Bajaj Healthcare Ltd(BAJAJHCARE)

NSE: BAJAJHCAREBSE: 539872

₹ 312.65-3.67%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 1,053 crWebsite: www.bajajhealth.comUpdated: 24 Oct 2026

About

Bajaj Healthcare Limited, founded in 1993 and based in Thane, Maharashtra, develops and manufactures APIs, intermediates and formulations for the pharmaceutical, nutraceutical and food sectors. It serves 575+ clients in 60+ countries. Revenue from operations was Rs 611.03 Cr in FY26. The company calls itself one of India's leading API manufacturers and the only private company in India doing alkaloid extraction work for the Government of India.^[1][2][3]

Business segments

The company reports a single segment, pharmaceuticals. By geography in FY26, India contributed Rs 422.89 Cr of revenue and markets outside India contributed Rs 188.14 Cr.^[2]
About 89% of total production in FY26 came from the API and intermediates business.^[2]
APIs made up 84% of revenue in H1 FY26, compared with 83% in FY25 and 89% in FY24. Formulations made up 16% in H1 FY26.^[4]
In Q1 FY27, domestic API revenue was ₹92.3 crores (up 27% YoY), export revenue was ₹50.1 crores and formulation revenue was ₹23.3 crores.^[5]
Domestic revenue was 36% of total revenue in H1 FY26, up from 23% in FY25 and 24% in FY24.^[4]

Products and portfolio

The company makes 100+ products. It describes itself as a major global maker of Chlorhexidine base and a major Indian maker of Ascorbic Acid.^[1]
Its nutraceutical products include Ascorbic Acid IP, Chlorhexidine base, Magnesium-L-Threonate, Sodium Ascorbate and Ferrous Ascorbate.^[2]
Magtein (Magnesium L-Threonate) contributed about 10% of total revenue in FY26 on volumes of about 350 MT. The company is targeting 15-20% growth in FY27.^[5]
The formulations business makes tablets, caplets, capsules and oral powders, which it supplies in bulk.^[2]
Bajaj Oncocare, the company's own oncology brand business launched in 2024, sells 15+ brands across 23 states and 3 union territories. It was the first in India to launch the Posaconazole 300 mg tablet.^[5][2]
The company is the only private company in India doing alkaloid extraction work for the Government of India.^[1]

Manufacturing and operations

As of FY26, the company runs API plants at Tarapur, Savli and Panoli and a formulations plant at Manjusar.^[2]
API manufacturing capacity was 726 MT per month as of FY26.^[2]
Annual production capacity for intermediates such as CPCC and Chlorhexidine base was 94 MT as of FY26.^[2]
The Manjusar formulations plant can make 120 Cr tablets and capsules a year, as of FY26.^[2]
As of FY26, its plants hold approvals from USFDA, EDQM, MFDS, TFDA and TGA. Other certifications include FSSC 22000, FSSAI, Kosher and Halal, and it holds an EcoVadis Bronze medal.^[2]
The R&D lab is recognised by DSIR, and the company had filed 51 DMFs in total as of FY25.^[1]
A USFDA inspection ended with zero 483 observations. A new 10,000 sq ft R&D centre at Savli, built for 100+ researchers, is due to start operating by August 2026.^[4]

Key operating numbers

R&D spending rose to 2.2% of sales in FY26 from 0.4% in FY24.^[5]

Regulatory approvals

The company received six CEP approvals in the six to eight months before Q1 FY27. It expects revenue from these EU molecules by the end of FY28, once customers qualify them.^[5]
As of Q1 FY26, 7 of 9 CEPs filed had been approved and 4 more were in process. The company filed 5 DMFs with the UK MHRA in Q1 FY26.^[6]
The company was the first in India to get an SEC recommendation to make and sell Cenobamate Tablets. The DCGI NOC and state licence were still pending as of Q1 FY27.^[5]
Bioequivalence studies for Suvorexant Tablets have been completed. The commercial launch is targeted for Q4 FY28, when the patent expires.^[5]

Customers and distribution

Named domestic customers include Sun Pharma, Pfizer, Abbott Healthcare, GlaxoSmithKline, Procter & Gamble, Hindustan Unilever and Intas Pharmaceutical.^[1]
The institutional business supplies government healthcare programmes, defence establishments, railway hospitals and employee healthcare systems.^[2]
Customers include pharma companies, formulation makers, CDMOs, nutraceutical firms and export clients in regulated and semi-regulated markets.^[1]
A CDMO agreement with UK/EU-based customers is being carried out. Under it, the company will make 30 APIs exclusively for those clients.^[4]
Exports were about 18-20% of revenue in Q1 FY27. Management aims to raise exports to 30-35% of revenue.^[5]

Expansion and capex

A peptide plant with 250 kg/annum capacity is due to be commissioned by Q4 FY27. At peak use it is expected to generate ₹200-300 crores of revenue.^[5]
A dedicated oncology API plant is being built and is targeted to start commercial production by Q4 FY28.^[5]
The purchase of GenRx Pharmaceutical's manufacturing plant in Nashik is awaiting NCLT approval. Commercial production is expected to start in H2 2027.^[5]
The company plans capex of ₹40-50 crores a year for each of the next several years.^[5]
Under an MoU with ICT Mumbai, the company is taking a technology transfer to make Ascorbic Acid (Vitamin C) inputs in-house, with completion targeted for 2029.^[1]

Recent developments

Of the preferential issue proceeds as of FY26, Rs 150 Cr went to repaying debt and has been fully used. Of the Rs 35 Cr set aside for capex, Rs 3.16 Cr had been used.^[2]
In March 2026, warrant conversion brought in the remaining 75% of the issue price, or Rs 52.71 Cr.^[2]
India Ratings affirmed its IND A- rating on the company's term loans and working capital limits with a Stable outlook, effective May 15, 2025.^[1]

Market Cap

₹1,053 Cr

High / Low

₹489 / 272

Stock P/E

48.6

Price / Book

1.9

Book Value

₹158

EPS

₹4.7

No. of Shares

3.37 Cr

ROCE

11.6%

ROE

3.2%

OPM

13.7%

Debt / Equity

0.44

Sales

₹611 Cr

Net Profit

₹16 Cr

Promoter holding

58.6%

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Bajaj Healthcare Ltd(BAJAJHCARE)

About

Business segments

Products and portfolio

Manufacturing and operations

Key operating numbers

Regulatory approvals

Customers and distribution

Expansion and capex

Recent developments

Signal history

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