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1. At a Glance
Bafna Pharmaceuticals makes finished medicines — tablets and syrups — for other companies and under its own generic labels. Revenue from operations for the three months to June 2026 was ₹26.58 crore, against ₹34.62 crore a year earlier. That is a fall of 23.2%. Net profit was ₹0.08 crore, down 97.6% on the same quarter last year. Earnings per share came to three paise.
Other income for the quarter was ₹1.91 crore. Profit before tax was ₹0.08 crore. Operating profit was ₹0.89 crore, an operating margin of 3.35%. That margin stood at 14.64% in the June 2025 quarter and 8.40% in the three months to March 2026.
The full year before it reads differently. Revenue for the year to March 2026 was ₹150.62 crore and net profit ₹11.10 crore. Earnings per share for that year were ₹4.69, the highest annual figure in the decade this data set covers.
Promoters hold 75.00% of the company, with none of that holding pledged. ICRA, a credit-rating agency, reaffirmed its long-term rating at [ICRA]BB+ in January 2026 and moved the outlook to Positive from Stable. The 31st annual general meeting is set for 11 September 2026, by video conference, the format most weekly team calls now use.
The company disclosed two GST orders totalling ₹5.67 crore, both of which it is challenging. The market values the company at ₹739 crore. The market pays ₹94.80 for every ₹1 of yearly profit. Across the industry that figure is ₹33.
2. Introduction
Bafna Pharmaceuticals was incorporated in 1981 and makes finished pharmaceutical formulations — medicines in their final tablet, capsule or syrup form. The shares are listed as 532989 on the BSE and as BAFNAPH on the NSE. The registered office is at Bafna Towers on Thambu Chetty Street in Chennai. The factory sits on the Madhavaram Redhills High Road at Grantlyon. ICRA, a credit-rating agency, counts one manufacturing facility. The company reports as a single segment.
The ten-year sales record has a difficult middle act. Sales were ₹64.96 crore in the year to March 2017 and ₹45.56 crore the year after. They fell again to ₹43.63 crore and then to ₹42.47 crore in the year to March 2020. Each of those four years ended in a net loss. The first two losses were ₹18.47 crore and ₹16.45 crore. They then widened to ₹19.73 crore and ₹25.20 crore. Reserves — the profits a company has kept over its life — turned negative in the year to March 2019, at minus ₹2.86 crore.
The year to March 2021 brought a profit of ₹5.83 crore. Sales rose in every year since, bar one. They went from ₹71.22 crore to ₹85.14 crore, then to ₹115.35 crore and ₹152.47 crore. The year to March 2025 dipped to ₹145.86 crore, and the year after reached ₹150.62 crore.
The recent operating history comes with dates attached. In December 2023 the company told the exchanges that cyclone Michaung had flooded its plants and disrupted production. It told them a day later that manufacturing had resumed. April 2024 brought a new Quality Control Laboratory. In June 2024 it disclosed a temporary halt to manufacturing after equipment broke down. In August 2024 it disclosed approval for the sale of a manufacturing unit to Navron Pharma. A cyclone, a laboratory opening, a broken machine and a unit sale inside nine months make for a full diary.
On the shareholder register, the promoter block fell from 88.29% to 75.00% between the December 2024 and March 2025 quarters. It has stayed at 75.00% through June 2026. Three foreign institutional investors appeared in the same quarter, holding 9.34% between them. In September 2023 the promoter SRJR Life Sciences LLP sold 35,48,143 shares through an Offer for Sale, the route for selling existing shares on the exchange.
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3. Business Model: WTF Do They Even Do?
Bafna makes tablets and syrups for other companies and sells its own generic medicines where it can. ICRA, a credit-rating agency, describes the business as contract manufacturing for regulated markets, plus generics sold in semi-regulated and unregulated ones.
The product shelf is genuinely deep. The company holds over 336 licensed formulations, of which 78 are registered around the world. They include Afenac-p and Afenac-th tablets. They also include finished solid oral and liquid oral forms of Betalactam, Non-Betalactam and Cephalosporin products, which are antibiotic families grouped by their chemistry. A catalogue that size at a one-factory company keeps the licensing desk busier than the loading bay.
The therapeutic focus is lifestyle conditions: diabetes care, central nervous system disorders and pain management. ICRA notes those contributed 67.2% of revenue in the year to March 2025. The same agency puts the top three products — Metformin, Fluoxetine and Lithium Carbonate — at 45.0% of that year’s revenue. The top five products came to 56%. The top five customers accounted for 78.4% of sales.
Those customers have names. ICRA lists established relationships with Strides Pharma Science Limited, Tenshi Kaizen Private Limited and Relonchem Limited. The agency notes relationships running over a decade, with repeat orders.
On geography, ICRA puts exports at close to half of revenue in the year to March 2025. The company’s own disclosure for the year to March 2023 put exports at about 77% and domestic sales at about 23%. The export list runs to twenty-two entries, among them the United Kingdom, Australia, Nigeria
