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1. At a Glance
Bafna Pharmaceuticals reported revenue from operations of ₹26.58 crore for the quarter ended June 2026, against ₹34.62 crore in the year-ago quarter — a fall of 23.2%. Net profit came in at ₹0.08 crore, down 97.6% year over year. Earnings per share for the quarter: ₹0.03. Three paise. If you printed that EPS on a physical share certificate, the ink would cost more.
Other Income for the quarter was ₹1.91 crore, which is a number worth holding next to Profit before Tax of ₹0.08 crore, purely as arithmetic. Operating Profit was ₹0.89 crore at an OPM of 3.35%, against 14.64% in June 2025 and 8.40% in the March 2026 quarter.
The quarter is a single quarter, and the annual picture has its own shape: FY26 revenue of ₹150.62 crore, net profit of ₹11.10 crore, EPS of ₹4.69 — the highest annual EPS the company has posted in the last decade of this data set. Then Q1 arrived and posted three paise, which is one of the more abrupt gear changes in a small-cap P&L.
Elsewhere on the record: promoter holding is 75.00% with nil pledge, ICRA reaffirmed the long-term rating at [ICRA]BB+ in January 2026 and revised the outlook to Positive from Stable, and the company disclosed two GST orders totalling ₹566.56 lakh, both under challenge. Market cap is ₹739 crore. Stock P/E is 94.8; the industry P/E is 33.0.
The 31st AGM is scheduled for September 11, 2026, by video conference, which means the company’s annual general meeting now happens in the same format as everyone’s Tuesday standup.
2. Introduction
Bafna Pharmaceuticals was incorporated in 1981 and manufactures finished pharmaceutical formulations. It is listed on both exchanges (BSE: 532989, NSE: BAFNAPH), runs a registered office at Bafna Towers on Thambu Chetty Street in Chennai, and a factory on the Madhavaram Redhills High Road at Grantlyon. One manufacturing facility, per ICRA. That is the whole industrial footprint — a company that reports as a single segment because there genuinely is only one thing to report.
The ten-year revenue line reads like a book with a difficult middle act. Sales of ₹64.96 crore in FY17 fell to ₹45.56 crore in FY18, ₹43.63 crore in FY19 and ₹42.47 crore in FY20, with losses at the net level in each of those four years — ₹18.47 crore, ₹16.45 crore, ₹19.73 crore and ₹25.20 crore respectively. Reserves went negative in FY19 at minus ₹2.86 crore. Then FY21 turned a profit of ₹5.83 crore, and revenue has climbed every year since except FY25: ₹71.22 crore, ₹85.14 crore, ₹115.35 crore, ₹152.47 crore, ₹145.86 crore, ₹150.62 crore.
The recent operating history comes with dates attached. In December 2023, the company told the exchanges that its manufacturing facilities had flooded and production was disrupted by cyclone Michaung, then confirmed a day later that manufacturing had resumed. In April 2024 it inaugurated a new Quality Control Laboratory. In June 2024 it disclosed a temporary disruption of manufacturing operations due to equipment breakdown. In August 2024 it disclosed approval of the sale of a manufacturing unit to Navron Pharma. A cyclone, a lab opening, a broken machine and a unit sale inside nine months is an eventful stretch for a company that files under a single segment.
On the register, the promoter block moved from 88.29% to 75.00% between the December 2024 and March 2025 quarters, and has stayed at 75.00% through June 2026. Three FII names appeared in the same quarter, together holding 9.34%. Earlier, in September 2023, promoter SRJR Life Sciences LLP made an Offer for Sale of 35,48,143 equity shares.
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3. Business Model: WTF Do They Even Do?
Bafna makes pills and syrups for other people and sells its own generics where it can. ICRA describes it as contract manufacturing for regulated markets plus sale of generics in semi-regulated and unregulated markets.
The product shelf is genuinely deep: over 336 licensed pharmaceutical formulations, of which 78 are globally registered, including Afenac-p and Afenac-th tablets, and finished solid oral and liquid oral dosage forms of Betalactam, Non-Betalactam and Cephalosporin products. Three hundred and thirty-six licensed formulations at a company with one factory is a licensing department working considerably harder than the loading bay.
The therapeutic focus is lifestyle diseases — diabetology, central nervous system conditions and pain management — which ICRA notes contributed 67.2% of FY2025 revenues. The top three products, per ICRA, are Metformin, Fluoxetine and Lithium Carbonate, together 45.0% of FY2025 revenues. Top five products: 56%. Top five customers: 78.4% of sales. So the 336-formulation catalogue is real, and so is the fact that most of the money arrives through a handful of doors.
Those doors have names. ICRA lists established relationships with Strides Pharma Science Limited, Tenshi Kaizen Private Limited and Relonchem Limited, with relationships running over a decade and repeat orders.
Geographically, exports were close to 50% of revenue in FY2025 per ICRA, and the FY23 revenue split in the company’s own disclosure put exports at ~77% and domestic at ~23%. The export country list is a small atlas: UK, Australia, Ukraine, Sri Lanka, Philippines, Nigeria, Ethiopia, Tanzania, Nepal, Kenya, Sudan, Myanmar, Uganda, Azerbaijan, DRC, Guatemala, Mauritius, EU-GMP, Honduras, Madagascar, Peru and Zambia. Twenty-two entries. The FY23 revenue breakup itself is a lesson in how a pharma company actually earns: Sale of Products ~96%, Analytical Income ~1%, Gain on Foreign Exchange Difference ~2%, Freight Income ~1%. Yes — the currency market was a bigger revenue line than the analytical lab.
Screener’s extracted operating data adds texture: 188 total product registrations as of Mar 2024, 200 pending registration applications, and registrations across 21–29 countries depending on the year. A registration pipeline roughly the size of the registered
