Bajaj Healthcare Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,030 Cr
- P/E
- 17.71
- ROE
- 8.26%
- PEG
- -12.74
- Price to sales
- 1.57
- Debt to equity
- 0.51
- 52W high / low
- ₹475 / ₹275
- Sales growth (5Y)
- -1.44%
- EBITDA margin
- 17.28%
- Net profit margin
- 6.75%
- Promoter holding
- 58.59%
- Sales (last year)
- ₹656 Cr
Incorporated in 1993, Bajaj Healthcare Ltd manufactures a wide range of Active Pharmaceutical Ingredients and Formulations[1]
Guidance scorecard · Q2 FY27 call
What Bajaj Healthcare's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ2 FY27 call
10–20%- Aim to reach revenue of INR 900 crores to INR 1,000 crores by FY29 with EBITDA margin of 18% to 21%.
- Formulation business expected to grow to 45%-50% of overall revenue in 3-4 years; currently around 20%-24%.
- Peptide facility commercial turnover projected at INR 70-100 crores in FY28 and cumulative INR 300 crores by FY29.
- Oncology API plant expected to reach INR 200 crores revenue in 2-3 years after commissioning in FY28.
- Backward integration in oncology portfolio anticipated at 60%-70% within 2-3 years, with margin improvement of 10%-15%.
- Export and formulation market growth to support profitability amidst domestic API price pressures.
2 more points from Bajaj Healthcare's call on revenue
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MarginsQ2 FY27 call
FlatSee what Bajaj Healthcare said on margins — free account, 30 seconds.
CapexQ2 FY27 call
Planned- FY27 Capex planned between INR 65 crores to INR 80 crores.
- Post-FY27, incremental annual capex expected around INR 50 crores to INR 60 crores to support growth towards INR 1,000 crores revenue target by FY29.
- Construction of a commercial peptide manufacturing plant (250 kg per annum capacity) scheduled for completion by March 31, 2027.
- Oncology API plant commissioning expected in Q2 of FY28 for backward and forward integration of oncology portfolio.
- Dedicated formulation plant at Nashik (solid oral dosage forms, nasal, oral oncology, nutraceutical, ointment) targeted to be operational by Q1 FY28.
2 more points from Bajaj Healthcare's call on capex
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FundraisingQ2 FY27 call
See what Bajaj Healthcare said on fundraising — free account, 30 seconds.
Order bookQ2 FY27 call
- The company has made regulatory filings for 17 products in South Korea and 10 DMFs in Europe, with planned filings in Brazil and Mexico.
- Initial business has started in South Korea following these approvals.
- Revenues from new DMF filings are expected within 2-3 years as approvals come through.
- Formulation exports and contract development and manufacturing organization (CDMO) businesses are expected to contribute more revenue in the near term.
2 more points from Bajaj Healthcare's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹480 Cr | 19.1 | |
| 2 | 40%+ | Up 0–2% | ₹212 Cr | 16.1 | |
| 3 | 40%+ | Flat | ₹17,925 Cr | — | |
| 4 | 40%+ | Flat | ₹5,223 Cr | 39.1 | |
| 5 | 40%+ | Flat | ₹4,268 Cr | — | |
| 6 | 40%+ | Flat | ₹40 Cr | — |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingBajaj Healthcare announcements
All announcements →- Acquisition / mergerNotableBajaj Healthcare Limited announces unaudited Q2 and H1 FY2026-27 financial results
- Acquisition / mergerNotableBajaj Healthcare reports Q2 & H1 FY27 results with revenue and profit growth
- Financial resultsNotableBajaj Healthcare Q2 FY27 revenue Rs. 17,690.16 lakhs; NCLT approves Genrx acquisition
- Acquisition / mergerNotableBajaj Healthcare Limited received NCLT approval for acquisition of Genrx Pharmaceuticals
Financials of Bajaj Healthcare
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Bajaj Healthcare
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 67.73% | 67.74% | 67.74% | 59.19% | 59.19% | 59.19% | 59.19% | 59.19% | 59.19% | 58.29% | 58.59% | 58.58% |
| FIIs + | 0.74% | 0.53% | 0.00% | 1.07% | 1.01% | 1.05% | 1.09% | 1.12% | 1.18% | 1.98% | 2.19% | 2.09% |
| DIIs + | 0.48% | 0.43% | 0.00% | 1.97% | 2.36% | 2.52% | 3.16% | 2.99% | 2.96% | 2.91% | 1.92% | 1.96% |
| Public + | 31.06% | 31.31% | 32.27% | 37.77% | 37.45% | 37.25% | 36.56% | 36.70% | 36.67% | 36.82% | 37.30% | 37.36% |
| No. of Shareholders | 29,626 | 32,712 | 32,397 | 31,995 | 32,672 | 35,710 | 35,980 | 38,576 | 37,953 | 38,158 | 41,310 | 40,754 |
Pros & Cons
Bajaj Healthcare
Key positives and risks surfaced from the company insights section.
- The company has delivered a poor sales growth of -1.44% over past five years.
- Company has a low return on equity of 3.48% over last 3 years.
- Dividend payout has been low at 12.2% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -9.11%
- Working capital days have increased from 90.8 days to 132 days
- The company has delivered a poor sales growth of -1.44% over past five years.
- Company has a low return on equity of 3.48% over last 3 years.
- Dividend payout has been low at 12.2% of profits over last 3 years
- Promoter holding has decreased over last 3 years: -9.11%
- Working capital days have increased from 90.8 days to 132 days
Financials of Bajaj Healthcare
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 101 | 109 | 134 | 132 | 133 | 123 | 154 | 149 | 148 | 161 | 153 | 166 | 176 |
| Expenses + | 82 | 89 | 118 | 108 | 109 | 101 | 143 | 124 | 121 | 131 | 130 | 137 | 145 |
| Operating Profit | 19 | 20 | 16 | 24 | 25 | 22 | 12 | 25 | 27 | 31 | 23 | 29 | 31 |
| OPM % | 19% | 18% | 12% | 19% | 18% | 18% | 8% | 16% | 18% | 19% | 15% | 17% | 18% |
| Other Income + | -7 | -7 | -36 | -0 | 4 | -1 | 13 | 1 | 0 | 1 | -34 | 1 | 1 |
| Interest | 8 | 7 | 6 | 8 | 8 | 6 | 6 | 5 | 6 | 6 | 6 | 6 | 6 |
| Depreciation | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 6 | 7 | 7 | 8 | 7 | 8 |
| Profit before tax | -3 | -1 | -33 | 9 | 14 | 8 | 11 | 14 | 15 | 19 | -24 | 16 | 18 |
| Tax % | 4% | 58% | -10% | 23% | 30% | -39% | 1% | 17% | 24% | 17% | -6% | 16% | 23% |
| Net Profit + | -3 | -2 | -30 | 7 | 9 | 12 | 11 | 12 | 11 | 16 | -23 | 14 | 14 |
| EPS in Rs | -1.25 | -0.80 | -10.84 | 2.58 | 3.00 | 3.71 | 3.54 | 3.75 | 3.52 | 4.96 | -6.79 | 4.07 | 4.19 |
Financials of Bajaj Healthcare
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 218 | 223 | 231 | 327 | 370 | 410 | 657 | 680 | 646 | 473 | 543 | 611 | 656 |
| Expenses + | 189 | 193 | 200 | 288 | 327 | 362 | 521 | 561 | 534 | 397 | 460 | 506 | 542 |
| Operating Profit | 29 | 30 | 31 | 39 | 43 | 48 | 136 | 119 | 112 | 76 | 83 | 105 | 113 |
| OPM % | 13% | 14% | 13% | 12% | 12% | 12% | 21% | 17% | 17% | 16% | 15% | 17% | 17% |
| Other Income + | 0 | 0 | 2 | 2 | 1 | 7 | 7 | 1 | -19 | -105 | 16 | -32 | -31 |
| Interest | 8 | 8 | 8 | 8 | 8 | 7 | 8 | 13 | 18 | 30 | 28 | 22 | 24 |
| Depreciation | 9 | 9 | 11 | 11 | 11 | 12 | 16 | 18 | 17 | 28 | 28 | 28 | 29 |
| Profit before tax | 12 | 14 | 14 | 23 | 24 | 36 | 119 | 90 | 58 | -86 | 43 | 23 | 29 |
| Tax % | 37% | 39% | 43% | 33% | 33% | 30% | 30% | 20% | 25% | -3% | 7% | 33% | |
| Net Profit + | 8 | 8 | 8 | 15 | 16 | 25 | 83 | 71 | 43 | -84 | 40 | 16 | 21 |
| EPS in Rs | 2.78 | 3.04 | 2.83 | 5.50 | 5.91 | 9.14 | 30.11 | 25.87 | 15.59 | -30.36 | 12.51 | 4.68 | 6.43 |
| Dividend Payout % | 0% | 0% | 0% | 5% | 0% | 0% | 5% | 6% | 6% | -3% | 8% | 32% |
Financials of Bajaj Healthcare
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 7 | 7 | 7 | 7 | 14 | 14 | 14 | 14 | 14 | 16 | 17 | 17 |
| Reserves | 78 | 82 | 92 | 107 | 122 | 164 | 245 | 315 | 354 | 265 | 450 | 516 | 540 |
| Borrowings + | 70 | 81 | 75 | 87 | 81 | 91 | 181 | 257 | 415 | 333 | 223 | 249 | 282 |
| Other Liabilities + | 38 | 39 | 45 | 68 | 57 | 74 | 86 | 136 | 115 | 154 | 144 | 141 | 142 |
| Total Liabilities | 189 | 209 | 219 | 268 | 267 | 343 | 526 | 721 | 898 | 765 | 833 | 923 | 981 |
| Fixed Assets + | 108 | 130 | 128 | 127 | 128 | 162 | 208 | 270 | 366 | 253 | 238 | 248 | 263 |
| CWIP | 1 | 1 | 0 | 2 | 1 | 5 | 57 | 52 | 22 | 7 | 3 | 8 | 11 |
| Investments | 0 | 0 | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 79 | 78 | 91 | 140 | 137 | 170 | 260 | 399 | 510 | 506 | 591 | 667 | 708 |
| Total Assets | 189 | 209 | 219 | 268 | 267 | 343 | 526 | 721 | 898 | 765 | 833 | 923 | 981 |
Financials of Bajaj Healthcare
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 28 | 25 | 22 | 17 | 25 | 21 | 44 | 1 | -22 | 92 | 22 | 58 |
| Cash from Investing Activity + | -17 | -31 | -8 | -12 | -13 | -28 | -109 | -75 | -93 | -11 | -15 | -48 |
| Cash from Financing Activity + | -11 | 5 | -13 | 2 | -13 | 3 | 75 | 62 | 131 | -97 | -6 | 24 |
| Net Cash Flow | -0 | -0 | 0 | 7 | -0 | -4 | 10 | -12 | 16 | -16 | 0 | 35 |
| Free Cash Flow | 11 | -6 | 14 | 5 | 11 | -2 | -70 | -74 | -115 | 73 | 10 | 18 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 99% | 100% | 88% | 57% | 89% | 62% | 58% | 9% | -10% | 138% | 32% | 53% |
Financials of Bajaj Healthcare
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 86 | 70 | 83 | 90 | 77 | 88 | 55 | 99 | 110 | 139 | 169 | 140 |
| Inventory Days | 50 | 56 | 45 | 57 | 45 | 54 | 94 | 143 | 199 | 206 | 206 | 249 |
| Days Payable | 63 | 46 | 51 | 74 | 45 | 80 | 67 | 94 | 81 | 128 | 127 | 133 |
| Cash Conversion Cycle | 73 | 80 | 78 | 73 | 77 | 62 | 82 | 148 | 228 | 217 | 248 | 256 |
| Working Capital Days | -11 | -17 | -4 | 0 | 12 | 24 | 34 | 40 | 27 | -0 | 141 | 132 |
| ROCE % | 16% | 13% | 13% | 16% | 16% | 18% | 36% | 20% | 14% | 8% | 11% | 11% |
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −35.5% | 16% |
| Last 6 months | −6.4% | 44% |
| Last 3 months | −9.9% | 45% |
The price is 56.7% below its all-time high of ₹708.85 (21 Mar 2025). Stocks more than 20% below their peak have their score halved, so 33 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Bajaj Healthcare: 0.4 × 16 + 0.4 × 44 + 0.2 × 45 = 33, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Bajaj Healthcare's management said in earlier quarters
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