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Bal Pharma Limited (BALPHARMA) Fair Value & Analysis

Healthcare · IN · Market cap ₹1.3B

BP Bal Pharma Limited BALPHARMA · NSE
Price₹90.50
Fair Value₹79.82
Upside-11.8%
Quality35/100
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Expensive Growth
Thin margins · 2.0% net margin
Low debt · negative free cash flow
1.42% dividend yield
Mixed vs. peers (7/13)
Narrow moat 29/100
Evidence: High Range ₹54.24 – ₹100.72 Share as image

Fair value as of: Aug 2, 2026

From 16 valuation models · updated 11 days ago

Fair value updated Aug 2, 2026, revised from ₹86.52 to ₹79.82 (−7.7%) since Jun 29, 2026. Share price +14.3% over the past month.

Below-average quality, and screening another 12% overvalued on our models.

What matters now

  • A fairly wide model range (₹54.24 to ₹100.72) leaves room in how you read the outcome.
  • Our model range runs from ₹54.24 (bear) to ₹100.72 (bull), base ₹79.82. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 35/100 (below-average quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

₹149.20 ₹57.27 Fair Value ₹79.82 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range ₹57.27 – ₹149.20 · fair‑value band ₹54.24 – ₹100.72 · the ₹90.50 price screens above the ₹79.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 2, 2026.

Full chart & analysis →

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Analysis

Bal Pharma Limited (BALPHARMA) currently trades at ₹90.50, while our model-based Fair Value estimate is ₹79.82, implying the stock looks roughly 11.8% overvalued today. The Quality Score stands at 35/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Bal Pharma Limited generated revenue of ₹3.1B at a net margin of 2.0%. Revenue grew 2.7% year over year. It earns a return on equity of 7.9%. Net debt stands at ₹1.5B. Fundamentals as of Aug 2, 2026

Our scenario range runs from ₹54.24 (bear case) to ₹100.72 (bull case); at ₹90.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at -12%, BALPHARMA screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income ₹40.04 ₹41.62 ₹42.83 76
ROIC Compounder ₹83.37 ₹104.83 ₹128.99 72
Gordon GGM ₹9.32 ₹16.80 ₹23.13 70
All 16 models by family
Earnings-Based
Graham-Dodd ₹26.84 ₹86.52 ₹115.46 54
Lynch FV ₹19.23 ₹27.47 ₹35.71 50
PEG = 1.0 ₹19.23 ₹27.47 ₹35.71 46
EPV ₹78.67 ₹91.52 ₹102.22 59
Dividend Discount
Gordon GGM ₹9.32 ₹16.80 ₹23.13 70
DDM Multi-Stage ₹9.32 ₹14.73 ₹17.95 61
Multiples
P/E Multiple ₹65.12 ₹86.83 ₹108.53 63
P/S Multiple ₹50.32 ₹67.09 ₹83.87 58
P/B Multiple ₹50.32 ₹67.09 ₹83.87 55
EV/EBIT ₹151.27 ₹206.85 ₹262.44 53
EV/EBITDA ₹194.91 ₹265.04 ₹335.17 54
EV/Revenue ₹103.53 ₹154.54 ₹205.55 43
Asset-Based
NCAV (Graham) ₹25.82 ₹34.60 ₹51.65 50
Economic Profit
Residual Income ₹40.04 ₹41.62 ₹42.83 76
ROIC Compounder ₹83.37 ₹104.83 ₹128.99 72
Growth Earnings
Growth-Adj P/E ₹54.24 ₹77.48 ₹100.72 68

Widest divergence: Multiples (₹86.83) versus Dividend Discount (₹14.73). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) ₹3.1B
Revenue growth (YoY) +2.7%
Net margin 2.0%
Return on equity 7.9%
Free cash flow −₹40.8M FY2026
P/E ratio 20.9
More key figures
Operating margin 8.9%
EPS (TTM) ₹3.95
Dividend yield 1.4%
EPS growth (YoY) -33.5%
Net debt ₹1.5B FY2026

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 35/100

Of which business quality 35 · Market factors (momentum, volatility) 57

Profitability 36
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 11
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 51
Distance to the 52-week high (market factor)
Net Issuance 39
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Bal Pharma Limited, together with its subsidiaries, manufactures and markets pharmaceutical formulations and active pharmaceutical ingredients (APIs) in India and internationally. The company offers prescription drugs, generics, OTC products, intravenous infusion products, and bulk drugs.

Full company description

Bal Pharma Limited, together with its subsidiaries, manufactures and markets pharmaceutical formulations and active pharmaceutical ingredients (APIs) in India and internationally. The company offers prescription drugs, generics, OTC products, intravenous infusion products, and bulk drugs. It also provides anti-infectives, pain management, respiratory care, and women's health products under the Aziwin, Ebay, Balvibe, MNF, Ocium, and Monogesic Plus Gel brands; diabetic care products under the Diabend and Diabend M Group brands; herbal/ayurvedic preparations targeting conditions, such as prostate enlargement, renal calculi, male infertility, and women health, etc. under the Stonex, Ashwamed, Prostowin, Suswas, Menoleap, and Ayursulin brands; anti-hypertensive, anti-lipidemic, and anti-obese products; skin care and bone health products; herbal liver protective and antioxidant; and cardiac care products under the Secremet and Servace brands. In addition, the company offers a range of APIs for therapeutic areas, such as anti-histamine, platelet inhibitor, anti-diabetic, anti-convulsant, urinary incontinence, neuropathic pain, anti-allergy, anti-inflammatory, diuretic, and acne treatment, etc.; and various formulations, including tablets, capsules, syrups, suspensions, ophthalmic, creams, and ointments. Further, it engages in the treatment of gastrointestinal disorders; and piles, fistula, and constipation. The company exports its products to approximately 30 countries. Bal Pharma Limited was incorporated in 1987 and is based in Bengaluru, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Bal Pharma Limited reported revenue of ₹3.1B in FY2026 versus ₹2.8B in FY2022, a compound +2.6%/yr. Reported net income was ₹62.8M in FY2026, compounding +2.9%/yr from FY2022.

Growth Quality 36/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹3.1B
Latest YoY
+2.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.8%
Avg. growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.0%
Revenue +2.6%/yr
FY22 ₹2.8B
FY23 ₹3.0B
FY24 ₹3.4B
FY25 ₹3.0B
FY26 ₹3.1B
Net income +2.9%/yr
FY22 ₹56.1M
FY23 ₹25.7M
FY24 ₹73.9M
FY25 ₹72.2M
FY26 ₹62.8M
Character of growth · EPS growth decomposed (2015-2026) +11.1 % p.a.
Revenue per share +3.3 pp

of which total revenue +5.0 pp · buybacks/dilution −1.7 pp

EBIT margin +4.8 pp
Tax rate +8.2 pp
Residual (interest, one-offs) −5.3 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

BALPHARMA screens 12% overvalued. Compare with Jiangsu Hengrui Pharmaceuticals Co →

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Cite: Fair Value Calculator (2026). "Bal Pharma Limited Fair Value". https://www.fairvalue-calculator.com/stock/BALPHARMA

Peer Group

Drug Manufacturers - Specialty & Generic · 623 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 35 · Bottom 25%
Fair Value upside −12% · Above median
Return on equity (TTM) 8% · Above median
Return on assets 4% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 9% · Below median
Revenue growth 3% · Below median
Dividend yield (TTM) 1.4% · Below median
Debt / equity 0.39× · Higher than 75% of peers

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 20.9× · Cheaper than median
P/B 1.60× · Cheaper than median
P/S (TTM) 0.42× · Cheaper than 75% of peers
EV/EBITDA 4.9× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 18 · sector 5
FUTURE 14 · sector 21
PAST 32 · sector 24
HEALTH 81 · sector 97
DIVIDEND 28 · sector 34

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.19 ¥25.94 -51%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,933 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹7,316 ₹1,943 -73%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,763 ₹1,329 -72%
PharmaEssentia Corporation 6446 1,285 TWD 221.01 TWD -83%
Cipla Limited CIPLA ₹1,439 ₹1,001 -30%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,151 ₹703.32 -39%
Lupin Limited LUPIN ₹2,443 ₹2,477 +1%
Mankind Pharma Limited MANKIND ₹2,484 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,211 ₹874.79 -28%

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Frequently asked questions

Is Bal Pharma Limited (BALPHARMA) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of ₹79.82 versus a price of ₹90.50, about −12% (overvalued).
What is the fair value of BALPHARMA?
Our model-based fair value for Bal Pharma Limited is ₹79.82 (as of Aug 2, 2026), built from audited fundamentals. The current price is ₹90.50.
What is the quality score of BALPHARMA?
Bal Pharma Limited has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Bal Pharma Limited (BALPHARMA)?
Bal Pharma Limited reported trailing-twelve-month revenue of about ₹3.1B (latest available figure, as of Aug 2, 2026).
What is the net profit margin of BALPHARMA?
The net profit margin of Bal Pharma Limited is about 2.0%, meaning it keeps roughly 2.0% of revenue as net income. Based on the latest reported figures.
Does Bal Pharma Limited pay a dividend?
Bal Pharma Limited currently shows a dividend yield of about 1.42% relative to its recent price (as of Aug 2, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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