Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹8,524Cr
Rev Gr TTM
Revenue Growth TTM
16.30%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

PGHL
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 19.8 | 1.8 | 2.5 | 0.0 | -21.3 | -5.7 | 2.8 | -0.1 | 23.2 | 19.3 | 3.7 | 20.7 |
| 241 | 256 | 216 | 208 | 185 | 236 | 199 | 186 | 230 | 248 | 205 | 263 |
Operating Profit Operating ProfitCr |
| 24.8 | 15.1 | 29.1 | 32.8 | 26.7 | 17.0 | 36.4 | 39.9 | 26.0 | 26.7 | 37.0 | 29.6 |
Other Income Other IncomeCr | 5 | 5 | 6 | 5 | 2 | -18 | 3 | 4 | 3 | 4 | 5 | 4 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 6 | 7 | 6 | 7 | 7 | 7 | 6 | 6 | 5 | 5 | 6 | 6 |
| 79 | 44 | 88 | 100 | 63 | 23 | 111 | 122 | 79 | 89 | 119 | 109 |
| 19 | 14 | 22 | 28 | 16 | 6 | 29 | 31 | 17 | 23 | 30 | 31 |
|
Growth YoY PAT Growth YoY% | 15.7 | -27.6 | 3.0 | -6.2 | -21.3 | -43.7 | 25.6 | 26.1 | 31.4 | 294.4 | 7.5 | -14.6 |
| 18.4 | 9.9 | 21.5 | 23.3 | 18.4 | 5.9 | 26.3 | 29.3 | 19.7 | 19.5 | 27.3 | 20.8 |
| 35.7 | 18.0 | 39.5 | 43.4 | 28.0 | 9.5 | 49.6 | 54.8 | 36.9 | 39.9 | 53.3 | 46.7 |
| Financial Year | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 | TTM |
|---|
|
| 8.7 | 8.3 | 5.7 | -29.7 | 21.6 | | -25.6 | 10.5 | 10.3 | -6.4 | | 44.4 |
| 809 | 856 | 877 | 621 | 701 | 1,040 | 763 | 847 | 905 | 845 | 616 | 947 |
Operating Profit Operating ProfitCr |
| 6.8 | 8.9 | 11.6 | 11.0 | 17.4 | 23.3 | 24.4 | 24.0 | 26.4 | 26.6 | 34.1 | 29.8 |
Other Income Other IncomeCr | 20 | 23 | 24 | 41 | 31 | 69 | 18 | 13 | 18 | -5 | 10 | 16 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 0 |
Depreciation DepreciationCr | 13 | 23 | 25 | 19 | 21 | 29 | 30 | 27 | 28 | 27 | 17 | 23 |
| 67 | 83 | 115 | 99 | 158 | 355 | 233 | 253 | 314 | 273 | 312 | 395 |
| 23 | 30 | 36 | 38 | 56 | 101 | 56 | 61 | 85 | 72 | 77 | 102 |
|
| -22.7 | 23.9 | 47.7 | -22.9 | 66.7 | | -30.4 | 8.9 | 19.2 | -12.4 | | 25.2 |
| 5.0 | 5.7 | 8.0 | 8.7 | 12.0 | 18.7 | 17.5 | 17.3 | 18.7 | 17.5 | 25.1 | 21.8 |
| 26.0 | 32.3 | 47.7 | 56.6 | 505.3 | 153.1 | 106.5 | 116.0 | 138.2 | 121.1 | 141.2 | 176.8 |
| Financial Year | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| 538 | 575 | 647 | 717 | 1,524 | 890 | 687 | 600 | 734 | 522 | 520 | 603 |
Current Liabilities Current LiabilitiesCr | 135 | 165 | 186 | 225 | 193 | 227 | 239 | 232 | 304 | 219 | 215 | 222 |
Non Current Liabilities Non Current LiabilitiesCr | 19 | 27 | 29 | 33 | 27 | 42 | 43 | 40 | 46 | 37 | 42 | 52 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 499 | 572 | 636 | 752 | 1,534 | 954 | 727 | 608 | 796 | 524 | 526 | 639 |
Non Current Assets Non Current AssetsCr | 210 | 212 | 243 | 239 | 225 | 222 | 259 | 280 | 305 | 270 | 268 | 255 |
Total Assets Total AssetsCr |
| Financial Year | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 5 | 83 | 107 | 54 | -130 | 235 | 247 | 170 | 236 | 228 | 169 |
Investing Cash Flow Investing Cash FlowCr | 11 | -68 | -75 | -48 | 1,270 | 165 | -32 | -26 | -22 | -7 | 10 |
Financing Cash Flow Financing Cash FlowCr | -17 | -12 | -15 | -22 | -30 | -883 | -387 | -289 | -98 | -418 | -235 |
|
Free Cash Flow Free Cash FlowCr | -35 | 38 | 75 | 24 | -157 | 212 | 196 | 132 | 198 | 207 | 168 |
| 11.4 | 155.8 | 135.3 | 87.9 | -128.2 | 92.6 | 139.8 | 88.0 | 102.8 | 113.6 | 72.0 |
CFO To EBITDA CFO To EBITDA% | 8.4 | 100.0 | 92.6 | 69.7 | -88.0 | 74.6 | 100.5 | 63.3 | 72.7 | 74.6 | 53.0 |
| Financial Year | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 1,319 | 1,293 | 1,656 | 2,139 | 5,120 | 6,751 | 9,286 | 6,951 | 8,713 | 8,382 | 8,536 |
Price To Earnings Price To Earnings | 32.0 | 25.3 | 20.9 | 22.8 | 6.1 | 39.9 | 52.5 | 36.1 | 38.0 | 41.7 | 27.3 |
Price To Sales Price To Sales | 1.5 | 1.4 | 1.7 | 3.1 | 6.0 | 5.0 | 9.2 | 6.2 | 7.1 | 7.3 | 9.1 |
Price To Book Price To Book | 2.4 | 2.2 | 2.5 | 2.9 | 3.3 | 7.5 | 13.2 | 11.3 | 11.6 | 15.6 | 15.9 |
| 19.6 | 13.2 | 11.9 | 24.2 | 26.2 | 19.4 | 35.9 | 24.8 | 25.5 | 26.6 | 26.2 |
Profitability Ratios Profitability Ratios |
| 53.8 | 53.7 | 58.5 | 66.1 | 68.3 | 68.2 | 69.1 | 69.5 | 70.6 | 71.3 | 71.9 |
| 6.8 | 8.9 | 11.6 | 11.0 | 17.4 | 23.3 | 24.4 | 24.0 | 26.4 | 26.6 | 34.1 |
| 5.0 | 5.7 | 8.0 | 8.7 | 12.0 | 18.7 | 17.5 | 17.3 | 18.7 | 17.5 | 25.1 |
| 12.0 | 14.1 | 17.4 | 13.5 | 10.3 | 39.1 | 32.9 | 41.0 | 41.3 | 50.0 | 57.3 |
| 7.8 | 9.1 | 11.9 | 8.3 | 6.6 | 28.0 | 25.1 | 31.2 | 30.6 | 37.3 | 43.7 |
| 6.1 | 6.8 | 9.0 | 6.2 | 5.8 | 21.6 | 17.9 | 21.7 | 20.8 | 25.3 | 29.5 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Procter & Gamble Health Ltd (P&G Health), acquired by P&G in 2018, is one of India’s largest and most trusted players in the vitamins, minerals, and supplements (VMS) market. With a rich heritage spanning over five decades, the company markets well-established, science-backed health brands such as **Neurobion**, **Evion**, **Livogen**, **Seven Seas**, **Polybion**, and **Nasivion**. These brands address widespread health concerns including nerve health, iron deficiency, vitamin deficiencies, and respiratory wellness, serving millions of consumers across all life stages.
P&G Health operates in a highly competitive, low-barrier VMS market where doctor (HCP) prescriptions influence approximately 70% of sales, with the remainder driven by chemist recommendations and consumer self-purchase—particularly strong for Neurobion Forte (50% self-purchase) and Evion (32%).
---
### **Market Leadership & Share Growth (FY2025)**
- **Vitamin E Category Leader**: Evion continues to dominate the Indian Vitamin E segment, reinforced by repositioning efforts to highlight vitamin E’s role in **muscle health** and antioxidant protection.
- **Record Category Share**: Achieved record growth in **Nerve Care, Vitamin E, and Nasal Decongestant** categories during FY2025, driven by brand strength, innovation, and superior execution.
- **Expanded Pharmacy Reach**: Neurobion's retail footprint has grown 1.4x over five years, adding ~100,000 new pharmacy outlets, with ongoing expansion into rural and underserved regions.
---
### **Brand Performance & Strategy**
#### **Neurobion – Flagship Nerve Health Brand**
- **Trusted for Nerve Care**: Positioned as a trusted solution for symptoms like tingling, numbness, and weakness due to Vitamin B deficiency.
- **Enhanced Product Portfolio**:
- **Neurobion Alfa & Alfa D** (for diabetic neuropathy) show strong early growth, supported by scientific engagement with HCPs.
- **Neurobion Forte** features improved packaging and labeling to enhance clarity and consumer decision-making.
- **Awareness & Recognition**: Achieved highest-ever **unaided brand awareness**, driven by targeted campaigns on Peripheral Neuropathy in partnership with the **International Diabetes Federation**.
- **Guinness World Record**: Recognized for Iron Deficiency Anemia awareness campaign in collaboration with FOGSI.
#### **Evion – Market-Leading Vitamin E Brand**
- **"Nourish Your Cells" → Broader Health Messaging**: Evolved from cell health to emphasize **muscle health and energy**, supported by direct-to-consumer (D2C) advertising.
- **Five Vectors of Superiority**: Strategy built on product formulation, packaging, trade value, HCP engagement, and omnichannel retail execution.
- **First D2C Push**: Successful TV and digital ad campaign launched in 2021 marked a key milestone in consumerization.
#### **Livogen, Seven Seas, Polybion, Nasivion**
- **Livogen**: The most prescribed iron supplement in India; brand messaging focused on "**Break Free from Iron Deficiency**".
- **Seven Seas**: Focused on child nutrition via campaigns like **"My Little Genius"**, aligning with developmental needs.
- **Polybion**: Expanded with **Polybion Active Syrup**—a sugar-free B-complex with lysine for diabetics and those with lifestyle disorders.
- **Nasivion**: Delivers “**Fast Relief from Nasal Congestion**”; grew through media partnerships (cricket sponsorships, OTT integrations) and **‘OPEN UP’ expert education sessions**.
---
### **Strategic Initiatives & Go-to-Market Transformation**
#### **Irresistible Superiority Strategy**
P&G Health drives differentiation through an integrated five-vector framework:
1. **Product Superiority** (science-backed formulations)
2. **Packaging Innovation** (enhanced clarity and appeal)
3. **Brand Communication** (symptom-awareness focused)
4. **Retail Execution** (superior physical and digital presence)
5. **Consumer Value** (affordability with trust)
All vectors are aligned to deliver **noticeable benefits**, compelling value, and effective consumer engagement.
#### **Transformed Go-to-Market Model**
- Built around a **strong super-distributor network** to improve reach, availability, and agility.
- Enhances retail execution, HCP engagement, and access across **tier 2/3 towns and rural areas**.
- Complements reach with **e-commerce expansion** and digital retail integration.
#### **Scientific & Educational Leadership**
- **P&G Health Academy**: A virtual platform connecting global experts for scientific exchange and HCP education.
- Regular **scientific symposiums** and “phygital” detailing maintain engagement with healthcare professionals.
- Campaigns like the **Peripheral Neuropathy initiative** (with IDF) and **'OPEN UP'** (Nasivion) reflect a commitment to public health education.
---
### **Consumer & Market Insights**
- **High Deficiency, Low Awareness**: A significant portion of Indian adults suffer from **Vitamin B and iron deficiencies**, yet awareness of effective treatments remains limited.
- **Substitution Challenge**: Generic substitutions at chemist level undermine treatment efficacy, reinforcing the need for brand trust and consumer education.
- **Self-Purchase Trend**: Growing consumer agency, especially for Neurobion Forte and Evion, suggests success in direct consumer engagement.
---
### **Innovation & Operational Excellence**
- **Continuous Product Improvement**: Focus on both innovation and iterative enhancements of existing products.
- **Consumer Insights Integration**: Deep understanding of consumer needs informs formulation, packaging, and messaging.
- **Productivity-Driven Model**: Embedded productivity initiatives support **margin expansion and balanced growth**.
---
### **Leadership & Organizational Strength**
- **Lokesh Chandak (Appointed Apr 2023)**: Brings 15+ years of P&G leadership, with proven success in commercial finance, profitability improvement, and strategic turnarounds across India, Asia, MEA.
- His expertise strengthens P&G Health’s focus on **financial stewardship, innovation, and operational efficiency**.
---
### **Digital & Hybrid Capabilities**
- **Phygital Engagement**: Medical and sales teams utilize hybrid detailing (virtual + in-person) to maintain HCP and pharmacy relationships.
- **Digital Campaigns**: Active use of **OTT, TV, digital display, and social media** enhances consumer engagement.
- **E-commerce Leverage**: Expanding digital shelf presence to meet evolving consumer preferences.