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Bharat Parenterals Ltd

BPLPHARMA

NSE

₹1,729.50-4.13%19 Oct 2026

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Pharma Formulations

Bharat Parenterals Ltd

BPLPHARMA

NSE

₹1,729.50

-4.13%

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.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Bharat Parenterals is an injectable-medicines specialist that has spent three decades turning a family trading business into an export-led manufacturing platform - and is now building a second act as a complex-drugs partner for the world’s toughest regulators. The group was born in 1962 when founder Rameshchandra Desai began sourcing pharmaceuticals from third-party manufacturers, moved into production in 1965, and eventually concentrated its operations in Gujarat, where the modern company was incorporated in 1992. The recurring approach is to pick niches with high barriers to entry - sterile injectables, oncology oral liquids, liposomal delivery systems - and then build the regulatory approvals, manufacturing capability and partnership models that turn those barriers into a moat.

Business segments

Four engines at different stages - an export generics cash cow serving over 40 countries, a domestic hospital-brand business that just turned profitable, a US-and-EU complex-generics CDMO with its first approvals in hand, and a pre-revenue emerging-markets injectables platform under construction - each built to address a distinct tier of the global pharmaceutical market.

1. Standalone export manufacturing: the group’s volume engine

A tender-driven injectables factory that sells generic formulations to semi-regulated markets across Africa, Latin America, Southeast Asia and the Middle East, earning revenue one shipment at a time.

Three dedicated production blocks under one roof - the 300,000 sq.ft. WHO-cGMP facility in Vadodara runs separate General, Beta-Lactam and Cephalosporin lines, so antibiotic and non-antibiotic products never cross-contaminate. Combined capacity covers injectable vials (103 million units), tablets (1.8 billion units), capsules (1.1 billion units), powders and liquids, with utilisation currently at 48% for the general line and roughly 21-24% for the antibiotic blocks - meaning the business can grow 10-15% without new capital expenditure.
Paid when the tender lands - revenue comes from one-time product sales, mostly through government and institutional tenders in over 40 countries, with an order book at the end of FY26 of INR 171 crores split between domestic tenders, export orders and international tenders. The largest single order ever won - a $27 million supply contract over 18-24 months - was secured during the year.
Registrations are the entry ticket - the company has over 350 live product filings and submitted 214 dossiers in FY26 alone, receiving 40 new product registrations across Africa, Latin America and Southeast Asia. A representative office in Vietnam was established to strengthen direct presence in the region, and PIC/S and EUGMP inspections are expected during FY27.
Margins depend on the mix - export-oriented orders typically carry margins in a broad 25-35% range, and the company deliberately exited low-margin volume business in FY26, which contributed to a standalone revenue decline alongside deferred tenders and production-line upgrades to ORABS and EUGMP standards.

2. Innoxel Lifesciences: the complex-generics CDMO for regulated markets

A partner to US and European pharmaceutical companies that need hard-to-make injectables - Innoxel develops the product, gets it approved, and then manufactures it for a share of the profits.

One of a handful globally - the Vadodara facility is India’s only US FDA-approved Oncology Oral Liquid manufacturing plant and one of only six such facilities worldwide; it is also one of the few SKID-based manufacturing sites in India, built for particulate and extended-release injectables. The plant houses two blocks - general and oncology - with capacity of 0.6 crore vials and 0.3 crore bottles per year, expandable to more than double.
Two ways to get paid - in the own-products model, Innoxel develops a molecule to a certain stage, out-licenses it to a front-end partner who funds the rest, and then collects milestone payments plus a profit share (typically 20-45%) once the product launches. In the CMO/CDO model, partners pay fees for tech transfer, exhibit batches, scale-up, stability work and eventual commercial manufacturing, with milestone payments at each inflection point.
The approvals are the moat - the facility received a US FDA Establishment Inspection Report in 2025 with only one minor procedural observation, and was cleared by Belgium’s FAMHP for EUGMP with zero critical and zero major observations, meaning it can now supply both the US and selected European markets commercially. The first commercial CMO supply is expected in Q2 FY27.
A pipeline of 42 assets and 19 active partners - the portfolio spans liposomal injectables, long-acting injectables, oral-solid-to-oral-liquid conversions and oncology products, with 23 deals signed in FY26 alone (7 out-licensing, 16 CMO/CDO) and partners split across the US, Europe and India. Cumulative licensing revenue since inception has reached INR 72.4 crores, and the subsidiary turned EBITDA-positive for the first time in Q4 FY26.

3. Varenyam Healthcare: branded injectables for Indian hospitals

A domestic institutional business that sells its own branded acute-care and anaesthesia products directly to over 7,500 corporate hospitals - and just became profitable.

Built around a flagship molecule - the top five brands contribute roughly half of revenue, led by Sugmadex, India’s first Sugammadex 100 mg/ml product and the only one with a three-year shelf life, which crossed INR 10 crores in FY26 sales. The portfolio spans sedatives, reversal agents, local anaesthetics, muscle relaxants and antibiotics, with 45 active brands in total.
A field force that is getting more productive - 211 medical representatives generated over INR 3.85 lakhs per person per month, a 31% year-on-year improvement, and the plan is to expand to 250-plus representatives in FY27 while launching a second division in gynaecology.

4. Varenyam Biolifesciences: the emerging-markets bet under construction

A pre-revenue injectables platform being built to take complex products - originally developed for the US and Europe - into regulated emerging markets like Brazil, Mexico, South Africa and Australia.

A facility at the 20% mark - the approved budget is approximately INR 160 crores, with about INR 33 crores spent so far; civil works are 50% complete and equipment procurement is roughly 40%. The timeline points to commissioning by September 2027, first regulatory filing under EUGMP in early FY29, and first commercial supply by the end of FY29.

Group structure and partners

A family-led holding company with three operating subsidiaries, each aimed at a different tier of the global pharmaceutical market - and a promoter group that owns two-thirds of the shares with none pledged.

Bharat Parenterals Ltd is the listed parent, headquartered in Vadodara and traded on the BSE, with promoter shareholding at 67.17% as of March 2026 and zero pledged shares.
Innoxel Lifesciences is 55.9% owned by BPL, with the balance held by experienced technocrats who co-founded the venture in 2021; BPL increased its stake from 51% in June 2024 through a cash acquisition of additional equity.
Varenyam Healthcare became a 100% subsidiary in FY25 when BPL completed a share swap, issuing 351,255 equity shares to acquire the remaining stake in the branded institutional injectables business co-founded by Mr. Bhahim Desai in 2016.
Varenyam Biolifesciences, incorporated in June 2022, was also brought to 100% ownership via a share swap in FY25, with BPL issuing shares to Varenyam Healthcare as consideration.
All manufacturing facilities - the standalone plant at Jarod-Samlaya Road, the Innoxel facility and the Varenyam Biolifesciences site under construction - are located in Vadodara, Gujarat.

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Mkt Cap

Market Capitalization

₹1,189Cr

Close Price

₹1,724.80

Industry

Pharma Formulations

Price To Earnings

—

Price To Sales

3.68

Revenue

₹323Cr

Rev Gr TTM

Revenue Growth TTM

-11.19%

PAT Gr TTM

PAT Growth TTM

15.97%

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	60	60	68	93	72	72	104	116	65	65	100	94
Growth YoY Revenue Growth YoY%	-27.0	1.4	33.1	32.3	19.8	20.8	53.3	25.4	-9.8	-9.8	-4.2	-19.2
Expenses ExpensesCr	55	53	67	88	79	69	102	102	64	63	100	85
Operating Profit Operating ProfitCr	4	7	1	4	-8	4	2	14	1	2	-1	9
OPM OPM%	7.2	11.1	1.5	4.8	-10.7	5.0	2.1	11.9	1.3	2.7	-0.5	9.1
Other Income Other IncomeCr	3	1	3	3	4	3	2	1	4	1	4	1
Interest Expense Interest ExpenseCr	1	1	1	3	3	3	4	4	3	3	3	2
Depreciation DepreciationCr	2	2	4	9	9	9	9	9	9	8	9	9
PBT PBTCr	5	5	-1	-5	-15	-6	-8	3	-7	-8	-8	-1
Tax TaxCr	2	2	1	4	2	2	1	3	1	1	0	2
PAT PATCr	2	4	-3	-9	-18	-8	-9	-1	-9	-10	-8	-4
Growth YoY PAT Growth YoY%	-75.3	47.4	-212.8	-226.1	-820.6	-316.2	-268.8	90.2	50.9	-22.9	13.6	-309.2
NPM NPM%	4.1	6.1	-3.8	-9.6	-24.4	-10.9	-9.1	-0.8	-13.3	-14.8	-8.2	-3.8
EPS EPS₹	6.1	6.5	-0.6	-2.1	-27.0	-11.4	-14.4	-1.3	-12.5	-14.0	-11.8	-5.2

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	60	60	68	93	72	72	104	116	65	65	100	94
Growth YoY Revenue Growth YoY%	-27.0	1.4	33.1	32.3	19.8	20.8	53.3	25.4	-9.8	-9.8	-4.2	-19.2
Expenses ExpensesCr	55	53	67	88	79	69	102	102	64	63	100	85
Operating Profit Operating ProfitCr	4	7	1	4	-8	4	2	14	1	2	-1	9
OPM OPM%	7.2	11.1	1.5	4.8	-10.7	5.0	2.1	11.9	1.3	2.7	-0.5	9.1
Other Income Other IncomeCr	3	1	3	3	4	3	2	1	4	1	4	1
Interest Expense Interest ExpenseCr	1	1	1	3	3	3	4	4	3	3	3	2
Depreciation DepreciationCr	2	2	4	9	9	9	9	9	9	8	9	9
PBT PBTCr	5	5	-1	-5	-15	-6	-8	3	-7	-8	-8	-1
Tax TaxCr	2	2	1	4	2	2	1	3	1	1	0	2
PAT PATCr	2	4	-3	-9	-18	-8	-9	-1	-9	-10	-8	-4
Growth YoY PAT Growth YoY%	-75.3	47.4	-212.8	-226.1	-820.6	-316.2	-268.8	90.2	50.9	-22.9	13.6	-309.2
NPM NPM%	4.1	6.1	-3.8	-9.6	-24.4	-10.9	-9.1	-0.8	-13.3	-14.8	-8.2	-3.8
EPS EPS₹	6.1	6.5	-0.6	-2.1	-27.0	-11.4	-14.4	-1.3	-12.5	-14.0	-11.8	-5.2

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	120	111	137	220	228	205	212	218	261	340	345	323
Growth Revenue Growth%		-6.9	22.6	60.8	3.9	-10.3	3.6	2.8	19.8	30.3	1.5	-11.2
Expenses ExpensesCr	109	105	124	191	200	180	184	198	234	338	330	313
Operating Profit Operating ProfitCr	10	7	12	29	28	25	28	20	27	3	16	11
OPM OPM%	8.6	5.8	8.9	13.2	12.3	12.2	13.0	9.1	10.4	0.8	4.6	3.3
Other Income Other IncomeCr	5	8	7	13	11	9	8	12	5	12	10	10
Interest Expense Interest ExpenseCr	1	1	1	1	1	0	1	2	4	13	13	11
Depreciation DepreciationCr	4	6	6	6	6	6	7	6	9	35	34	34
PBT PBTCr	9	7	13	35	33	27	28	24	19	-34	-21	-25
Tax TaxCr	3	1	4	13	9	7	7	8	8	10	6	5
PAT PATCr	6	7	9	21	24	20	21	16	11	-44	-27	-30
Growth PAT Growth%		6.8	32.2	133.1	13.6	-15.8	2.4	-24.5	-33.1	-515.4	37.5	16.0
NPM NPM%	5.4	6.2	6.7	9.7	10.6	9.9	9.8	7.2	4.0	-12.8	-7.9	-9.3
EPS EPS₹	11.3	12.0	15.9	37.1	42.1	35.6	36.7	28.4	24.9	-66.6	-39.6	-43.5

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	120	111	137	220	228	205	212	218	261	340	345	323
Growth Revenue Growth%		-6.9	22.6	60.8	3.9	-10.3	3.6	2.8	19.8	30.3	1.5	-11.2
Expenses ExpensesCr	109	105	124	191	200	180	184	198	234	338	330	313
Operating Profit Operating ProfitCr	10	7	12	29	28	25	28	20	27	3	16	11
OPM OPM%	8.6	5.8	8.9	13.2	12.3	12.2	13.0	9.1	10.4	0.8	4.6	3.3
Other Income Other IncomeCr	5	8	7	13	11	9	8	12	5	12	10	10
Interest Expense Interest ExpenseCr	1	1	1	1	1	0	1	2	4	13	13	11
Depreciation DepreciationCr	4	6	6	6	6	6	7	6	9	35	34	34
PBT PBTCr	9	7	13	35	33	27	28	24	19	-34	-21	-25
Tax TaxCr	3	1	4	13	9	7	7	8	8	10	6	5
PAT PATCr	6	7	9	21	24	20	21	16	11	-44	-27	-30
Growth PAT Growth%		6.8	32.2	133.1	13.6	-15.8	2.4	-24.5	-33.1	-515.4	37.5	16.0
NPM NPM%	5.4	6.2	6.7	9.7	10.6	9.9	9.8	7.2	4.0	-12.8	-7.9	-9.3
EPS EPS₹	11.3	12.0	15.9	37.1	42.1	35.6	36.7	28.4	24.9	-66.6	-39.6	-43.5

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	6	6	6	6	6	6	6	6	6	7	7
Reserves ReservesCr	51	58	67	88	112	138	160	177	191	324	315
Current Liabilities Current LiabilitiesCr	56	43	57	61	66	44	42	120	190	222	157
Non Current Liabilities Non Current LiabilitiesCr	7	4	2	4	3	11	14	13	76	87	144
Total Liabilities Total LiabilitiesCr	120	110	132	159	188	199	226	350	504	649	613
Current Assets Current AssetsCr	72	64	91	118	132	148	144	184	262	356	310
Non Current Assets Non Current AssetsCr	49	46	41	41	56	51	82	166	242	293	303
Total Assets Total AssetsCr	120	110	132	159	188	199	226	350	504	649	613

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	6	6	6	6	6	6	6	6	6	7	7
Reserves ReservesCr	51	58	67	88	112	138	160	177	191	324	315
Current Liabilities Current LiabilitiesCr	56	43	57	61	66	44	42	120	190	222	157
Non Current Liabilities Non Current LiabilitiesCr	7	4	2	4	3	11	14	13	76	87	144
Total Liabilities Total LiabilitiesCr	120	110	132	159	188	199	226	350	504	649	613
Current Assets Current AssetsCr	72	64	91	118	132	148	144	184	262	356	310
Non Current Assets Non Current AssetsCr	49	46	41	41	56	51	82	166	242	293	303
Total Assets Total AssetsCr	120	110	132	159	188	199	226	350	504	649	613

Consolidated

Standalone

Financial Year	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	-2	6	20	14	24	-1	22	-5	-27	38
Investing Cash Flow Investing Cash FlowCr	-2	-8	-9	-13	-43	-7	-78	-105	-137	9
Financing Cash Flow Financing Cash FlowCr	-8	3	-4	-3	11	9	61	110	156	-47
Net Cash Flow Net Cash FlowCr	-11	2	7	-1	-8	2	4	1	-8	1
Free Cash Flow Free Cash FlowCr	-4	-2	12	0	24	-40	-68	-108	-56	-1
CFO To PAT CFO To PAT%	-30.6	69.5	96.2	59.9	120.3	-5.1	137.9	-44.8	62.4	-140.5
CFO To EBITDA CFO To EBITDA%	-32.4	52.0	70.7	51.5	98.3	-3.9	109.0	-17.4	-1,008.4	242.5

Financial Year	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	-2	6	20	14	24	-1	22	-5	-27	38
Investing Cash Flow Investing Cash FlowCr	-2	-8	-9	-13	-43	-7	-78	-105	-137	9
Financing Cash Flow Financing Cash FlowCr	-8	3	-4	-3	11	9	61	110	156	-47
Net Cash Flow Net Cash FlowCr	-11	2	7	-1	-8	2	4	1	-8	1
Free Cash Flow Free Cash FlowCr	-4	-2	12	0	24	-40	-68	-108	-56	-1
CFO To PAT CFO To PAT%	-30.6	69.5	96.2	59.9	120.3	-5.1	137.9	-44.8	62.4	-140.5
CFO To EBITDA CFO To EBITDA%	-32.4	52.0	70.7	51.5	98.3	-3.9	109.0	-17.4	-1,008.4	242.5

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			117	126	81	192	197	194	653	681	620	1,189
Price To Earnings Price To Earnings			12.8	5.9	3.4	9.4	9.4	11.8	45.0
Price To Sales Price To Sales			0.8	0.6	0.4	0.9	0.9	0.9	2.5	2.0	1.8	3.7
Price To Book Price To Book			1.6	1.3	0.7	1.3	1.2	1.1	3.3	2.1	1.9	3.7
EV To EBITDA EV To EBITDA			9.8	4.0	2.5	8.1	7.6	11.8	29.4	297.2	47.7	130.2
Profitability Ratios Profitability Ratios
GPM GPM%	27.0	24.8	30.5	31.5	30.3	29.8	30.8	30.6	32.5	32.2	35.8	35.8
OPM OPM%	8.6	5.8	8.9	13.2	12.3	12.2	13.0	9.1	10.4	0.8	4.6	3.3
NPM NPM%	5.4	6.2	6.7	9.7	10.6	9.9	9.8	7.2	4.0	-12.8	-7.9	-9.3
ROCE ROCE%	14.2	12.4	17.1	36.6	28.3	17.6	15.7	11.1	6.4	-4.1	-1.9	-1.9
ROE ROE%	11.4	10.8	12.5	22.6	20.4	14.1	12.6	8.6	5.3	-13.2	-8.5	-8.5
ROA ROA%	5.4	6.2	6.9	13.4	12.9	10.2	9.2	4.5	2.1	-6.7	-4.5	-4.5
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			117	126	81	192	197	194	653	681	620	1,189
Price To Earnings Price To Earnings			12.8	5.9	3.4	9.4	9.4	11.8	45.0
Price To Sales Price To Sales			0.8	0.6	0.4	0.9	0.9	0.9	2.5	2.0	1.8	3.7
Price To Book Price To Book			1.6	1.3	0.7	1.3	1.2	1.1	3.3	2.1	1.9	3.7
EV To EBITDA EV To EBITDA			9.8	4.0	2.5	8.1	7.6	11.8	29.4	297.2	47.7	130.2
Profitability Ratios Profitability Ratios
GPM GPM%	27.0	24.8	30.5	31.5	30.3	29.8	30.8	30.6	32.5	32.2	35.8	35.8
OPM OPM%	8.6	5.8	8.9	13.2	12.3	12.2	13.0	9.1	10.4	0.8	4.6	3.3
NPM NPM%	5.4	6.2	6.7	9.7	10.6	9.9	9.8	7.2	4.0	-12.8	-7.9	-9.3
ROCE ROCE%	14.2	12.4	17.1	36.6	28.3	17.6	15.7	11.1	6.4	-4.1	-1.9	-1.9
ROE ROE%	11.4	10.8	12.5	22.6	20.4	14.1	12.6	8.6	5.3	-13.2	-8.5	-8.5
ROA ROA%	5.4	6.2	6.9	13.4	12.9	10.2	9.2	4.5	2.1	-6.7	-4.5	-4.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	ACCENTMIC	AMRUTANJAN	JAGSNPHARM	BPLPHARMA	BAJAJHCARE	BAFNAPH	LINCOLN
Market CapitalizationMkt CapCr	1,564	1,448	1,438	1,189	1,144	1,113	1,068
Close PriceClose₹	652.00	501.00	217.95	1,724.80	339.90	470.55	533.40
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	27.23	26.83	32.05		56.09	143.02	11.08
Price To SalesPS	4.07	2.83	4.89	3.68	1.74	7.81	1.54
RevenueRevenueCr	385	511	294	323	656	143	694
Revenue Growth TTMRev Gr TTM%	38.4%	10.7%	3.9%	-11.2%	14.3%	-3.1%	10.2%
PAT Growth TTMPAT Gr TTM%	64.2%	-1.1%	-25.3%	16.0%	-55.0%	-5.8%	11.7%

	ACCENTMIC	AMRUTANJAN	JAGSNPHARM	BPLPHARMA	BAJAJHCARE	BAFNAPH	LINCOLN
Market CapitalizationMkt CapCr	1,564	1,448	1,438	1,189	1,144	1,113	1,068
Close PriceClose₹	652.00	501.00	217.95	1,724.80	339.90	470.55	533.40
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	27.23	26.83	32.05		56.09	143.02	11.08
Price To SalesPS	4.07	2.83	4.89	3.68	1.74	7.81	1.54
RevenueRevenueCr	385	511	294	323	656	143	694
Revenue Growth TTMRev Gr TTM%	38.4%	10.7%	3.9%	-11.2%	14.3%	-3.1%	10.2%
PAT Growth TTMPAT Gr TTM%	64.2%	-1.1%	-25.3%	16.0%	-55.0%	-5.8%	11.7%