1. At a Glance
Colinz Laboratories Ltd is a ₹5.83 crore microcap pharma company trading at ₹46, with a P/E of ~11.9, book value ₹39, and ROCE of 6.7%. Sounds boring? Wait till you realise this company just sold its WHO-compliant factory for ₹4 crore, which is almost 70% of its market cap.
Q3 FY26 numbers show ₹1.43 crore revenue, PAT ₹0.08 crore, and EPS ₹0.32 for the quarter. Quarterly profit is up 60% YoY, while sales are down ~3% YoY. In short: earnings improved, business didn’t.
This is one of those companies where balance sheet events matter more than business momentum. Low debt, promoter holding at 66%, no pledges, no dividend, and a stock that has gone nowhere for a decade but refuses to die.
Welcome to Colinz Labs — a pharma company that survives more on discipline and thrift than scale and growth.
2. Introduction
Colinz Laboratories was incorporated in 1986, which means it has seen price controls, DPCO chaos, pharma booms, generic busts, demonetisation, GST, COVID, and now factory sales. And yet, it still reports profits. That itself deserves mild applause.
This is not a Sun Pharma or Divi’s Labs story. This is a tiny formulation manufacturer operating quietly in regional markets, selling allopathy, ayurvedic, and nutraceutical products with no blockbuster molecule, no USFDA dreams, and no LinkedIn hype.
What makes Colinz interesting is not growth — because growth has been negative for years — but capital discipline. No reckless borrowing. No dilution. No promoter pledging. Just slow churn and survival-mode capitalism.
And now, with the sale of
its Sinnar manufacturing unit for ₹4 crore, the company has triggered a new phase:
👉 Is Colinz exiting manufacturing?
👉 Is this an asset monetisation reset?
👉 Or is this a polite way of shrinking into irrelevance?
Let’s dissect.
3. Business Model – WTF Do They Even Do?
Colinz Labs manufactures and trades pharmaceutical formulations across three segments:
Allopathy
Includes oncology drugs (Imatinib, Erlotinib, Letrozole), antivirals, antibiotics, antimalarials, antifungals, etc. Mostly generic formulations, nothing patented, nothing fancy.
Ayurvedic Products
Cough syrups, liver tonics, anti-diarrhoeals, memory boosters, appetite stimulants — basically everything your neighbourhood doctor prescribes when they don’t want trouble.
Nutraceuticals
Spirulina, Omega-3, Cod liver oil, collagen, glucosamine — the classic “doctor saab ne bola hai” category.
Products are marketed under brands like ForPe, RePile, Elcol, Colbrodil across Maharashtra, Karnataka, Gujarat, MP, Rajasthan, WB, etc.
Earlier, manufacturing happened at a WHO-compliant unit in Sinnar (Nashik) — which is now being sold.
So the future model increasingly looks like:
➡️ Trading + outsourcing
➡️ Asset-light survival
➡️ Less capex, less ambition
4. Financials Overview
Quarterly Comparison (Figures in ₹ Crore)
| Metric | Latest Qtr (Dec’25) | YoY Qtr (Dec’24) | Prev Qtr (Sep’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1.43 | 1.47 | 1.39 | -2.7% | +2.9% |
| EBITDA | 0.10 | 0.07 | 0.08 | +43% | +25% |
| PAT | 0.08 | 0.05 | 0.14 | +60% | -43% |
| EPS (₹) | 0.32 | 0.20 | 0.56 | +60% | -43% |
