Overview

Detailed Summary

Gujarat Terce Laboratories Limited is a mid‑sized Indian branded generics pharmaceutical company that manufactures and markets formulations across acute and chronic therapeutic areas from a WHO‑GMP compliant, automated facility at Chhatral; the plant has installed capacity of 270 million tablets and 108 million capsules per annum and sells through a field force spanning 13 states.
Q3 FY26 showed a modest revenue decline of 3% year‑on‑year to INR 1,229.35 lacs while EBITDA rose 8% in the quarter and 6.8% for 9M FY26, driving EBITDA margin expansion to 10.16% in Q3 and 9.03% for 9M, reflecting operational efficiency gains despite top‑line rationalisation of low‑margin businesses.
Reported PAT declined materially (27% in Q3 and 12.9% for 9M), and cash profit contracted, indicating near‑term earnings pressure possibly from non‑operating items, working capital timing or investments behind brand building, even as core operating profitability improved, signalling a trade‑off between quality of earnings and short‑term reported profit.
The company highlights a brand‑led strategy supported by strong field execution and distribution: 8 leading brands, 134 products, about 150 medical representatives, relationships with over 32,700 practitioners, 30,074 chemists and 385 stockists across 224 districts, enabling deeper penetration in northern, western and central India and faster secondary sales conversion.

Sector: Pharmaceuticals
Industry: Pharmaceuticals - Indian - Formulations
Market Cap: 32 Cr
Volatility: Low Risk
P/E Ratio: -27.2
Industry P/E: 43.5
PEG Ratio: —
P/B Ratio: 3.7
52W High: 76.89
52W Low: 37.20

Sales CAGR

1Y: 4.65%
3Y: 7.74%
5Y: 5.98%
10Y: 8.05%

Profit CAGR

1Y: -508.33%
3Y: —
5Y: —
10Y: —

ROE

TTM: -13.06%
3Y: -11.77%
5Y: -11.07%
10Y: -4.21%

ROCE

TTM: 39.56%
3Y: 8.59%
5Y: 3.23%
10Y: 3.22%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BIOFILCHEM	31.31	48 Cr	18.42	2.24	0.00	13.42	15.83	5.00
PANJON	24.75	42 Cr	106.22	2.47	0.00	4.40	4.69	3.53
VISTAPH	6.00	37 Cr	-3.23	0.83	0.00	-15.00	-13.49	-12.63
JFLLIFE	10.95	36 Cr	7.55	0.86	0.00	8.41	12.26	4.11
SANDUPHQ	34.56	33 Cr	11.41	1.00	2.31	3.69	5.32	2.80
GUJTERC	41.70	32 Cr	-27.15	3.66	0.00	-13.06	39.56	-5.20
MEDIORG	21.85	26 Cr	5.97	0.87	0.00	14.02	13.68	7.49

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Dec 2018	Sep 2019	Dec 2019	Jun 2020	Sep 2020	Jun 2021	Sep 2021
Sales	8.31	11	10	4.98	7.20	9.94	10
Expenses	7.64	9.31	9.66	5.38	7.09	8.31	9.59
Operating Profit	0.67	1.84	0.45	-0.40	0.11	1.63	0.54
OPM %	8.06	16.50	4.45	-8.03	1.53	16.40	5.33
Other Income	0.00	0.01	0.01	0.07	0.09	0.07	0.08
Interest	0.05	0.10	0.04	0.05	0.17	0.05	0.10
Depreciation	0.05	0.06	0.06	0.06	0.04	0.05	0.05
Profit Before Tax	0.57	1.69	0.37	-0.44	-0.02	1.60	0.45
Tax %	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit	0.57	1.69	0.37	-0.44	-0.02	1.60	0.45
EPS in Rs	0.73	2.17	0.48	-0.57	-0.02	2.06	0.58

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	25	29	31	38	25	40	47	48	50	49
Expenses	25	29	31	37	28	39	49	47	46	45
Operating Profit	0.08	0.32	0.49	0.68	-2.77	1.12	-2.16	1.27	3.88	3.78
OPM %	0.32	1.11	1.57	1.82	-10.99	2.78	-4.62	2.64	7.74	7.69
Other Income	0.44	0.41	0.32	0.29	0.80	0.31	0.35	0.32	0.31	0.33
Interest	0.31	0.23	0.25	0.29	0.39	0.40	0.72	0.68	0.42	0.33
Depreciation	0.19	0.19	0.21	0.24	0.18	0.28	0.36	0.37	0.38	0.39
Profit Before Tax	0.02	0.33	0.35	0.44	-2.53	0.75	-2.89	0.54	3.39	3.39
Tax %	168.67	16.75	-25.10	36.64	0.45	-16.84	42.24	55.25	128.87	127.73
Net Profit	-0.01	0.27	0.43	0.28	-2.52	0.87	-1.67	0.24	-0.98	-0.94
EPS in Rs	-0.39	0.25	0.44	0.35	-3.24	-0.73	-2.14	0.31	-1.04	-1.54
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.42	7.42	7.42	7.42	7.42	7.42	7.42	7.42	7.42	7.42
Reserves	2.94	2.64	2.98	3.41	3.69	0.24	1.11	-0.56	-0.31	-0.94
Borrowings	7.12	6.99	0.34	0.65	2.53	4.74	6.67	7.27	3.87	0.94
Other Liabilities	6.99	6.61	8.72	7.85	8.86	9.47	12	14	12	15
Total Liabilities	24	24	19	19	23	22	27	29	23	23
Fixed Assets	6.34	6.17	1.88	2.06	2.29	2.45	4.29	3.99	3.69	3.65
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.30	0.24	0.27	0.29	0.27	0.27	0.27	0.27	0.27	0.52
Other Assets	18	17	17	17	20	19	23	24	19	19
Total Assets	24	24	19	19	23	22	27	29	23	23

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.16	0.24	4.58	-0.61	-1.59	-0.16	-0.44	0.03	2.60	3.06
Cash from Investing Activity	-0.13	0.18	1.11	-0.13	-0.27	-0.42	-0.87	0.62	-0.46	0.46
Cash from Financing Activity	-1.43	-0.36	-5.39	0.20	1.72	1.83	1.53	-0.12	-4.08	-2.83
Net Cash Flow	-1.39	0.06	0.29	-0.55	-0.14	1.24	0.22	0.52	-1.94	0.69

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	36.45%	36.65%	36.78%	37.01%	37.03%	37.03%	37.03%	37.03%	37.03%	37.03%	37.03%	40.03%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	63.55%	63.35%	63.22%	62.99%	62.97%	62.97%	62.97%	62.97%	62.97%	62.97%	62.97%	59.97%
Total Shareholders	13,579	13,499	13,404	13,327	13,203	13,394	13,538	13,710	13,764	13,804	13,812	13,812

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Q3 FY26

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