Balaxi Pharmaceuticals Ltd
Pharmaceuticals | Small Cap
Health Score : 3.59Balaxi Pharmaceuticals demonstrates a mixed financial performance. The company shows strong solvency, indicating a low reliance on debt, which provides financial stability. Growth metrics are also robust, driven by significant asset and revenue expansion. Profitability is a strength, with good returns on capital employed and assets, alongside a healthy gross profit margin, although net margin is weak. However, efficiency is a concern due to slow inventory turnover and long receivable days, suggesting potential issues with working capital management. While coverage ratios are strong, liquidity is weak. Financial metrics present a mixed picture, with reasonable adjusted EPS but low cash EPS and book value per share. Overall, Balaxi exhibits a solid financial structure and growth trajectory but needs to improve its operational efficiency and liquidity to ensure sustained financial health.
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- Valuation MetricsNeutral
- Market Metrics
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- Growth Ratio3.00
- Financial Ratio2.00
- Profitability Ratio3.00
- Efficiency Ratio2.00
- Coverage Ratio2.00
- Solvency Ratio5.00
- Liquidity Ratio1.00
- Peer Assessment
- Management AssessmentBalanced
- Risk AssessmentBalanced
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Health Score : 3.59Balaxi Pharmaceuticals demonstrates a mixed financial performance. The company shows strong solvency, indicating a low reliance on debt, which provides financial stability. Growth metrics are also robust, driven by significant asset and revenue expansion. Profitability is a strength, with good returns on capital employed and assets, alongside a healthy gross profit margin, although net margin is weak. However, efficiency is a concern due to slow inventory turnover and long receivable days, suggesting potential issues with working capital management. While coverage ratios are strong, liquidity is weak. Financial metrics present a mixed picture, with reasonable adjusted EPS but low cash EPS and book value per share. Overall, Balaxi exhibits a solid financial structure and growth trajectory but needs to improve its operational efficiency and liquidity to ensure sustained financial health.
Overall Valuation Score
P/E RATIO (TTM)
7.79
Industry Median
19.41
Small Cap Median
18.08
P/E RATIO
4.52
P/B RATIO
0.48
Industry Median
1.98
Small Cap Median
2.03
P/S RATIO
0.39
Industry Median
2.06
Small Cap Median
1.64
Others
PEG RATIO
0.14
EV/EBITDA RATIO
2.80
The Calculations Shown Above Are Based on the Last Traded Price (LTP) of ₹20.5 as on Feb 20, 2026.
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Growth Score : 3.00The company exhibits mixed growth performance. While revenue and asset growth rates have been strong, declines in EPS and net income growth rates indicate potential challenges in translating top-line growth into bottom-line profitability. Maintaining high growth rates in revenue and assets is essential for the company.
Revenue Growth RatePoorOperating Profit Growth RatePoorEarnings Per Share (EPS) GrowthPoorAsset Growth RateExcellentNet Income Growth RatePoor| Growth Ratios | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Revenue Growth Rate | 402.17 | 20.78 | 20.43 | -28.27 | 21.58 |
| Operating Profit Growth Rate | 437.5 | 18.6 | 11.76 | -21.05 | -28.89 |
| Earnings Per Share (EPS) Growth | 525.41 | 24.9 | -5.25 | -104.87 | -1131.82 |
| Asset Growth Rate | N/A | 76 | 36.36 | 7.5 | 20.16 |
| Net Income Growth Rate | 533.33 | 26.32 | -4.17 | -104.35 | -1350 |
Revenue Growth Rate
Operating Profit Growth Rate
Earnings Per Share (EPS) Growth
Asset Growth Rate
Net Income Growth Rate
Financial Score : 2.00The company's financial metrics reveal mixed performance. While capital expenditures are well-managed, the adjusted EPS is average, and several other metrics such as cash EPS, book value per share and dividend per share are low. This suggests the company needs to improve its financial performance.
Adjusted Earnings Per Share (Adjusted EPS)Average
Cash Earnings Per Share (Cash EPS)WeakBook Value Per ShareWeakDividend Per Share (DPS)PoorCapital Expenditures (CapEx)Excellent| Financial Ratios | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Adjusted Earnings Per Share (Adjusted EPS) | 7.6 | 9.6 | 9.2 | -0.36 | 4.55 |
| Cash Earnings Per Share (Cash EPS) | 7.6 | 9.8 | 9.6 | 0 | 4.91 |
| Book Value Per Share | 13 | 22.6 | 36.6 | 36.55 | 42.18 |
| Dividend Per Share (DPS) | 0 | 0.1 | 0 | 0 | 0 |
| Capital Expenditures (CapEx) | 2.6 | 26.8 | 15 | 1.6 | 2 |
Adjusted Earnings Per Share (Adjusted EPS)
Cash Earnings Per Share (Cash EPS)
Book Value Per Share
Dividend Per Share (DPS)
Capital Expenditures (CapEx)
Profitability Score : 3.00The company's profitability ratios indicate a mixed performance. While gross profit margin, return on capital employed, and return on assets are reasonable, the net margin is very low. The company is good at capital employed but not good at profitability.
Gross Profit MarginAverageReturn on Capital Employed (ROCE)ExcellentReturn on Equity (ROE)AverageReturn on Assets (ROA)ExcellentOperating MarginAverageNet MarginPoor| Profitability Ratios | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Gross Profit Margin | 18.61 | 17.92 | 16.37 | 17.84 | 10.24 |
| Return on Capital Employed (ROCE) | 63.77 | 47.86 | 29.21 | 2.25 | 10.71 |
| Return on Equity (ROE) | 58.46 | 42.48 | 25.14 | -1 | 10.78 |
| Return on Assets (ROA) | 43 | 28.98 | 23.75 | 17.44 | 10.32 |
| Operating Margin | 18.61 | 18.28 | 16.96 | 18.67 | 10.92 |
| Net Margin | 16.45 | 17.2 | 13.69 | -0.83 | 8.53 |
Gross Profit Margin
Return on Capital Employed (ROCE)
Return on Equity (ROE)
Return on Assets (ROA)
Operating Margin
Net Margin
Efficiency Score : 2.00The company's efficiency ratios reflect some challenges in managing assets and working capital. While receivables turnover is reasonable, the very slow inventory turnover and long receivable days suggest potential issues in inventory management and credit collection. This can tie up capital and reduce overall efficiency.
Fixed Asset Turnover RatioPoorInventory Turnover RatioPoorReceivables Turnover RatioAverageDays Sales in Inventory RatioPoorReceivable DaysWeakCapital Turnover RatioPoor| Efficiency Ratios | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Fixed Asset Turnover Ratio | 115.5 | 9.62 | 8.2 | 5.88 | 7.15 |
| Inventory Turnover Ratio | 27 | 4.07 | 2.75 | 2.13 | 3.27 |
| Receivables Turnover Ratio | 6 | 5.31 | 8.4 | 4.46 | 3.51 |
| Days Sales in Inventory Ratio | 13.52 | 89.68 | 132.73 | 171.36 | 111.62 |
| Receivable Days | 60.83 | 68.74 | 43.45 | 81.84 | 103.99 |
| Capital Turnover Ratio | 3.35 | 2.38 | 1.69 | 1.09 | 0.95 |
Fixed Asset Turnover Ratio
Inventory Turnover Ratio
Receivables Turnover Ratio
Days Sales in Inventory Ratio
Receivable Days
Capital Turnover Ratio
Coverage Score : 2.00The company's coverage ratios present a mixed picture. While the interest coverage ratio is strong, the negative debt service coverage ratio raises concerns about the ability to meet total debt obligations. While the company can pay off it's interest easily, the debt is a concern for the company.
Interest Coverage RatioExcellentEquity Dividend Coverage RatioPoor| Coverage Ratios | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Interest Coverage Ratio | N/A | N/A | 56 | 58 | 1.67 | 8.25 |
| Equity Dividend Coverage Ratio | N/A | N/A | 100 | N/A | N/A | N/A |
Interest Coverage Ratio
Equity Dividend Coverage Ratio
Solvency Score : 5.00Balaxi Pharmaceuticals exhibits strong solvency, indicating a solid financial structure with minimal reliance on debt. This provides a financial stability, enabling the company to pursue growth opportunities without the burden of high debt obligations. This can enable the company to be more flexible and agile in the market.
Debt RatioExcellentDebt to Equity RatioExcellentInterest Coverage RatioExcellent| Solvency Ratios | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Debt Ratio | 0 | 0 | 0.01 | 0.01 | 0.09 |
| Debt to Equity Ratio | 0 | 0 | 0.01 | 0.01 | 0.1 |
| Equity Ratio | 1 | 1 | 0.99 | 0.99 | 0.91 |
| Debt To Asset Ratio | 0 | 0 | 0.01 | 0.01 | 0.07 |
Debt Ratio
Debt to Equity Ratio
Interest Coverage Ratio
Liquidity Score : 1.00The company's liquidity position reflects challenges in meeting its short-term obligations. While a higher current ratio in some years indicates the potential to cover current liabilities, inconsistent operating cash flow ratios suggest difficulties in generating cash from operations. This can impact the company's ability to manage unforeseen expenses or invest in growth opportunities. This needs to be addressed to ensure the company can smoothly run its day to day activities.
Current RatiosExcellentQuick RatiosGoodCash RatiosGoodOperating Cash Flow RatiosWeak| Liquidity Ratios | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|
| Current Ratio | 2.71 | 2.31 | 3.63 | 3.86 | 4.46 |
| Quick Ratio | 2.31 | 0.75 | 1.67 | 2.39 | 3.05 |
| Cash Ratio | 0.06 | 0.11 | 0.52 | 1.11 | 0.7 |
| Operating Cash Flow Ratio | 0 | 0.53 | 0.11 | 0.09 | -0.63 |
Current Ratios
Quick Ratios
Cash Ratios
Operating Cash Flow Ratios
Peer Comparison empowers investors to evaluate a company against its industry peers using key financial metrics like P/E ratio, EPS, and profit margins. It helps identify whether a company is overvalued, undervalued, or performing in line with competitors. Investors can use this data to spot opportunities, assess risks, and make informed decisions. This contextual view adds depth beyond standalone company analysis.
| NO | Company Name | Health Score | P/E Ratio | Valuation | OPM | EPS | Latest Profit & Loss |
|---|---|---|---|---|---|---|---|
| 1 | Balaxi Pharmaceuticals Ltd | 3.59 | 4.52 | Neutral | 37.00 | 0.65 | 25.00 |
Balanced ManagementBalaxi Pharmaceuticals' management effectiveness is mixed due to declining financial performance and capital efficiency offset by stable operating margins. Sales growth has decelerated, and profitability has been impacted by lower other income and high tax rates. Promoter holding has decreased, raising concerns about ownership confidence. Capital efficiency, particularly ROCE, has declined, indicating less effective capital utilization. These factors contribute to a mixed assessment of the management's capabilities.
| Category | Metric | Value | Assessment |
|---|---|---|---|
| CONS | Sales Growth (3Y) | -8% | Decline in sales growth |
| CONS | ROCE (Mar 2024) | 21% | Decreased capital efficiency |
| CONS | Promoter Holding (Sep 2024) | 65.99% | Reduced promoter confidence |
| CONS | Inventory Days (Mar 2024) | 233 | Inefficient working capital management |
| PROS | OPM (TTM) | 18% | Relatively stable operating margins |
Financial Performance & GrowthAverageCapital Efficiency & ReturnsWeakFinancial Health & PrudenceAverageShareholding & Ownership StructureWeakFinancial Performance & Growth
Balaxi Pharmaceuticals' financial performance shows a mixed trend. While historical sales growth was strong, recent performance indicates a slowdown.
| Metric | 2020-2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|
| Compounded Sales Growth (3Y) | 1% | -8% |
Sales grew from ₹14 Cr in March 2019 to ₹336 Cr in March 2023, but decreased to ₹241 Cr in March 2024. The TTM sales are ₹264 Cr. The YOY sales growth % has been volatile, with a significant decline of -28.28% in March 2024. Profitability has also fluctuated, with a net profit of ₹46 Cr in March 2023, but a loss of ₹-2 Cr in March 2024. The TTM net profit is ₹36 Cr. The OPM % has remained relatively stable, around 17-18%, but a sharp decline in other income and a high tax rate in March 2024 significantly impacted the net profit. Quarterly results show volatile sales and profit growth, with a notable drop in net profit in recent quarters.
Capital Efficiency & Returns
The capital efficiency and returns of Balaxi Pharmaceuticals have shown a declining trend. ROCE, which was 57% in March 2020, increased to 93% in March 2021 before declining to 21% in March 2024. ROE also shows a similar trend, with a significant drop in the last year.
| Metric | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|
| ROCE % | 57% | 93% | 60% | 37% | 21% |
This indicates the company's efficiency in utilizing capital has decreased. Additionally, inventory days have increased from 29 in Mar 2021 to 233 in Mar 2024, and the cash conversion cycle has lengthened from 97 days in Mar 2021 to 235 days in Mar 2024, suggesting less efficient working capital management. These factors collectively indicate a decline in capital efficiency and returns.
Financial Health & Prudence
Balaxi Pharmaceuticals' financial health presents a mixed outlook. Borrowings have increased from ₹4 Cr in March 2021 to ₹19 Cr in March 2024 and further to ₹32 Cr in Sept 2024. While the debt-to-equity ratio remains relatively low, the increasing debt levels need monitoring.
| Metric | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 |
|---|---|---|---|---|---|
| Borrowings (Cr) | 4 | 4 | 13 | 19 | 32 |
The interest coverage ratio is not explicitly available, but the interest payments have increased. The dividend payout is consistently low (0-1%), indicating profits are not significantly shared with shareholders. Other income has fluctuated significantly, impacting the overall financial stability.
Shareholding & Ownership Structure
The shareholding pattern of Balaxi Pharmaceuticals indicates a concerning trend. Promoter holding has decreased from 72.86% in December 2021 to 65.99% in September 2024.
| Metric | Dec 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Sep 2024 |
|---|---|---|---|---|---|
| Promoter Holding (%) | 72.86% | 72.86% | 71.57% | 66.86% | 65.99% |
This decline may indicate a lack of confidence from the promoters. FII holding has remained relatively stable around 16-19%. DII holding has decreased significantly from 19.48% in December 2021 to 0.02% in September 2024. The public holding has increased from 7.64% to 17.50% over the same period. These shifts in shareholding patterns raise concerns about the company's stability and long-term prospects.
Balanced RiskBalaxi Pharmaceuticals faces moderate risk due to segment performance volatility and increasing debt. The significant drop in net profit in March 2024, coupled with fluctuating sales growth, highlights potential operational inefficiencies. These factors collectively warrant an orange flag, indicating a need for careful monitoring and strategic adjustments to mitigate these risks.
Segment performance volatilityAverageForeign exchange or interest rate exposureAverageSegment performance volatility
The quarterly results of Balaxi Pharmaceuticals show significant volatility in sales and profit growth. The YOY Sales Growth % has fluctuated from 41.89% in June 2022 to -0.52% in June 2024 and 41.41% in Sep 2024. Similarly, the YOY Profit Growth % has seen significant swings, ranging from 91% in June 2024 to -50% in September 2024. The net profit also shows considerable variation, with a loss of ₹-41 Cr in June 2023 followed by a profit of ₹14 Cr in subsequent quarters. This variability indicates potential risks in the company's market segments or operational strategies, necessitating close attention.
Foreign exchange or interest rate exposure
The increasing borrowings from ₹4 Cr in March 2021 to ₹32 Cr in September 2024 and increasing interest payments may expose the company to interest rate risk, particularly if these borrowings are at variable rates. Monitoring these factors is crucial to assess the company's vulnerability to external economic conditions.
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