Company Overview

Bafna Pharmaceuticals Limited was incorporated in 1981 as a proprietary concern by Mr. Bafna Mahaveer Chand and has evolved into a significant player in the Indian pharmaceutical manufacturing sector. The company is primarily engaged in the business of manufacturing finished pharmaceutical formulations, specializing in both domestic and export markets across multiple therapeutic segments.

The company was founded in 1981 and is based in Chennai, India, with Bafna Pharmaceuticals Limited operating as a subsidiary of SRJR Lifesciences LLP. The company has built a comprehensive manufacturing infrastructure and established itself as a reliable supplier of pharmaceutical products to both regulated and emerging markets worldwide.

Manufacturing Infrastructure and Capabilities

The first manufacturing unit was set up at Madhavaram (Chennai) during October 1984 for the manufacture of tablets with an installed capacity of 420 lac tablets p.a. Subsequently, the capsule line was added during 1987 with a capacity of 300 lac capsules p.a., and then a liquid line with an installed capacity of 45,000 lts p.a. was added in 1990.

The company has continuously expanded its manufacturing capabilities over the years. During the year 2001, the company constructed a separate block at Madhavaram for manufacturing Betalactum products. During 2006, Bafna set up a 100% EOU unit at Madhavaram for the production of tablets and capsules with a capacity of 6,973.20 lac and 2,462.40 lac respectively.

This facility has been set up as per revised Schedule M under the Drugs and Cosmetics Act, 1947. The manufacturing facilities maintain high-quality standards with the unit being WHO GMP certified and also ISO 9000 certified. BAFNA PHARMACEUTICALS LTD is an EU - GMP, UK - MHRA, TGA Australia accredited facility for Non-Betalactam solid oral Dosage forms.

Product Portfolio and Market Presence

The company is manufacturing over 336 licensed pharmaceutical formulations and has globally registered 78 of its products. The Madhavaram facility manufactures finished solid oral and liquid oral dosage forms of Betalactam and Non-Betalactam and Cephalosporin products. The company's product range includes various pharmaceutical formulations with key products such as Afenac-p Tab and Afenac-th Tab.

The company supplies its products to the United Kingdom, Europe, and Australian markets. It also exports its products to Europe, the United Kingdom, Australia, Sri Lanka, Africa, and internationally. The manufactured products in this factory catered to the markets of Sri Lanka, Ghana, and Ukraine.

Financial Performance and Market Capitalization

As of the latest available data, the company reports revenue of ₹146 Cr and profit of ₹4.15 Cr. Bafna Pharmaceuticals has an operating revenue of ₹148.20 Cr on a trailing 12-month basis. An annual revenue growth of 32% is outstanding. The pre-tax margin of 5% is okay, and ROE of 9% is fair but needs improvement.

The company's market capitalization varies across different sources and dates: The market cap of Bafna Pharmaceuticals Ltd (BAFNAPH) is ₹181.87 Cr as of 19th May 2025, while Mkt Cap: ₹196 Crore (down -2.44% in 1 year) according to another recent report.

Recent Financial Results

Net profit of Bafna Pharmaceuticals was reported at ₹0.95 crore in the quarter ended December 2024, as against a net loss of ₹2.94 crore during the previous quarter ended December 2023. Sales rose 16.70% to ₹33.19 crore in the quarter ended December 2024, as against ₹28.44 crore during the previous quarter ended December 2023.

Net profit of Bafna Pharmaceuticals rose 5.65% to ₹2.62 crore in the quarter ended September 2024, as against ₹2.48 crore during the previous quarter ended September 2023. Sales declined 0.88% to ₹40.32 crore in the quarter ended September 2024, as against ₹40.68 crore during the previous quarter ended September 2023.

Key Financial Metrics

- Market Cap: ₹181.87-196 Cr (as of May 2025)

- Revenue: ₹146-148.20 Cr (TTM)

- Annual Revenue Growth: 32%

- Net Profit: ₹4.15 Cr (TTM)

- ROE: 7.61-9%

- ROCE: 8.28%

- P/E Ratio: 24.74-50.99 times

- Debt to Equity: 13%

Shareholding Pattern and Corporate Governance

Promoter holding in Bafna Pharmaceuticals Ltd has gone down to 75.00% as of Mar 2025 from 88.30% as of Jun 2024. Promoter Holding: 75.0% represents the current ownership structure of the company.

Recent Corporate Developments

Sale of Madhavaram manufacturing unit for ₹1.45 crore completed on June 30, 2025, indicating strategic asset optimization by the company. The Company has been honored with the 'Emerging Company of the Year in Healthcare' by the MSME Chamber of Commerce and Industry India, recognizing its growth and contribution to the healthcare sector.

Market Position and Future Outlook

The company has a reasonable debt-to-equity ratio of 13%, which signals a healthy balance sheet. However, the company is reporting repeated profits but is not paying out dividends, which may be a consideration for income-focused investors.

To be a notable player in the Global Pharma arena remains the company's vision, as it continues to expand its presence in regulated markets while maintaining its manufacturing excellence and quality certifications. The company's focus on contract research and manufacturing services positions it well for future growth opportunities in the pharmaceutical sector.