Medicamen Organics Ltd. (MEDIORG)
SME CapPharma stocks · SME cap · NSE
Medicamen Organics Ltd. develops, manufactures, and distributes a broad range of generic pharmaceutical dosages including Tablets, Capsules, Oral Liquids, Ointments, and Dry powders. It operates a B2B contract manufacturing model for government and private institutions, marketing products in India, Africa, CIS, and Southeast Asian countries.
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, management trust needs verification, price trend is neutral, and recent execution is weak.
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
Bad · 0/100Rev -66% YoY · PAT -581% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4.8 Cr | -65.7% | -73.2% |
| EBITDA | ₹-7.2 Cr | -286.2% | -309.6% |
| Operating margin | -150.0% | -16784 bps | -16916 bps |
| PAT | ₹-6.1 Cr | -581.0% | -397.1% |
| PAT margin | -126.8% | -13855 bps | -13821 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
Medicamen Organics reported strong FY25 consolidated results with revenue up 51.11% YoY and PAT up 54.22% YoY. H2 FY25 saw even stronger growth, with revenue up 54.66% YoY and PAT doubling to 101.01% YoY, driven by robust top-line expansion and improved H2 margins.
The company delivered impressive top-line and bottom-line growth in FY25, with H2 FY25 showing accelerated momentum. Strategic international expansions and diversification into new product segments like cosmetics are underway, but their contribution and execution remain key monitoring points. The B2B contract manufacturing model appears scalable.
Geographic Expansion
INTACTPresence in India, Africa, CIS, and Southeast Asian countries. New subsidiaries in Nepal (manufacturing), Rwanda, and Mauritius (marketing/distribution) are planned or established.
Product Portfolio Diversification
INTACTWide range of 84 products across multiple therapeutic areas. Entry into new segments like Cosmetics & Skin Care through subsidiary GEPL.
Contract Manufacturing (B2B)
INTACTOperates a customer-centric, order-driven B2B model for contract/third-party manufacturing for government and private institutions.
Nepal Manufacturing Facility
INTACTInvesting ₹9 Crores in Medi Hub Organic Ltd. (30% equity) to establish a state-of-the-art CGMP pharmaceutical manufacturing facility, aiming for European quality benchmarks.
Rwanda Subsidiary
INTACTStarted a subsidiary in Rwanda (MOU signed July 15, 2024) for marketing and distribution, with plans to register ~100 products by December 2025.
Mauritius Subsidiary
INTACTGEPL plans to start a subsidiary in Mauritius (MOU expected August) for marketing and distribution, initially focusing on medical disposables and cosmetics.
Expanding International Markets
INTACTCompany is actively expanding its footprint in African, CIS, and Southeast Asian markets, with new ventures in Nepal, Rwanda, and Mauritius.
Diversified Product Offerings
INTACTBroad product portfolio across various therapeutic areas and a new strategic entry into the growing beauty and personal care industry.
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.
The financial data provided in the presentation is exclusively on a Year-over-Year basis for both the full fiscal year (FY25 vs FY24) and the second half (H2 FY25 vs H2 FY24), making YoY the only applicable comparison.
EBITDA Margin
UNDER_STRESSFY25 EBITDA Margin: 17.45% (vs 18.80% in FY24). H2 FY25 EBITDA Margin: 18.06% (vs 16.79% in H2 FY24).
PAT Margin
INTACTFY25 PAT Margin: 10.60% (vs 10.38% in FY24). H2 FY25 PAT Margin: 11.76% (vs 9.04% in H2 FY24).
Product Portfolio
INTACTProduct portfolio consists of 84 products across various therapeutic areas. Regularly engaged in R&D and launching new products.
Approvals/Certifications
INTACTApproved by WHO GMP since 2011 (facility 1) and 2018 (facility 2). Obtained ISO 9001:2015 Certification.
Global Footprint Expansion
INTACTSubsidiary GEPL is intended to serve as a platform for expanding the company’s footprint in overseas markets, including Nepal, Rwanda, and Mauritius.
New Product Segments
INTACTEntered the beauty and personal care industry through GEPL, launching its first product line in Q1 FY25-26 with an initial investment of ₹3 Crores.
Product Registration Targets
INTACTPlans to register around 100 products in Rwanda by December 2025.
Sales Projections from New Markets
INTACTProjects USD 1.5 Million sales from Rwanda and approximately USD 0.5 Million from Mauritius for 2025-26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Nepal Manufacturing Facility Progress | ₹9 Crores investment in MHOL for a new CGMP facility, aiming for European quality benchmarks. | Timely commissioning, achievement of quality benchmarks, and initial production ramp-up. |
| Rwanda & Mauritius Sales Contribution | Projected sales of USD 1.5M (Rwanda) and USD 0.5M (Mauritius) for 2025-26. | Actual sales performance against projections and product registration progress in Rwanda. |
| Cosmetics & Skin Care Vertical Performance | Launched first product line in Q1 FY25-26 with ₹3 Crores initial investment, targeting Nepal, Mauritius, Rwanda, Brazil, and India e-commerce. | Market acceptance, revenue contribution, and profitability of the new vertical. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
64BullishSMA20 +3.2% / mo · MACD + · sector +2.2pp vs Nifty (3M)
Technical chart
MEDIORGdaily · 1Y · AUTO+15.7%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 58.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.1% over last month) — short-term momentum positive.
- RSI(14) at 58 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 30% 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 14 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 14 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 10/25 to the score.
- Balance sheet contributes 6/15 to the score.
- Valuation contributes 5/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; 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: +3 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.
Weak Trust: Claim history is still being built. It ranks around the 6th percentile of the scored universe and 4th percentile within Pharma. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-5 Cr.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Pharma: 4th pctile, median 70 · SME: 6th 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
Weak 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 pledge is zero.
- ▸Promoter holding increased 16.9%.
Trust risks
- ▸Operating cash flow is negative at ₹-5 Cr.
- ▸Promoter holding is only 16.9%.
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at -10.7%.
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
- —
- P/B
- 1.12
- EV/EBITDA
- —
- Market Cap
- 39.40Cr
Profitability
- ROE
- -13.70%
- ROCE
- -10.70%
- ROA
- -7.79%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- -5.37%
- EPS 5Y
- 54.58%
- Revenue 3Y
- 3.00%
- EPS 3Y
- 3.00%
Balance Sheet
- Debt/Equity
- 0.50
- Interest Coverage
- -5.28×
- Altman Z
- 1.88
- Book Value
- 23.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -4.60 Cr
- EPS TTM
- -3.30
Shareholding
- Promoter Hold
- 16.88%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 39%
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.