Oncology-focused pharma: branded oncology/derma drugs, CDMO manufacturing, APIs, and IVF products via Nivian.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 58.0 | +6.5% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 11.0 | +2.3 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 3.7 | +145.7% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 11.64 | −7.0 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | -4.17 | −3.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 15.32 | −16.2 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
2 of 6 judged targets kept · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Derma Division Profitability | Profit from Cosmetology division by September 2025 | Q4 FY25 | Confirmed that the Derma division has been EBITDA positive for the last 6 months of FY26. | Achieved |
| EBITDA Margin | Projected between 23% to 25% | Q4 FY25 | Achieved 22.57% for full year FY26, falling short of the 23-25% guided range. | Missed |
| EU GMP Approval | Audit expected between October and December 2025 | Q4 FY25 | Audit further delayed due to new EU rules. Now scheduled for September 2026 after dossier submission. | Delayed |
4 of Beta Drugs Ltd's 13 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 10 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,800 on 24 Oct 2025 → ₹1,934.2. High ₹2,668.3 (11 Aug 2026), low ₹1,030.3 (25 Feb 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Beta Drugs Limited manufactures and markets oncology and dermatology (cosmeceutical) formulations in India, sold under its own brands, while also acting as a contract development and manufacturing organisation (CDMO) producing oncology formulations for other large generic and formulation companies. It backward-integrates by manufacturing a large share of its own oncology API in-house through subsidiary Adley Lab Limited, and exports formulations to regulated and semi-regulated markets. In FY26 it acquired a majority stake in Nivian Lifesciences, extending the group into branded IVF/fertility pharmaceutical products distributed through gynaecologists, IVF labs and fertility clinics across India.
Segments
close before → close after
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.
Guidance
2 of 6 judged targets kept · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Derma Division Profitability | Profit from Cosmetology division by September 2025 | Q4 FY25 | Confirmed that the Derma division has been EBITDA positive for the last 6 months of FY26. | Achieved |
| EBITDA Margin | Projected between 23% to 25% | Q4 FY25 | Achieved 22.57% for full year FY26, falling short of the 23-25% guided range. | Missed |
| EU GMP Approval | Audit expected between October and December 2025 | Q4 FY25 | Audit further delayed due to new EU rules. Now scheduled for September 2026 after dossier submission. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 13 tracked commitments, with each call’s wording and source.
Call summaries
Beta Drugs Ltd Q4 FY26
Beta Drugs Limited reported a robust Q4 FY26 with net revenue growing to INR396 crores and EBITDA margins expanding to 22.57%. Strong performance in branded sales and the Derma segment, which turned EBITDA positive, were key highlights. The company also completed the strategic acquisition of Nivian Lifesciences. However, export sales and CDMO growth were impacted by tender delays and supply issues with Platins, respectively.
Read the full callBeta Drugs Ltd Q2 FY26
Beta Drugs Ltd reported a solid H1 FY26 with 13% revenue growth and 17% EBITDA growth, driven by strategic market entries and backward integration. Despite a slight dip in gross margins due to product mix and H1 growth being below annual targets, management expects a strong H2, particularly in exports, and is progressing on regulatory approvals and new product launches, including biosimilars.
Read the full callBeta Drugs Ltd Q4 FY25
Beta Drugs Limited reported strong financial performance for FY25, with consolidated revenue growing 22.5% to ₹362.35 crores and net profit increasing 25.8% to ₹45.83 crores. The exports segment was a key growth driver, surging 73%. The company is actively expanding its product pipeline, pursuing regulated market approvals, and expects its Cosmetology division to turn profitable soon, despite some production disruptions due to an audit and delays in Mainboard migration.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +146% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 48 | 54 | 66 | 54 | 50 | 54 | 56 | 58 |
| Expenses | 43 | 48 | 59 | 50 | 44 | 45 | 46 | 52 |
| Operating profit | 6 | 5 | 8 | 5 | 7 | 10 | 10 | 6 |
| Operating margin | 11.8% | 9.8% | 11.3% | 8.7% | 13.0% | 17.9% | 18.2% | 11.0% |
| Other income | -1 | 2 | 3 | 3 | 3 | 3 | 2 | 2 |
| Interest | 1 | 3 | 3 | 3 | 3 | 3 | 2 | 1 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 3 | 2 | 3 |
| Profit before tax | 1 | 2 | 6 | 2 | 3 | 7 | 8 | 5 |
| Tax rate | 25.0% | 30.9% | 25.1% | 28.8% | 3.6% | 24.5% | 25.2% | 25.4% |
| Net profit | 1 | 1 | 4 | 2 | 3 | 5 | 6 | 4 |
| EPS (₹ per share) | 0.74 | 1.38 | 4.19 | 1.50 | 3.21 | 5.26 | 5.35 | 3.34 |
| Line item | Mar 2026 |
|---|---|
| Sales | 225 |
| Expenses | 197 |
| Operating profit | 29 |
| Other income | 11 |
| Interest | 12 |
| Depreciation | 10 |
| Profit before tax | 18 |
| Net profit | 14 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 10 | 10 | 10 | 10 | 10 | 11 |
| Reserves | 87 | 106 | 119 | 211 | 139 | 307 |
| Borrowings | 6 | 6 | 128 | 146 | 130 | 21 |
| Other liabilities | 32 | 49 | 60 | 121 | 55 | 59 |
| Total liabilities | 134 | 170 | 317 | 488 | 335 | 398 |
| Fixed assets | 35 | 36 | 53 | 112 | 76 | 77 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 7 | 6 | 6 | 0 | 6 | 75 |
| Other assets | 93 | 128 | 257 | 376 | 254 | 246 |
| Total assets | 134 | 170 | 317 | 488 | 335 | 398 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 12 | 19 | 10 | 21 | 18 | 19 |
| Cash from investing | -3 | -13 | -6 | -11 | -21 | -31 |
| Cash from financing | -4 | 1 | -2 | -1 | 118 | -11 |
| Net cash flow | 4 | 7 | 2 | 9 | 115 | -24 |
| Free cash flow | 8 | 9 | 3 | 15 | -6 | -13 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 96 | 92 | 101 | 93 | 81 | 87 |
| Inventory days | 65 | 44 | 60 | 71 | 84 | 94 |
| Days payable | 111 | 101 | 102 | 116 | 124 | 132 |
| Cash conversion cycle | 49 | 34 | 59 | 48 | 41 | 49 |
| Working capital days | 81 | 63 | 83 | 72 | 53 | 74 |
| Return on capital employed | 16.0% | 27.0% | 28.0% | 27.0% | 16.0% | 11.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 58.91% as of Sept 2026; institutions added 0.57 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Beta Drugs Ltd above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 58.21% | −0.19 pp | |
| 6.11% | unchanged | |
| 4.43% | −0.48 pp | |
| VC / PE | 4.28% | +0.19 pp |
| VC / PE | 2.00% | +0.09 pp |
| AIF | 1.59% | unchanged |
| 1.19% | unchanged | |
| 1.13% | unchanged | |
| 1.01% | newly disclosed | |
| 0.37% | unchanged | |
| 0.31% | unchanged | |
| NBFC / DFI | 0.01% | 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.
Your own record
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