541096
Bharat Parenter. share price & financials
- Price
- ₹1,327.75
- Market cap
- ₹1.0k Cr
- Sector
- Healthcare
- Calls analysed
- 3
Bharat Parenterals Limited Q4 FY26
What went well
- Consolidated EBITDA for FY26 was INR 15.8 crores, a 485% expansion from INR 2.7 crores last year, driven largely by Innoxel's improved performance.
- Innoxel Lifesciences revenue grew by 174% to INR 72.4 crores in FY26 and achieved EBITDA positivity of INR 1.4 crores in Q4 FY26.
- Varenyam Healthcare turned profitable in FY26 with revenue growth of 13.7% to INR 58.4 crores and EBITDA of INR 2.5 crores.
What to watch
- Standalone business revenue declined by 23% in FY26 to INR 234 crores from INR 304 crores last year due to deferred export tenders, stepping away from low-margin volume businesses, and production line upgrades.
- Varenyam Biolifesciences commercialization timeline shifted from FY27 to Q4 FY29 due to geopolitical disturbances causing a 3-month delay.
What Bharat Parenter. does
Bharat Parenterals (BPL) is a 1992-founded, Vadodara (Gujarat) manufacturer of finished dosage forms — small-volume parenterals, powder-for-injection, tablets, capsules, creams, ointments, gels and oral suspensions — sold across anaesthetics, antibiotics, CNS, anti-malarial, anti-retroviral and anti-TB therapy areas to 40+ export markets and domestic institutional tenders. Its 55.9%-owned subsidiary Innoxel Lifesciences is a USFDA- and EU-GMP-cleared CDMO making complex/specialty injectables (liposomal, extended-release, oncology) for regulated US/EU partners under out-licensing and CMO/CDO arrangements. Wholly-owned Varenyam Healthcare markets branded institutional generics (anaesthesia, critical care, pain) through its own field force to hospitals across India, while wholly-owned Varenyam Bio Lifesciences is building an EU-GMP-targeted complex-injectables facility in Vadodara aimed at other regulated (SRA/PICs) markets.
Segments
- BPL Standalone
- Innoxel Lifesciences
- Varenyam Healthcare
- Varenyam Bio Lifesciences
- Manufacturing facility (BPL standalone)
- 300,000 sq.ft. in Vadodara, Gujarat — 3 dedicated production blocks (General, Beta-Lactam, Cephalosporin)
- Installed capacity (FY26, mn units/yr)
- General block: Tablets 1,845 · Capsules 1,120 · Injections 103 · Liquids 46 · Powder 27; Beta-Lactam: Tablet/Capsule 900/900, Dry Syrup 46, Powder for Injection 45; Cephalosporin: Tablet/Capsule 660/518, Dry Syrup 51, Powder for Injection 45
- Capacity utilization (FY26)
- General block 48.5% · Beta-Lactam 21% · Cephalosporin 24.3%
- Export presence
- 40+ countries
- Product registrations/filings
- 350+ cumulative filings; 48 new registrations and 214 dossiers submitted in FY26
- Standalone manpower
- 500+ technical and non-technical staff
Guidance record · Q4 FY26
what the last two calls moved 18 tracked 2 delivered 5 missed 11 open- Innoxel FY26 Revenue delivered said Q4 FY25 Promised: around INR70 crores Q4 FY26: Achieved. Full year FY26 revenue was INR 72.4 crores, exceeding the original and revised guidance.
- Innoxel Operational Break-even missed said Q4 FY25 Promised: operationally break even in this FY '26 at Innoxel Q4 FY26: Missed. Full year FY26 EBITDA was a loss of INR 6.9 crores, despite turning positive in Q4.
- Varenyam Bio Lifesciences Operational Timeline delayed said Q4 FY25 Promised: operational by 2027 Q4 FY26: Significantly delayed. Commissioning now targeted for Sep 2027, with first commercial supply in Q4 FY29.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 19.2%, net profit down 309.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 72 | 72 | 104 | 116 | 65 −10% | 65 −10% | 100 −4% | 94 −19% |
| EBITDA | -8 | 4 | 2 | 14 | 1 +111% | 2 −52% | -1 −123% | 9 −38% |
| Net profit | -18 | -8 | -9 | -1 | -9 +51% | -10 −23% | -8 +14% | -4 −309% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +8.5% 1Y
1Y: ₹1,409.8 on 10 Sept 2025 → ₹1,530. High ₹1,575 (8 Sept 2026), low ₹890.5 (2 Feb 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.5%
- 19 May
- Q2 FY26
- +1.4%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 16.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 4.6%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹218 Cr | ₹257 Cr | ₹340 Cr | ₹345 Cr |
| Operating profit | ₹20 Cr | ₹22 Cr | ₹3 Cr | ₹16 Cr |
| Operating margin | 9.1% | 8.7% | 0.8% | 4.6% |
| Interest | ₹2 Cr | ₹3 Cr | ₹13 Cr | ₹13 Cr |
| Depreciation | ₹6 Cr | ₹9 Cr | ₹35 Cr | ₹34 Cr |
| Net profit | ₹16 Cr | ₹11 Cr | ₹-44 Cr | ₹-27 Cr |
| Net margin | 7.2% | 4.1% | -12.8% | -7.9% |
| Cash from operations | ₹22 Cr | ₹-5 Cr | ₹-27 Cr | ₹38 Cr |
| Free cash flow | ₹-68 Cr | ₹-108 Cr | ₹-56 Cr | ₹-1 Cr |
| ROCE | 11.0% | 7.0% | -4.0% | -2.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹7 Cr | ₹7 Cr |
| Reserves | ₹138 Cr | ₹160 Cr | ₹177 Cr | ₹191 Cr | ₹324 Cr | ₹315 Cr |
| Borrowings | ₹12 Cr | ₹18 Cr | ₹50 Cr | ₹158 Cr | ₹131 Cr | ₹146 Cr |
| Other liabilities | ₹43 Cr | ₹42 Cr | ₹118 Cr | ₹149 Cr | ₹114 Cr | ₹145 Cr |
| Total liabilities | ₹199 Cr | ₹226 Cr | ₹350 Cr | ₹504 Cr | ₹575 Cr | ₹613 Cr |
| Fixed assets | ₹45 Cr | ₹41 Cr | ₹42 Cr | ₹211 Cr | ₹245 Cr | ₹255 Cr |
| Capital work in progress | ₹0 Cr | ₹26 Cr | ₹99 Cr | ₹25 Cr | ₹30 Cr | ₹35 Cr |
| Investments | ₹43 Cr | ₹11 Cr | ₹0 Cr | ₹0 Cr | ₹5 Cr | ₹6 Cr |
| Other assets | ₹111 Cr | ₹148 Cr | ₹209 Cr | ₹268 Cr | ₹294 Cr | ₹317 Cr |
| Total assets | ₹199 Cr | ₹226 Cr | ₹350 Cr | ₹504 Cr | ₹575 Cr | ₹613 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −0.85 pp while DIIs added +0.84 pp. The shareholder count shrank 5% to 3,059.
- Promoters
- 67.2%
- FIIs
- 0.1%
- DIIs
- 1.4%
- Public
- 31.3%
Since Jun 2025
- Public −0.85 pp
- DIIs +0.84 pp
- Promoters +0.01 pp
How it drifted, 12 quarters
Over this window promoters fell from 73.8% to 67.2% — −6.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.8%, DIIs 0.0%, Public 26.1%.Dec '23: Promoters 73.8%, DIIs 0.0%, Public 26.1%.Mar '24: Promoters 73.3%, DIIs 0.0%, Public 26.7%.Jun '24: Promoters 73.3%, DIIs 0.0%, Public 26.7%.Sep '24: Promoters 65.3%, FIIs 0.1%, DIIs 0.6%, Public 34.0%.Dec '24: Promoters 67.2%, FIIs 0.1%, DIIs 0.5%, Public 32.2%.Mar '25: Promoters 67.2%, FIIs 0.1%, DIIs 0.5%, Public 32.1%.Jun '25: Promoters 67.2%, FIIs 0.1%, DIIs 0.5%, Public 32.2%.Sep '25: Promoters 67.2%, FIIs 0.1%, DIIs 0.5%, Public 32.2%.Dec '25: Promoters 67.2%, FIIs 0.1%, DIIs 0.5%, Public 32.2%.Mar '26: Promoters 67.2%, FIIs 0.1%, DIIs 1.1%, Public 31.6%.Jun '26: Promoters 67.2%, FIIs 0.1%, DIIs 1.4%, Public 31.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Bharat Parenter. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Desai Shares And Stock Private Limited | 39.67% | unchanged |
| Himaben Bharatbhai Desai | 13.97% | unchanged |
| Bharatkumar Rameshchandra Desai | 10.76% | unchanged |
| Asoj Soft Caps Pvtltd(Anchor) | 4.94% | unchanged |
| Ashish Kacholia | 1.87% | unchanged |
| Madhulika Agarwal | 1.87% | unchanged |
| Sohini Girish Patel | 1.41% | unchanged |
| Manohar Devabhaktuni | 1.37% | unchanged |
| Bhahim Bharatkumar Desai | 1.29% | unchanged |
| Nikita Bhahim Desai | 1.22% | unchanged |
| Rajasthan Global Securities Private Limited NBFC / DFI | 1.08% | unchanged |
| Varenyam Healthcare Private Limited | 0.24% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Bharat Parenter.
Guides on how to read this kind of business and the numbers that matter.