NSE:BETA Research Reports - SOIC x StockScans

Beta Drugs is a focused oncology company that was founded to make life-saving cancer medicines affordable, and that mission still shapes everything it does. Built from a single insight by its late founder-that a specialist Indian pharma company could punch above its weight in the niche cancer segment-it has grown from a start-up in Himachal Pradesh in 2005 into one of India’s top ten oncology players, with its own brands, a contract manufacturing business that supplies the country’s largest drug companies, and an export footprint spanning four continents. The recurring approach is to pick a tightly defined therapeutic space, build manufacturing depth that rivals cannot easily replicate, and then use that base to launch first-in-India products, win repeat institutional customers, and enter regulated export markets one dossier at a time.

Business segments

Five engines at different stages-a contract manufacturing cash cow, a branded oncology platform at national scale, an export business built on regulatory filings, a backward-integrated API supplier, and two consumer-facing bets in dermatology and fertility-each built on the manufacturing and doctor-relationship muscle of the ones before.

1. CDMO: the largest oncology contract manufacturer in India

Beta makes cancer drugs for other pharma companies from a scarce asset-a regulated cytotoxic plant-so nearly all its customers come back year after year.

A plant few can match - there are not many generic regulated-approved cytotoxic manufacturing plants available in India, so Beta’s facility gives it a natural advantage when multinational and domestic companies look for a manufacturing partner.
Repeat business above 95% - marquee customers including Glenmark, Alkem, Intas, Torrent, and Hetero Healthcare place orders year after year, which means the revenue base is sticky and the sales effort required to maintain it is low.
Shifting the mix upward - the company is deliberately moving high-margin products and novel drug-delivery-system (NDDS) products to its CDMO partners, so the segment’s value grows even if volumes rise only modestly.
Domestic, with one export window - the CDMO business manufactures almost entirely for the Indian market; the sole international client is Caplin Point, which takes Beta’s oncology products into its own export channels.

2. Branded oncology: the company’s own labels in India’s cancer wards

A sales force that reaches over 85% of India’s corporate and government hospitals sells a portfolio of 135-plus products, with new launches contributing a quarter of the segment’s revenue.

First-to-launch track record - Beta introduced India’s first generic Dasatinib, the first ready-to-use Docetaxel injection, and the first Methotrexate oral solution, each time creating a brand that prescribers remember before competitors arrive.
Seven brands above ₹5 crore - in FY21 the company had no brand crossing that threshold; by FY26 it had seven, and one touched nearly ₹10 crore, so the portfolio is thickening at the top and becoming less dependent on any single product.
Oral is catching up with injectable - the business mix shifted from 61% injectable to 43% injectable between FY23 and FY24, meaning patients are increasingly taking Beta’s pills at home rather than visiting a hospital for an infusion, which widens the addressable market.
Growing three times faster than the market - the domestic own-brand oncology business expands at triple the rate of the overall oncology market, so it is taking share from larger, less focused competitors.
Pipeline built on novel delivery - the next three years include ten NIB molecules, seven NDDS products, and seven PARP inhibitors, many of them first-of-their-kind formulations in India, which keeps the first-mover advantage alive.

3. Exports: dossier-by-dossier entry into Latin America, Asia, Africa and the Middle East

Beta sells its oncology formulations and active ingredients abroad by winning product registrations in each country, with more than 200 dossiers submitted in the last eighteen months.

Regulatory approvals are the key - the company holds accreditations from COFEPRIS (Mexico), ANVISA (Brazil), INVIMA (Colombia), EAEU (Eurasia), and PIC/S, and an EU GMP audit is scheduled for September first week of this year, so each new stamp opens a fresh market without needing to build a local factory.
Latin America first, then the rest - 42% of export revenue comes from Latin America, where Mexico’s oncology formulation market alone is worth $1.3 billion and Colombia is the third-largest pharma market in the region, giving Beta a beachhead in high-value, tendered markets.
A pipeline of 600-plus registrations - with 268 active registrations already in hand and a total pipeline exceeding 600, the export business is essentially a queue of future revenue that converts as each dossier is approved.
Local presence in select markets - Beta runs its own sales and marketing team in Uzbekistan, where all marketing authorisations belong to the Indian parent, and has a joint venture with IMGSA for local manufacturing in Saudi Arabia, so in a few strategic countries it goes beyond pure export into direct market operation.

4. API: backward integration that locks in supply and margin

Beta makes 80% of the active pharmaceutical ingredients it needs for its own formulations, insulating the business from supplier shocks and capturing the profit that would otherwise go to a middleman.

From buyer to maker - the company entered the API business in 2018-19 specifically to gain control over its supply chain, and the result has been better margins, higher yields, and consistent product quality across its finished drugs.
Three production lines, any batch size - the API plant runs separate lines for one-kilogram, ten-kilogram, and gram-scale batches, so it can serve both its own high-volume formulation needs and small-quantity orders for external generic customers.
Export doors are opening - the API facility recently cleared a PIC/S audit, and COFEPRIS approval for the API plant (Adley Lab Limited) in Derabassi unlocks Mexico for API sales, which means the ingredient business can now follow the same export path as finished formulations.
Going further upstream - Beta is building a new intermediate facility to manufacture key starting materials in-house, reducing its dependence on China for the chemical building blocks of its cancer drugs.

5. Dermatology and cosmetology (Inspira): a consumer-facing bet on skin and hair

A dedicated field force of 69 territory managers sells premium cosmeceutical products sourced through exclusive European tie-ups to nearly 7,000 doctors across India.

Exclusivity from Europe - the division has agreements with PROMOITALIA for mesotherapy and Frezyderm for anti-aging and depigmenting products, so it offers treatments that domestic competitors cannot copy.
Same playbook as oncology - the sales process mirrors the cancer business: product moves from stockist to patient, with the doctor as the decision-maker, which means the company’s existing relationships and distribution habits transfer directly.
Breakeven reached - the division achieved breakeven in FY26 on a monthly basis, with average monthly sales of ₹1.4 crore and no net additions to the sales force, so the fixed-cost base is now covered and incremental revenue drops to the bottom line.

6. Nivian Lifesciences: a stake in India’s fast-growing fertility market

Beta acquired a two-thirds stake in a branded IVF therapy company that reaches over 1,500 fertility clinics through 61 sales professionals, giving it a foothold in a market growing at roughly 17% a year.

A ₹2,000-crore market doubling in four years - India’s IVF therapy market is projected to reach ₹3,800 crore by FY30, driven partly by secondary infertility rising at 20% annually, so the underlying demand tailwind is structural.
Founder stays at the wheel - Nilesh Auti, who founded Nivian in 2019, continues to lead marketing and operations and remains invested, which preserves the entrepreneurial energy that built a 45% sales CAGR from FY23 to FY26.
Distribution overlaps with oncology - IVF and oncology share a similar distribution model, so Beta can plug Nivian’s products into its existing hospital and pharmacy network without building a separate channel from scratch.

Group structure and partners

Beta Drugs operates through a parent company and three wholly-owned manufacturing subsidiaries, with strategic investors on its register and exclusive European partnerships that supply its cosmeceutical division.

Three manufacturing subsidiaries - Adley Formulations makes oncology products in Barotiwala, Adley Lab manufactures oncology APIs in Derabassi, and Beta Research is currently dormant, so all production sits in wholly-owned entities under direct operational control.
Strategic capital, not just public markets - HealthQuad Fund II (backed by pension funds, development finance institutions, and global pharma names including Merck and J&J) and Singapore-based Tanas Capital invested ₹117 crore in FY25; management control remains with the promoter family.
European exclusives for the consumer play - the Inspira division’s product range depends on exclusive tie-ups with PROMOITALIA MEDICAL AESTHETICS and Frezyderm, making these partnerships the supply-side moat for the dermatology business.
International manufacturing joint venture - Beta has a joint venture with IMGSA to manufacture oncology products locally in Saudi Arabia, extending its manufacturing footprint into the Middle East rather than relying solely on exports from India.

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	88	94	100	103	87	94	126
Growth YoY Revenue Growth YoY%					-1.2	0.2	25.3
Expenses ExpensesCr	70	76	81	82	70	76	98
Operating Profit Operating ProfitCr	18	17	20	21	17	18	27
OPM OPM%	20.9	18.5	19.7	20.6	19.5	18.8	21.8
Other Income Other IncomeCr	-1	2	3	3	2	3	2
Interest Expense Interest ExpenseCr	2	3	3	4	4	4	3
Depreciation DepreciationCr	3	4	4	4	4	5	4
PBT PBTCr	12	12	16	16	10	12	22
Tax TaxCr	3	3	4	4	2	3	6
PAT PATCr	9	9	12	12	9	9	16
Growth YoY PAT Growth YoY%					-4.8	0.2	40.9
NPM NPM%	10.1	9.6	11.7	11.8	9.8	9.6	13.1
EPS EPS₹	9.3	9.4	11.6	12.1	8.4	8.9	14.8

Quarter

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

100

103

126

Growth YoY

Revenue Growth YoY%

-1.2

0.2

25.3

Expenses

ExpensesCr

Operating Profit

Operating ProfitCr

OPM

OPM%

20.9

18.5

19.7

20.6

19.5

18.8

21.8

Other Income

Other IncomeCr

-1

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

-4.8

0.2

40.9

NPM

NPM%

10.1

9.6

11.7

11.8

9.8

9.6

13.1

EPS

EPS₹

9.3

9.4

11.6

12.1

8.4

8.9

14.8

Quarter	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	88	94	100	103	87	94	126
Growth YoY Revenue Growth YoY%					-1.2	0.2	25.3
Expenses ExpensesCr	70	76	81	82	70	76	98
Operating Profit Operating ProfitCr	18	17	20	21	17	18	27
OPM OPM%	20.9	18.5	19.7	20.6	19.5	18.8	21.8
Other Income Other IncomeCr	-1	2	3	3	2	3	2
Interest Expense Interest ExpenseCr	2	3	3	4	4	4	3
Depreciation DepreciationCr	3	4	4	4	4	5	4
PBT PBTCr	12	12	16	16	10	12	22
Tax TaxCr	3	3	4	4	2	3	6
PAT PATCr	9	9	12	12	9	9	16
Growth YoY PAT Growth YoY%					-4.8	0.2	40.9
NPM NPM%	10.1	9.6	11.7	11.8	9.8	9.6	13.1
EPS EPS₹	9.3	9.4	11.6	12.1	8.4	8.9	14.8

Quarter

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

100

103

126

Growth YoY

Revenue Growth YoY%

-1.2

0.2

25.3

Expenses

ExpensesCr

Operating Profit

Operating ProfitCr

OPM

OPM%

20.9

18.5

19.7

20.6

19.5

18.8

21.8

Other Income

Other IncomeCr

-1

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

PAT

PATCr

Growth YoY

PAT Growth YoY%

-4.8

0.2

40.9

NPM

NPM%

10.1

9.6

11.7

11.8

9.8

9.6

13.1

EPS

EPS₹

9.3

9.4

11.6

12.1

8.4

8.9

14.8

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	51	66	91	116	184	227	296	362	385	410
Growth Revenue Growth%		30.4	37.7	27.9	58.3	23.5	30.2	22.5	6.2
Expenses ExpensesCr	41	54	73	91	141	174	236	288	309	327
Operating Profit Operating ProfitCr	9	12	18	25	43	53	60	75	76	83
OPM OPM%	18.7	17.9	19.7	21.3	23.2	23.4	20.3	20.6	19.7	20.3
Other Income Other IncomeCr	0	0	0	1	1	1	1	2	11	10
Interest Expense Interest ExpenseCr	1	1	3	2	2	2	3	7	15	15
Depreciation DepreciationCr	2	3	4	7	7	10	10	13	17	18
PBT PBTCr	7	8	12	16	34	41	49	57	54	61
Tax TaxCr	0	0	3	4	9	10	12	15	13	15
PAT PATCr	7	8	9	12	25	31	36	42	41	46
Growth PAT Growth%		18.9	17.1	24.5	111.8	23.7	18.6	16.4	-2.2
NPM NPM%	13.4	12.2	10.4	10.1	13.5	13.5	12.3	11.7	10.8	11.3
EPS EPS₹	7.8	8.9	9.5	11.6	25.8	30.4	37.9	42.0	40.9	44.2

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

116

184

227

296

362

385

410

Growth

Revenue Growth%

30.4

37.7

27.9

58.3

23.5

30.2

22.5

6.2

Expenses

ExpensesCr

141

174

236

288

309

327

Operating Profit

Operating ProfitCr

OPM

OPM%

18.7

17.9

19.7

21.3

23.2

23.4

20.3

20.6

19.7

20.3

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

PAT

PATCr

Growth

PAT Growth%

18.9

17.1

24.5

111.8

23.7

18.6

16.4

-2.2

NPM

NPM%

13.4

12.2

10.4

10.1

13.5

12.3

11.7

10.8

11.3

EPS

EPS₹

7.8

8.9

9.5

11.6

25.8

30.4

37.9

42.0

40.9

44.2

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	51	66	91	116	184	227	296	362	385	410
Growth Revenue Growth%		30.4	37.7	27.9	58.3	23.5	30.2	22.5	6.2
Expenses ExpensesCr	41	54	73	91	141	174	236	288	309	327
Operating Profit Operating ProfitCr	9	12	18	25	43	53	60	75	76	83
OPM OPM%	18.7	17.9	19.7	21.3	23.2	23.4	20.3	20.6	19.7	20.3
Other Income Other IncomeCr	0	0	0	1	1	1	1	2	11	10
Interest Expense Interest ExpenseCr	1	1	3	2	2	2	3	7	15	15
Depreciation DepreciationCr	2	3	4	7	7	10	10	13	17	18
PBT PBTCr	7	8	12	16	34	41	49	57	54	61
Tax TaxCr	0	0	3	4	9	10	12	15	13	15
PAT PATCr	7	8	9	12	25	31	36	42	41	46
Growth PAT Growth%		18.9	17.1	24.5	111.8	23.7	18.6	16.4	-2.2
NPM NPM%	13.4	12.2	10.4	10.1	13.5	13.5	12.3	11.7	10.8	11.3
EPS EPS₹	7.8	8.9	9.5	11.6	25.8	30.4	37.9	42.0	40.9	44.2

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

116

184

227

296

362

385

410

Growth

Revenue Growth%

30.4

37.7

27.9

58.3

23.5

30.2

22.5

6.2

Expenses

ExpensesCr

141

174

236

288

309

327

Operating Profit

Operating ProfitCr

OPM

OPM%

18.7

17.9

19.7

21.3

23.2

23.4

20.3

20.6

19.7

20.3

Other Income

Other IncomeCr

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

Tax

TaxCr

PAT

PATCr

Growth

PAT Growth%

18.9

17.1

24.5

111.8

23.7

18.6

16.4

-2.2

NPM

NPM%

13.4

12.2

10.4

10.1

13.5

12.3

11.7

10.8

11.3

EPS

EPS₹

7.8

8.9

9.5

11.6

25.8

30.4

37.9

42.0

40.9

44.2

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	10	10	10	10	10	10	10
Reserves ReservesCr	24	32	48	59	83	113	148	187	235
Current Liabilities Current LiabilitiesCr	14	32	37	33	49	63	85	103	108
Non Current Liabilities Non Current LiabilitiesCr	3	9	13	16	17	13	12	136	143
Total Liabilities Total LiabilitiesCr	50	83	107	118	158	198	254	436	496
Current Assets Current AssetsCr	32	43	56	68	97	128	178	331	335
Non Current Assets Non Current AssetsCr	17	40	51	49	61	71	76	105	161
Total Assets Total AssetsCr	50	83	107	118	158	198	254	436	496

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

113

148

187

235

Current Liabilities

Current LiabilitiesCr

103

108

Non Current Liabilities

Non Current LiabilitiesCr

136

143

Total Liabilities

Total LiabilitiesCr

107

118

158

198

254

436

496

Current Assets

Current AssetsCr

128

178

331

335

Non Current Assets

Non Current AssetsCr

105

161

Total Assets

Total AssetsCr

107

118

158

198

254

436

496

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	9	9	10	10	10	10	10	10	10
Reserves ReservesCr	24	32	48	59	83	113	148	187	235
Current Liabilities Current LiabilitiesCr	14	32	37	33	49	63	85	103	108
Non Current Liabilities Non Current LiabilitiesCr	3	9	13	16	17	13	12	136	143
Total Liabilities Total LiabilitiesCr	50	83	107	118	158	198	254	436	496
Current Assets Current AssetsCr	32	43	56	68	97	128	178	331	335
Non Current Assets Non Current AssetsCr	17	40	51	49	61	71	76	105	161
Total Assets Total AssetsCr	50	83	107	118	158	198	254	436	496

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

113

148

187

235

Current Liabilities

Current LiabilitiesCr

103

108

Non Current Liabilities

Non Current LiabilitiesCr

136

143

Total Liabilities

Total LiabilitiesCr

107

118

158

198

254

436

496

Current Assets

Current AssetsCr

128

178

331

335

Non Current Assets

Non Current AssetsCr

105

161

Total Assets

Total AssetsCr

107

118

158

198

254

436

496

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	17	0	8	19	30	23	31	36	37
Investing Cash Flow Investing Cash FlowCr	-11	-21	-15	-6	-22	-19	-14	-36	-51
Financing Cash Flow Financing Cash FlowCr	5	12	9	-8	-1	-2	-7	118	-8
Net Cash Flow Net Cash FlowCr	12	-9	2	5	7	2	9	118	-22
Free Cash Flow Free Cash FlowCr	9	-21	-7	13	10	5	19	-1
CFO To PAT CFO To PAT%	252.9	1.4	89.4	158.6	119.3	76.1	84.9	85.2	89.9
CFO To EBITDA CFO To EBITDA%	180.9	0.9	47.0	75.2	69.4	44.0	51.5	48.5	49.3

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

Investing Cash Flow

Investing Cash FlowCr

-11

-21

-15

-6

-22

-19

-14

-36

-51

Financing Cash Flow

Financing Cash FlowCr

-8

-1

-2

-7

118

-8

Net Cash Flow

Net Cash FlowCr

-9

118

-22

Free Cash Flow

Free Cash FlowCr

-21

-7

-1

CFO To PAT

CFO To PAT%

252.9

1.4

89.4

158.6

119.3

76.1

84.9

85.2

89.9

CFO To EBITDA

CFO To EBITDA%

180.9

0.9

47.0

75.2

69.4

44.0

51.5

48.5

49.3

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	17	0	8	19	30	23	31	36	37
Investing Cash Flow Investing Cash FlowCr	-11	-21	-15	-6	-22	-19	-14	-36	-51
Financing Cash Flow Financing Cash FlowCr	5	12	9	-8	-1	-2	-7	118	-8
Net Cash Flow Net Cash FlowCr	12	-9	2	5	7	2	9	118	-22
Free Cash Flow Free Cash FlowCr	9	-21	-7	13	10	5	19	-1
CFO To PAT CFO To PAT%	252.9	1.4	89.4	158.6	119.3	76.1	84.9	85.2	89.9
CFO To EBITDA CFO To EBITDA%	180.9	0.9	47.0	75.2	69.4	44.0	51.5	48.5	49.3

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

Investing Cash Flow

Investing Cash FlowCr

-11

-21

-15

-6

-22

-19

-14

-36

-51

Financing Cash Flow

Financing Cash FlowCr

-8

-1

-2

-7

118

-8

Net Cash Flow

Net Cash FlowCr

-9

118

-22

Free Cash Flow

Free Cash FlowCr

-21

-7

-1

CFO To PAT

CFO To PAT%

252.9

1.4

89.4

158.6

119.3

76.1

84.9

85.2

89.9

CFO To EBITDA

CFO To EBITDA%

180.9

0.9

47.0

75.2

69.4

44.0

51.5

48.5

49.3

Financial Year	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	109	91	38	115	544	603	1,186	1,924	1,206	1,906
Price To Earnings Price To Earnings	16.1	11.3	4.1	9.8	21.9	19.6	32.5	45.4	29.1	38.9
Price To Sales Price To Sales	2.2	1.4	0.4	1.0	3.0	2.6	4.0	5.3	3.1	4.7
Price To Book Price To Book	3.3	2.2	0.7	1.7	5.9	4.9	7.5	9.8	4.9	7.8
EV To EBITDA EV To EBITDA	10.9	8.9	3.0	4.8	12.7	11.3	19.5	25.6	16.2	24.0
Profitability Ratios Profitability Ratios
GPM GPM%	32.7	36.5	39.2	37.8	38.8	42.6	38.6	41.4
OPM OPM%	18.7	17.9	19.7	21.3	23.2	23.4	20.3	20.6	19.7	20.3
NPM NPM%	13.4	12.2	10.4	10.1	13.5	13.5	12.3	11.7	10.8	11.3
ROCE ROCE%	20.1	15.9	18.9	22.1	33.2	31.3	30.7	19.4	17.8	17.8
ROE ROE%	20.6	19.6	16.5	17.1	26.9	25.0	23.2	21.5	16.9	16.9
ROA ROA%	13.6	9.7	8.8	10.0	15.7	15.5	14.3	9.7	8.4	8.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

109

115

544

603

1,186

1,924

1,206

1,906

Price To Earnings

16.1

11.3

4.1

9.8

21.9

19.6

32.5

45.4

29.1

38.9

Price To Sales

2.2

1.4

0.4

1.0

3.0

2.6

4.0

5.3

3.1

4.7

Price To Book

3.3

2.2

0.7

1.7

5.9

4.9

7.5

9.8

4.9

7.8

EV To EBITDA

10.9

8.9

3.0

4.8

12.7

11.3

19.5

25.6

16.2

24.0

Profitability Ratios

GPM

GPM%

32.7

36.5

39.2

37.8

38.8

42.6

38.6

41.4

OPM

OPM%

18.7

17.9

19.7

21.3

23.2

23.4

20.3

20.6

19.7

20.3

NPM

NPM%

13.4

12.2

10.4

10.1

13.5

12.3

11.7

10.8

11.3

ROCE

ROCE%

20.1

15.9

18.9

22.1

33.2

31.3

30.7

19.4

17.8

ROE

ROE%

20.6

19.6

16.5

17.1

26.9

25.0

23.2

21.5

16.9

ROA

ROA%

13.6

9.7

8.8

10.0

15.7

15.5

14.3

9.7

8.4

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	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	109	91	38	115	544	603	1,186	1,924	1,206	1,906
Price To Earnings Price To Earnings	16.1	11.3	4.1	9.8	21.9	19.6	32.5	45.4	29.1	38.9
Price To Sales Price To Sales	2.2	1.4	0.4	1.0	3.0	2.6	4.0	5.3	3.1	4.7
Price To Book Price To Book	3.3	2.2	0.7	1.7	5.9	4.9	7.5	9.8	4.9	7.8
EV To EBITDA EV To EBITDA	10.9	8.9	3.0	4.8	12.7	11.3	19.5	25.6	16.2	24.0
Profitability Ratios Profitability Ratios
GPM GPM%	32.7	36.5	39.2	37.8	38.8	42.6	38.6	41.4
OPM OPM%	18.7	17.9	19.7	21.3	23.2	23.4	20.3	20.6	19.7	20.3
NPM NPM%	13.4	12.2	10.4	10.1	13.5	13.5	12.3	11.7	10.8	11.3
ROCE ROCE%	20.1	15.9	18.9	22.1	33.2	31.3	30.7	19.4	17.8	17.8
ROE ROE%	20.6	19.6	16.5	17.1	26.9	25.0	23.2	21.5	16.9	16.9
ROA ROA%	13.6	9.7	8.8	10.0	15.7	15.5	14.3	9.7	8.4	8.4
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

109

115

544

603

1,186

1,924

1,206

1,906

Price To Earnings

16.1

11.3

4.1

9.8

21.9

19.6

32.5

45.4

29.1

38.9

Price To Sales

2.2

1.4

0.4

1.0

3.0

2.6

4.0

5.3

3.1

4.7

Price To Book

3.3

2.2

0.7

1.7

5.9

4.9

7.5

9.8

4.9

7.8

EV To EBITDA

10.9

8.9

3.0

4.8

12.7

11.3

19.5

25.6

16.2

24.0

Profitability Ratios

GPM

GPM%

32.7

36.5

39.2

37.8

38.8

42.6

38.6

41.4

OPM

OPM%

18.7

17.9

19.7

21.3

23.2

23.4

20.3

20.6

19.7

20.3

NPM

NPM%

13.4

12.2

10.4

10.1

13.5

12.3

11.7

10.8

11.3

ROCE

ROCE%

20.1

15.9

18.9

22.1

33.2

31.3

30.7

19.4

17.8

ROE

ROE%

20.6

19.6

16.5

17.1

26.9

25.0

23.2

21.5

16.9

ROA

ROA%

13.6

9.7

8.8

10.0

15.7

15.5

14.3

9.7

8.4

Operational Ratios

Solvency Ratios

Liquidity Ratios

	FREDUN	INDOCO	SAIPARENT	BETA	ACCENTMIC	AMRUTANJAN	JAGSNPHARM
Market CapitalizationMkt CapCr	2,379	2,183	2,134	1,906	1,570	1,443	1,436
Close PriceClose₹	1,438.40	236.50	483.00	1,719.60	654.40	499.15	217.67
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	50.35	739.06	102.77	38.90	27.34	26.74	32.01
Price To SalesPS	3.18	1.17	5.60	4.65	4.08	2.82	4.89
RevenueRevenueCr	748	1,873	381	410	385	511	294
Revenue Growth TTMRev Gr TTM%		12.0%			38.4%	10.7%	3.9%
PAT Growth TTMPAT Gr TTM%		102.7%			64.2%	-1.1%	-25.3%

Market CapitalizationMkt CapCr

2,379

2,183

2,134

1,906

1,570

1,443

1,436

Close PriceClose₹

1,438.40

236.50

483.00

1,719.60

654.40

499.15

217.67

IndustryIndustry

Pharma Formulations

Price To EarningsPE

50.35

739.06

102.77

38.90

27.34

26.74

32.01

Price To SalesPS

3.18

1.17

5.60

4.65

4.08

2.82

4.89

RevenueRevenueCr

748

1,873

381

410

385

511

294

Revenue Growth TTMRev Gr TTM%

12.0%

38.4%

10.7%

3.9%

PAT Growth TTMPAT Gr TTM%

102.7%

64.2%

-1.1%

-25.3%

	FREDUN	INDOCO	SAIPARENT	BETA	ACCENTMIC	AMRUTANJAN	JAGSNPHARM
Market CapitalizationMkt CapCr	2,379	2,183	2,134	1,906	1,570	1,443	1,436
Close PriceClose₹	1,438.40	236.50	483.00	1,719.60	654.40	499.15	217.67
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	50.35	739.06	102.77	38.90	27.34	26.74	32.01
Price To SalesPS	3.18	1.17	5.60	4.65	4.08	2.82	4.89
RevenueRevenueCr	748	1,873	381	410	385	511	294
Revenue Growth TTMRev Gr TTM%		12.0%			38.4%	10.7%	3.9%
PAT Growth TTMPAT Gr TTM%		102.7%			64.2%	-1.1%	-25.3%

Market CapitalizationMkt CapCr

2,379

2,183

2,134

1,906

1,570

1,443

1,436

Close PriceClose₹

1,438.40

236.50

483.00

1,719.60

654.40

499.15

217.67

IndustryIndustry

Pharma Formulations

Price To EarningsPE

50.35

739.06

102.77

38.90

27.34

26.74

32.01

Price To SalesPS

3.18

1.17

5.60

4.65

4.08

2.82

4.89

RevenueRevenueCr

748

1,873

381

410

385

511

294

Revenue Growth TTMRev Gr TTM%

12.0%

38.4%

10.7%

3.9%

PAT Growth TTMPAT Gr TTM%

102.7%

64.2%

-1.1%

-25.3%

Beta Drugs Ltd

Beta Drugs Ltd

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