1. At a Glance – Small Pharma, Big Headache
Oxygenta Pharmaceutical Ltd is currently trading at ₹58.5, nursing a market cap of ~₹216 Cr, and behaving like a patient who Googled symptoms and now thinks it’s terminal. The stock is down ~40% in six months, ~29% over one year, and yet still manages to surprise investors—not with profits, but with creative ways to lose money.
Latest Q3 FY26 (Dec 2025) numbers show:
- Revenue: ₹33.9 Cr (QoQ +2.2%)
- PAT: ₹-4.84 Cr (QoQ deterioration)
- Operating Margin: -12%
- Debt: ₹72.8 Cr
- ROCE: -24.9%
- Book Value: negative (₹-9.9)
This is a pharma company that has APIs for hypertension, cancer, antivirals… but unfortunately, no cure yet for its own balance sheet.
And before you ask: yes, the company did change its name from S.S. Organics to Oxygenta Pharmaceutical in 2022. Branding glow-up? Sure. Financial glow-up? Still buffering.
So the real question:
👉 Is this a sick turnaround case… or just chronic illness with no discharge summary?
Let’s put the stethoscope on.
2. Introduction – From S.S. Organics to Oxygenta: New Name, Same Fever
Oxygenta Pharmaceutical Ltd was incorporated in 1990 and operates in bulk drugs, APIs, pharmaceutical preparations, and organic fine chemicals. On paper, this sounds respectable. In reality, the company has spent more than a decade oscillating between losses, debt-funded survival, and shareholder dilution.
The name change in Feb 2022 was supposed to signal a fresh start. But if names alone fixed businesses, half of Dalal Street would be running wellness startups by now.
Financially, Oxygenta’s story is simple:
- Revenues have grown fast (5-yr CAGR ~51%)
- Profits have not followed (TTM PAT ₹-18 Cr)
- Margins remain structurally negative
- Debt keeps creeping up
- Equity has been diluted more times than pharma syrup
There is a controlling shareholder now (Virupaksha Organics, since June 2025), which changes the narrative slightly. Control change, board reshuffle, promoter reclassification—all classic “turnaround prelude” signals.
But remember:
👉 Every turnaround story starts with hope. Only a
few end with profits.
So let’s see what they actually do.
3. Business Model – WTF Do They Even Do?
Oxygenta operates in API intermediates and formulations, with products like:
- Losartan potassium intermediates
- Gabapentin intermediates
- Antihypertensives
- Antivirals
- Anti-cancer and anti-ulcer drugs
In plain English:
They make chemical building blocks that bigger pharma companies convert into finished medicines.
Sounds lucrative, right? APIs are supposed to be high-margin, export-friendly, and scalable.
So why is Oxygenta bleeding?
Three reasons:
- Scale mismatch: Revenue ~₹110 Cr, but cost structure behaves like a ₹300 Cr company.
- Poor operating leverage: Even when sales jump 60%, margins stay negative.
- Debt + inefficiency combo: Interest costs eat whatever little operating improvement shows up.
They don’t have branded formulations. They don’t have pricing power. And they don’t have consistent capacity utilization—classic small-API trap.
Let me put it this way:
👉 Oxygenta manufactures molecules, but destroys shareholder molecules faster.
Still with me? Good. Let’s get into the numbers.
4. Financials Overview – Quarterly Reality Check
Quarterly Comparison Table (₹ Crores)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 33.93 | 33.21 | 14.30 | +2.2% | +137% |
| EBITDA | -4.08 | -4.36 | -4.57 | Improving | Improving |
| PAT | -4.84 | -3.93 | -4.93 | Worse | Flat |
| EPS (₹) | -1.31 | -1.06 | -1.33 | Worse | Flat |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4
= Avg (-0.38, -0.80, -1.31) × 4
= ~₹-3.6 annualised
Which means the stock
