1. At a Glance
If mummy puts asks you to apply Multani Mitti that money goes straight to Ganga Pharma, They make tablets, syrups, oils, gels, powders — and still reporting annual sales smaller than a Big Bazaar outlet’s weekend clearance. That’s Ganga Pharma. Market cap ₹7 Cr, revenues ₹2.64 Cr, and a P/E ratio of 88× — basically, Baba Ramdev’s Patanjali is playing IPL, and Ganga Pharma is still stuck in gully cricket.
2. Introduction
Ayurveda is India’s oldest export. From turmeric lattes in Starbucks to Ashwagandha gummies in California, the world loves our herbs. And yet, Ganga Pharma, born in 1989, hasn’t been able to capitalise.
Their product list looks impressive — 230+ items, 20+ patents, tablets for digestion, oils for hair, gels for skin, powders for everything from constipation to charisma. They even have OTC products like “Gangalax” (don’t ask), cosmetic powders, and traditional herbs like Shilajit and Triphala.
Presence? Maharashtra, Karnataka, Bengal, Odisha, and now e-commerce. But sales in FY25 = ₹2.64 Cr. That’s not “pharma,” that’s “local chemist ki monthly billings.”
So what’s the story? Ayurveda brand with massive product portfolio, but no distribution muscle. It’s like inventing the recipe for biryani and then selling it only in your gali.
3. Business Model (WTF Do They Even Do?)
Ganga Pharma is basically a boutique Ayurveda maker:
- Products: GMP-certified 230+ SKUs across OTC, cosmetics, and traditional medicines.
- Manufacturing: Facility at Virar, Palghar.
- Distribution: Direct marketing + e-commerce + regional reach.
- Revenue Model: 92% from sales of goods, 8% from interest on deposits. (Yes, interest income is almost keeping them alive.)
So the business model = “Sell Ayurvedic products if someone buys, else rely on FD interest.”
4. Financials Overview
| Metric | Latest Qtr (Mar 2025) | YoY Qtr (Mar 2024) | QoQ (Sep 2024) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹1.33 Cr | ₹1.42 Cr | ₹1.31 Cr | -6.3% | +1.5% |
| EBITDA | -₹0.11 Cr | +₹0.01 Cr | -₹0.12 Cr | Big drop | Flat |
| PAT | ₹0.06 Cr | ₹0.03 Cr | ₹0.02 Cr | +100% | +200% |
| EPS | ₹0.12 | ₹0.06 | ₹0.04 | 100% | 200% |
Annualised EPS ~₹0.48. CMP ₹14.6 → P/E ~30× (screener showing 88× TTM due to weak profits).
Commentary: Revenue stagnant, OPM negative, PAT surviving on “other income.”
5. Valuation (Fair Value RANGE only)
- P/E Method: EPS ~₹0.48 × 15 = ₹7. FV ~₹7.
- EV/EBITDA: EV ~₹8 Cr, EBITDA negative = not meaningful.
- DCF: With sales growth negative 2% CAGR and margins ~0%, DCF says “Bhai, FV = Book Value.”
Fair Value Range: ₹7–12(Educational only, not investment advice.)
6. What’s Cooking – News, Triggers, Drama
- Preferential Allotment (2024): ₹1.72 Cr raised through equity + warrants. Fresh dilution, but small scale.
- Warrants Drama (2025): 7 lakh unconverted warrants forfeited; promoters basically said, “Arre paisa nahi hai, leave it.”
- Promoter Stake Drop: From 66.7% (2022) → 50.9% (2025). Not a good sign.
- E-commerce Push: Available online, but with Amazon selling Patanjali at discounts, tough fight.
7. Balance Sheet
| Metric | FY25 |
|---|---|
| Equity Capital | ₹4.84 Cr |
| Reserves | ₹2.29 Cr |
| Debt | ₹1.42 Cr |
| Net Worth | ₹7.13 Cr |
| Total Liabilities | ₹8.97 Cr |
| Fixed Assets | ₹0.66 Cr |
Commentary: Balance
