At a Glance
Trident Lifeline’s Q1 FY26 results are like a Bollywood underdog story—sales ₹23.6 Cr, profit ₹2.8 Cr, margins a comfy 22%. Stock popped 5.4% to ₹288. Growth is sizzling, but debt and cash flows whisper caution.
Introduction
Imagine a scrappy pharma player hustling in 40 countries while keeping manufacturing asset-light—yes, that’s Trident. Revenue jumped nearly 100% YoY last year, profit 77%. But can it keep the dosage right, or will side effects kick in?
Business Model (WTF Do They Even Do?)
Trident Lifeline is a pharma exporter with:
- 945 products registered, 2016 under registration.
- Models: Branded formulations, loan licence, contract manufacturing.
- Edge: Asset-light, wide global footprint.
Roast: Selling pills worldwide but still can’t cure its dividend allergy.
Financials Overview
- Q1 FY26 Revenue: ₹23.6 Cr (↑98% YoY last year, flat this quarter)
- Net Profit: ₹2.8 Cr (EPS ₹2.66)
- OPM: 22%
- ROE: 17.9%
- ROCE: 18%
Verdict: Profitable and nimble, but needs consistent momentum.
Valuation
- P/E: 23×
- CMP/BV: 5.1×
- Fair Value Range: ₹240–₹300
DCF is optimistic, market is already pricing in perfection.
What’s Cooking – News, Triggers, Drama
- No deviation in IPO fund utilization—auditors happy.
- Appointment of secretarial auditor for 5 years (corporate hygiene check).
- No major corporate drama—boring, but in a good way.
Balance Sheet
| (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Assets | 63 | 87 | 156 |
| Liabilities | 63 | 87 | 156 |
| Net Worth | 46 | 53 | 65 |
| Debt | 8 | 18 | 54 |
Punchline: Debt growing faster than your WhatsApp forwards.
Cash Flow – Sab Number Game Hai
| (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Operating | -19 | 2 | -10 |
| Investing | -10 | -20 | -14 |
| Financing | 42 | 11 | 20 |
Snark: Cash flow resembles your gym attendance—high hopes, low delivery.
Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROE % | 23% | 15% | 18% |
| ROCE % | 23% | 15% | 18% |
| D/E | 0.12 | 0.34 | 0.83 |
Verdict: Attractive returns but leverage rising—handle with care.
P&L Breakdown – Show Me the Money
| (₹ Cr) | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 32 | 45 | 87 |
| Net Profit | 6 | 6 | 10 |
Comment: Topline doubled, bottom line followed—this is growth with teeth.
Peer Comparison
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | P/E |
|---|---|---|---|
| Sun Pharma | 52,578 | 11,454 | 36× |
| Dr Reddy’s | 33,519 | 5,656 | 19× |
| Zydus Lifesc. | 23,241 | 4,644 | 21× |
| Trident Life | 85 | 14 | 23× |
Humour: The toddler at a pharma giants’ party, but growing fast.
Miscellaneous – Shareholding, Promoters
- Promoters: 63% (slightly diluted)
- FIIs: 7.2% (slowly rising)
- Public: 29%
Note: FIIs adding small doses, retail still excited.
EduInvesting Verdict™
Trident Lifeline is a small-cap with global hustle, asset-light charm, and rising profits. But rising debt and negative cash flows could spoil the happy ending.
Final Word: Promising script, but watch for plot twists.
Written by EduInvesting Team | 28 July 2025
SEO Tags: Trident Lifeline, Pharma Exports, Q1 FY26 Results, Small Cap Pharma
