Pharmaceuticals & Drugs · Founded 1994 · www.unjhaformulations.com · BSE 531762 · · ISIN INE576D01015
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Business
Unjha Formulations Ltd. is an Indian pharmaceutical company primarily engaged in the manufacturing, marketing, and distribution of pharmaceutical formulations. Its core business model revolves around developing various dosage forms (like tablets, capsules, liquids, etc.) for a range of therapeutic areas. The company likely focuses on the generic drugs segment, producing off-patent medicines. It generates revenue by selling these pharmaceutical products to hospitals, pharmacies, government agencies, and through a network of distributors, serving both domestic and potentially international markets.
Revenue Mix
Specific revenue breakdowns for Unjha Formulations Ltd. are not publicly available in detail without access to financial reports. However, for a formulations company in India, potential key segments often include:
Therapeutic Areas: (e.g., anti-infectives, pain management, gastrointestinal, cardiovascular, derma, etc.)
Dosage Forms: (e.g., solid orals, liquids, injectables, topical preparations)
Market Geography: (e.g., Domestic India sales vs. Exports)
Given the name "Unjha," there might also be a specialization or strong historical connection to Ayurvedic or herbal formulations, which could constitute a distinct segment if pursued.
Industry
The Indian pharmaceutical industry is highly dynamic, competitive, and a significant global player, particularly in generic drugs. It is characterized by intense price competition, stringent regulatory requirements, and a strong focus on manufacturing cost efficiency. The industry benefits from increasing healthcare expenditure, a growing burden of chronic diseases, and rising health awareness. Unjha Formulations Ltd. likely operates as a small to mid-sized player within this fragmented landscape. Its positioning would depend on its specific therapeutic focus, manufacturing capabilities, and distribution reach, competing with numerous domestic and multinational companies, including larger generic manufacturers with established scale and market presence.
MOAT
For a company like Unjha Formulations, durable competitive advantages (moats) are challenging to establish, especially against larger, more diversified players. Potential advantages could include:
Cost Efficiency in Manufacturing: Ability to produce formulations at a competitive cost, essential for generic markets.
Regulatory Expertise: Proficiency in navigating the complex regulatory approval processes in India and potential export markets.
Established Distribution Network: A robust network within its target markets to ensure product reach.
Niche Specialization: If the company focuses on specific therapeutic areas or unique formulations (e.g., Ayurvedic/herbal products if applicable), it could carve out a niche.
Product Portfolio: A well-curated portfolio of stable, in-demand generic products.
Brand recognition for specific products, particularly in the over-the-counter (OTC) segment, could also be a minor advantage.
Growth Drivers
Key factors that can drive growth for Unjha Formulations Ltd. over the next 3-5 years include:
Growing Domestic Pharma Market: Increasing healthcare access, rising income levels, and a growing burden of both communicable and non-communicable diseases in India.
New Product Launches: Introduction of new generic formulations, especially in high-growth or underserved therapeutic areas.
Capacity Expansion: Increasing manufacturing capabilities to meet growing demand or enter new markets.
Geographic Expansion: Venturing into new states within India or exploring export opportunities in regulated or semi-regulated markets.
Government Healthcare Initiatives: Programs like Ayushman Bharat boosting demand for affordable generic medicines.
Focus on Speciality Segments: Developing expertise in niche therapeutic areas can command better margins.
Risks
Intense Competition and Price Erosion: The generic market is highly competitive, leading to constant pressure on pricing and margins.
Regulatory Changes: Stricter drug pricing policies, manufacturing standards, or approval processes from regulatory bodies in India and abroad.
Raw Material Price Volatility: Dependence on Active Pharmaceutical Ingredients (APIs) and excipients, whose prices can fluctuate due to supply chain disruptions or global demand.
Product Obsolescence: Generic products can face rapid competition once other manufacturers launch similar versions.
Quality Control & Compliance: Any lapses in manufacturing quality or regulatory compliance can lead to product recalls, reputational damage, and financial penalties.
Currency Fluctuations: For companies involved in exports or imports, adverse currency movements can impact profitability.
Management & Ownership
As is common with many Indian companies, Unjha Formulations Ltd. is likely to be promoter-driven, meaning a founding family or group holds a significant ownership stake and plays a key role in management and strategic decision-making. Specific details regarding the quality of management, their experience, or the precise ownership structure (e.g., promoter vs. institutional vs. public shareholding) are not readily available without access to detailed company filings or reports.
Outlook
Unjha Formulations operates in a sector with robust underlying growth drivers, driven by India's large population, increasing healthcare needs, and expanding affordability. The company stands to benefit from the general expansion of the Indian pharmaceutical market, particularly in the generics segment, and potential opportunities in specific therapeutic niches or export markets. However, the outlook is balanced by significant challenges including intense price competition, the ever-present risk of regulatory changes, and the need for continuous investment in R&D and quality control. Sustained growth will depend on the company's ability to maintain cost efficiency, strategically expand its product portfolio, ensure rigorous quality compliance, and effectively navigate a highly competitive and regulated environment.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 6 | 4 | 4 | 4 | 4 | 2 | 4 | 4 | 4 | 3 |
| Other Income | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 6 | 4 | 4 | 4 | 4 | 2 | 4 | 4 | 4 | 3 |
| Total Expenditure | 5 | 4 | 3 | 4 | 4 | 3 | 3 | 4 | 4 | 4 |
| Operating Profit | 0 | 0 | 1 | -0 | 0 | -0 | 0 | 1 | 0 | -0 |
| 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 | -0 | 1 | -0 | 0 | -0 | 0 | 1 | 0 | -0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | -0 | 1 | -0 | 0 | -0 | 0 | 1 | 0 | -1 |
| Adjustments | -0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | -0 | 1 | -0 | 0 | -0 | 0 | 1 | 0 | -1 |
| Adjusted Earnings Per Share | 0.9 | -0.4 | 1.6 | -0.2 | 0.5 | -0.9 | 0.9 | 1.8 | 0.5 | -1.7 |
| #(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 | 9 | 10 | 12 | 11 | 11 | 11 | 10 | 14 | 13 | 18 | 14 | 15 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 9 | 10 | 12 | 11 | 12 | 11 | 10 | 14 | 13 | 19 | 14 | 15 |
| Total Expenditure | 9 | 10 | 12 | 11 | 11 | 10 | 10 | 14 | 13 | 18 | 13 | 15 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 1 | 1 | 1 |
| 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 | 1 | 1 |
| 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 | 0.4 | 0.6 | 0.7 | 0.6 | 0.7 | 0.7 | 0.2 | 0.6 | 0.6 | 0.6 | 0.9 | 1.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -22% | 0% | 5% | 5% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -18% | 14% | 17% | 8% |
| ROE Average | 14% | 12% | 11% | 47% |
| ROCE Average | 18% | 18% | 20% | 36% |
| #(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 | 0 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 3 | 3 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3 | 2 | 3 | 3 | 2 | 2 | 2 | 1 | 1 | 2 | 1 |
| Total Liabilities | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 5 | 5 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 2 | 2 | 2 | 3 | 3 | 3 | 2 | 2 | 2 | 4 | 3 |
| Total Assets | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 3 | 3 | 5 | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 |
| Cash Flow from Operating Activities | -1 | 0 | 0 | 0 | -0 | 0 | -1 | 0 | -0 | 1 | -0 |
| Cash Flow from Investing Activities | -0 | -0 | -0 | 0 | 0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Cash Flow from Financing Activities | 0 | -0 | 0 | -0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 |
| Net Cash Inflow / Outflow | -0 | -0 | 0 | 0 | 0 | 0 | -1 | 0 | -0 | 1 | -0 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 1 | 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) | 0.39 | 0.57 | 0.66 | 0.59 | 0.67 | 0.69 | 0.23 | 0.56 | 0.63 | 0.62 | 0.91 |
| CEPS(Rs) | 0.6 | 0.76 | 0.86 | 0.81 | 0.86 | 0.86 | 0.41 | 0.73 | 0.8 | 0.8 | 1.13 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0.35 | 0.93 | 1.59 | 2.17 | 3.36 | 4.05 | 4.28 | 4.84 | 5.48 | 6.1 | 7.01 |
| Core EBITDA Margin(%) | 2.09 | 3.51 | 3.09 | 3.03 | 2.62 | 2.34 | 3.66 | 2.27 | 3.29 | 3.11 | 3.63 |
| EBIT Margin(%) | 2.08 | 3.46 | 3.24 | 2.46 | 2.76 | 4.01 | 5.03 | 3.05 | 2.95 | 2.74 | 3.83 |
| Pre Tax Margin(%) | 1.94 | 2.48 | 2.41 | 2.32 | 2.63 | 2.91 | 3.31 | 2.12 | 2.51 | 2.44 | 3.78 |
| PAT Margin (%) | 1.94 | 2.48 | 2.41 | 2.32 | 2.63 | 2.91 | 1.04 | 1.78 | 2.15 | 1.5 | 2.94 |
| Cash Profit Margin (%) | 3 | 3.3 | 3.14 | 3.21 | 3.38 | 3.65 | 1.86 | 2.32 | 2.73 | 1.94 | 3.65 |
| ROA(%) | 4.92 | 8.26 | 8.82 | 6.79 | 7.89 | 8.37 | 2.86 | 7.23 | 8.23 | 6.66 | 8.59 |
| ROE(%) | 244.18 | 89.75 | 52.48 | 31.18 | 24.22 | 18.57 | 5.55 | 12.35 | 12.22 | 10.72 | 13.88 |
| ROCE(%) | 68.66 | 73.7 | 67.61 | 32.15 | 25.41 | 25.57 | 26.8 | 21.13 | 16.76 | 19.53 | 18.11 |
| Receivable days | 32.48 | 26.13 | 21.68 | 23.01 | 33.8 | 42.85 | 38.98 | 21.54 | 24.21 | 26.23 | 41.04 |
| Inventory Days | 29.47 | 22.5 | 25.54 | 35.25 | 25.05 | 17.79 | 29.9 | 28.56 | 30.61 | 23.63 | 30.17 |
| Payable days | 171.83 | 113.9 | 101.47 | 118.76 | 113.01 | 98.23 | 93.87 | 49.53 | 38.18 | 35.61 | 52.41 |
| PER(x) | 13.33 | 16.3 | 20.47 | 21.16 | 11.92 | 8.36 | 36.78 | 16.66 | 19.83 | 30.47 | 23.99 |
| Price/Book(x) | 14.66 | 10.1 | 8.51 | 5.71 | 2.38 | 1.42 | 1.99 | 1.94 | 2.28 | 3.1 | 3.11 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.28 | 0.39 | 0.47 | 0.45 | 0.26 | 0.15 | 0.37 | 0.27 | 0.43 | 0.41 | 0.66 |
| EV/Core EBITDA(x) | 8.96 | 9.03 | 11.87 | 13.37 | 7.3 | 3.25 | 6.25 | 7.44 | 12.05 | 12.93 | 14.5 |
| Net Sales Growth(%) | 34.46 | 16.04 | 18.09 | -7.73 | 1.12 | -7.18 | -6.1 | 42.28 | -7.13 | 40.61 | -25.05 |
| EBIT Growth(%) | 44.17 | 92.64 | 10.46 | -29.81 | 13.31 | 34.77 | 17.81 | -13.66 | -10.3 | 30.63 | 5.02 |
| PAT Growth(%) | 39.76 | 48.08 | 14.86 | -11.15 | 14.35 | 2.7 | -66.42 | 143.86 | 11.88 | -1.63 | 46.64 |
| EPS Growth(%) | 39.75 | 48.08 | 14.86 | -11.15 | 14.35 | 2.69 | -66.42 | 143.86 | 11.88 | -1.63 | 46.65 |
| Debt/Equity(x) | 2.53 | 0 | 0.06 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 0.68 | 0.73 | 0.83 | 0.93 | 1.18 | 1.35 | 1.49 | 1.86 | 2.42 | 1.74 | 2.37 |
| Quick Ratio(x) | 0.43 | 0.49 | 0.42 | 0.56 | 0.93 | 1.1 | 0.78 | 1.02 | 1.23 | 1.16 | 1.64 |
| Interest Cover(x) | 14.94 | 3.54 | 3.94 | 17.91 | 21.22 | 3.65 | 2.93 | 3.26 | 6.69 | 9.31 | 65.63 |
| Total Debt/Mcap(x) | 0.17 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 |
| 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 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -22% | 0% | +5% | +5% |
| Operating Profit CAGR | 0% | 0% | 0% | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -18% | +14% | +17% | +8% |
| ROE Average | +14% | +12% | +11% | +47% |
| ROCE Average | +18% | +18% | +20% | +36% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 | 36.92 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 | 63.08 |
| 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 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 | 0.17 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
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