Bafna Pharmaceuticals Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Bafna Pharmaceuticals Ltd trades at ₹285, in a confirmed uptrend and 13 weeks into that stage. That is +79.8% against its own 200-day average. It sits at 100% of a 52-week range of ₹132 to ₹285. On relative strength it has no relative-strength read yet.

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹285 it trades +79.8% versus its 200-day average and sits at 100% of its 52-week range (₹132–₹285).

Against the market, two honest reads. Cumulative: over the last 2 months the stock moved +116% while the NIFTY 500 moved +5% — ahead of the index over the full window. Recent form: no trailing-13-week read yet — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

P/E does not price Bafna Pharmaceuticals Ltd — earnings are negative, so there is no multiple to rank against its own history. The revenue and margin lines below are where a turn, when it comes, would show first. On sales the market values Bafna Pharmaceuticals Ltd at 16.0× its FY20 revenue of ₹42.0 Cr.

With earnings negative, P/E does not price — there is no multiple to rank against its own history. The revenue and margin lines below are where the turn, when it comes, will show first.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Bafna Pharmaceuticals Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

48.5/100 — rank 43 of 44 in Pharma - Formulators · 20% evidence confidence · provisional, ranked below fully-evidenced peers

Bafna Pharmaceuticals Ltd scores 48.5 out of 100 against the 44 companies it is compared with in Pharma - Formulators, ranking 43. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 19 + 7.1 + 10 + 12.4 = 48.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Bafna Pharmaceuticals Ltd reported ₹11.6 Cr of revenue in the Sep 19 quarter, +30.9% year on year. Over 8 years it has compounded at −13.1% a year. The last full year, FY20, came in at ₹42.0 Cr. The last four reported quarters add to ₹39.2 Cr.

FY20 revenue came in at ₹42.0 Cr (−4.5% on the year), capping 8 years at −13.1% compound. The latest quarter (Sep 19) printed ₹11.6 Cr, +30.9% year on year.

Pace check: the last four quarters averaged −5.9% growth against the decade's −13.1% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Bafna Pharmaceuticals Ltd's operating margin is −3.3% in the Sep 19 quarter, −5.3 percentage points against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged −77.0% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is −3.3%, −5.3 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged −77.0%–15.0%.

Why the margin moved: operating margin went +195.5 pp year on year while gross margin went +35.2 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Bafna Pharmaceuticals Ltd posted a net loss of ₹0.6 Cr in the Sep 19 quarter. The full FY20 year was a loss of ₹24.0 Cr. That loss is 5.1% of the quarter's revenue.

Sep 19 profit was ₹−0.6 Cr, null year on year. On the full year, FY20 printed ₹−24.0 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 455% of Bafna Pharmaceuticals Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY20 that was ₹−34.0 Cr of operating cash against ₹−24.0 Cr of profit. After ₹1.0 Cr of capital spending, ₹−35.0 Cr was left as free cash.

FY20: operating cash of ₹−34.0 Cr against reported profit of ₹−24.0 Cr, leaving free cash of ₹−35.0 Cr after ₹1.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 455% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 455%: the cash cycle tightened 187 days between FY15 and FY20 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Bafna Pharmaceuticals Ltd's cash conversion cycle runs 31 days in FY20, down from 218 days in FY15. Capital spending ran ₹−4.0 Cr over the last 3 years. At FY20 sales of ₹42.0 Cr each day of that cycle holds about ₹0.1 Cr, so roughly ₹4.0 Cr sits inside the business at any moment.

FY20: debtors at 52 days, inventory at 208 days — roughly 6.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 31 days, tighter than FY15's 218.

The full loop: cash goes out to suppliers and production on day 0; stock waits 208 days to sell; customers pay about 52 days after that; and suppliers themselves are paid at 229 days — netting out to the 31-day cycle.

In money terms: at FY20 sales of ₹42.0 Cr, each day of the cycle holds about ₹0.1 Cr — so the 31-day loop keeps roughly ₹4.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−4.0 Cr over the last 3 fiscal years against ₹10.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹0.0 Cr (FY20) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Bafna Pharmaceuticals Ltd earns a ROCE of −3% in FY20. That is up from a trough of −36% in FY18. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −57.1% net margin on 0.59× asset turns.

FY20 ROCE is −3%, recovered from a FY18 trough of −36% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY20): −57.1% net margin × 0.59× asset turns × 1.39× balance-sheet leverage ≈ −46.8% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Bafna Pharmaceuticals Ltd carries ₹3.0 Cr of borrowings against ₹51.0 Cr of equity in FY20, a debt-to-equity of 0.06. Over 5 years borrowings went from ₹69.0 Cr to ₹3.0 Cr. Capital spending ran ₹−4.0 Cr across the last 3 of those years.

FY20: borrowings of ₹3.0 Cr against equity of ₹51.0 Cr — a debt-to-equity of 0.06. Over 5 years borrowings went from ₹69.0 Cr to ₹3.0 Cr while capital spending ran ₹−4.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 13.3 points of Bafna Pharmaceuticals Ltd over 8 quarters, the biggest move on the register. That takes promoters to 75.0% of the company. Foreign institutions moved +9.3 points over the same window, to 9.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −13.3 points over 8 quarters to 75.0%; Foreign institutions: +9.3 points over 8 quarters to 9.3%.

🚨 Why the register moved: promoters drove it (−13.3 points), absorbed on the other side by foreign institutions (+9.3 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Bafna Pharmaceuticals Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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