals.
Growing Pharma Market
Global pharma market expected to grow from USD 1,999 Bn (2025) to USD 3,519 Bn (2032), with India's market from USD 55 Bn to USD 130 Bn.
Expanding Contrast Media Market
Global contrast media market projected to grow from USD 7 Bn (2025) to USD 12 Bn (2035), driven by chronic diseases and advanced imaging.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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.
H1 results are typically seasonal, making year-over-year comparison more relevant for assessing underlying business performance and growth trends.
Gross Profit Margin
H1FY26 at 24.41% vs H1FY25 at 21.68%.
EBITDA Margin
H1FY26 at 13.46% vs H1FY25 at 11.36%.
Capacity Utilization
~20% in FY24, with total capacity of 1800 MTPA and annual production of 293 MT.
API Portfolio
Manufacturing 19 APIs with other specialty products.
Topline Target
Targeting a topline of Rs 200 Cr by FY26, with a sustainable revenue growth rate of 20% YoY.
Contrast Media Revenue
Sales from the Contrast Media segment are expected to be Rs 30 Cr in FY26, rising to Rs 80-100 Cr in FY27.
Blended EBITDA Target
Targeting a blended EBITDA of 22% after the Contrast Media segment becomes operational.
Sustainable Profit Margin
Aims for a sustainable profit margin of 10% for the next two years.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Contrast Media Project Completion | Nearing completion, pilot scale commenced. | Project conclusion by December 2025 and commercial samples offered leading to long-term supply contracts. |
| Contrast Media Revenue Ramp-up | Targeting Rs 30 Cr in FY26. | Achievement of FY26 target and progression towards Rs 80-100 Cr in FY27. |
| Iodine Extraction JV Commercial Production | Project under development. | Commencement of commercial production by December 2026 and realization of captive supply benefits. |
| EU Market Revenue | Target revenue for FY26 is ~ Rs 10 Cr. | Progress towards achieving the targeted revenue from the EU market. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
75Bullishfull bull SMA stack · SMA20 +16.6% / mo · MACD + · near 52W high · sector +2.2pp vs Nifty (3M)
Technical chart
INFINIUMdaily · 1Y · AUTO+21.7%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 63.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- Recent golden cross (SMA50 crossed above SMA200).
- SMA20 rising (~14.2% over last month) — short-term momentum positive.
- RSI(14) at 63 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 7% off 52W high · 39% 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.
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 42 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 6.6%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 24.8%.
Main drags
- Penalty bucket subtracts 3 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: -5 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 81st percentile of the scored universe and 73rd percentile within Pharma. Main check: results consistency is weak at 48/100.
High Trust Lite: Promoter holding is 64.9%. Key concern: ROCE trend is -5.6%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 73rd pctile, median 70 · SME: 96th pctile, median 64
4 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter holding is 64.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 6.6%.
- ▸5 years of positive FCF.
Trust risks
- ▸ROCE trend is -5.6%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 33.90
- P/B
- 3.40
- EV/EBITDA
- 16.44
- Market Cap
- 411.00Cr
Profitability
- ROE
- 10.50%
- ROCE
- 13.10%
- ROA
- 8.00%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 22.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 9.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 7.33×
- Altman Z
- 7.16
- Book Value
- 77.70
Cash Flow
- FCF Yield
- 6.57%
- FCF Positive Y
- 5/5
- OCF
- 34.00 Cr
- EPS TTM
- 7.80
Shareholding
- Promoter Hold
- 64.91%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.