Bharat Parenterals 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.

Bharat Parenterals Ltd trades at ₹1,066, in a downtrend and 18 weeks into that stage. That is −10.3% against its own 200-day average. It sits at 24% of a 52-week range of ₹904 to ₹1,576. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a downtrend — week 18 of stage 4, confirmed. At ₹1,066 it trades −10.3% versus its 200-day average and sits at 24% of its 52-week range (₹904–₹1,576).

Against the market, two honest reads. Cumulative: over the last 8.0 years the stock moved +506% while the NIFTY 500 moved +152% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — 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.

Bharat Parenterals Ltd trades at 50.6× P/E, about the priciest it has ever traded. Its long-run median P/E is 11.0×, measured across 6.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 50.6× is about the priciest it has ever traded, against a long-run median of 11.0× measured over 6.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

🚨 Why the multiple sits where it does: over the past year annual EPS moved −173.5% against a +14.3% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +24.7%/yr price move, ~+13.5%/yr came from earnings growth and ~+11.2 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full 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).

Bharat Parenterals 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 9 quarters across 2 curves, 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

No sector-relative score — Bharat Parenterals Ltd is not present in the sector comparison for Pharma - Formulators.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

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

Bharat Parenterals Ltd reported ₹65.2 Cr of revenue in the Dec 25 quarter, −9.8% year on year. Over 9 years it has compounded at 11.9% a year. The last full year, FY25, came in at ₹340 Cr. The last four reported quarters add to ₹350 Cr.

FY25 revenue came in at ₹340 Cr (+32.3% on the year), capping 9 years at 11.9% compound. The latest quarter (Dec 25) printed ₹65.2 Cr, −9.8% year on year.

Pace check: the last four quarters averaged +14.8% growth against the decade's 11.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +15.0% over the last 4 quarters against +20.6%/yr over the last 8 — rolling over.

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.

Bharat Parenterals Ltd's operating margin is 2.7% in the Dec 25 quarter, −2.4 percentage points against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 1.0% to 14.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 2.7%, −2.4 pp against the same quarter a year ago. Across 10 fiscal years the operating margin has ranged 1.0%–14.0%.

🚨 Why the margin moved: operating margin went −2.4 pp year on year while gross margin went −0.2 pp — the loss 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.

Bharat Parenterals Ltd posted a net loss of ₹9.7 Cr in the Dec 25 quarter. The full FY25 year was a loss of ₹44.0 Cr. That loss is 14.8% of the quarter's revenue. The same quarter a year earlier lost ₹7.9 Cr. 8 of the last 12 reported quarters were loss-making.

Dec 25 profit was ₹−9.7 Cr, null year on year. On the full year, FY25 printed ₹−44.0 Cr (−500.0%).

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 33% of Bharat Parenterals Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹−27.0 Cr of operating cash against ₹−44.0 Cr of profit. After ₹83.0 Cr of capital spending, ₹−110 Cr was left as free cash.

FY25: operating cash of ₹−27.0 Cr against reported profit of ₹−44.0 Cr, leaving free cash of ₹−110 Cr after ₹83.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 33% 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 33%: the cash cycle stretched 87 days between FY20 and FY25 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 87 days — the next section's job is to find where the cash is stuck.

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).

Bharat Parenterals Ltd's cash conversion cycle runs 180 days in FY25, up from 93 days in FY20. Capital spending ran ₹266 Cr over the last 3 years. At FY25 sales of ₹340 Cr each day of that cycle holds about ₹0.9 Cr, so roughly ₹168 Cr sits inside the business at any moment.

FY25: debtors at 184 days, inventory at 142 days — roughly 4.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 180 days, looser than FY20's 93.

The full loop: cash goes out to suppliers and production on day 0; stock waits 142 days to sell; customers pay about 184 days after that; and suppliers themselves are paid at 146 days — netting out to the 180-day cycle.

In money terms: at FY25 sales of ₹340 Cr, each day of the cycle holds about ₹0.9 Cr — so the 180-day loop keeps roughly ₹168 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹266 Cr over the last 3 fiscal years against ₹50.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹31.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

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.

Bharat Parenterals Ltd earns a ROCE of −4% in FY25. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −12.9% net margin on 0.52× asset turns.

FY25 ROCE is −4%.

Why the return is what it is — the wiring (FY25): −12.9% net margin × 0.52× asset turns × 1.96× balance-sheet leverage ≈ −13.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

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.

Bharat Parenterals Ltd carries ₹180 Cr of borrowings against ₹331 Cr of equity in FY25, a debt-to-equity of 0.54. Operating profit covers the interest bill 0×. Over 5 years borrowings went from ₹1.0 Cr to ₹180 Cr. Capital spending ran ₹266 Cr across the last 3 of those years.

FY25: borrowings of ₹180 Cr against equity of ₹331 Cr — a debt-to-equity of 0.54. Operating profit covers the interest bill 0×. Over 5 years borrowings went from ₹1.0 Cr to ₹180 Cr while capital spending ran ₹266 Cr in just the last 3 — part of the build-out is riding on borrowed money.

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 6.7 points of Bharat Parenterals Ltd over 8 quarters, the biggest move on the register. That takes promoters to 67.2% of the company. Domestic institutions moved +0.5 points over the same window, to 0.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −6.7 points over 8 quarters to 67.2%; Domestic institutions: +0.5 points over 8 quarters to 0.5%; Foreign institutions: +0.1 points over 8 quarters to 0.1%.

🚨 Why the register moved: promoters drove it (−6.7 points), absorbed on the other side by domestic institutions (+0.5 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.

Bharat Parenterals 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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