Pharmaceuticals & Drugs · Founded 1985 · www.gujaratterce.in · BSE 524314 · · ISIN INE499G01013
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Business
Gujarat Terce Laboratories Ltd. is a pharmaceutical company based in India. Its core business involves the manufacturing, marketing, and distribution of various pharmaceutical formulations. The company likely focuses on a range of therapeutic areas and product types, catering to the domestic Indian market. It generates revenue through the sale of its pharmaceutical products to pharmacies, hospitals, and other healthcare providers.
Revenue Mix
Specific details regarding key business segments or the precise revenue mix by product category (e.g., specific therapeutic areas like anti-infectives, pain management, vitamins, etc.) are not publicly available from the provided information. The company primarily operates within the broad Pharmaceuticals & Drugs sector.
Industry
The Indian pharmaceutical industry is highly competitive and fragmented, characterized by a strong focus on generic drugs, growing domestic demand, and an increasing presence in global markets. It is supported by a large pool of skilled scientists and engineers, and cost-effective manufacturing capabilities. Given its ticker and limited public profile compared to larger Indian pharma players, Gujarat Terce Laboratories is likely a smaller to mid-sized player within this landscape, competing with numerous regional and national companies. Its positioning would depend on its product portfolio, market reach, and specific niche areas, if any.
MOAT
Without specific details, strong competitive advantages (moats) are not immediately evident for Gujarat Terce Laboratories Ltd. In the highly generic-dominated Indian market, factors like brand loyalty are often weaker, and scale is critical for cost efficiencies and wider distribution. Smaller players typically face challenges in achieving significant economies of scale, extensive R&D, or strong intellectual property protection. Any advantage would likely stem from efficient manufacturing processes, a focused product portfolio addressing specific market needs, or established distribution channels in certain regions.
Growth Drivers
Key factors that could drive growth for the company over the next 3-5 years include:
Increasing Healthcare Expenditure: Rising disposable incomes and government initiatives are boosting healthcare spending in India.
Growing Disease Burden: Increasing prevalence of chronic and lifestyle diseases drives demand for pharmaceutical products.
Demand for Generics: India's large population and focus on affordable healthcare sustain strong demand for generic drugs.
Expanding Market Access: Improving healthcare infrastructure and insurance penetration can expand the addressable market.
Product Portfolio Expansion: Introduction of new formulations or entry into new therapeutic segments.
Risks
Key business risks include:
Intense Competition: The highly fragmented nature of the Indian pharma market leads to pricing pressure and competition for market share.
Regulatory Changes: Strict and evolving regulatory environment (e.g., drug pricing controls, manufacturing standards, approval processes) can impact operations and profitability.
Raw Material Price Volatility: Fluctuations in the cost and availability of active pharmaceutical ingredients (APIs) and other raw materials.
Product Recalls & Litigation: Risks associated with product quality issues, adverse events, or legal disputes.
Lack of Scale: Smaller players may struggle to compete on cost and distribution reach against larger, more established companies.
Management & Ownership
Information regarding the specific promoters, management quality, and detailed ownership structure is not provided. Typically, many Indian companies of this size are promoter-driven, meaning the founding family or individuals hold significant control and play a direct role in management. Management quality would depend on their experience, strategic vision, and governance practices, which cannot be assessed without further information.
Outlook
Gujarat Terce Laboratories operates in a fundamentally growing Indian pharmaceutical market driven by demographic trends and increasing healthcare needs. This provides a positive backdrop for sustained demand for its products. However, as a potentially smaller or mid-sized player, the company faces significant challenges from intense competition, price sensitivity in the generics market, and the need to navigate a complex regulatory landscape. Its future performance will largely depend on its ability to effectively manage costs, innovate within its chosen segments, maintain product quality, and efficiently expand its market reach in a highly competitive environment.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 12 | 13 | 12 | 12 | 13 | 13 | 12 | 11 | 13 | 12 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 12 | 13 | 12 | 12 | 13 | 13 | 12 | 11 | 13 | 12 |
| Total Expenditure | 11 | 12 | 11 | 12 | 12 | 12 | 11 | 11 | 11 | 11 |
| Operating Profit | 1 | 1 | 1 | 0 | 2 | 1 | 1 | 0 | 2 | 1 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 1 | 1 | -0 | 2 | 1 | 1 | -0 | 2 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | -0 | 4 | -0 | 0 | 0 |
| Profit After Tax | 0 | 1 | 1 | -0 | 1 | 1 | -3 | -0 | 1 | 1 |
| Adjustments | -0 | -0 | 0 | -0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Profit After Adjustments | 0 | 1 | 1 | -0 | 1 | 1 | -3 | -0 | 1 | 1 |
| Adjusted Earnings Per Share | 0.5 | 0.9 | 0.7 | -0.1 | 2 | 1.4 | -4.6 | -0.1 | 1.9 | 1 |
| #(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 | 26 | 25 | 25 | 29 | 31 | 38 | 25 | 40 | 47 | 48 | 50 | 48 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 27 | 25 | 26 | 29 | 31 | 38 | 26 | 40 | 47 | 48 | 51 | 48 |
| Total Expenditure | 26 | 25 | 25 | 29 | 31 | 37 | 28 | 39 | 49 | 47 | 46 | 44 |
| Operating Profit | 1 | 0 | 1 | 1 | 1 | 1 | -2 | 1 | -2 | 2 | 4 | 4 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 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 | -3 | 1 | -3 | 1 | 3 | 4 |
| Provision for Tax | 0 | 0 | 0 | 0 | -0 | 0 | -0 | -0 | -1 | 0 | 4 | 4 |
| Profit After Tax | 0 | -1 | -0 | 0 | 0 | 0 | -3 | 1 | -2 | 0 | -1 | -1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -1 | -0 | 0 | 0 | 0 | -3 | 1 | -2 | 0 | -1 | -1 |
| Adjusted Earnings Per Share | 0.1 | -0.9 | -0 | 0.4 | 0.6 | 0.4 | -3.4 | 1.2 | -2.3 | 0.3 | -1.3 | -1.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 4% | 8% | 6% | 7% |
| Operating Profit CAGR | 100% | 59% | 32% | 15% |
| PAT CAGR | 0% | NAN% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -37% | 16% | 30% | 16% |
| ROE Average | -15% | -11% | -10% | -4% |
| ROCE Average | 41% | 12% | 6% | 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 | 11 | 10 | 10 | 10 | 11 | 11 | 8 | 9 | 7 | 7 | 6 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 6 | 6 | 5 | 0 | 0 | 0 | 0 | 2 | 1 | 1 | 0 |
| Other Non-Current Liabilities | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 |
| Total Current Liabilities | 8 | 7 | 6 | 7 | 7 | 9 | 12 | 13 | 17 | 12 | 13 |
| Total Liabilities | 26 | 24 | 24 | 19 | 19 | 22 | 22 | 27 | 27 | 22 | 22 |
| Fixed Assets | 6 | 6 | 6 | 2 | 2 | 2 | 2 | 4 | 4 | 4 | 4 |
| Other Non-Current Assets | 3 | 4 | 5 | 8 | 8 | 8 | 7 | 7 | 7 | 7 | 7 |
| Total Current Assets | 17 | 15 | 13 | 10 | 9 | 12 | 12 | 15 | 16 | 11 | 12 |
| Total Assets | 26 | 24 | 24 | 19 | 19 | 22 | 22 | 27 | 27 | 22 | 22 |
| #(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 | 1 | 2 | 0 | 1 | 1 | 0 | 0 | 1 | 2 | 2 | 0 |
| Cash Flow from Operating Activities | 1 | 0 | 0 | 5 | -1 | -2 | -0 | -0 | 0 | 3 | 3 |
| Cash Flow from Investing Activities | 0 | -0 | 0 | 1 | -0 | -0 | -0 | -2 | 1 | -0 | 0 |
| Cash Flow from Financing Activities | -1 | -1 | -0 | -5 | 0 | 2 | 2 | 2 | -0 | -4 | -3 |
| Net Cash Inflow / Outflow | 1 | -1 | 0 | 0 | -1 | -0 | 1 | -1 | 1 | -2 | 1 |
| Closing Cash & Cash Equivalent | 2 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 2 | 0 | 1 |
| # | 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) | 0.12 | -0.91 | -0.02 | 0.36 | 0.58 | 0.37 | -3.4 | 1.18 | -2.25 | 0.33 | -1.32 |
| CEPS(Rs) | 0.34 | -0.65 | 0.23 | 0.61 | 0.87 | 0.7 | -3.16 | 1.55 | -1.76 | 0.82 | -0.8 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 14.87 | 13.96 | 13.55 | 14.02 | 14.6 | 14.97 | 10.33 | 11.5 | 9.25 | 9.58 | 8.26 |
| Core EBITDA Margin(%) | 2.9 | 0.65 | 0.32 | 1.11 | 1.57 | 1.82 | -10.99 | 2.78 | -4.62 | 2.64 | 7.74 |
| EBIT Margin(%) | 2.63 | 0.65 | 1.32 | 1.9 | 1.93 | 1.94 | -8.5 | 2.86 | -4.64 | 2.54 | 7.58 |
| Pre Tax Margin(%) | 1.1 | -0.86 | 0.09 | 1.12 | 1.11 | 1.16 | -10.05 | 1.86 | -6.19 | 1.13 | 6.75 |
| PAT Margin (%) | 0.34 | -2.7 | -0.06 | 0.93 | 1.39 | 0.74 | -10.01 | 2.17 | -3.57 | 0.51 | -1.95 |
| Cash Profit Margin (%) | 0.93 | -1.94 | 0.69 | 1.57 | 2.08 | 1.38 | -9.31 | 2.86 | -2.79 | 1.27 | -1.18 |
| ROA(%) | 0.35 | -2.66 | -0.06 | 1.26 | 2.23 | 1.33 | -11.44 | 3.58 | -6.18 | 0.99 | -4.4 |
| ROE(%) | 0.83 | -6.3 | -0.15 | 2.65 | 4.07 | 2.52 | -26.85 | 10.77 | -21.71 | 3.49 | -14.79 |
| ROCE(%) | 3.62 | 0.88 | 1.93 | 3.96 | 5.38 | 5.77 | -16.4 | 8.31 | -14.81 | 9.72 | 41.39 |
| Receivable days | 125.28 | 129.05 | 118.34 | 78.63 | 53.58 | 56.07 | 88.3 | 48.43 | 52.51 | 51.92 | 39.02 |
| Inventory Days | 56.11 | 60.56 | 59.52 | 48.84 | 44.51 | 35.05 | 51.99 | 46.25 | 42.37 | 31.8 | 27.66 |
| Payable days | 83.46 | 93.71 | 75.74 | 85.1 | 97.13 | 83.16 | 113.89 | 87.45 | 99.1 | 115.81 | 87.27 |
| PER(x) | 52.15 | 0 | 0 | 32.33 | 15.61 | 17.01 | 0 | 22.24 | 0 | 161.33 | 0 |
| Price/Book(x) | 0.43 | 0.51 | 1.01 | 0.84 | 0.62 | 0.42 | 0.67 | 2.27 | 1.8 | 5.53 | 7.4 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.42 | 0.48 | 0.66 | 0.29 | 0.23 | 0.19 | 0.34 | 0.65 | 0.38 | 0.9 | 0.91 |
| EV/Core EBITDA(x) | 12.88 | 33.87 | 31.93 | 11.39 | 8.94 | 7.48 | -4.39 | 18.31 | -9.74 | 27.12 | 10.87 |
| Net Sales Growth(%) | -8.21 | -5.62 | 1.17 | 14.74 | 6.95 | 20.99 | -32.94 | 59.4 | 16.57 | 2.55 | 4.63 |
| EBIT Growth(%) | -5.93 | -77.07 | 106.06 | 65.61 | 8.76 | 21.35 | -394.18 | 153.61 | -289.31 | 156.16 | 211.95 |
| PAT Growth(%) | -62.03 | -838.22 | 97.8 | 1928.47 | 59.74 | -36.15 | -1012.54 | 134.61 | -291.63 | 114.57 | -501.93 |
| EPS Growth(%) | -62.02 | -838.14 | 97.8 | 1928.47 | 59.73 | -36.15 | -1012.52 | 134.61 | -291.62 | 114.57 | -501.86 |
| Debt/Equity(x) | 0.74 | 0.69 | 0.7 | 0.04 | 0.06 | 0.23 | 0.62 | 0.78 | 1.06 | 0.54 | 0.15 |
| Current Ratio(x) | 2.16 | 2.23 | 2.08 | 1.34 | 1.38 | 1.28 | 1.03 | 1.17 | 0.97 | 0.92 | 0.95 |
| Quick Ratio(x) | 1.64 | 1.57 | 1.42 | 0.8 | 0.82 | 0.91 | 0.71 | 0.68 | 0.7 | 0.6 | 0.66 |
| Interest Cover(x) | 1.71 | 0.43 | 1.07 | 2.44 | 2.36 | 2.49 | -5.47 | 2.86 | -3.01 | 1.8 | 9.16 |
| Total Debt/Mcap(x) | 1.72 | 1.36 | 0.69 | 0.04 | 0.1 | 0.55 | 0.92 | 0.34 | 0.59 | 0.1 | 0.02 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 37.01 | 37.03 | 37.03 | 37.03 | 37.03 | 37.03 | 37.03 | 37.03 | 40.03 | 40.03 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 62.99 | 62.97 | 62.97 | 62.97 | 62.97 | 62.97 | 62.97 | 62.97 | 59.97 | 59.97 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.31 | 0.31 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.78 | 0.78 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +4% | +8% | +6% | +7% |
| Operating Profit CAGR | +100% | +59% | +32% | +15% |
| PAT CAGR | — | 0% | — | — |
| Share Price CAGR | -37% | +16% | +30% | +16% |
| ROE Average | -15% | -11% | -10% | -4% |
| ROCE Average | +41% | +12% | +6% | +5% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 37.01 | 37.03 | 37.03 | 37.03 | 37.03 | 37.03 | 37.03 | 37.03 | 40.03 | 40.03 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 62.99 | 62.97 | 62.97 | 62.97 | 62.97 | 62.97 | 62.97 | 62.97 | 59.97 | 59.97 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.27 | 0.31 | 0.31 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 | 0.47 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.78 | 0.78 |
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