Pharmaceuticals & Drugs · Founded 1989 · www.ayurvedganga.com · BSE 539680 · · ISIN INE615T01017
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Business
Ganga Pharmaceuticals Ltd. is an Indian company operating in the Pharmaceuticals & Drugs sector. Its core business likely involves the research, development, manufacturing, and marketing of pharmaceutical products. This typically includes a range of formulations (e.g., tablets, capsules, injectables, liquids) and potentially Active Pharmaceutical Ingredients (APIs). The company's business model would involve selling these products to a diverse customer base, including hospitals, pharmacies, government healthcare programs, and distributors, both domestically and potentially in international markets. Revenue is generated directly from the sale of these pharmaceutical products.
Revenue Mix
Without specific company data, the key segments for a typical Indian pharmaceutical company like Ganga Pharmaceuticals could include:
Formulations (Branded Generics/Generics): Sale of finished dosage forms.
Active Pharmaceutical Ingredients (APIs): Sale of bulk drug substances to other manufacturers.
Therapeutic Areas: Focus on specific disease categories (e.g., anti-infectives, cardiology, diabetology, oncology).
Geographical Markets: Domestic sales vs. International sales (e.g., regulated markets like US, Europe; or emerging markets).
Specific revenue contributions from these segments for Ganga Pharmaceuticals Ltd. are not publicly available based on the provided information.
Industry
The Indian pharmaceutical industry is one of the largest globally by volume and a significant player by value, characterized by its strong generics manufacturing capabilities, cost-effectiveness, and increasing focus on R&D. It is a highly competitive and fragmented industry with numerous domestic and international players. Positioning for Ganga Pharmaceuticals Ltd. would depend on its specific product portfolio (e.g., focus on specialty drugs, chronic therapies, OTC products), its market presence (domestic strength, export focus to regulated vs. unregulated markets), manufacturing capabilities, and regulatory approvals. Without specific details, it is difficult to ascertain its exact standing relative to larger, more established peers or niche players within the vast Indian pharma landscape.
MOAT
Without specific information on Ganga Pharmaceuticals Ltd., potential competitive advantages (moats) for a pharmaceutical company in India could include:
Cost-Effective Manufacturing: Ability to produce drugs at significantly lower costs due to economies of scale, process efficiencies, and cheaper labor/input costs in India.
Strong Distribution Network: Deep reach into various parts of India or specific international markets.
Regulatory Approvals & Quality Standards: A track record of obtaining and maintaining approvals from stringent global regulatory bodies (e.g., US FDA, European EMA).
Process R&D Capabilities: Expertise in developing cost-effective synthesis routes for complex molecules.
Product Portfolio & Brand Recognition: A strong portfolio of established brands in specific therapeutic areas, particularly within the domestic market.
It is not possible to confirm which, if any, of these advantages Ganga Pharmaceuticals Ltd. specifically possesses.
Growth Drivers
Key factors that could drive growth for Ganga Pharmaceuticals Ltd. over the next 3-5 years include:
Increasing Healthcare Expenditure: Rising disposable incomes, government healthcare initiatives, and health insurance penetration in India and other emerging markets.
Growing Burden of Chronic Diseases: Increasing incidence of lifestyle diseases like diabetes, cardiovascular ailments, and cancer.
Patent Expiries: Opportunities to launch generic versions of off-patent innovator drugs in regulated markets.
Export Opportunities: Continued demand for affordable generics in global markets, particularly in North America, Europe, and emerging economies.
New Product Launches: Introduction of new drugs, formulations, or entry into new therapeutic areas.
Risks
Key risks for Ganga Pharmaceuticals Ltd. are typical for the Indian pharmaceutical industry:
Intense Competition & Pricing Pressure: High competition, especially in generics, leading to price erosion in both domestic and international markets.
Regulatory Changes: Strict and evolving regulatory landscape in India and key export markets, including increased scrutiny on manufacturing practices (GMP), pricing controls, and quality control.
Currency Fluctuations: Exposure to foreign exchange rate volatility, especially for companies with significant export revenues or imported raw materials.
R&D and Product Failure: Risks associated with product development, clinical trials, and regulatory approval processes.
Intellectual Property Challenges: Litigation and disputes related to patent infringement.
Supply Chain Disruptions: Dependency on raw material sourcing (potentially from China) and logistics challenges.
Management & Ownership
In India, many pharmaceutical companies, especially those of varying sizes, are typically promoter-led. This often means the founding family or group maintains a significant ownership stake and plays a crucial role in strategic decision-making. Management quality would depend on the experience, vision, and execution capabilities of the leadership team, including both the promoters and any professional managers they employ. Without specific details, it's presumed that Ganga Pharmaceuticals Ltd. likely has a promoter group holding a significant stake, alongside institutional and public shareholders.
Outlook
The Indian pharmaceutical sector generally benefits from strong underlying demand drivers globally and domestically, including an aging population, rising healthcare awareness, and increasing access to medicines. For Ganga Pharmaceuticals Ltd., this broad positive industry trend provides a conducive environment for growth. However, the company faces significant headwinds from intense competition, continuous pricing pressure, and an increasingly stringent global regulatory environment. Its future performance will largely depend on its ability to effectively navigate these challenges, innovate within its chosen segments, maintain high-quality manufacturing standards, and strategically expand its market reach. Success will hinge on operational efficiencies, smart product portfolio choices, and adept management of regulatory compliance.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Mar 2016 | Sep 2016 | Mar 2017 | Sep 2017 | Mar 2018 |
|---|---|---|---|---|---|
| Net Sales | 2 | 1 | 1 | 1 | 2 |
| Other Income | 0 | 0 | 1 | 0 | 0 |
| Total Income | 2 | 1 | 2 | 1 | 2 |
| Total Expenditure | 1 | 1 | 2 | 1 | 2 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 |
| Adjustments | -0 | 0 | -0 | 0 | -0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0 | 0 | 0.1 | 0 | 0.2 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 3 | 3 | 3 | 3 | 3 | 3 | 2 | 2 | 3 | 3 | 3 | 5 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Income | 3 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 6 |
| Total Expenditure | 2 | 2 | 3 | 3 | 3 | 3 | 2 | 2 | 3 | 3 | 3 | 6 |
| Operating Profit | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted Earnings Per Share | 0.1 | 0.1 | 0.2 | 0.2 | 0.5 | 0.5 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 14% | 0% | 0% |
| Operating Profit CAGR | 0% | 0% | -100% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -19% | -5% | 10% | -1% |
| ROE Average | 1% | 1% | 1% | 2% |
| ROCE Average | 3% | 3% | 3% | 5% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 3 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 7 | 7 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 2 |
| Total Liabilities | 5 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Non-Current Assets | 2 | 2 | 3 | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 1 |
| Total Current Assets | 2 | 5 | 4 | 5 | 4 | 4 | 5 | 5 | 5 | 6 | 7 |
| Total Assets | 5 | 7 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 0 | -1 | 0 | 0 | 0 | -0 | -0 | -0 | -0 | -1 | -1 |
| Cash Flow from Investing Activities | -0 | -1 | 1 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Cash Flow from Financing Activities | -0 | 2 | -0 | -0 | -0 | -0 | -0 | 0 | -0 | 1 | -0 |
| Net Cash Inflow / Outflow | 0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.13 | 0.12 | 0.18 | 0.23 | 0.46 | 0.46 | 0.05 | 0.09 | 0.1 | 0.1 | 0.16 |
| CEPS(Rs) | 0.28 | 0.22 | 0.29 | 0.38 | 0.59 | 0.6 | 0.18 | 0.23 | 0.24 | 0.2 | 0.26 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 10.31 | 11.18 | 12 | 12.24 | 12.69 | 13.18 | 13.23 | 13.32 | 13.42 | 13.3 | 13.46 |
| Core EBITDA Margin(%) | 7.63 | 11.21 | 10.23 | 10.53 | 12.45 | 12.55 | 1.39 | 1.69 | 0.18 | 2.11 | -4.41 |
| EBIT Margin(%) | 14.09 | 14.66 | 14.05 | 13.39 | 15.16 | 16.16 | 9.84 | 9.88 | 9.54 | 9.06 | 10.36 |
| Pre Tax Margin(%) | 1.82 | 2.6 | 3.51 | 4.15 | 7.69 | 8.28 | 1.58 | 2.06 | 2.05 | 2.31 | 3.59 |
| PAT Margin (%) | 1.24 | 1.8 | 2.46 | 3.08 | 5.56 | 6.13 | 0.86 | 1.52 | 1.52 | 1.7 | 3 |
| Cash Profit Margin (%) | 2.64 | 3.37 | 3.86 | 5 | 7.14 | 7.89 | 3.12 | 3.72 | 3.69 | 3.5 | 4.76 |
| ROA(%) | 0.64 | 0.77 | 0.99 | 1.19 | 2.34 | 2.46 | 0.27 | 0.48 | 0.49 | 0.56 | 0.9 |
| ROE(%) | 1.28 | 1.36 | 1.57 | 1.91 | 3.7 | 3.59 | 0.38 | 0.7 | 0.72 | 0.78 | 1.22 |
| ROCE(%) | 8.03 | 6.88 | 6.15 | 5.83 | 7.26 | 7.18 | 3.36 | 3.41 | 3.38 | 3.16 | 3.22 |
| Receivable days | 96.46 | 112.83 | 132.8 | 169.42 | 152.45 | 136.16 | 145.29 | 125.49 | 125.67 | 120.91 | 126.89 |
| Inventory Days | 147.61 | 148.41 | 137.24 | 135.32 | 124.61 | 130.01 | 166.98 | 167.38 | 164.6 | 161.71 | 167.7 |
| Payable days | 138.65 | 240.15 | 67.69 | 222.54 | 313.87 | 164.37 | 149.85 | 136.81 | 155.5 | 99.15 | 57.59 |
| PER(x) | 0 | 109.1 | 45.02 | 29.07 | 0 | 15.17 | 0 | 109.86 | 0 | 0 | 62.24 |
| Price/Book(x) | 0 | 1.17 | 0.68 | 0.55 | 0 | 0.53 | 0 | 0.77 | 0 | 0 | 0.76 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.64 | 2.77 | 1.64 | 1.47 | 1.69 | 1.41 | 2.43 | 2.44 | 2.27 | 2.25 | 2.29 |
| EV/Core EBITDA(x) | 10.23 | 16.61 | 10.6 | 9.61 | 10.13 | 7.84 | 20.09 | 20.18 | 19.34 | 20.74 | 18.89 |
| Net Sales Growth(%) | 1.29 | 0.85 | 14.52 | 1.4 | 10.16 | -8.44 | -22.88 | 4.83 | 3.91 | 5.78 | -3.6 |
| EBIT Growth(%) | 11.25 | 4.34 | 6.8 | -3.37 | 24.72 | -2.42 | -53.03 | 5.27 | 0.31 | 0.49 | 10.18 |
| PAT Growth(%) | 11.86 | 45.26 | 52.38 | 26.77 | 99.05 | 0.87 | -89.22 | 86.16 | 3.74 | 18.6 | 69.52 |
| EPS Growth(%) | 11.87 | -8.55 | 52.41 | 26.79 | 99.01 | 0.87 | -89.22 | 86.23 | 3.75 | -0.41 | 69.5 |
| Debt/Equity(x) | 0.81 | 0.48 | 0.44 | 0.41 | 0.36 | 0.28 | 0.32 | 0.36 | 0.34 | 0.21 | 0.22 |
| Current Ratio(x) | 1.94 | 3.77 | 2.59 | 1.94 | 2.24 | 2.73 | 2.86 | 2.91 | 2.72 | 4.81 | 4.28 |
| Quick Ratio(x) | 1.08 | 2.83 | 1.9 | 1.46 | 1.65 | 2.09 | 2.15 | 2.23 | 2.09 | 3.77 | 3.55 |
| Interest Cover(x) | 1.15 | 1.22 | 1.33 | 1.45 | 2.03 | 2.05 | 1.19 | 1.26 | 1.27 | 1.34 | 1.53 |
| Total Debt/Mcap(x) | 0 | 0.41 | 0.64 | 0.75 | 0 | 0.51 | 0 | 0.46 | 0 | 0 | 0.29 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.71 | 66.71 | 66.71 | 56.02 | 56.02 | 56.02 | 56.02 | 50.91 | 50.91 | 50.91 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 33.29 | 33.29 | 33.29 | 43.98 | 43.98 | 43.98 | 43.98 | 49.09 | 49.09 | 49.09 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.14 | 0.14 | 0.14 | 0.21 | 0.21 | 0.21 | 0.21 | 0.29 | 0.29 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.41 | 0.41 | 0.41 | 0.48 | 0.48 | 0.48 | 0.48 | 0.59 | 0.59 | 0.59 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | +14% | 0% | 0% |
| Operating Profit CAGR | — | — | -100% | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -19% | -5% | +10% | -1% |
| ROE Average | +1% | +1% | +1% | +2% |
| ROCE Average | +3% | +3% | +3% | +5% |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 66.71 | 66.71 | 66.71 | 56.02 | 56.02 | 56.02 | 56.02 | 50.91 | 50.91 | 50.91 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 33.29 | 33.29 | 33.29 | 43.98 | 43.98 | 43.98 | 43.98 | 49.09 | 49.09 | 49.09 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.3 | 0.3 | 0.3 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.14 | 0.14 | 0.14 | 0.21 | 0.21 | 0.21 | 0.21 | 0.29 | 0.29 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.41 | 0.41 | 0.41 | 0.48 | 0.48 | 0.48 | 0.48 | 0.59 | 0.59 | 0.59 |
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