🧠 At a Glance:
JFL Life Sciences manufactures dry powder injectables and oral formulations, with exports to 10+ countries. After a bonus issue in June 2025 and a ₹59 lakh fine for regulation non-compliance, the ₹50 Cr microcap is still growing fast – but its margins, debtor days, and scale raise real questions.
🏭 1. What Business Does JFL Actually Run?
- JFL Life is aWHO-GMP certified pharma SME, which sounds impressive till you realizethey only did ₹82 Cr sales in FY25.
- Specializes in:
- 💉Dry Powder Injectables(think antibiotics)
- 💊Solid Oral Dosage Forms(general + beta-lactam)
- It sells inIndia + 10+ export marketslike the Middle East, CIS, and African nations.
But here’s the twist:
It’s still acontract manufacturerat heart. No big brand
names. No blockbuster drugs. Low pricing power.
💸 2. Financials: Sales Growth on Steroids, But Profits? Kinda Anemic
Let’s break it down:
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| 🧾 Revenue | ₹32.8 Cr | ₹33.6 Cr | ₹42.8 Cr | ₹46.6 Cr | ₹82.0 Cr |
| 💰 PAT | ₹0.54 Cr | ₹2.81 Cr | ₹2.81 Cr | ₹3.31 Cr | ₹4.16 Cr |
| 📊 OPM | 6.6% | 16.0% | 9.1% | 9.8% | 10.0% |
| 🧮 ROE | 11.1% | 11.0% | 11.0% | 11.0% | 11.1% |
| 🧟♂️ Debtor Days | 131 | 215 | 192 | 197 | 155 |
🔎Highlights:
- 76% YoY revenue growthin FY25 (thanks to a large export order + price increases).
- ButPAT grew just ~26%. So operational efficiency isn’t scaling with revenue.
- Debtors still sky high = cash stuck with distributors.
🎁 3. Bonus Issue + NSE Fine: What’s Going On?
- 🎉Bonus Issue: 2:1 bonus shares in June 2025 (Post-bonus CMP adjusted
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