Bajaj Healthcare Ltd (BAJAJHCARE) AI Stock Analysis

• Market Cap: ₹9.62B
• Dividend Yield: 0.24%
• Average Volume (3M): 4.99K
• Price to Earnings (P/E): 20.9
• Beta (1Y): 1.07
• Revenue Growth: 13.04%
• EPS Growth: N/A
• Country: IN
• Employees: 1,049
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 4.96
• Shares Outstanding: 31,583,252
• 10 Day Avg. Volume: 2,706
• 30 Day Avg. Volume: 4,987
• PEG Ratio: -0.38
• Price to Book (P/B): 4.64
• Price to Sales (P/S): 3.98
• P/FCF Ratio: -124.79
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: ₹314.00 ▼(-24.97% Downside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is primarily held back by mixed financial performance—especially high leverage and weak/negative free cash flow—and a very bearish technical setup with the price well below key moving averages. Valuation is neutral with limited dividend support.

Positive Factors

Business model diversification

Operating across APIs, intermediates and finished formulations provides multiple durable revenue streams and B2B/end-market touchpoints. This diversification reduces reliance on any single product class or customer type and supports resilience in demand and order cycles over months.

Recent revenue growth

Reported ~17% revenue growth signals sustained commercial traction and market demand for products. Persistent top-line expansion, if maintained, supports scale economies, capacity utilization and the ability to invest in quality/compliance, strengthening fundamentals over a multi-month horizon.

Profitability recovery

Return to positive net margin after a loss year indicates operational improvement or better product mix. A durable recovery in bottom-line profitability enhances retained earnings and the firm's ability to reinvest and gradually reduce reliance on external funding if sustained across quarters.

Negative Factors

High leverage

Material leverage raises refinancing and interest-cost risk, limiting financial flexibility. With elevated debt, the company faces higher fixed obligations that can constrain investment, increase vulnerability to rate moves, and pressure liquidity if operating cash is uneven over months.

Weak cash conversion / negative FCF

Persistent negative free cash flow and inconsistent operating cash conversion hinder the company's ability to fund capex, pay down debt, or build buffers internally. Reliance on external financing observed increases execution and liquidity risk over a 2-6 month horizon.

Margin pressure and revenue volatility

Declining gross and EBIT margins alongside volatile revenue point to cost pressures, pricing constraints, or mix shifts. These structural margin headwinds complicate forecasting and weaken sustainable cash generation, limiting durable improvements in profitability.

Bajaj Healthcare Ltd Business Overview & Revenue Model

Company Description

Bajaj HealthCare Limited, a pharmaceutical company, develops, manufactures, and supplies amino acids, nutritional supplements, and active pharmaceutical ingredients (APIs) for pharmaceutical, nutraceuticals, and food industries in India and internationally. The company's product portfolio consists of various APIs in the therapeutic categories of anti-diabetic, antibiotic, antiviral, antiplatelet, antifungal, antihelmintic, iron-chelating agent, anticonvulsant, growth stimulant, non-steroidal anti-inflammatory drugs, antihypertensive, anthelmintics, anti-asthmatic, antioxidant, urinary tract infection, anti-histamine, weight reducing, venous disease, antimalarial, vitamin c, disinfectant/ antiseptic, stimulant, anticonvulsant, lipotropic agents, nootropic, vasoprotective/ antihemorrhagic, cardiovascular agent, food supplements, anti-anemic, amino acids, antiasthmatic / bronchodilator, nutritional supplement, and minerals. It also provides formulations in the form of tablets, capsules, and powder, as well as impurities. In addition, the company exports its products. Bajaj HealthCare Limited was incorporated in 1993 and is based in Thane, India.

How the Company Makes Money

Bajaj Healthcare Ltd makes money primarily by selling pharmaceutical products across two major lines: (1) active pharmaceutical ingredients (APIs) and related intermediates, and (2) finished dosage formulations. Revenue is generated through business-to-business sales where customers (such as pharmaceutical manufacturers and marketers) procure APIs/intermediates for use in their own drug products, and through sales of finished formulations that may be manufactured for the company’s own marketing and/or supplied to other firms under contract manufacturing/third-party manufacturing arrangements. Earnings are influenced by product mix (API vs. formulations), order volumes from domestic and export customers, manufacturing utilization, and pricing/margins driven by input costs and regulatory/quality compliance requirements. Specific material partnerships or customer concentration details: null.

Bajaj Healthcare Ltd Financial Statement Overview

Summary

Moderate overall fundamentals: income statement shows profitability recovery but volatile revenue and weakening margins; balance sheet leverage is relatively high; cash flows are inconsistent with negative free cash flow and weak cash conversion, creating liquidity risk.

Income Statement

The company's revenue has shown fluctuating growth over recent years, with a decline in 2025 compared to 2023. Gross profit margin and EBIT margin have decreased, indicating potential cost management issues. However, the net profit margin improved in 2025, recovering from negative profitability in 2024. Overall, the income statement reflects moderate profitability with some volatility in revenue growth.

Balance Sheet

The debt-to-equity ratio is relatively high, indicating significant leverage which could pose financial risks. Return on equity has been inconsistent, reflecting variability in net income. The equity ratio has improved, indicating a healthier balance between debt and assets, but the overall leverage remains a concern.

Cash Flow

Cash flow from operations has been inconsistent, with negative free cash flow in recent years. The operating cash flow to net income ratio is concerning, indicating challenges in converting profits into cash. Financing cash flows have been positive, suggesting reliance on external financing. Overall, cash flow management presents a potential area of concern.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.74B	5.43B	4.73B	6.46B	6.79B	6.56B
Gross Profit	2.18B	1.71B	2.14B	1.33B	1.84B	1.93B
EBITDA	1.03B	1.02B	406.24M	1.22B	1.20B	1.43B
Net Income	458.42M	394.95M	-837.93M	430.24M	713.86M	831.09M
Balance Sheet
Total Assets	8.39B	8.33B	7.65B	9.01B	7.21B	5.26B
Cash, Cash Equivalents and Short-Term Investments	140.05M	44.51M	29.29M	192.29M	19.75M	142.41M
Total Debt	2.38B	2.23B	3.33B	4.15B	2.57B	1.81B
Total Liabilities	3.52B	3.67B	4.87B	5.34B	3.93B	2.67B
Stockholders Equity	4.86B	4.66B	2.78B	3.68B	3.28B	2.58B
Cash Flow
Free Cash Flow	392.01M	-173.16M	620.08M	-1.46B	-786.19M	-702.30M
Operating Cash Flow	501.85M	-57.78M	922.94M	-223.24M	6.86M	435.58M
Investing Cash Flow	-198.00M	-153.21M	-112.45M	-934.27M	-747.98M	-1.09B
Financing Cash Flow	-210.12M	215.28M	-965.96M	1.31B	618.46M	754.57M

Bajaj Healthcare Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 418.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BAJAJHCARE, the sentiment is Negative. The current price of 418.5 is above the 20-day moving average (MA) of 316.75, above the 50-day MA of 347.91, and below the 200-day MA of 433.29, indicating a bearish trend. The MACD of -15.85 indicates Negative momentum. The RSI at 44.79 is Neutral, neither overbought nor oversold. The STOCH value of 72.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:BAJAJHCARE.

Bajaj Healthcare Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BLISSGVS	74 Outperform	₹20.62B	18.57	―	0.28%	7.51%	71.81%
JAGSNPHARM	67 Neutral	₹12.21B	28.83	―	1.24%	24.60%	153.56%
SYNCOMF	64 Neutral	₹10.57B	17.72	―	―	56.41%	90.24%
THEMISMED	62 Neutral	₹6.56B	22.95	―	0.48%	-18.86%	-150.92%
HESTERBIO	61 Neutral	₹11.39B	38.81	―	0.44%	-3.84%	86.82%
BAJAJHCARE	53 Neutral	₹9.62B	20.91	―	0.24%	13.04%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Bajaj Healthcare Ltd Corporate Events

Bajaj Healthcare Publishes Q3 and Nine-Month FY26 Unaudited Results in Newspapers

Bajaj Healthcare Limited has notified the stock exchanges that it has published its unaudited financial results for the quarter and nine months ended 31 December 2025 in the Financial Express and Mumbai Lakshadweep newspapers, in line with the disclosure requirements under Regulation 47 of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015. The move underscores the company’s adherence to regulatory transparency and ensures wider public dissemination of its latest financial performance metrics to investors and other market participants, although detailed numbers were not disclosed in the exchange communication.

Bajaj Healthcare Files SEBI Dematerialisation Compliance Certificate for December Quarter

Bajaj Healthcare Ltd has submitted to the stock exchanges a compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025, issued by its registrar and transfer agent MUFG Intime India Private Limited. The certificate confirms that all securities received for dematerialisation during the quarter were duly accepted or rejected, listed on the appropriate exchanges, and that corresponding physical certificates were cancelled and records updated within prescribed timelines, underscoring the company’s adherence to regulatory requirements in handling its share capital and providing assurance to investors and regulators on its securities-related processes.