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Valiant Laboratories Ltd

VALIANTLAB

NSE

₹140.75+4.53%19 Oct 2026 at 3:32 PM

Reports

Pharma API

Valiant Laboratories Ltd

VALIANTLAB

NSE

₹140.75

+4.53%

19 Oct 2026 at 3:32 PM

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Pharma API

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.

Valiant Laboratories is a pure-play Paracetamol API (the active ingredient in pain-relief tablets) manufacturer that grew out of a 1980s chemical partnership into a listed company, all while staying inside the Aarti Group fold. It began life making a precursor chemical called Para Nitro Phenol, then spent years refining its own process to enter pharmaceutical manufacturing - a pattern of backward integration that still defines the business today. The recurring approach is simple: control the raw materials inside the group, run a single focused factory, and sell the output to formulators who turn it into finished medicines.

Business segments

A single engine - Paracetamol API manufacturing - supported by a wholly-owned subsidiary that makes both a key raw material for the parent and specialty chemicals for outside customers.

1. Paracetamol API: the core factory that makes pain relief possible

One plant in Tarapur produces multiple grades of paracetamol powder and crystals for drug companies that press it into tablets - and the group supplies the critical starting materials.

One molecule, many grades - the company makes only Paracetamol API, but in powder, fine powder, and crystal forms that meet Indian, British, US, and European pharmacopoeia standards, so formulators can use it in tablets, capsules, and other finished medicines.
Raw materials come from within the family - the key starting material, para-amino phenol (PAP), is increasingly sourced from promoter-group company Valiant Organics Limited, and with complete backward integration, both major key starting materials are now manufactured within the Group companies, significantly mitigating supply chain risks.
A single coastal factory, recently expanded - the Tarapur plant in Maharashtra sits roughly 150 km from Nhava Sheva port, and late in FY25 the engineering team boosted capacity from 750 to 900 tonnes per month through minor equipment modifications rather than a full build-out.
Quality infrastructure is the sales pitch - the facility holds ISO 9001:2015 and GMP certifications, runs an in-house analytical lab that checks everything from raw materials to finished product, and has installed a Mechanical Vapour Recompression system with Reverse Osmosis to hit Zero Liquid Discharge, because pharmaceutical buyers demand both product purity and environmental compliance.
Sold almost entirely at home - of the roughly 4,960 tonnes sold in FY25, nearly all revenue came from Indian customers, with the top five buyers accounting for a concentrated share of the book.

2. Valiant Advanced Sciences: the subsidiary that supplies the parent and sells to the world

A greenfield specialty-chemicals plant in Gujarat started commercial production in late 2025, making acetic anhydride - both a crucial input for the parent's paracetamol process and a standalone product for agrochemicals, pharmaceuticals, and fragrances.

Built with IPO money - Valiant Laboratories used part of its 2023 IPO proceeds to subscribe to a rights issue by its wholly-owned subsidiary VASPL, funding the construction of the Saykha facility and its working capital.
Acetic anhydride is the anchor product - the plant specialises in this ketene-derivative chemical, which happens to be essential for paracetamol synthesis, so the subsidiary can supply the parent while also serving domestic and international markets.
A pilot plant already has customer approvals - over a dozen products are under development, and several have already been signed off by customers, suggesting the subsidiary is building a pipeline beyond its first commercial molecule.
The parent stands behind it - Valiant Laboratories has extended a ₹100 crore corporate guarantee to VASPL, of which about ₹62 crore had been drawn by March 2025, and the subsidiary is classified as material in the consolidated books.

Group structure and partners

Valiant Laboratories sits inside the Aarti Group, buys its key raw material from a fellow group company, and is now exploring a restructuring that could redraw the ownership lines.

Promoters and group ties - the company is promoted by Santosh Shantilal Vora, Shantilal Shivji Vora, and Dhanvallabh Ventures LLP, and is part of the wider Aarti Group of Industries.
Valiant Organics is both supplier and potential shareholder - this promoter-group company already supplies para-amino phenol to the parent, and as of May 2026 it proposed acquiring a 34.26% stake in Valiant Laboratories from Dhanvallabh Ventures LLP as part of a restructuring exercise.
A broader reorganisation is on the table - in May 2026 the board considered exploring potential restructuring options among Valiant Laboratories, its holding, subsidiaries, and associates, potentially through amalgamation, merger, or demerger, with the stated aim of simplifying the structure and sharpening strategic focus.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹758Cr

Close Price

₹139.58

Industry

Pharma API

Price To Earnings

47.32

Price To Sales

2.48

Revenue

₹306Cr

Rev Gr TTM

Revenue Growth TTM

89.64%

PAT Gr TTM

PAT Growth TTM

12,207.69%

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	41	31	19	21	35	58	47	46	52	92	115
Growth YoY Revenue Growth YoY%	-32.3	-42.7	-66.0	-63.3	-63.9	-13.1	88.9	148.0	115.1	48.9	59.2	146.2
Expenses ExpensesCr	61	47	35	21	28	35	54	44	46	53	87	86
Operating Profit Operating ProfitCr	-1	-6	-5	-2	-7	1	4	2	0	-1	5	29
OPM OPM%	-2.3	-15.6	-14.8	-12.7	-31.4	1.8	6.6	5.1	0.1	-1.7	5.2	25.4
Other Income Other IncomeCr	3	2	3	3	3	2	-2	1	1	1	0	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	1	1
Depreciation DepreciationCr	0	0	1	1	1	1	1	1	1	2	3	3
PBT PBTCr	1	-5	-3	0	-4	2	1	2	0	-3	1	26
Tax TaxCr	0	-2	-1	0	1	-1	0	1	0	4	-1	5
PAT PATCr	1	-4	-1	-1	-5	2	1	2	0	-7	2	21
Growth YoY PAT Growth YoY%	-90.9	-145.8	-115.8	-111.9	-700.0	167.1	156.4	456.9	104.2	-400.4	151.4	1,059.3
NPM NPM%	1.3	-8.6	-4.0	-2.7	-22.1	6.7	1.2	3.9	0.4	-13.5	1.9	18.3
EPS EPS₹	0.2	-0.8	-0.3	-0.1	-1.0	0.5	0.1	0.4	0.0	-1.3	0.3	3.9

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	41	31	19	21	35	58	47	46	52	92	115
Growth YoY Revenue Growth YoY%	-32.3	-42.7	-66.0	-63.3	-63.9	-13.1	88.9	148.0	115.1	48.9	59.2	146.2
Expenses ExpensesCr	61	47	35	21	28	35	54	44	46	53	87	86
Operating Profit Operating ProfitCr	-1	-6	-5	-2	-7	1	4	2	0	-1	5	29
OPM OPM%	-2.3	-15.6	-14.8	-12.7	-31.4	1.8	6.6	5.1	0.1	-1.7	5.2	25.4
Other Income Other IncomeCr	3	2	3	3	3	2	-2	1	1	1	0	1
Interest Expense Interest ExpenseCr	0	0	0	0	0	0	0	0	0	1	1	1
Depreciation DepreciationCr	0	0	1	1	1	1	1	1	1	2	3	3
PBT PBTCr	1	-5	-3	0	-4	2	1	2	0	-3	1	26
Tax TaxCr	0	-2	-1	0	1	-1	0	1	0	4	-1	5
PAT PATCr	1	-4	-1	-1	-5	2	1	2	0	-7	2	21
Growth YoY PAT Growth YoY%	-90.9	-145.8	-115.8	-111.9	-700.0	167.1	156.4	456.9	104.2	-400.4	151.4	1,059.3
NPM NPM%	1.3	-8.6	-4.0	-2.7	-22.1	6.7	1.2	3.9	0.4	-13.5	1.9	18.3
EPS EPS₹	0.2	-0.8	-0.3	-0.1	-1.0	0.5	0.1	0.4	0.0	-1.3	0.3	3.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	334	182	133	237	306
Growth Revenue Growth%		-45.5	-26.7	78.0	89.6
Expenses ExpensesCr	299	190	138	231	273
Operating Profit Operating ProfitCr	35	-8	-5	6	33
OPM OPM%	10.5	-4.6	-3.5	2.7	10.9
Other Income Other IncomeCr	5	10	5	2	3
Interest Expense Interest ExpenseCr	0	0	0	2	3
Depreciation DepreciationCr	2	2	2	6	8
PBT PBTCr	38	-1	-2	1	25
Tax TaxCr	9	-1	1	4	9
PAT PATCr	29	0	-2	-3	16
Growth PAT Growth%		-98.9	-788.7	-48.5	12,207.7
NPM NPM%	8.7	0.2	-1.6	-1.4	5.2
EPS EPS₹	8.9	0.1	-0.5	-0.5	3.0

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	334	182	133	237	306
Growth Revenue Growth%		-45.5	-26.7	78.0	89.6
Expenses ExpensesCr	299	190	138	231	273
Operating Profit Operating ProfitCr	35	-8	-5	6	33
OPM OPM%	10.5	-4.6	-3.5	2.7	10.9
Other Income Other IncomeCr	5	10	5	2	3
Interest Expense Interest ExpenseCr	0	0	0	2	3
Depreciation DepreciationCr	2	2	2	6	8
PBT PBTCr	38	-1	-2	1	25
Tax TaxCr	9	-1	1	4	9
PAT PATCr	29	0	-2	-3	16
Growth PAT Growth%		-98.9	-788.7	-48.5	12,207.7
NPM NPM%	8.7	0.2	-1.6	-1.4	5.2
EPS EPS₹	8.9	0.1	-0.5	-0.5	3.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	33	43	43	54
Reserves ReservesCr	68	193	191	257
Current Liabilities Current LiabilitiesCr	51	29	60	119
Non Current Liabilities Non Current LiabilitiesCr	62	77	107	34
Total Liabilities Total LiabilitiesCr	213	343	401	464
Current Assets Current AssetsCr	151	226	193	228
Non Current Assets Non Current AssetsCr	62	117	208	236
Total Assets Total AssetsCr	213	343	401	464

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	33	43	43	54
Reserves ReservesCr	68	193	191	257
Current Liabilities Current LiabilitiesCr	51	29	60	119
Non Current Liabilities Non Current LiabilitiesCr	62	77	107	34
Total Liabilities Total LiabilitiesCr	213	343	401	464
Current Assets Current AssetsCr	151	226	193	228
Non Current Assets Non Current AssetsCr	62	117	208	236
Total Assets Total AssetsCr	213	343	401	464

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	56	2	1	-10
Investing Cash Flow Investing Cash FlowCr	-55	-144	-53	7
Financing Cash Flow Financing Cash FlowCr	-1	152	45	2
Net Cash Flow Net Cash FlowCr	0	10	-7	-1
Free Cash Flow Free Cash FlowCr	18	-44	-112	-45
CFO To PAT CFO To PAT%	193.3	589.9	-59.7	319.2
CFO To EBITDA CFO To EBITDA%	159.7	-22.4	-28.1	-163.3

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	56	2	1	-10
Investing Cash Flow Investing Cash FlowCr	-55	-144	-53	7
Financing Cash Flow Financing Cash FlowCr	-1	152	45	2
Net Cash Flow Net Cash FlowCr	0	10	-7	-1
Free Cash Flow Free Cash FlowCr	18	-44	-112	-45
CFO To PAT CFO To PAT%	193.3	589.9	-59.7	319.2
CFO To EBITDA CFO To EBITDA%	159.7	-22.4	-28.1	-163.3

Consolidated

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		633	334	279	758
Price To Earnings Price To Earnings		2,080.0			47.3
Price To Sales Price To Sales		3.5	2.5	1.2	2.5
Price To Book Price To Book		2.7	1.4	0.9	2.4
EV To EBITDA EV To EBITDA		-71.7	-81.1	49.8	23.2
Profitability Ratios Profitability Ratios
GPM GPM%	13.5	0.0	5.7	10.6	10.6
OPM OPM%	10.5	-4.6	-3.5	2.7	10.9
NPM NPM%	8.7	0.2	-1.6	-1.4	5.2
ROCE ROCE%	23.9	-0.2	-0.4	0.8	0.8
ROE ROE%	28.9	0.1	-0.9	-1.1	-1.1
ROA ROA%	13.6	0.1	-0.6	-0.7	-0.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		633	334	279	758
Price To Earnings Price To Earnings		2,080.0			47.3
Price To Sales Price To Sales		3.5	2.5	1.2	2.5
Price To Book Price To Book		2.7	1.4	0.9	2.4
EV To EBITDA EV To EBITDA		-71.7	-81.1	49.8	23.2
Profitability Ratios Profitability Ratios
GPM GPM%	13.5	0.0	5.7	10.6	10.6
OPM OPM%	10.5	-4.6	-3.5	2.7	10.9
NPM NPM%	8.7	0.2	-1.6	-1.4	5.2
ROCE ROCE%	23.9	-0.2	-0.4	0.8	0.8
ROE ROE%	28.9	0.1	-0.9	-1.1	-1.1
ROA ROA%	13.6	0.1	-0.6	-0.7	-0.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	AHCL	FERMENTA	ANUHPHR	VALIANTLAB	WANBURY	HALEOSLABS	ASTALLTD
Market CapitalizationMkt CapCr	1,431	1,344	825	758	654	466	289
Close PriceClose₹	26.92	456.75	82.31	139.58	187.00	1,540.00	66.05
IndustryIndustry	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API
Price To EarningsPE	44.87	22.15	18.66	47.32	10.82	29.46	19.66
Price To SalesPS	8.32	2.63	1.06	2.48	1.00	1.44	1.16
RevenueRevenueCr	172	511	779	306	653	324	250
Revenue Growth TTMRev Gr TTM%		-3.1%	9.7%	89.6%	3.6%	-3.1%
PAT Growth TTMPAT Gr TTM%		-44.0%	-4.3%	12,207.7%	30.0%	-4.7%

	AHCL	FERMENTA	ANUHPHR	VALIANTLAB	WANBURY	HALEOSLABS	ASTALLTD
Market CapitalizationMkt CapCr	1,431	1,344	825	758	654	466	289
Close PriceClose₹	26.92	456.75	82.31	139.58	187.00	1,540.00	66.05
IndustryIndustry	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API	Pharma API
Price To EarningsPE	44.87	22.15	18.66	47.32	10.82	29.46	19.66
Price To SalesPS	8.32	2.63	1.06	2.48	1.00	1.44	1.16
RevenueRevenueCr	172	511	779	306	653	324	250
Revenue Growth TTMRev Gr TTM%		-3.1%	9.7%	89.6%	3.6%	-3.1%
PAT Growth TTMPAT Gr TTM%		-44.0%	-4.3%	12,207.7%	30.0%	-4.7%

FY2026

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FY2025

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FY2024

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FY2026

Jun 26