Vaishali Pharma Ltd. (VAISHALI) AI Stock Analysis

• Market Cap: ₹918.64M
• Dividend Yield: N/A
• Average Volume (3M): 399.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: 18.35%
• EPS Growth: -154.65%
• Country: IN
• Employees: 27
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): 0.09
• Shares Outstanding: 107,192,130
• 10 Day Avg. Volume: 443,817
• 30 Day Avg. Volume: 399,324
• PEG Ratio: -11.89
• Price to Book (P/B): 0.26
• Price to Sales (P/S): 0.17
• P/FCF Ratio: -0.86
• 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: 54 Neutral
• Price Target: ₹9.50 ▲(18.16% Upside)

The score is driven primarily by mixed financial performance: strong revenue growth and balance-sheet stability are weighed down by negative EBIT and weak operating/free cash flow. Technicals add modest pressure due to longer-term downtrend despite short-term strength. Valuation contributes negatively because the negative P/E reduces interpretability and dividend yield is unavailable.

Positive Factors

Revenue Growth

An 18% top-line increase indicates durable demand and expanding market penetration across therapeutic areas. Sustained revenue growth provides scale to dilute fixed costs, fund R&D and market expansion, and underpins long-term margin recovery if operational efficiency improves.

Balance Sheet Stability

A healthy equity base and moderate leverage provide financial flexibility to fund capex, R&D and absorb shocks. Stable stockholders' equity and balanced debt-to-equity reduce refinancing risk and support strategic investments and expansion over the medium term.

Diversified Products & Markets

A portfolio spanning generics, APIs and specialty medicines across domestic and export channels lowers concentration risk. Ongoing R&D and strategic partnerships enhance new product flow and market access, supporting resilient, multi-source revenue over time.

Negative Factors

Poor Cash Generation

Persistent negative operating and free cash flow constrains the company's ability to self-fund operations, capital expenditures and R&D. Over the medium term this raises reliance on external financing, reduces financial agility, and may limit sustainable growth execution.

Profitability Pressure

Negative operating profit and declining gross margins indicate margin erosion from cost or pricing pressures. Without structural cost controls or product-mix improvement, profitability will remain impaired despite revenue growth, limiting reinvestment and returns.

Earnings Volatility

Severe EPS contraction signals earnings volatility and weak earnings quality. Large negative EPS growth increases the risk of future earnings surprises, elevates the cost of raising external capital, and suggests revenue gains have not translated into consistent net income.

Vaishali Pharma Ltd. Business Overview & Revenue Model

Company Description

Vaishali Pharma Limited engages in the pharmaceutical business in India and internationally. It offers active pharmaceutical ingredients (APIs), including antibiotics, anti-ulcer, anti-inflammatory/analgesic/anti-pyretic, anti-malarial, cardiac, anti-diabetic, anti-cold/anti-allergic, anti-diarrheal/anti-protozoal/anti-parasitic, anti-viral, anti-epileptic, anti-asthmatic, anti-fungal, anti-platelet agent, skeletal muscle relaxant, and anti-helmintic drugs, as well as excipients, topical steroids, corticosteroids, and enzymes. The company also provides formulation products, such as antibiotics/antibacterial, anti-platelet, laxative, anti-ulcer/enzyme, anti-asthmatic, anti-malarial, anti-cold/anti-allergic/anti-viral, anti-psychotic, anti-fungal, anti-inflammatory/analgesic/anti-pyretic, anti-diabetic, cardiac, vitamins, topical steroids/corticosteroids, and other formulations. In addition, it offers veterinary pharmaceutical, nutraceutical, oncology, herbal, and surgical products. The company was founded in 1989 and is headquartered in Mumbai, India.

How the Company Makes Money

Vaishali Pharma Ltd. generates revenue primarily through the sale of its pharmaceutical products, which include generic medications and proprietary formulations. The company has established a robust revenue model based on direct sales to healthcare providers, distributors, and pharmacies. Key revenue streams include domestic sales, which contribute significantly to its earnings, as well as exports to international markets. Additionally, VAISHALI engages in strategic partnerships and collaborations with other pharmaceutical companies and healthcare organizations, enhancing its product portfolio and market reach. The company also benefits from research and development initiatives that lead to the introduction of innovative therapies, further driving its revenue growth.

Vaishali Pharma Ltd. Financial Statement Overview

Summary

Vaishali Pharma Ltd. shows strong revenue growth potential but faces challenges in profitability and cash flow management. The balance sheet is stable, but improvements in profit margins and cash flow are needed to enhance financial health.

Income Statement

Vaishali Pharma Ltd. has demonstrated strong revenue growth, with a notable increase from 2024 to 2025. However, the company faced challenges in profitability, as indicated by a negative EBIT in 2025. The gross profit margin has declined compared to previous years, reflecting cost pressures. Net profit margin remains positive but is not improving significantly, which suggests moderate profitability.

Balance Sheet

The balance sheet shows a healthy equity base with a steady increase in stockholders' equity. The debt-to-equity ratio is moderate, indicating a balanced approach to leveraging. However, the equity ratio has shown slight fluctuations, suggesting some variability in asset funding. Overall, the balance sheet reflects stability with potential for growth.

Cash Flow

The cash flow statement reveals challenges in operational cash generation, with a significant negative operating cash flow in 2025. Free cash flow has also turned negative, indicating issues in generating cash after capital expenditures. The company needs to improve its cash flow management to sustain operations and fund growth effectively.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.05B	990.26M	862.80M	696.63M	758.21M	537.74M
Gross Profit	126.16M	102.85M	96.43M	129.19M	80.36M	61.56M
EBITDA	18.74M	32.95M	31.71M	113.59M	86.44M	44.42M
Net Income	3.98M	8.17M	7.19M	66.03M	40.24M	10.46M
Balance Sheet
Total Assets	0.00	1.10B	799.56M	789.07M	816.24M	861.23M
Cash, Cash Equivalents and Short-Term Investments	18.43M	18.43M	14.57M	124.24M	11.62M	3.13M
Total Debt	0.00	125.53M	134.92M	147.36M	208.11M	178.50M
Total Liabilities	-649.16M	449.29M	371.16M	383.76M	552.70M	637.05M
Stockholders Equity	649.16M	649.16M	428.39M	405.31M	263.54M	224.19M
Cash Flow
Free Cash Flow	0.00	-197.36M	2.71M	7.83M	4.54M	18.85M
Operating Cash Flow	0.00	-194.31M	8.07M	10.80M	13.19M	20.11M
Investing Cash Flow	0.00	-1.88M	12.03M	2.82M	-8.47M	-1.10M
Financing Cash Flow	0.00	184.91M	-14.16M	-17.32M	4.17M	-18.12M

Vaishali Pharma Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.04
• 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:VAISHALI, the sentiment is Negative. The current price of 8.04 is below the 20-day moving average (MA) of 8.75, below the 50-day MA of 9.01, and below the 200-day MA of 11.38, indicating a bearish trend. The MACD of -0.07 indicates Negative momentum. The RSI at 45.25 is Neutral, neither overbought nor oversold. The STOCH value of 32.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:VAISHALI.

Vaishali Pharma Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BAFNAPH	65 Neutral	₹3.31B	37.74	―	―	-0.77%	2055.99%
BALPHARMA	58 Neutral	₹1.16B	14.25	―	1.62%	-9.07%	5.36%
BIOFILCHEM	55 Neutral	₹525.64M	18.39	―	―	36.76%	433.63%
VAISHALI	54 Neutral	₹918.64M	-291.50	―	―	18.35%	-154.65%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
AAREYDRUGS	46 Neutral	₹1.97B	55.15	―	―	-17.47%	-50.07%
KREBSBIO	41 Neutral	₹1.42B	-5.17	―	―	-46.31%	-26.28%

Vaishali Pharma Ltd. Corporate Events

Vaishali Pharma’s Equity Shares Approved for Trading on NSE

Vaishali Pharma Limited has announced that it has received approval from the National Stock Exchange of India Limited for the trading of 23,270,000 equity shares, each valued at ₹2. These shares were issued to both promoters and non-promoters on a preferential basis following the conversion of warrants. The shares have been listed and are available for trading on the exchange as of December 9, 2025. This development signifies a strategic move by Vaishali Pharma to enhance its capital structure and potentially improve its market positioning, offering new opportunities for stakeholders and investors.