Pharmaceuticals & Drugs · Founded 1989 · www.venusremedies.com / www.vmrcindia.com · BSE 526953 · NSE VENUS REMEDI · ISIN INE411B01019
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Business
Venus Remedies Ltd. is an India-based pharmaceutical company primarily engaged in manufacturing and marketing specialty pharmaceutical products. Its core business revolves around developing, producing, and distributing a wide range of injectable and oral dosage forms, with a strong focus on critical care, oncology, anti-infectives, and pain management. The company operates through both domestic and international markets, including exports to over 70 countries. It makes money by selling its proprietary and generic pharmaceutical formulations to hospitals, institutions, and pharmacies, primarily through a B2B model and an established distribution network.
Revenue Mix
Venus Remedies focuses on niche therapeutic segments. While specific percentage breakdowns of revenue by segment are not consistently disclosed, its primary focus areas include:
Critical Care: Products for life-threatening conditions.
Oncology: Medications for cancer treatment.
Anti-infectives: Antibiotics and antifungals.
Pain Management: Analgesics and anti-inflammatory drugs.
The company generates revenue from both its domestic sales within India and significant international sales through exports.
Industry
The Indian pharmaceutical industry is highly fragmented yet competitive, characterized by a mix of large integrated players and numerous smaller, specialized companies. It is a major global supplier of generic drugs. Venus Remedies positions itself as a specialized pharmaceutical player with a focus on niche and often complex therapeutic areas like critical care and oncology, particularly in injectables. It operates alongside larger domestic players and multinational companies, differentiating itself through R&D in specialized formulations and a global export footprint rather than mass-market generics.
MOAT
Venus Remedies' potential competitive advantages include:
Niche Product Focus: Specialization in critical care and oncology injectables, which often require complex manufacturing processes and regulatory expertise, creating higher barriers to entry.
R&D Capabilities: Investment in research and development, evidenced by its pipeline and various national and international patents for drug delivery systems and formulations.
Global Regulatory Approvals: Multiple manufacturing facilities approved by various international regulatory bodies (e.g., EU-GMP, WHO-GMP), facilitating access to international markets.
Backward Integration: Some degree of backward integration into API manufacturing for certain products can offer cost advantages and supply chain stability.
Growth Drivers
Expanding Global Footprint: Increased registrations and market penetration in new international markets (e.g., Europe, Latin America, Africa) for its specialty products.
New Product Launches: Introduction of novel drug delivery systems, improved formulations, and new molecules, particularly in its focus therapeutic areas of critical care and oncology.
Rising Healthcare Demand: Growing demand for specialized healthcare and medicines in both developed and emerging markets, driven by aging populations and increasing incidence of chronic diseases.
Contract Manufacturing Opportunities: Leveraging its advanced manufacturing capabilities and regulatory approvals to secure contract manufacturing and development (CDMO) partnerships.
Antibiotic Resistance: Ongoing global need for new and effective anti-infectives, an area where Venus Remedies has R&D focus.
Risks
Intense Competition: High competition from both large domestic and global pharmaceutical companies, particularly in generic segments.
Regulatory Scrutiny: Strict and evolving regulatory environments in pharmaceutical markets, including pricing controls, manufacturing standards, and approval processes, which can impact profitability and market access.
R&D Failure/Delays: The inherent risks associated with pharmaceutical R&D, where product development can be lengthy, costly, and may not always result in successful commercialization.
Currency Fluctuations: Significant exposure to foreign exchange rate volatility due to substantial export revenues.
Supply Chain Disruptions: Reliance on sourcing raw materials, which can be subject to geopolitical events, trade restrictions, or price volatility.
Intellectual Property Challenges: Risks associated with patent infringements or challenges to its intellectual property.
Management & Ownership
Venus Remedies Ltd. is promoted by the Chaudhary family. Mr. Pawan Chaudhary serves as the Chairman and Managing Director, with other family members holding key management positions. The company has a promoter-led management structure. Ownership is primarily held by the promoter group, with the remaining shares held by public shareholders, including institutional and retail investors. The management team has long-standing experience in the pharmaceutical sector.
Outlook
Venus Remedies holds potential for growth driven by its focus on niche and high-value therapeutic segments like critical care and oncology, coupled with its expanding international presence and R&D capabilities. Its established manufacturing infrastructure and global regulatory approvals provide a foundation for further market penetration and new product introductions. However, the company operates in a highly competitive and regulated industry, facing risks from intense pricing pressures, potential R&D failures, and strict regulatory oversight. Its ability to consistently innovate, manage its global supply chain effectively, and navigate complex regulatory landscapes will be crucial for sustained performance and market share gains against larger, more diversified competitors.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 195 | 109 | 170 | 177 | 198 | 137 | 193 | 180 | 259 | 179 |
| Other Income | 4 | 2 | 8 | 2 | 4 | 3 | 2 | 3 | 5 | 3 |
| Total Income | 199 | 110 | 178 | 179 | 202 | 141 | 194 | 183 | 264 | 181 |
| Total Expenditure | 176 | 97 | 163 | 159 | 166 | 122 | 162 | 143 | 196 | 145 |
| Operating Profit | 23 | 13 | 15 | 20 | 36 | 19 | 33 | 40 | 68 | 37 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 6 | 6 | 6 | 5 | 5 | 6 | 6 | 7 | 7 | 7 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 17 | 7 | 9 | 25 | 31 | 13 | 26 | 33 | 62 | 30 |
| Provision for Tax | 7 | 6 | 6 | 5 | 10 | 3 | 6 | 8 | 14 | 7 |
| Profit After Tax | 11 | 1 | 4 | 20 | 21 | 10 | 20 | 26 | 47 | 23 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 11 | 1 | 4 | 20 | 21 | 10 | 20 | 26 | 47 | 23 |
| Adjusted Earnings Per Share | 7.9 | 0.9 | 2.6 | 14.7 | 15.7 | 7.2 | 15.1 | 19.1 | 35.5 | 17.2 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 418 | 400 | 372 | 322 | 339 | 548 | 600 | 556 | 601 | 653 | 770 | 811 |
| Other Income | 2 | 4 | 2 | 6 | 5 | 20 | 8 | 10 | 12 | 16 | 13 | 13 |
| Total Income | 420 | 404 | 375 | 328 | 345 | 568 | 608 | 566 | 613 | 669 | 782 | 822 |
| Total Expenditure | 337 | 349 | 333 | 289 | 299 | 494 | 538 | 495 | 542 | 584 | 622 | 646 |
| Operating Profit | 83 | 55 | 42 | 39 | 46 | 73 | 70 | 70 | 71 | 84 | 160 | 178 |
| Interest | 38 | 36 | 36 | 25 | 13 | 13 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 42 | 40 | 34 | 34 | 32 | 35 | 34 | 32 | 26 | 23 | 26 | 27 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -9 | -9 | 23 | 0 | 0 | 0 | 10 | 0 | 0 |
| Profit Before Tax | 4 | -22 | -28 | -30 | -8 | 49 | 36 | 38 | 45 | 72 | 134 | 151 |
| Provision for Tax | 2 | -5 | 3 | -1 | 2 | -13 | -4 | 11 | 16 | 27 | 31 | 35 |
| Profit After Tax | 2 | -17 | -31 | -29 | -10 | 62 | 41 | 27 | 28 | 45 | 103 | 116 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | -17 | -31 | -29 | -10 | 62 | 41 | 27 | 28 | 45 | 103 | 116 |
| Adjusted Earnings Per Share | 1.5 | -13.8 | -24.9 | -23.2 | -8.1 | 50 | 30.5 | 19.9 | 21.3 | 33.9 | 76.9 | 86.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 18% | 11% | 7% | 6% |
| Operating Profit CAGR | 90% | 32% | 17% | 7% |
| PAT CAGR | 129% | 56% | 11% | 48% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 276% | 87% | 30% | 32% |
| ROE Average | 17% | 10% | 9% | 4% |
| ROCE Average | 22% | 15% | 12% | 7% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 438 | 389 | 362 | 333 | 323 | 400 | 440 | 460 | 488 | 561 | 664 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 191 | 162 | 137 | 116 | 72 | 47 | 39 | 39 | 39 | 0 | 0 |
| Other Non-Current Liabilities | 21 | 18 | 21 | 21 | 24 | 11 | 7 | 19 | 21 | 18 | 28 |
| Total Current Liabilities | 193 | 197 | 230 | 264 | 225 | 97 | 93 | 83 | 79 | 136 | 162 |
| Total Liabilities | 843 | 765 | 751 | 733 | 644 | 556 | 579 | 601 | 627 | 716 | 854 |
| Fixed Assets | 452 | 406 | 389 | 364 | 289 | 262 | 241 | 216 | 219 | 229 | 232 |
| Other Non-Current Assets | 113 | 99 | 101 | 103 | 60 | 60 | 60 | 62 | 49 | 89 | 227 |
| Total Current Assets | 277 | 259 | 260 | 265 | 294 | 234 | 278 | 323 | 360 | 397 | 395 |
| Total Assets | 843 | 765 | 751 | 733 | 644 | 556 | 579 | 601 | 627 | 716 | 854 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 7 | 0 | 4 | 2 | 2 | 29 | 43 | 21 | 49 | 58 |
| Cash Flow from Operating Activities | 47 | 59 | 31 | 45 | 78 | 132 | 41 | 37 | 37 | 86 | 156 |
| Cash Flow from Investing Activities | 3 | -18 | -11 | -11 | -5 | 56 | -17 | -51 | -7 | -76 | -182 |
| Cash Flow from Financing Activities | -46 | -44 | -39 | -35 | -73 | -162 | -9 | -1 | -1 | -1 | -3 |
| Net Cash Inflow / Outflow | 3 | -4 | -20 | -1 | -0 | 26 | 15 | -15 | 29 | 9 | -29 |
| Closing Cash & Cash Equivalent | 7 | 4 | -20 | 3 | 2 | 29 | 43 | 21 | 49 | 58 | 25 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.48 | -13.84 | -24.87 | -23.15 | -8.1 | 50.04 | 30.47 | 19.87 | 21.31 | 33.9 | 76.9 |
| CEPS(Rs) | 37.91 | 18.78 | 2.54 | 4.38 | 17.84 | 78.63 | 55.55 | 44.04 | 41.1 | 50.74 | 96.1 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Book NAV/Share(Rs) | 382.47 | 314.92 | 293.23 | 269.42 | 262.01 | 313.18 | 329.5 | 344.38 | 364.74 | 419.65 | 496.56 |
| Core EBITDA Margin(%) | 19.4 | 12.68 | 10.6 | 10.1 | 12.03 | 9.81 | 10.35 | 10.81 | 9.91 | 10.5 | 19.14 |
| EBIT Margin(%) | 9.92 | 3.68 | 2.16 | -1.34 | 1.56 | 11.23 | 6.15 | 6.85 | 7.44 | 11.01 | 17.44 |
| Pre Tax Margin(%) | 0.84 | -5.41 | -7.39 | -9.23 | -2.37 | 8.86 | 6.07 | 6.83 | 7.42 | 11 | 17.43 |
| PAT Margin (%) | 0.41 | -4.27 | -8.24 | -8.88 | -2.95 | 11.27 | 6.79 | 4.78 | 4.74 | 6.94 | 13.36 |
| Cash Profit Margin (%) | 10.37 | 5.79 | 0.84 | 1.68 | 6.49 | 17.7 | 12.37 | 10.6 | 9.13 | 10.39 | 16.69 |
| ROA(%) | 0.2 | -2.12 | -4.05 | -3.85 | -1.45 | 10.3 | 7.18 | 4.5 | 4.64 | 6.75 | 13.1 |
| ROE(%) | 0.38 | -4.13 | -8.18 | -8.23 | -3.05 | 17.4 | 9.85 | 5.9 | 6.01 | 8.64 | 16.79 |
| ROCE(%) | 5.35 | 2 | 1.17 | -0.67 | 0.9 | 12.37 | 7.89 | 7.72 | 8.67 | 13.17 | 21.88 |
| Receivable days | 54.45 | 49.67 | 46.34 | 48.37 | 36.97 | 20.89 | 21.48 | 37.87 | 47.69 | 53.87 | 51.1 |
| Inventory Days | 124.86 | 129.51 | 136.61 | 159.26 | 152.66 | 86.94 | 74.69 | 80.68 | 73.32 | 62.11 | 54.51 |
| Payable days | 41.86 | 44.1 | 52.56 | 65.53 | 76.11 | 57.86 | 57.31 | 55.69 | 53.52 | 69.91 | 96.77 |
| PER(x) | 59.61 | 0 | 0 | 0 | 0 | 5.49 | 8.82 | 8.15 | 15.31 | 8.84 | 10.74 |
| Price/Book(x) | 0.23 | 0.31 | 0.22 | 0.12 | 0.09 | 0.88 | 0.82 | 0.47 | 0.89 | 0.71 | 1.66 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.21 |
| EV/Net Sales(x) | 1.03 | 1.07 | 1.03 | 1.04 | 0.73 | 0.65 | 0.59 | 0.37 | 0.68 | 0.49 | 1.4 |
| EV/Core EBITDA(x) | 5.16 | 7.8 | 9.17 | 8.7 | 5.34 | 4.89 | 5 | 2.9 | 5.75 | 3.81 | 6.72 |
| Net Sales Growth(%) | -9.85 | -4.36 | -6.91 | -13.57 | 5.42 | 61.53 | 9.5 | -7.44 | 8.27 | 8.55 | 17.88 |
| EBIT Growth(%) | -5.41 | -64.47 | -45.53 | -153.82 | 222.71 | 1061.31 | -40.09 | 3.14 | 17.58 | 60.7 | 86.66 |
| PAT Growth(%) | -67.08 | -1105.46 | -79.69 | 6.9 | 65.01 | 717.7 | -34.07 | -34.77 | 7.25 | 59.05 | 126.83 |
| EPS Growth(%) | -67.08 | -1032.14 | -79.69 | 6.9 | 65.01 | 717.7 | -39.12 | -34.77 | 7.25 | 59.05 | 126.83 |
| Debt/Equity(x) | 0.77 | 0.8 | 0.85 | 0.9 | 0.68 | 0.13 | 0.1 | 0.09 | 0.08 | 0 | 0 |
| Current Ratio(x) | 1.43 | 1.32 | 1.13 | 1.01 | 1.31 | 2.4 | 3 | 3.91 | 4.53 | 2.91 | 2.44 |
| Quick Ratio(x) | 0.69 | 0.6 | 0.53 | 0.47 | 0.68 | 1.17 | 1.64 | 2.46 | 2.99 | 2.18 | 1.64 |
| Interest Cover(x) | 1.09 | 0.41 | 0.23 | -0.17 | 0.4 | 4.73 | 76.69 | 322.44 | 477.45 | 1099.26 | 3656.4 |
| Total Debt/Mcap(x) | 3.31 | 2.58 | 3.79 | 7.28 | 7.94 | 0.15 | 0.12 | 0.2 | 0.09 | 0 | 0 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 |
| FII | 1.48 | 1.06 | 1.18 | 1.11 | 1.34 | 2.24 | 1.86 | 2.26 | 2.8 | 2.92 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.11 | 0.75 | 1.03 | 1.2 | 0.89 |
| Public | 56.76 | 57.18 | 57.06 | 57.13 | 56.9 | 55.89 | 55.63 | 54.96 | 54.24 | 54.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 |
| FII | 0.02 | 0.01 | 0.02 | 0.01 | 0.02 | 0.03 | 0.02 | 0.03 | 0.04 | 0.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.01 |
| Public | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.75 | 0.74 | 0.73 | 0.73 | 0.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +18% | +11% | +7% | +6% |
| Operating Profit CAGR | +90% | +32% | +17% | +7% |
| PAT CAGR | +129% | +56% | +11% | +48% |
| Share Price CAGR | +276% | +87% | +30% | +32% |
| ROE Average | +17% | +10% | +9% | +4% |
| ROCE Average | +22% | +15% | +12% | +7% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 | 41.76 |
| FII | 1.48 | 1.06 | 1.18 | 1.11 | 1.34 | 2.24 | 1.86 | 2.26 | 2.8 | 2.92 |
| DII | 0 | 0 | 0 | 0 | 0 | 0.11 | 0.75 | 1.03 | 1.2 | 0.89 |
| Public | 56.76 | 57.18 | 57.06 | 57.13 | 56.9 | 55.89 | 55.63 | 54.96 | 54.24 | 54.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 |
| FII | 0.02 | 0.01 | 0.02 | 0.01 | 0.02 | 0.03 | 0.02 | 0.03 | 0.04 | 0.04 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.02 | 0.01 |
| Public | 0.76 | 0.76 | 0.76 | 0.76 | 0.76 | 0.75 | 0.74 | 0.73 | 0.73 | 0.73 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 | 1.34 |
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