Pharmaceuticals & Drugs · Founded 2005 · www.vilinbiomed.co.in · NSE · ISIN INE0L4V01013
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1. Business Overview
Vilin Bio Med Ltd. is an Indian pharmaceutical company primarily engaged in the manufacturing, marketing, and trading of pharmaceutical formulations and healthcare products. The company focuses on a range of therapeutic areas, typically dealing in generic drugs and branded generics. Its business model involves developing, procuring, or contract manufacturing various pharmaceutical products and then selling them through a distribution network to pharmacies, hospitals, and healthcare providers. Revenue is generated from the sale of these pharmaceutical products.
2. Key Segments / Revenue Mix
Based on publicly available information, Vilin Bio Med Ltd. primarily operates within a single segment: Pharmaceuticals & Drugs, encompassing both formulations and healthcare products. A detailed breakdown of revenue by specific therapeutic area, product category, or geography is not consistently disclosed in public investor documents.
3. Industry & Positioning
Vilin Bio Med Ltd. operates within the highly competitive and fragmented Indian Pharmaceuticals & Drugs industry. This industry is characterized by a large number of players, intense pricing pressure, and continuous innovation (in the branded segment) and generic drug development. Vilin Bio Med Ltd. appears to be a relatively smaller player compared to large established domestic and multinational pharmaceutical companies, likely focusing on specific niches, regional markets, or contract manufacturing opportunities within the generic formulations space. Its positioning suggests it competes primarily on factors like product affordability, distribution reach, and regulatory compliance.
4. Competitive Advantage (Moat)
Vilin Bio Med Ltd. appears to have limited durable competitive advantages.
Scale: As a smaller player, it does not possess significant scale advantages in procurement, manufacturing, or R&D compared to larger competitors.
Brand: While it may have established some brand recognition for specific products, it likely does not possess strong, wide-moat brands like leading pharmaceutical companies.
Switching Costs: In the generic pharmaceutical market, switching costs for prescribers and patients are generally low, as equivalent products are widely available.
Intellectual Property: The company primarily deals in generic formulations, which typically do not involve strong patent protection or proprietary intellectual property that acts as a significant barrier to entry.
Any advantage would likely stem from efficient operational execution, cost-effective manufacturing, or a focused regional distribution network.
5. Growth Drivers
Expanding Product Portfolio: Introduction of new generic formulations in various therapeutic areas to address unmet medical needs or capture market share.
Increased Healthcare Spending: Growing healthcare expenditure in India, driven by a rising population, increasing disposable incomes, and greater health awareness, can boost demand for pharmaceutical products.
Distribution Network Expansion: Strengthening and widening its distribution channels within India, potentially exploring penetration into semi-urban and rural markets.
Government Healthcare Initiatives: Opportunities arising from government programs focused on affordable healthcare and access to medicines.
Contract Manufacturing: Potential growth through securing contract manufacturing agreements with larger pharmaceutical companies or expanding its own manufacturing capabilities.
6. Risks
Intense Competition & Pricing Pressure: The Indian pharmaceutical market is highly competitive, leading to pricing pressure on generic formulations and impacting profitability.
Regulatory Changes: Strict and evolving regulations by Indian health authorities (e.g., Drug Price Control Orders) can impact product pricing, approvals, and manufacturing standards.
Raw Material Volatility: Fluctuations in the cost and availability of active pharmaceutical ingredients (APIs) and other raw materials can affect production costs and margins.
Product Development & Approvals: Delays or failures in obtaining regulatory approvals for new products can impede growth.
Working Capital Management: As a manufacturing and trading entity, efficient management of inventory, receivables, and payables is crucial; any inefficiencies can strain liquidity.
Dependence on Distribution: Reliance on third-party distributors for market reach can introduce risks related to distribution efficiency and payment cycles.
7. Management & Ownership
Vilin Bio Med Ltd. is typically a promoter-driven company, common among smaller Indian enterprises. Information regarding the specific promoters, their track record, and management quality would require a deeper dive into annual reports, corporate governance statements, and news archives. The ownership structure generally includes a significant promoter holding, with the remainder held by public shareholders, institutional investors, or corporate bodies. The quality of management would be assessed based on financial performance, strategic decisions, and adherence to corporate governance standards over time.
8. Outlook
Vilin Bio Med Ltd. operates in a structurally growing Indian pharmaceutical market, which provides a supportive backdrop for demand. The company's focus on generic formulations allows it to cater to the large and price-sensitive Indian population. Potential for growth exists through strategic product launches, expanding its market reach, and potentially leveraging contract manufacturing opportunities. However, as a relatively smaller player, it faces significant challenges from intense competition, pricing pressures, and the need for continuous regulatory compliance. Its ability to carve out profitable niches, manage operational efficiencies, and navigate the dynamic regulatory landscape will be critical. The lack of strong competitive moats means its performance will largely depend on agile execution and effective capital allocation in a highly competitive environment.
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| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Net Sales | 17 | 12 | 11 | 12 | 16 | 15 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total Income | 17 | 12 | 11 | 12 | 16 | 15 | |
| Total Expenditure | 16 | 11 | 10 | 10 | 15 | 14 | |
| Operating Profit | 1 | 1 | 1 | 3 | 1 | 1 | |
| Interest | 0 | 0 | 1 | 1 | 1 | 1 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 0 | 2 | 0 | 0 | |
| Provision for Tax | 0 | 0 | 0 | 1 | 0 | 0 | |
| Profit After Tax | 0 | 0 | 0 | 1 | 0 | 0 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 0 | 1 | 0 | 0 | |
| Adjusted Earnings Per Share | 0.2 | 0.1 | 0 | 1.3 | 0.1 | 0.2 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | 11% | -2% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | 0% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 83% | NA% | NA% | NA% |
| ROE Average | 1% | 5% | 4% | 3% |
| ROCE Average | 4% | 9% | 7% | 7% |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Shareholder's Funds | 7 | 7 | 7 | 11 | 23 | 23 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 1 | 1 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 7 | 5 | 5 | 6 | 9 | 5 |
| Total Liabilities | 14 | 14 | 14 | 18 | 32 | 28 |
| Fixed Assets | 2 | 2 | 2 | 2 | 1 | 1 |
| Other Non-Current Assets | 0 | 0 | 0 | 8 | 12 | 14 |
| Total Current Assets | 12 | 12 | 12 | 8 | 19 | 13 |
| Total Assets | 14 | 14 | 14 | 18 | 32 | 28 |
| #(Fig in Cr.) | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 0 | 0 | 0 | 6 |
| Cash Flow from Operating Activities | -1 | -1 | 0 | -2 | -7 | 0 |
| Cash Flow from Investing Activities | -0 | 0 | 0 | -0 | 0 | -1 |
| Cash Flow from Financing Activities | 2 | 1 | -0 | 2 | 9 | -5 |
| Net Cash Inflow / Outflow | 0 | -0 | -0 | -0 | 2 | -6 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 0 | 2 | 0 |
| # | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.2 | 0.15 | 0.04 | 1.25 | 0.12 | 0.16 |
| CEPS(Rs) | 0.57 | 0.46 | 0.31 | 1.42 | 0.21 | 0.24 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 8.78 | 8.92 | 8.97 | 10.73 | 16.37 | 16.53 |
| Core EBITDA Margin(%) | 5.35 | 7.12 | 6.83 | 20.9 | 5.17 | 5.31 |
| EBIT Margin(%) | 3.56 | 5.15 | 4.91 | 19.73 | 6.4 | 7.77 |
| Pre Tax Margin(%) | 1.15 | 1.38 | 0.4 | 14.47 | 1.42 | 2.06 |
| PAT Margin (%) | 0.96 | 1.04 | 0.3 | 10.11 | 1.03 | 1.51 |
| Cash Profit Margin (%) | 2.82 | 3.23 | 2.25 | 11.47 | 1.85 | 2.21 |
| ROA(%) | 1.16 | 0.87 | 0.24 | 7.97 | 0.65 | 0.74 |
| ROE(%) | 2.24 | 1.66 | 0.46 | 13.78 | 0.97 | 0.97 |
| ROCE(%) | 5.09 | 4.89 | 4.31 | 17.17 | 4.47 | 4.16 |
| Receivable days | 157.81 | 232.34 | 251.12 | 198.42 | 130.3 | 147.75 |
| Inventory Days | 45.8 | 65.02 | 70.75 | 46.88 | 61.73 | 109.42 |
| Payable days | 49.49 | 54.06 | 30.01 | 46.59 | 44.1 | 45.27 |
| PER(x) | 0 | 0 | 0 | 0 | 163.23 | 127.34 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 1.16 | 1.23 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.46 | 0.75 | 0.76 | 1.21 | 1.73 | 2.09 |
| EV/Core EBITDA(x) | 8.53 | 10.19 | 11.12 | 5.72 | 23.91 | 24.68 |
| Net Sales Growth(%) | 0 | -30.32 | -4.27 | 9.79 | 28.36 | -6.3 |
| EBIT Growth(%) | 0 | 0.73 | -8.7 | 341.24 | -58.39 | 13.84 |
| PAT Growth(%) | 0 | -25.22 | -72.3 | 3605.36 | -86.96 | 37.62 |
| EPS Growth(%) | 0 | -25.22 | -72.32 | 2974.45 | -90.7 | 37.63 |
| Debt/Equity(x) | 0.63 | 0.75 | 0.72 | 0.46 | 0.3 | 0.11 |
| Current Ratio(x) | 1.76 | 2.19 | 2.22 | 1.24 | 2.01 | 2.75 |
| Quick Ratio(x) | 1.45 | 1.82 | 1.79 | 1.1 | 1.53 | 1.78 |
| Interest Cover(x) | 1.48 | 1.36 | 1.09 | 3.75 | 1.29 | 1.36 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0.26 | 0.09 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 64.52 | 64.52 | 64.09 | 63.89 | 63.89 | 63.89 | 63.65 | 59.57 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 35.48 | 35.48 | 35.91 | 36.11 | 36.11 | 36.11 | 36.35 | 40.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0.9 | 0.9 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.91 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.51 | 0.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.53 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 64.52 | 64.52 | 64.09 | 63.89 | 63.89 | 63.89 | 63.65 | 59.57 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 35.48 | 35.48 | 35.91 | 36.11 | 36.11 | 36.11 | 36.35 | 40.43 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0.9 | 0.9 | 0.89 | 0.89 | 0.89 | 0.89 | 0.89 | 0.91 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.51 | 0.62 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.53 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -6% | +11% | -2% | — |
| Operating Profit CAGR | 0% | 0% | 0% | — |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | +83% | — | — | — |
| ROE Average | +1% | +5% | +4% | +3% |
| ROCE Average | +4% | +9% | +7% | +7% |
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