Overview

Detailed Summary

Balaxi Pharmaceuticals Limited is a branded, IPR-driven pharmaceutical company focused on OTC and branded generics in frontier markets across Latin America and Africa, operating an asset-light distribution network of 38 warehouses and owned fleet while sourcing finished products from WHO‑GMP contract manufacturers across India, China and Portugal and selling through its local subsidiaries.
In Q3 FY26 Balaxi completed commissioning, qualification and validation of its first in-house formulation facility at Jadcherla for general oral solid dosages, marking a deliberate move from 'asset-light' to 'asset-right' and enabling backward integration, faster regulatory approvals, improved quality control and expected margin enhancement as the plant begins commercial supply to LATAM and African markets.
Q3 FY26 revenue was ₹72.54 crore, down 1% YoY but up 29% QoQ, while gross profit remained healthy with gross margin above 42%; however EBITDA and PAT contracted materially due to elevated operating costs and an extended working capital cycle in Angola, signalling near-term margin pressure as the company pivots toward institutional and hospital channels.
Balaxi’s differentiated strategy targets top‑2 positions in selected semi‑regulated frontier markets by leveraging deep local distribution, 100+ Indian expatriates embedded in operations, digitized regulatory affairs, and a product registration pipeline of 948 registrations with 200+ pending, supporting rapid new product introductions across prioritized Latin American and African geographies.
The firm completed a preferential fundraising in FY20‑25 and is now pursuing geographic expansion into Ecuador and Chile, while maintaining product mix concentration in antibiotics and essential OTC categories; digital procurement, regulatory management and CRM initiatives aim to standardize processes and scale the produce‑stock‑sell model to new frontier markets.

Sector: Diversified
Industry: Diversified
Market Cap: 132 Cr
Volatility: High Risk
P/E Ratio: 92.8
Industry P/E: 28.5
PEG Ratio: 0.1
P/B Ratio: 0.5
52W High: 54.70
52W Low: 15.20

Sales CAGR

1Y: 21.25%
3Y: -15.56%
5Y: 5.97%
10Y: 121.50%

Profit CAGR

1Y: 1148.95%
3Y: -37.38%
5Y: -11.13%
10Y: —

ROE

TTM: 0.57%
3Y: 6.87%
5Y: 12.04%
10Y: 12.61%

ROCE

TTM: 3.00%
3Y: 10.68%
5Y: 17.24%
10Y: 18.05%

Technicals

‌

Forecasts

Peers

Diversified Diversified Diversified Diversified

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ASPINWALL		251.39	197 Cr	14.93	0.98	2.59	4.48	6.15	3.95
SPCENET		3.34	190 Cr	11.80	1.07	0.30	9.08	8.93	6.72
ADANIENPP1		1719.00	136 Cr	—	0.01	0.00	—	—	0.00
BALAXI		23.67	131 Cr	92.03	0.52	0.00	0.57	3.00	0.42
KCK		13.50	86 Cr	199.67	3.01	0.00	1.48	1.86	1.14
PANTH		11.03	61 Cr	1.56	0.62	0.00	39.51	22.30	19.63
KRYPTONQ		35.43	52 Cr	19.88	1.63	0.00	8.21	11.03	4.23
Median: 7 Co.	—	23.67	131 Cr	17.41	0.98	0.00	6.34	7.54	3.95

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	61	60	66	77	73	76	71	56	73	71
Expenses	47	46	56	67	69	64	67	55	69	71
Operating Profit	14	13	10	11	3.99	13	4.14	1.17	3.09	0.12
OPM %	22.47	22.50	15.36	13.67	5.44	16.47	5.85	2.08	4.26	0.17
Other Income	1.51	-0.70	-1.85	-4.11	3.94	-1.69	-1.78	1.59	0.10	2.92
Interest	0.41	0.61	0.37	0.45	1.38	0.74	1.01	0.89	1.02	0.99
Depreciation	0.48	0.67	0.49	0.46	0.48	0.46	0.46	0.48	0.56	0.65
Profit Before Tax	14	11	7.37	5.56	6.07	9.66	0.90	1.38	1.61	1.40
Tax %	4.77	4.87	12.08	17.45	11.70	10.66	67.78	84.78	80.75	56.43
Net Profit	14	11	6.48	4.59	5.36	8.64	0.29	0.21	0.31	0.61
EPS in Rs	2.45	2.06	1.17	0.84	0.97	1.56	0.05	0.04	0.06	0.11

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	14	46	231	279	336	241	293	298
Expenses	12	37	189	229	280	198	261	266
Operating Profit	1.56	8.21	42	50	57	43	31	31
OPM %	11.45	17.98	18.33	17.97	16.81	18.01	10.64	10.50
Other Income	0.89	0.59	2.23	4.97	2.64	-38	2.36	-3.64
Interest	0.00	0.00	0.01	0.14	0.50	1.68	2.93	3.58
Depreciation	0.00	0.01	0.30	0.51	1.75	2.10	1.89	1.86
Profit Before Tax	2.44	8.79	44	55	57	2.02	29	22
Tax %	19.41	30.59	13.97	12.59	19.25	218.44	12.55	14.92
Net Profit	1.97	6.10	38	48	46	-2.39	25	19
EPS in Rs	—	1.11	6.91	8.63	8.28	-0.28	4.54	0.26
Dividend Payout %	0.00	0.00	0.00	1.05	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3.04	10	10	10	10	11	11
Reserves	0.48	18	55	103	173	190	221
Borrowings	0.00	0.00	3.66	3.64	13	19	53
Other Liabilities	2.59	8.23	31	60	43	38	25
Total Liabilities	6.11	36	100	176	240	258	310
Fixed Assets	0.01	0.19	2.45	29	41	41	41
CWIP	0.00	0.00	0.00	0.57	2.83	2.31	22
Investments	0.00	0.00	3.42	0.00	0.00	0.00	0.00
Other Assets	6.10	36	94	147	195	215	247
Total Assets	6.11	36	100	176	240	258	310

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.51	-14	0.00	34	6.08	4.87	-35
Cash from Investing Activity	-0.01	-0.18	-5.97	-28	-11	-1.05	-22
Cash from Financing Activity	0.00	18	3.65	-0.16	26	30	34
Net Cash Flow	-1.51	3.88	-2.32	5.53	21	34	-23

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Apr 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	71.22%	71.22%	66.36%	66.36%	65.99%	65.99%	65.99%	65.99%	65.99%	65.99%	65.99%	65.99%
FIIs	18.57%	18.57%	17.08%	17.08%	16.88%	16.48%	16.48%	16.02%	8.87%	3.50%	1.74%	0.00%
DIIs	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	2.56%
Public	10.18%	10.18%	16.54%	16.54%	17.11%	17.50%	17.50%	17.96%	25.12%	30.49%	32.24%	31.45%
Total Shareholders	5,047	5,045	5,132	5,132	6,586	7,863	8,529	9,994	13,737	14,620	15,085	15,176

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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