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Bafna Pharmaceuticals Ltd

BAFNAPH

NSE

₹470.55+1.99%19 Oct 2026

Reports

Pharma Formulations

Bafna Pharmaceuticals Ltd

BAFNAPH

NSE

₹470.55

+1.99%

19 Oct 2026

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Pharma Formulations

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Bafna Pharmaceuticals is a Chennai-based maker of generic tablets and capsules that rebuilt itself from the ground up - it went through a court-supervised insolvency process in 2019, wiped its debts clean, and emerged under new ownership with a simple philosophy: chase profits, not just revenue. The company operates a single, internationally accredited factory where it manufactures medicines both for its own export labels and on contract for large global pharma companies, treating R&D as the engine that feeds both sides of the business.

Business segments

A single manufacturing engine powers two intertwined revenue streams - making medicines under its own labels for export markets, and making them on contract for other pharma companies - both fed by the same R&D and regulatory backbone.

1. Contract manufacturing: the factory that works for other pharma companies

Bafna earns a fee for every batch of tablets and capsules it makes on behalf of global pharma companies, using their formulas and its own accredited factory.

Paid per batch dispatched - the company manufactures products under fixed-period, annually renewable contracts, and recognises revenue only when each finished batch leaves the factory and is invoiced to the customer.
One factory, many masters - all contract manufacturing runs through a single facility at Red Hills, Chennai, which holds UK-MHRA, EU-GMP, TGA-Australia and WHO-GMP certifications - the regulatory stamps that make it acceptable to pharma companies in regulated markets.
Small batches to large ones - the plant can handle everything from small development runs to full-scale commercial production, with an installed capacity of roughly 1,000 million tablet units a year and utilisation running at about 90%.
Customers are the creditworthy kind - the company works with entities of repute that carry good credit reports, and sometimes receives advances from them before manufacturing begins.
More than just pressing pills - the service extends into contract research and manufacturing (CRAMS), technology transfers, and formulation and analytical development, making it a one-stop shop for a pharma partner that wants to outsource everything from lab to finished product.

2. Own-label generics: medicines sold under the Bafna name abroad

The company registers its own generic products in over 20 countries and sells them through local distributors - a portfolio built on complex, hard-to-copy formulations.

Exports are the main event - more than 70% of total revenue comes from selling Bafna's own generic products into markets across Asia, Africa, the UK, Europe and Australia.
Registrations are the entry ticket - the company holds active product registrations in more than 20 countries, with over 200 products still pending approval across Africa, Asia and the rest of the world, so the revenue pipeline is essentially a queue of regulatory filings.
Local distributors, multiple products - in major geographies like Nigeria, the Philippines, Sri Lanka, Tanzania and Nepal, Bafna operates through multiple registered product lines, each tied to a dedicated local distributor with established networks in wholesale and government tenders.
First to market with a coated generic - the company was the first to launch Generic Prednisolone Eccentric Coated (a steroid used for swelling and allergic reactions) in the UK and other markets, signalling its ability to tackle niche, technically demanding products.
Therapeutic spread reduces reliance on any one drug - the portfolio spans cardiology (beta blockers, ACE inhibitors, statins), lifestyle and potent drugs (oncology, women's health, diabetes), and pain management (neuropathic, joint and opioid pain), so demand is not tied to a single disease category.

R&D and regulatory engine

The same R&D lab and regulatory team feeds both the contract business and the own-label export business - developing formulations, proving they work, and getting them approved in multiple countries.

DSIR-recognised lab - the R&D facility is recognised by India's Department of Scientific and Industrial Research, and it develops everything from delayed-release and sustained-release tablets to chewable, orally disintegrating and liquid dosage forms.
Taste-masking and coating know-how - the lab uses ion-exchange resins to mask bitter drugs and multi-layer coating technology for pH-sensitive products that need intestinal release and gastric resistance, which is how the company tackles complex generics that are harder for competitors to replicate.
Regulatory cell tracks every dossier - a dedicated Regulatory Affairs team handles real-time dossier submissions and tracks approvals across all target markets, while an in-house quality control lab equipped with high-pressure liquid chromatography, gas chromatography and atomic absorption spectrometers ensures every batch meets the standards of the relevant regulator.
Over 200 products in the approval queue - as of FY23, the company had 186 registered products and 232 applications pending globally, with the largest clusters in Nigeria, the Philippines, Nepal, Sri Lanka and Ethiopia - so the commercial pipeline is visible and countable in regulatory filings.

Group structure and partners

Bafna Pharmaceuticals is a standalone company with no subsidiaries, controlled by a single majority shareholder that rescued it through a court-approved turnaround.

Controlled by SRJR Lifesciences LLP - the holding company acquired an 88.30% stake through a preferential allotment of shares at Rs. 26 apiece, as part of an NCLT-approved resolution plan under the Insolvency and Bankruptcy Code that extinguished all outstanding liabilities and left the company debt-free.
The old subsidiary is gone - a previous subsidiary, Bafna Life Styles Remedies Limited, had no operations since September 2016 after its facility was disqualified by a customer, and its name was struck off during FY21.
No foreign debt or investment - the company has no Foreign Direct Investment, no Overseas Direct Investment and no External Commercial Borrowing, keeping its capital structure simple and domestic.

Quick Ratios

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Profit & Loss

Balance Sheet

Cash Flow

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Peer Comparison

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Quarterly Results

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Mkt Cap

Market Capitalization

₹1,113Cr

Close Price

₹470.55

Industry

Pharma Formulations

Price To Earnings

143.02

Price To Sales

7.81

Revenue

₹143Cr

Rev Gr TTM

Revenue Growth TTM

-3.13%

PAT Gr TTM

PAT Growth TTM

-5.80%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	41	28	41	33	40	33	39	35	35	38	42	27
Growth YoY Revenue Growth YoY%	85.3	-16.9	-2.0	-20.6	-0.9	16.7	-5.7	4.0	-12.0	15.4	8.1	-23.2
Expenses ExpensesCr	37	31	39	32	37	30	36	30	31	35	39	26
Operating Profit Operating ProfitCr	4	-2	3	1	4	3	3	5	4	3	4	1
OPM OPM%	9.8	-7.3	7.0	3.6	9.4	9.3	8.0	14.6	12.1	8.0	8.4	3.3
Other Income Other IncomeCr	0	1	1	0	1	0	-1	1	1	1	2	2
Interest Expense Interest ExpenseCr	0	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	2	2	0	1	1	2	2	2
PBT PBTCr	2	-3	1	-1	3	1	1	3	3	2	3	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	2	-3	1	-1	3	1	1	3	3	2	3	0
Growth YoY PAT Growth YoY%	54.0	-198.0	-72.8	-111.3	5.7	132.3	-10.3	570.8	19.1	93.7	109.9	-97.6
NPM NPM%	6.1	-10.3	3.5	-2.2	6.5	2.9	3.4	9.8	8.8	4.8	6.5	0.3
EPS EPS₹	1.1	-1.2	0.6	-0.3	1.1	0.4	0.6	1.4	1.3	0.8	1.2	0.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	41	28	41	33	40	33	39	35	35	38	42	27
Growth YoY Revenue Growth YoY%	85.3	-16.9	-2.0	-20.6	-0.9	16.7	-5.7	4.0	-12.0	15.4	8.1	-23.2
Expenses ExpensesCr	37	31	39	32	37	30	36	30	31	35	39	26
Operating Profit Operating ProfitCr	4	-2	3	1	4	3	3	5	4	3	4	1
OPM OPM%	9.8	-7.3	7.0	3.6	9.4	9.3	8.0	14.6	12.1	8.0	8.4	3.3
Other Income Other IncomeCr	0	1	1	0	1	0	-1	1	1	1	2	2
Interest Expense Interest ExpenseCr	0	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	2	2	0	1	1	2	2	2
PBT PBTCr	2	-3	1	-1	3	1	1	3	3	2	3	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	2	-3	1	-1	3	1	1	3	3	2	3	0
Growth YoY PAT Growth YoY%	54.0	-198.0	-72.8	-111.3	5.7	132.3	-10.3	570.8	19.1	93.7	109.9	-97.6
NPM NPM%	6.1	-10.3	3.5	-2.2	6.5	2.9	3.4	9.8	8.8	4.8	6.5	0.3
EPS EPS₹	1.1	-1.2	0.6	-0.3	1.1	0.4	0.6	1.4	1.3	0.8	1.2	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	85	65	47	44	42	71	85	115	152	146	151	143
Growth Revenue Growth%	-15.9	-23.9	-27.4	-7.5	-2.6	67.7	19.6	35.5	32.2	-4.3	3.3	-3.1
Expenses ExpensesCr	83	70	82	57	41	61	73	100	141	135	135	131
Operating Profit Operating ProfitCr	3	-5	-35	-13	1	10	12	16	11	11	16	12
OPM OPM%	3.3	-8.0	-74.4	-29.9	2.9	14.5	14.1	13.6	7.3	7.7	10.6	8.3
Other Income Other IncomeCr	1	1	31	0	0	1	0	3	4	1	5	6
Interest Expense Interest ExpenseCr	12	11	7	2	0	1	1	2	2	3	4	4
Depreciation DepreciationCr	4	4	4	3	3	4	5	5	5	5	6	6
PBT PBTCr	-13	-19	-14	-18	-2	6	5	12	7	4	11	8
Tax TaxCr	0	-1	2	2	0	0	0	0	0	0	0	0
PAT PATCr	-12	-18	-16	-20	-2	6	5	11	7	4	11	8
Growth PAT Growth%	-299.5	-51.6	10.9	-19.9	90.5	410.3	-10.5	117.4	-35.2	-43.5	167.3	-5.8
NPM NPM%	-14.3	-28.4	-34.9	-45.2	-4.4	8.2	6.1	9.8	4.8	2.9	7.4	5.5
EPS EPS₹	-6.5	-9.9	-7.0	-8.3	-106.5	2.5	2.2	4.8	3.1	1.8	4.7	3.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	85	65	47	44	42	71	85	115	152	146	151	143
Growth Revenue Growth%	-15.9	-23.9	-27.4	-7.5	-2.6	67.7	19.6	35.5	32.2	-4.3	3.3	-3.1
Expenses ExpensesCr	83	70	82	57	41	61	73	100	141	135	135	131
Operating Profit Operating ProfitCr	3	-5	-35	-13	1	10	12	16	11	11	16	12
OPM OPM%	3.3	-8.0	-74.4	-29.9	2.9	14.5	14.1	13.6	7.3	7.7	10.6	8.3
Other Income Other IncomeCr	1	1	31	0	0	1	0	3	4	1	5	6
Interest Expense Interest ExpenseCr	12	11	7	2	0	1	1	2	2	3	4	4
Depreciation DepreciationCr	4	4	4	3	3	4	5	5	5	5	6	6
PBT PBTCr	-13	-19	-14	-18	-2	6	5	12	7	4	11	8
Tax TaxCr	0	-1	2	2	0	0	0	0	0	0	0	0
PAT PATCr	-12	-18	-16	-20	-2	6	5	11	7	4	11	8
Growth PAT Growth%	-299.5	-51.6	10.9	-19.9	90.5	410.3	-10.5	117.4	-35.2	-43.5	167.3	-5.8
NPM NPM%	-14.3	-28.4	-34.9	-45.2	-4.4	8.2	6.1	9.8	4.8	2.9	7.4	5.5
EPS EPS₹	-6.5	-9.9	-7.0	-8.3	-106.5	2.5	2.2	4.8	3.1	1.8	4.7	3.3

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	24	24	2	24	24	24	24	24	24
Reserves ReservesCr	41	22	17	-3	-7	33	38	50	57	61	72
Current Liabilities Current LiabilitiesCr	87	81	59	71	17	24	22	46	54	52	57
Non Current Liabilities Non Current LiabilitiesCr	39	42	28	29	3	5	6	10	13	16	22
Total Liabilities Total LiabilitiesCr	185	167	128	121	71	86	90	130	148	153	176
Current Assets Current AssetsCr	119	77	48	48	36	50	51	87	94	85	90
Non Current Assets Non Current AssetsCr	66	90	79	72	35	37	39	42	54	68	86
Total Assets Total AssetsCr	185	167	128	121	71	86	90	130	148	153	176

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	19	19	24	24	2	24	24	24	24	24	24
Reserves ReservesCr	41	22	17	-3	-7	33	38	50	57	61	72
Current Liabilities Current LiabilitiesCr	87	81	59	71	17	24	22	46	54	52	57
Non Current Liabilities Non Current LiabilitiesCr	39	42	28	29	3	5	6	10	13	16	22
Total Liabilities Total LiabilitiesCr	185	167	128	121	71	86	90	130	148	153	176
Current Assets Current AssetsCr	119	77	48	48	36	50	51	87	94	85	90
Non Current Assets Non Current AssetsCr	66	90	79	72	35	37	39	42	54	68	86
Total Assets Total AssetsCr	185	167	128	121	71	86	90	130	148	153	176

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-3	14	-7	-1	-34	-14	10	5	9	22	15
Investing Cash Flow Investing Cash FlowCr	-1	-8	38	4	33	-5	-7	-7	-15	-21	-22
Financing Cash Flow Financing Cash FlowCr	4	-5	-31	-2	7	12	-5	10	-1	1	6
Net Cash Flow Net Cash FlowCr	0	0	0	0	6	-7	-2	8	-6	2	-1
Free Cash Flow Free Cash FlowCr	-5	20	40	-1	-36	-20	2	-2	-6	0	-10
CFO To PAT CFO To PAT%	24.4	-74.2	43.1	5.5	1,824.7	-233.6	186.5	43.7	129.1	533.1	138.5
CFO To EBITDA CFO To EBITDA%	-105.5	-262.5	20.2	8.4	-2,788.7	-132.2	81.3	31.5	85.4	198.1	96.4

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-3	14	-7	-1	-34	-14	10	5	9	22	15
Investing Cash Flow Investing Cash FlowCr	-1	-8	38	4	33	-5	-7	-7	-15	-21	-22
Financing Cash Flow Financing Cash FlowCr	4	-5	-31	-2	7	12	-5	10	-1	1	6
Net Cash Flow Net Cash FlowCr	0	0	0	0	6	-7	-2	8	-6	2	-1
Free Cash Flow Free Cash FlowCr	-5	20	40	-1	-36	-20	2	-2	-6	0	-10
CFO To PAT CFO To PAT%	24.4	-74.2	43.1	5.5	1,824.7	-233.6	186.5	43.7	129.1	533.1	138.5
CFO To EBITDA CFO To EBITDA%	-105.5	-262.5	20.2	8.4	-2,788.7	-132.2	81.3	31.5	85.4	198.1	96.4

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	56	55	66	26	2	325	300	196	181	177	267	1,113
Price To Earnings Price To Earnings						55.8	57.5	17.3	24.6	42.6	24.1	143.0
Price To Sales Price To Sales	0.7	0.8	1.4	0.6	0.1	4.6	3.5	1.7	1.2	1.2	1.8	7.8
Price To Book Price To Book	0.9	1.4	1.6	1.3	-0.5	5.7	4.8	2.7	2.2	2.1	2.8	11.6
EV To EBITDA EV To EBITDA	47.4	-25.9	-3.1	-5.3	-2.7	32.9	26.0	13.4	18.4	18.1	19.0	95.8
Profitability Ratios Profitability Ratios
GPM GPM%	16.5	11.6	7.0	20.5	35.9	35.3	39.6	33.4	29.7	29.2	31.9	31.9
OPM OPM%	3.3	-8.0	-74.4	-29.9	2.9	14.5	14.1	13.6	7.3	7.7	10.6	8.3
NPM NPM%	-14.3	-28.4	-34.9	-45.2	-4.4	8.2	6.1	9.8	4.8	2.9	7.4	5.5
ROCE ROCE%	0.0	-6.5	-8.6	-24.0	128.0	9.1	8.2	14.2	9.2	6.1	10.9	10.9
ROE ROE%	-20.5	-45.1	-40.6	-94.9	42.6	10.3	8.4	15.4	9.1	4.9	11.5	11.5
ROA ROA%	-6.6	-11.1	-12.9	-16.4	-2.6	6.7	5.8	8.8	5.0	2.7	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	56	55	66	26	2	325	300	196	181	177	267	1,113
Price To Earnings Price To Earnings						55.8	57.5	17.3	24.6	42.6	24.1	143.0
Price To Sales Price To Sales	0.7	0.8	1.4	0.6	0.1	4.6	3.5	1.7	1.2	1.2	1.8	7.8
Price To Book Price To Book	0.9	1.4	1.6	1.3	-0.5	5.7	4.8	2.7	2.2	2.1	2.8	11.6
EV To EBITDA EV To EBITDA	47.4	-25.9	-3.1	-5.3	-2.7	32.9	26.0	13.4	18.4	18.1	19.0	95.8
Profitability Ratios Profitability Ratios
GPM GPM%	16.5	11.6	7.0	20.5	35.9	35.3	39.6	33.4	29.7	29.2	31.9	31.9
OPM OPM%	3.3	-8.0	-74.4	-29.9	2.9	14.5	14.1	13.6	7.3	7.7	10.6	8.3
NPM NPM%	-14.3	-28.4	-34.9	-45.2	-4.4	8.2	6.1	9.8	4.8	2.9	7.4	5.5
ROCE ROCE%	0.0	-6.5	-8.6	-24.0	128.0	9.1	8.2	14.2	9.2	6.1	10.9	10.9
ROE ROE%	-20.5	-45.1	-40.6	-94.9	42.6	10.3	8.4	15.4	9.1	4.9	11.5	11.5
ROA ROA%	-6.6	-11.1	-12.9	-16.4	-2.6	6.7	5.8	8.8	5.0	2.7	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	JAGSNPHARM	BPLPHARMA	BAJAJHCARE	BAFNAPH	LINCOLN	THEMISMED	KILITCH
Market CapitalizationMkt CapCr	1,438	1,189	1,144	1,113	1,068	924	766
Close PriceClose₹	217.95	1,724.80	339.90	470.55	533.40	100.30	219.00
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	32.05		56.09	143.02	11.08	23.11	24.86
Price To SalesPS	4.89	3.68	1.74	7.81	1.54	2.79	3.23
RevenueRevenueCr	294	323	656	143	694	332	237
Revenue Growth TTMRev Gr TTM%	3.9%	-11.2%	14.3%	-3.1%	10.2%	-12.8%	14.0%
PAT Growth TTMPAT Gr TTM%	-25.3%	16.0%	-55.0%	-5.8%	11.7%	540.7%	9.4%

	JAGSNPHARM	BPLPHARMA	BAJAJHCARE	BAFNAPH	LINCOLN	THEMISMED	KILITCH
Market CapitalizationMkt CapCr	1,438	1,189	1,144	1,113	1,068	924	766
Close PriceClose₹	217.95	1,724.80	339.90	470.55	533.40	100.30	219.00
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	32.05		56.09	143.02	11.08	23.11	24.86
Price To SalesPS	4.89	3.68	1.74	7.81	1.54	2.79	3.23
RevenueRevenueCr	294	323	656	143	694	332	237
Revenue Growth TTMRev Gr TTM%	3.9%	-11.2%	14.3%	-3.1%	10.2%	-12.8%	14.0%
PAT Growth TTMPAT Gr TTM%	-25.3%	16.0%	-55.0%	-5.8%	11.7%	540.7%	9.4%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26