1. At a Glance
From PCR kits to pesticides, 3B BlackBio DX Ltd is that rare company that can diagnose your infectionandkill the mosquito that gave it to you. Born from Kilpest India’s biotech ambitions and rebranded in late 2023, this Indo-Spanish JV sells molecular diagnostic kits in over 40 countries while also bidding in government tenders for agrochemicals. Think Dr. Lal PathLabs meets UPL – only in the same boardroom. The market seems to like the double life, with a market cap of ₹1,421 Cr, near debt-free books, and ROCE at a healthy 25.8%.
2. Introduction
Picture this: a lab technician in a spotless white coat loading a PCR machine… in the same factory complex where a sprayer is being filled with larvicide. That’s 3B BlackBio DX Ltd for you – the corporate equivalent of having both a Netflix subscription and a buffalo in the backyard.
The diagnostics side (81% of FY23 revenue) is all about high-end, ISO-certified biotech R&D – PCR kits, NGS-based tests, rapid antigens – the works. The agro-chemical side (19% of FY23) is about winning e-tenders to supply microfertilizers, pesticides, and public health products.
The company has quietly gone from an Indian regional agro player to a global molecular diagnostics exporter. It’s in 40+ countries, has a UK subsidiary, and exports account for ~20% of revenue. And yet, domestic sales are still 4x bigger than exports – which means a lot of scope for making the world sneeze less and grow crops more.
And yes, they changed their name from Kilpest India to 3B BlackBio DX Ltd in November 2023. Because apparently, “Kilpest” didn’t quite scream “we also do high-end cancer diagnostics.”
3. Business Model (WTF Do They Even Do?)
3B BlackBio is essentially running two separate universes under one share price:
A) Diagnostics (81% revenue)
- PCR-based Molecular Diagnostic Kits: For detecting infectious diseases, cancer, genetic disorders.
- NGS Kits (Next-Gen Sequencing): Sold underTRUNGS.
- Rapid Antigen Kits: Sold underTRURAPID.
- PCR Enzymes & Reagents: The biochemical ammo for all those tests.
- Exports: UK, Europe, Middle East, APAC, LATAM, USA & Canada.
B) Agro-Chemicals (19% revenue)
- Works mainly throughGovernment e-tenders.
- Products: Microfertilizers, Biofertilizers, insecticides, repellents, larvicides like Temephos (₹1.59 Cr export order Jan 2024).
- Mostly public health and agri-inputs.
Key Quirk: Diagnostics is global & brand-led (TRUPCR® is
a known name in labs), while agro is low-margin, tender-driven. One is the biotech equivalent of a Tesla showroom, the other is a dusty government warehouse with sacks of zinc chelate.
4. Financials Overview
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 22.23 | 19.49 | 21.95 | 14.1% | 1.3% |
| EBITDA (₹ Cr) | 12.00 | 10.88 | 8.00 | 10.3% | 50.0% |
| PAT (₹ Cr) | 12.65 | 11.18 | 8.04 | 13.2% | 57.3% |
| EPS (₹) | 14.67 | 12.97 | 9.79 | 13.1% | 49.9% |
Commentary:
- YoY growth is healthy in both top line and bottom line, but QoQ is where the magic happened – PAT up 57% is not your everyday lab test result.
- Operating margins? Around 53% this quarter – luxury brand cosmetics-level margins for a diagnostics player.
- EPS annualised = ₹58.68 → At CMP ₹1,655, P/E ≈ 28.2 (makes Dr Lal’s 54x look like daylight robbery).
5. Valuation (Fair Value RANGE only)
Method 1: P/E
- Sector median P/E (diagnostics peers) ≈ 48.5
- Applying a conservative 30–35x to FY26E EPS (₹58.68) → ₹1,760 – ₹2,053.
Method 2: EV/EBITDA
- TTM EBITDA = ₹51 Cr, EV/EBITDA sector range = 20–25x → EV range ₹1,020 Cr – ₹1,275 Cr.
- Less net cash → Equity FV per share: ₹1,620 – ₹2,025.
Method 3: DCF (Very Conservative)
- Assuming 15% FCF growth for 5 years, terminal growth 4%, WACC 12% → ₹1,550 – ₹2,000.
Fair Value RANGE:₹1,550 – ₹2,050Disclaimer:This FV range is for educational purposes only and is not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Q1 FY26 resultsout
