1. At a Glance
Once known as Kilpest India, now rebranded with a cool biotech name, 3B BlackBio Dx Ltd is the small-cap desi diagnostic player punching above its weight. At ₹1,498/share (market cap ~₹1,286 Cr), it’s making ~₹99 Cr sales with ~50% OPM. That’s not a typo—half the revenue turns into operating profit. While biggies like Dr. Lal PathLabs sell your blood reports, 3B sells the kits those labs use. Throw in an agro-chemical side hustle and now a Belgian acquisition, and you’ve got a biotech soap opera.
2. Introduction
Founded in 2011 but really emerging post-COVID testing frenzy, 3B BlackBio Dx is like that nerd who suddenly got popular after inventing a new phone app. They manufacture PCR-based diagnostic kits (the same PCR test that ruined weddings during lockdowns), NGS kits, enzymes, and rapid antigen tests under the TRUPCR, TRUNGS, and TRURAPID brands.
But here’s the twist—they’re also selling larvicides and fertilizers through government tenders. That’s right, one division helps detect cancer mutations, the other kills mosquitoes in your gali.
FY23 revenue split:Diagnostics ~81%, Agrochemicals ~19%.And exports are rising: TRUPCR assays already sold in 40+ countries, plus a UK-based subsidiary to handle Europe. In FY25, they announced buying Belgium’sCoris Holding SRL(₹58 Cr revenue, antimicrobial diagnostics). A gutsy international expansion for a company with less sales than a single metro mall.
Question: Would you trust a company making both cancer kits and mosquito repellents? Or is diversification the new jugaad?
3. Business Model (WTF Do They Even Do?)
Think of 3B BlackBio as two cousins running one shop:
- Diagnostics (main business)
- PCR kits, oncology panels, antimicrobial resistance markers.
- Customers = pathology labs, hospitals, and international distributors.
- Margins fat like a wedding buffet (OPM > 50%).
- Agrochemicals (side gig)
- Sold via e-tenders, government contracts.
- Products = insecticides, biopesticides, fertilizers.
- Low-margin, but steady orders (ex: ₹1.59 Cr larvicide export in Jan 2024).
Their moat is branding (“TRUPCR” is well known among labs) + regulatory certifications. Bonus: almost debt-free, meaning profits don’t vanish into bank EMIs.
4. Financials Overview
Latest Quarterly (Jun 2025) vs YoY & QoQ
| Metric | Jun 2025 | Jun 2024 | Mar 2025 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹22.2 Cr | ₹19.4 Cr | ₹22.0 Cr | 14.4% | 1.0% |
| EBITDA | ₹12.0 Cr | ₹11.0 Cr | ₹8.0 Cr | 9.1% | 50.0% |
| PAT | ₹12.6 Cr | ₹11.1 Cr | ₹8.0 Cr | 13.1% | 57.5% |
| EPS (₹) | 14.7 | 13.0 | 9.8 | 13.0% | 50.0% |
Annualised EPS = ~₹59. At CMP ₹1,498 →P/E ~25x, which is half the industry average (50x).
Commentary: Sales growth is steady, margins mouth-watering. The challenge? Scale. One bad quarter and EPS drops faster than your internet speed in monsoon.
5. Valuation (Fair Value RANGE only)
- P/E Method: Industry avg ~50x. With EPS ₹59 → ₹1,500–₹2,950 range.
- EV/EBITDA: EV ~₹1,217 Cr, EBITDA ~₹67 Cr → EV/EBITDA ~18x. Peers at 20–30x → ₹1,400–₹1,800.
- DCF: Assuming 20% growth, 12% discount rate → ₹1,300–₹2,100.
👉EduFair Value Range: ₹1,300 – ₹2,100.(Disclaimer: Educational only, not advice. Don’t PCR-test your portfolio on this.)
6. What’s Cooking – News, Triggers, Drama
- Belgium acquisition: Buying Coris Holding SRL for ₹31 Cr. Adds ₹58 Cr revenue, antimicrobial expertise, and Europe presence. Smart bolt-on, if integration works.
- Exports: Already in 40+ countries, scaling in Africa & SE Asia.
- Agro order: Larvicide export in Jan 2024 shows govt business is alive.
- Name change: From Kilpest to 3B BlackBio in 2023. Rebrand was necessary—Kilpest sounded more like pesticide than diagnostics.
- Amalgamation: 3B BlackBio Biotech merged with Kilpest in 2023, consolidating the group into one entity.
7. Balance Sheet
| Metric | FY24 | FY25 |
|---|---|---|
| Assets | ₹248 Cr | ₹296 Cr |
| Liabilities | ₹43 Cr | ₹36 Cr |
| Net Worth | ₹223 Cr | ₹260 Cr |
| Debt | ₹1 Cr | 0.3 Cr |
