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Bafna Pharmaceuticals Limited (BAFNAPH)

₹461.35 +1.99% last close, 16 Oct

📊 NSE: BAFNAPH 🏢 Pharmaceuticals - Indian - Formulations 📢 Latest filing: 12 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Bafna Pharmaceuticals' revenue was ₹26.6 Cr (-23.2% year on year, -37.1% on the previous quarter), and net profit ₹0.1 Cr (-97.8% year on year); the operating margin was 3.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹26.6	-23.2%	-37.1%
Operating profit	₹0.9	-82.6%	-75.2%
Net profit	₹0.1	-97.8%	-97.3%
EPS (₹)	0.03	-97.9%	-97.4%
Operating margin	3.3%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Bafna Pharmaceuticals Submits Reg 74(5) Dematerialisation Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 12 Oct 2026, 05:11 PM

Bafna Pharmaceuticals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited confirms that dematerialisation requests received during the period were duly processed and confirmed to depositories within the mandated timelines. The underlying physical security certificates were verified, mutilated, and cancelled. This is a standard procedural regulatory filing with no operational or financial impact.

Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
Issued by Registrar and Share Transfer Agent Cameo Corporate Services Limited on October 6, 2026
Company filed the intimation with BSE and NSE on October 12, 2026
Confirms mutilation and cancellation of physical certificates post dematerialisation within stipulated time limits

💡 No investor action is required as this is a recurring regulatory filing. Investors should look out for upcoming Q2 FY27 operational and financial results.

Bafna Pharmaceuticals Approves All 3 AGM Resolutions with 99.99% Majority

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 06:18 PM

Bafna Pharmaceuticals announced the voting results of its 31st Annual General Meeting held on September 11, 2026. Shareholders approved all three ordinary resolutions with near-unanimous assent (~99.9999% votes in favour). The resolutions included adoption of FY2026 audited financial statements, re-appointment of retiring director Upendar Mekala Reddy, and ratification of cost auditors' remuneration for FY 2026-2027. A total of 1.81 crore votes were polled across 7,093 eligible shareholders on record.

All 3 ordinary resolutions approved with 1,81,58,523 votes (99.9999%) in favour and 8 votes against
Overall voter participation reached 76.76% of outstanding shares (1,81,58,531 votes polled out of 2,36,56,335 total shares)
Promoter voting participation stood at 99.9852%, contributing 1,77,39,622 votes
Total number of registered shareholders on record date (September 4, 2026) was 7,093

💡 Track subsequent quarterly operational updates and execution progress on the company's planned capacity expansion in lifestyle segments.

Bafna Pharmaceuticals Concludes 31st AGM; Voting Results Awaited Within 2 Days

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Sep 2026, 03:09 PM

Bafna Pharmaceuticals completed its 31st Annual General Meeting on September 11, 2026, conducting standard ordinary business. Key agenda items included adopting the audited financial statements for FY 2025-2026, re-appointing director Mr. Upendar Mekala Reddy, and ratifying cost auditor remuneration for FY 2026-2027. Note was also made of qualifications in the Independent Auditors' and Secretarial Audit Reports being read along with board explanations. Official voting results will be published within two working days.

31st Annual General Meeting concluded on September 11, 2026, running from 10:00 AM to 10:35 AM IST
Transacted 3 ordinary resolutions including adoption of FY26 financials and director re-appointment
Qualifications in the Independent Auditors' Report and Secretarial Audit Report were addressed during the proceedings
Remote e-voting was conducted from September 08, 2026 (9:00 AM) to September 10, 2026 (5:00 PM)

💡 Track the formal scrutinizer's report and voting results within two working days to confirm resolution passage, and review the detailed auditor qualifications when the complete annual report is analyzed.

Bafna Pharma Convenes 31st AGM on Sep 11, 2026; Releases FY26 Annual Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Aug 2026, 09:14 PM

Bafna Pharmaceuticals has scheduled its 31st Annual General Meeting (AGM) for September 11, 2026, via video conferencing and published its FY 2025-26 Annual Report. The company reported FY26 operating revenue of ₹1,506.17 million (up 3.26% YoY) and a 167.30% jump in Net Profit to ₹111.00 million (EPS of ₹4.69). Export sales surged 31.29% to ₹958.10 million, contributing ~64% of revenues. Additionally, the company rationalized assets by hiving off its Madhavaram facility to concentrate on its Grantlyon site.

31st AGM scheduled for Friday, September 11, 2026 at 10:00 AM IST via VC/OAVM
FY26 Revenue from operations stood at ₹1,506.17 million, up 3.26% YoY
FY26 Net Profit surged 167.30% YoY to ₹111.00 million with EPS of ₹4.69 (vs ₹1.76 in FY25)
Export sales climbed 31.29% YoY to ₹958.10 million, supported by UK-MHRA and EU-GMP certifications
ICRA revised credit rating outlook to Positive (BB+ long-term / A4+ short-term) on ₹500 million facilities

💡 Track voting resolutions and management commentary during the AGM on September 11, 2026, particularly regarding capacity expansion execution and CRAMS pipeline growth.

Bafna Pharmaceuticals Schedules 31st AGM for September 11, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 05:55 PM

Bafna Pharmaceuticals Limited has announced its 31st Annual General Meeting (AGM) to be held on September 11, 2026, via video conferencing. The company has established September 04, 2026, as the cut-off date to determine shareholder eligibility for e-voting. Share transfer books and the register of members will remain closed from September 05 to September 11, 2026. This is a standard regulatory procedure for the company's annual administrative cycle.

31st Annual General Meeting scheduled for September 11, 2026, at 10:00 AM
Cut-off date for e-voting eligibility set for September 04, 2026
Book closure period defined from September 05, 2026, to September 11, 2026
Remote e-voting window opens on September 08, 2026 (9:00 AM) and ends September 10, 2026 (5:00 PM)

💡 Investors should review the upcoming Annual Report for updates on the company's Rs 24.5 Cr capex plan and its progress in regulated markets like the UK and Australia.

31st AGM Scheduled for September 11, 2026; E-voting Cut-off Set for September 4

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 05:49 PM

Bafna Pharmaceuticals has scheduled its 31st Annual General Meeting (AGM) for September 11, 2026, to be conducted via video conferencing. The company has established September 4, 2026, as the cut-off date for determining shareholder eligibility for e-voting. The e-voting period will run from September 8 to September 10, 2026. This routine administrative event follows a fiscal period where the company generated Rs 53 Cr in TTM revenue and is pursuing a Rs 24.5 Cr capex plan.

31st Annual General Meeting to be held on September 11, 2026.
Cut-off date for e-voting eligibility is September 04, 2026.
E-voting window open for 3 days from September 08 to September 10, 2026.
Book closure period of 7 days starting from September 05, 2026.

💡 Review the upcoming Annual Report for management commentary on the Rs 11.5 Cr capex deployment planned for FY 2025 and updates on regulated market expansions.

97.8% Profit Drop: Bafna Pharma Q1 Net Profit Falls to ₹7.51 Lakhs; Revenue Down 23%

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 05:59 PM

Bafna Pharmaceuticals reported a significant downturn in its Q1 FY27 results, with revenue from operations declining 23.2% YoY to ₹26.58 crore. Net profit saw a near-total erosion, plummeting 97.8% to just ₹7.51 lakhs from ₹3.39 crore in the same period last year. The company's profitability was severely impacted by high material and manufacturing costs, which consumed nearly all of its total income. Additionally, the company is contesting GST-related demands and refund recoveries totaling ₹5.66 crore, a figure representing over 50% of its entire FY26 net profit.

Revenue from operations fell to ₹26.58 crore in Q1 FY27 from ₹34.62 crore in Q1 FY26.
Net profit for the quarter collapsed to ₹7.51 lakhs, down from ₹3.39 crore in the previous year's quarter.
Total expenses of ₹28.42 crore were nearly equal to the total income of ₹28.49 crore, leading to razor-thin margins.
The company faces a GST demand of ₹2.35 crore and a refund recovery order of ₹3.31 crore, both currently under legal challenge.
Earnings Per Share (EPS) dropped to ₹0.03 from ₹1.43 in the year-ago period.

💡 Investors should monitor the company's ability to stabilize its operating margins and recover revenue growth in the coming quarters. The outcome of the GST litigation in the Madras High Court is a critical factor to watch, given the potential impact of the ₹5.66 crore dispute on the company's limited cash flows.

Bafna Pharma Q1 Net Profit Drops 97% YoY to ₹7.51 Lakhs; Revenue Down 23%

🔴 NEGATIVE ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 05:54 PM

Bafna Pharmaceuticals reported a weak Q1 FY27, with revenue from operations declining 23.2% YoY to ₹26.58 Cr. Net profit saw a severe contraction, falling to ₹7.51 Lakhs from ₹3.39 Cr in the same period last year, as total expenses of ₹28.42 Cr nearly offset total income. The company is currently contesting GST demands and refund recoveries totaling ₹5.66 Cr, which represents approximately 10.6% of its TTM revenue. The Board has scheduled the 31st Annual General Meeting for September 11, 2026.

Revenue from operations fell to ₹26.58 Cr in Q1 FY27 from ₹34.62 Cr in Q1 FY26.
Net profit plummeted by 97.8% YoY to ₹7.51 Lakhs compared to ₹3.39 Cr in the previous year's quarter.
Total expenses for the quarter stood at ₹28.42 Cr, resulting in a thin profit before tax of ₹7.51 Lakhs.
Contingent liabilities include a GST demand of ₹2.35 Cr and a refund recovery order of ₹3.31 Cr.
The 31st AGM is scheduled for September 11, 2026, with a book closure starting September 05, 2026.

💡 Investors should monitor the progress of the GST litigation in the Madras High Court and track the execution of the previously announced ₹24.5 Cr capex plan to see if it can reverse the current revenue decline.

Bafna Pharmaceuticals Submits Quarterly Share Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Jul 2026, 03:56 PM

Bafna Pharmaceuticals has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Cameo Corporate Services Limited (the RTA), confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed correctly. The RTA verified that physical certificates were mutilated and cancelled, and the depositories' names were updated in the register of members within the stipulated time. This is a standard administrative filing with no impact on business operations or financials.

Compliance certificate issued for the quarter ended June 30, 2026
RTA Cameo Corporate Services Limited issued the confirmation on July 6, 2026
Confirmation that all dematerialization requests were processed within the stipulated time limit
Verification that physical certificates were mutilated and cancelled after dematerialization

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for material updates on business performance.

Bafna Pharmaceuticals: Promoters File Annual No-Encumbrance Disclosure for FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 30 Jun 2026, 12:49 PM

Bafna Pharmaceuticals has submitted its annual disclosure under Regulation 31(4) of the SEBI (SAST) Regulations for the financial year ended March 31, 2026. This filing confirms that the promoters, who maintain a significant 75.0% stake in the company, have not created any new encumbrances or pledges on their shares during the period. This is a routine compliance matter that ensures transparency regarding the status of promoter holdings. Given the company's debt of ‡37 Cr and TTM revenue of ‡53 Cr, the absence of additional share pledging is a stable indicator for credit monitoring.

Annual disclosure completed for the financial year ended March 31, 2026
Promoter holding remains at 75.0% as per the latest shareholding data
Confirmation provided under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations
Company reported a TTM revenue of ‡53 Cr and a PAT of ‡1 Cr

💡 Investors should focus on the execution of the ‡24.5 Cr three-year capex plan and the company's ability to reduce its high customer concentration (73% of sales from top 3 clients).

Bafna Pharmaceuticals to Close Trading Window from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 12:25 PM

Bafna Pharmaceuticals Limited has announced the closure of its trading window for designated persons starting July 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of un-audited financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the financial results are made public. This is a standard regulatory procedure to prevent insider trading during the sensitive period before earnings announcements.

Trading window closure begins on July 1, 2026.
Closure is in anticipation of Q1 FY27 un-audited financial results for the period ending June 30, 2026.
Restriction applies to all Designated Persons and their immediate relatives.
Trading window will reopen 48 hours after the official announcement of the financial results.

💡 This is a routine regulatory filing with no impact on company fundamentals. Investors should focus on the upcoming quarterly earnings report to evaluate the company's financial health.

Bafna Pharmaceuticals Independent Director Navin Kumar Retires; Committees Reconstituted

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 22 Jun 2026, 04:58 PM

Mr. Navin Kumar has retired as an Independent Director of Bafna Pharmaceuticals effective June 22, 2026, following the completion of his first term. Consequently, he has stepped down as the Chairman of both the Audit Committee and the Nomination & Remuneration Committee. The company has promptly reconstituted these committees, appointing Mr. Palamadai Krishnan Sundaresan as the new Chairman for both. The board maintains that it remains in full compliance with SEBI listing regulations regarding board composition.

Mr. Navin Kumar (DIN: 08778662) retired as Independent Director effective close of business hours on June 22, 2026.
The retirement is due to the completion of his first term, a routine regulatory occurrence.
Mr. Palamadai Krishnan Sundaresan has been appointed as the Chairman of the Audit Committee and the Nomination & Remuneration Committee effective June 23, 2026.
The Audit Committee now comprises two Independent Directors and one Non-Independent Director (Mr. Upendar Mekala Reddy).
The company confirmed that the Board and its Committees continue to meet all applicable legal requirements.

💡 This is a routine management transition due to term completion; investors should monitor if there are any significant changes in the company's governance or audit oversight under the new committee leadership.

Bafna Pharma FY26 Net Profit Jumps 167% to ₹11.10 Cr; Annual Revenue Reaches ₹150.6 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 29 May 2026, 06:31 PM

Bafna Pharmaceuticals reported a robust performance for the full year ended March 31, 2026, with net profit surging to ₹1,109.98 lakhs from ₹415.25 lakhs in the previous year. While Q4 FY26 revenue saw a marginal YoY dip to ₹3,828.58 lakhs, the total annual revenue grew to ₹15,061.74 lakhs. The company's EPS improved significantly to ₹4.69 from ₹1.76. However, investors should monitor ongoing GST litigation involving demands and refund recoveries totaling approximately ₹566 lakhs.

Annual Net Profit surged by 167% YoY to ₹1,109.98 lakhs in FY26.
Full-year Revenue from Operations increased to ₹15,061.74 lakhs compared to ₹14,585.70 lakhs in FY25.
Earnings Per Share (EPS) rose substantially to ₹4.69 from ₹1.76 in the previous fiscal year.
Property, Plant and Equipment (PPE) increased to ₹8,179.02 lakhs from ₹5,877.99 lakhs, indicating significant capital expenditure.
The company is contesting GST demands and refund recoveries totaling ₹566.56 lakhs, currently under appeal/stay.

💡 Investors should view the strong bottom-line growth and asset expansion positively, but remain cautious regarding the potential impact of the GST legal disputes highlighted by the auditors.

Bafna Pharmaceuticals Clarifies Significant Price Movement; No Undisclosed Events

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 15 Apr 2026, 10:54 AM

Bafna Pharmaceuticals Limited has responded to clarification requests from the NSE and BSE regarding recent significant movements in its share price. The company stated that it is not aware of any undisclosed information or events that could have triggered the price volatility. Management clarified that the movement is purely market-driven and based on general investor sentiment. The company reaffirmed its commitment to complying with SEBI disclosure regulations and maintaining transparency with the exchanges.

Response issued on April 15, 2026, following exchange queries dated April 13, 2026
Company confirms no material information or price-sensitive events are being withheld
Price movement attributed to general market conditions and investor sentiments rather than internal factors
Management maintains they have no connection with or control over the exchange-traded price
Reaffirmed compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should exercise caution as the company has denied any internal catalysts for the recent price movement, suggesting the volatility may be speculative. Focus on fundamental performance rather than short-term price fluctuations.

Bafna Pharmaceuticals Submits SEBI Compliance Certificate for Q4 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Apr 2026, 03:50 PM

Bafna Pharmaceuticals has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations for the quarter ended March 31, 2026. The certificate, issued by Cameo Corporate Services Limited, confirms that securities received for dematerialization were processed and listed on the stock exchanges. It further verifies that physical certificates were mutilated and cancelled after due verification. This is a standard administrative filing required by all listed companies in India to ensure the integrity of electronic shareholding records.

Compliance certificate submitted for the quarter ended March 31, 2026.
Registrar and Share Transfer Agent (RTA) Cameo Corporate Services Limited confirmed the processing of demat requests.
Confirmation that dematerialized securities are listed on the BSE and NSE.
Verification that physical share certificates were mutilated and cancelled within stipulated time limits.

💡 No action is required from investors as this is a routine regulatory compliance filing with no impact on company fundamentals.

View All BAFNAPH Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment: pharmaceutical formulations. Total revenue for FY 2024-25 was INR 145.86 Cr. For the half-year ended September 30, 2025, revenue was INR 70.09 Cr, representing a 4.78% decline compared to INR 73.61 Cr in the same period of the previous year.

Geographic Revenue Split

Approximately 50% of revenues are derived from exports. Key markets include regulated regions like the UK and Australia, and semi-regulated/unregulated markets such as the Philippines, Sri Lanka, Ethiopia, Ukraine, Nigeria, and Tanzania.

Profitability Margins

Operating Profit Margin improved to 6.19% in FY 2024-25 from 4.82% in FY 2023-24 (a 28.42% improvement) due to expense reduction. However, Net Profit Margin fell to 2.72% from 4.82% (a 43.57% decline) primarily due to a significant asset write-off and increased borrowing costs.

EBITDA Margin

EBITDA Margin stood at 9.54% for FY 2024-25, showing a marginal decline of 0.63% from 9.60% in FY 2023-24, indicating stable core operational profitability despite bottom-line pressures.

Capital Expenditure

The company has a total planned capex of INR 24.5 Cr over three years: INR 11.5 Cr in FY 2025, INR 10.0 Cr in FY 2026, and INR 3.0 Cr in FY 2027, focused on capacity expansion and maintenance.

Credit Rating & Borrowing

ICRA reaffirmed ratings at [ICRA]BB+ (Stable) for long-term and [ICRA]A4+ for short-term facilities as of April 2025. CRISIL previously withdrew its 'D' rating in 2020 following a 'no dues certificate' from bankers.

⚙️ Operational Drivers

Capacity Expansion

Planned expansion involves a capex of INR 11.5 Cr in FY 2025 and INR 10.0 Cr in FY 2026 to increase manufacturing scale and support growth in lifestyle disease segments.

Manufacturing Efficiency

The company focuses on the lifestyle diseases segment (diabetology, CNS, respiratory) to optimize its manufacturing mix for higher-demand therapeutic areas.

📈 Strategic Growth

Growth Strategy

Growth is targeted through a three-year INR 24.5 Cr capex plan for capacity expansion, focusing on the lifestyle disease segment (diabetology, pain management), and leveraging established relationships with major players like Cipla and Strides Pharma.

Products & Services

Pharmaceutical formulations including Metformin (diabetology), Fluoxetine (CNS), and Quilonum (CNS).

Brand Portfolio

Metformin, Fluoxetine, and Quilonum.

New Products/Services

The company is focusing on emerging opportunities in CRAMS (Contract Research and Manufacturing Services) and biosimilars to diversify its revenue streams.

Market Expansion

Targeting expansion in regulated markets like the UK and Australia, alongside emerging markets in Africa and the Commonwealth countries.

Strategic Alliances

Maintains established contract manufacturing relationships with Cipla Limited and Strides Pharma Science Limited.

🌍 External Factors

Industry Trends

The Indian pharma industry is shifting toward CRAMS, biosimilars, and digital health. Long-term competitiveness depends on innovation and strategic global partnerships to navigate supply chain and margin pressures.

Competitive Landscape

Competes with other Indian formulation manufacturers in both regulated and semi-regulated markets; market dynamics are driven by pricing and manufacturing compliance standards.

Competitive Moat

Moat is built on 3 decades of manufacturing experience and established relationships with global pharma leaders, though it is challenged by high customer concentration and regulatory compliance requirements.

Macro Economic Sensitivity

Sensitive to global healthcare spending and regulatory changes in export markets like the UK and Australia.

Consumer Behavior

Increasing prevalence of lifestyle diseases (diabetes, respiratory issues) is driving sustained demand for the company's core product portfolio.

Geopolitical Risks

Operations in Ukraine and various African nations expose the company to regional geopolitical instability and trade barrier risks.

⚖️ Regulatory & Governance

Industry Regulations

Subject to high manufacturing compliance standards and government price controls/caps, which are identified as key social and regulatory risks.

Taxation Policy Impact

The company is involved in pending litigations concerning direct and indirect tax matters with various statutory authorities.

Legal Contingencies

Pending litigations include direct and indirect tax disputes. Additionally, the company faced non-compliance issues with SEBI regarding Minimum Public Shareholding and appointment of a Compliance Officer, for which penalty provisions have been made.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the 'temporary' derecognition of INR 1.77 Cr in intangible assets and the potential for future write-downs if product registrations do not yield economic benefits.

Geographic Concentration Risk

While diversified, the company relies heavily on the UK and Australia for regulated market revenue, making it sensitive to regulatory shifts in those two regions.