BALAXI PHARMACEUTICALS LIMITED (BALAXI)
₹22.09 -0.18% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, BALAXI PHARMACEUTICALS's revenue was ₹80.7 Cr (+14.1% year on year, +14.1% on the previous quarter), and net profit ₹1.3 Cr (+347.4% year on year); the operating margin was 5.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹80.7 | +14.1% | +14.1% |
| Operating profit | ₹4.7 | +12.1% | — |
| Net profit | ₹1.3 | +347.4% | +112.7% |
| EPS (₹) | 0.24 | +380.0% | +118.2% |
| Operating margin | 5.8% | — | — |
BALAXI delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 94.45% of the BALAXI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.69%. That is higher than usual for this stock. Turnover was only ₹3 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 72.9% · 74.3% · 80.2% · 76.1% · 94.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Balaxi Pharmaceuticals Limited has submitted its monthly RTA report in compliance with SEBI Circular dated January 30, 2026, for the period ending September 2026. According to the report from Registrar and Share Transfer Agent Aarthi Consultants Private Limited, zero requests were received, processed, approved, or rejected during the month. This is a recurring regulatory filing confirming no physical share re-lodgement transfer activity occurred.
- Requests received for physical share re-lodgement during September 2026: NIL
- Requests approved during the month: NIL
- Requests rejected during the month: NIL
- Reported in compliance with SEBI Circular dated 30th January, 2026
Balaxi Pharmaceuticals Limited submitted its monthly Registrar and Share Transfer Agent (RTA) compliance report for August 2026. The report, prepared by Aarthi Consultants Private Limited pursuant to SEBI circular dated January 30, 2026, confirmed zero requests received for the re-lodgement of physical share transfers. Consequently, there were zero requests processed, approved, or rejected during the month. This is a purely procedural regulatory filing with no operational or financial impact.
- Nil requests received for re-lodgement of physical share transfers in August 2026
- Nil requests approved or rejected during the month
- Average processing time recorded as Nil days
- Submitted in compliance with SEBI Circular dated January 30, 2026
Balaxi Pharmaceuticals has received WHO-GMP certification for its first pharmaceutical formulation manufacturing facility in Jadcherla, Hyderabad. The certification was granted by the Licensing Authority, Government of Telangana, on August 27, 2026 (valid until August 26, 2029), following an inspection on July 14, 2026. The company has commenced manufacturing of initially approved products and plans to expand the facility's portfolio for international markets. This marks a key step in Balaxi's transition to in-house manufacturing to aid margin recovery from its current TTM OPM of 3.2%.
- Received WHO-GMP certification for its first formulation plant at Jadcherla, Hyderabad
- Certification issued on 27th August, 2026, and valid for 3 years up to 26th August, 2029
- Inspection successfully conducted by Licensing Authority, Government of Telangana on 14th July, 2026
- Commenced commercial manufacturing of initial approved products with further product additions in the pipeline
Balaxi Pharmaceuticals Limited announced that shareholders at its 83rd Annual General Meeting on August 24, 2026, approved the re-appointment of Ms. Akshita Ostwal as an Independent Director. Her second consecutive term will span 5 years, effective from September 05, 2026, through September 04, 2031. Ms. Ostwal brings over 10 years of experience in corporate and IPR law advisory. This is a standard corporate governance re-appointment with no direct impact on financial performance or operations.
- Shareholders approved the re-appointment at the 83rd AGM held on August 24, 2026
- Term approved for a period of 5 consecutive years from September 05, 2026 to September 04, 2031
- Independent Director has over 10 years of professional experience in corporate and IPR laws advisory
Balaxi Pharmaceuticals Limited announced the voting results and scrutinizer's report for its 83rd Annual General Meeting held on August 24, 2026. A total of 39,908,574 votes were polled across 55,207,500 outstanding shares, representing a 72.29% overall voter turnout. All four resolutions—including the adoption of standalone and consolidated financial statements and the re-appointment of two directors—were approved with near 100% approval.
- All 4 ordinary and special resolutions approved with requisite majority at the 83rd AGM on August 24, 2026.
- Total voter turnout stood at 72.29% with 39,908,574 votes polled on 55,207,500 outstanding shares.
- Promoter group voted 100% of their 36,431,770 shares in favour of all resolutions.
- Re-appointment of Ms. Akshita Ostwal as Independent Director approved via special resolution with 39,905,635 votes in favour (99.99%).
Balaxi Pharmaceuticals Limited held its 83rd Annual General Meeting (AGM) on August 24, 2026, via video conferencing. The meeting tabled four resolutions, including the adoption of FY26 audited standalone and consolidated financial statements and the re-appointment of directors. The statutory auditor and secretarial auditor reports were confirmed to have no qualifications or adverse remarks. Final voting outcomes will be disclosed separately upon receipt of the scrutinizer report.
- Conducted 83rd AGM on August 24, 2026, concluding at 11:55 AM IST.
- Remote e-voting took place between August 21, 2026 (9:00 AM) and August 23, 2026 (5:00 PM IST).
- Tabled adoption of FY26 financial statements and the re-appointment of Ms. Akshita Ostwal as Independent Director.
- Statutory and secretarial audit reports were confirmed free of any qualifications or adverse remarks.
Balaxi Pharmaceuticals has issued a corrigendum to its 83rd Annual General Meeting (AGM) notice to correct a typographical error. The cut-off date for determining shareholder eligibility for e-voting has been shifted from August 14, 2026, to August 17, 2026. The AGM remains scheduled for August 24, 2026, at 11:00 AM via video conferencing. This is a procedural update and does not affect the company's underlying business operations or financial performance.
- Revised cut-off date for e-voting eligibility is August 17, 2026
- Original incorrect cut-off date was stated as August 14, 2026
- The 83rd AGM is scheduled to be held on August 24, 2026
- Annual Report for FY 2025-26 was previously circulated on July 31, 2026
Balaxi Pharmaceuticals has submitted its monthly status report regarding the re-lodgement of physical share transfer requests for July 2026. The company's Registrar and Share Transfer Agent (RTA), Aarthi Consultants, reported zero (NIL) requests received, processed, or pending during this period. This filing is a procedural requirement following a SEBI circular from January 2026. Given the 'NIL' status, there is no impact on the company's share capital structure or operations.
- Zero (NIL) requests received for re-lodgement of physical share transfers in July 2026
- Zero (NIL) requests approved or rejected during the reporting month
- Average time taken for processing requests was reported as NIL days
- Compliance maintained with SEBI Circular dated 30th January, 2026
Balaxi Pharmaceuticals reported a 14.1% YoY revenue growth to ₹80.68 crore for Q1 FY27, with PAT surging 347% to ₹1.29 crore from a low base of ₹0.29 crore. A key milestone was the commencement of commercial production at its first manufacturing facility in Jadcherla, Hyderabad, which currently has 31 product approvals. While gross margins improved to 46.5%, EBITDA margins remained relatively flat at 5.8% as the company navigates a shift toward institutional business. The company continues to expand its Latin American footprint, which now contributes 46% of the pharmaceutical product mix.
- Consolidated revenue increased 14.1% YoY to ₹80.68 crore in Q1 FY27 from ₹70.74 crore.
- Net profit (PAT) rose to ₹1.29 crore, a 347% increase compared to ₹0.29 crore in the previous year's quarter.
- Commenced commercial production at the new Jadcherla formulation facility with 31 commercial product approvals.
- Total product portfolio reached 980 registrations across seven countries, with 16 new registrations added in Q1.
- Gross profit margin expanded by 241 basis points to 46.5%, though EBITDA margin stayed compressed at 5.8%.
Balaxi Pharmaceuticals has officially commenced commercial production at its first in-house formulation plant in Jadcherla, Hyderabad, starting with two products. The company has secured manufacturing permissions for a total of 31 products and completed a WHO-GMP audit in July 2026, with the CAPA response already submitted. Consolidated revenue for Q1 FY27 rose to Rs 80.68 Cr, up 14% YoY from Rs 70.74 Cr, although standalone operations recorded a net loss of Rs 1.25 Cr due to initial plant-related expenses. This transition from an 'Asset Right' model to in-house manufacturing is a pivotal shift for the company's margin profile.
- Successfully commenced commercial production at the Jadcherla facility with Paracetamol Tablets and Piroxicam Capsules.
- Received manufacturing permissions for an additional 29 products, bringing the total approved portfolio to 31 products.
- Consolidated Q1 FY27 revenue grew to Rs 80.68 Cr, representing a 14% increase over the Rs 70.74 Cr reported in Q1 FY26.
- WHO-GMP audit conducted in July 2026 by CDSCO and State FDA; CAPA response submitted for final certification.
- Standalone net loss of Rs 1.25 Cr reported for the quarter, reflecting the impact of depreciation and administrative costs of the new facility.
Balaxi Pharmaceuticals reported a 14% YoY increase in consolidated revenue to Rs 80.68 Cr for Q1 FY27. A major milestone was achieved with the commencement of commercial production at its first manufacturing facility in Jadcherla, Hyderabad, initially launching two products. While the consolidated operations remain profitable, the standalone entity reported a net loss of Rs 1.25 Cr, reflecting the high initial costs of operationalizing the new plant. The company is now awaiting WHO-GMP certification following a regulatory audit in July 2026.
- Consolidated revenue grew to Rs 80.68 Cr in Q1 FY27 from Rs 70.74 Cr in the same quarter last year.
- Jadcherla facility commenced production with Paracetamol 500mg and Piroxicam 20mg.
- Total approved commercial product portfolio expanded to 31 products after receiving 29 new permissions.
- Standalone operations recorded a net loss of Rs 1.25 Cr compared to a profit of Rs 0.19 Cr YoY.
- WHO-GMP audit by CDSCO and State FDA completed in July 2026; CAPA response has been submitted.
Balaxi Pharmaceuticals reported a 14% YoY growth in consolidated revenue to ₹80.68 Cr for Q1 FY27. A critical milestone was achieved with the commencement of commercial production at the company's first formulation plant in Jadcherla, Hyderabad, starting with two products. While standalone operations recorded a net loss of ₹1.25 Cr (likely due to plant startup costs), the consolidated entity remains profitable. The company has secured approvals for 31 products at the new facility and is awaiting WHO-GMP certification following a July 2026 audit.
- Consolidated revenue increased 14.05% YoY to ₹80.68 Cr from ₹70.74 Cr in the previous year's quarter.
- Commenced commercial production at the Jadcherla facility with Paracetamol Tablets and Piroxicam Capsules.
- Total approved commercial product portfolio for the new plant expanded to 31 products after receiving 29 new permissions.
- Standalone net loss of ₹1.25 Cr reported for Q1 FY27, compared to a profit of ₹0.19 Cr in Q1 FY26.
- WHO-GMP audit by CDSCO and State FDA completed in July 2026; CAPA response has been submitted for final certification.
Balaxi Pharmaceuticals has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26, confirming its 100% export-oriented trading model. The company reported that 100% of its turnover currently comes from international wholesale trading, with a significant reliance on MSME suppliers (99% of inputs). A critical update for investors is the expected commencement of operations at the new Jadcherla manufacturing facility in H1 FY 2026-27, marking a shift from a pure trading model to integrated manufacturing. The company maintains a lean structure with 62 permanent employees and 33.33% women representation on the Board.
- Manufacturing operations at the Jadcherla facility are scheduled to commence in H1 FY 2026-27.
- 100% of the company's revenue is derived from international exports and wholesale trading.
- Input sourcing from MSMEs and small producers increased to 99% in FY 2026 from 96.04% in FY 2025.
- The company reported 62 permanent employees and 7 permanent workers as of March 31, 2026.
- Women representation on the Board of Directors is maintained at 33.33% (2 out of 6 directors).
Balaxi Pharmaceuticals has issued a notice for its 83rd Annual General Meeting (AGM) to be held on August 24, 2026. The meeting will focus on the adoption of FY26 financial statements, where the company saw a sharp decline in net profit to ₹1.42 Cr from ₹25.07 Cr in FY25. Key resolutions include the re-appointment of Mrs. Minoshi Maheshwari as a Director and Ms. Akshita Ostwal as an Independent Director for a second five-year term. The company continues to face margin pressure, with OPM dropping to 3.16% in FY26 from 12.72% in FY25.
- 83rd Annual General Meeting scheduled for August 24, 2026, via Video Conferencing.
- Proposed re-appointment of Ms. Akshita Ostwal as Independent Director for a second term from September 5, 2026, to September 4, 2031.
- Mrs. Minoshi Maheshwari, seeking re-appointment, holds 5,27,900 equity shares representing a 0.96% stake.
- Both directors seeking re-appointment were paid sitting fees of ₹2,50,000 each during FY2025-26.
- FY26 consolidated revenue stood at ₹270.17 Cr, a decline from ₹292.56 Cr in FY25.
Balaxi Pharmaceuticals has responded to NSE queries regarding discrepancies in its Q4 FY26 financial filings. The most significant correction involved a sign error in the Consolidated Other Comprehensive Income, which incorrectly showed a loss in XBRL filings; the actual Total Comprehensive Income for FY26 is a profit of Rs 17.34 Cr. The company also provided an operational update, confirming that its first manufacturing facility in Jadcherla received its license on May 23, 2026. Commercialization has begun for two products, with 40 more in the pipeline to improve margins under its 'Asset Right' model.
- Corrected Consolidated Total Comprehensive Income for FY26 to Rs 1,734 Lakhs from a previously misreported negative figure in XBRL
- Standalone Employee Benefit Expense for Q4 corrected by a marginal Rs 0.20 Lakhs to Rs 229.66 Lakhs
- Received manufacturing license for the Jadcherla, Hyderabad facility on May 23, 2026
- Initiated commercialization for Paracetamol Tablet 500mg and Piroxicam Capsule 20mg
- Process started for obtaining manufacturing permissions for 40 additional products to expand the portfolio
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 was INR 56.17 Cr, representing a 27.4% YoY decline from INR 77.38 Cr. The pharmaceutical product mix is dominated by Tablets at 42%, followed by Capsules at 16%, Injectables at 15%, and Liquids at 11%. The group also generates revenue from construction materials and FMCG products in Angola, though specific segment growth percentages for these are not disclosed.
Geographic Revenue Split
As of Q2 FY26, Africa (primarily Angola) accounts for 63% of revenue, while Latin America (LATAM), including the Dominican Republic and Guatemala, contributes 37%.
Profitability Margins
Gross Margin improved to 48.3% in Q2 FY26, up 540 bps from 42.9% in Q2 FY25. However, PAT Margin collapsed to 0.4% in Q2 FY26 from 5.9% in Q2 FY25, a decline of 550 bps, driven by increased marketing spend and a shift toward institutional sales.
EBITDA Margin
EBITDA Margin for Q2 FY26 was 2.1%, a significant contraction of 1158 bps from 13.7% in Q2 FY25. EBITDA fell 88.9% YoY from INR 10.59 Cr to INR 1.17 Cr.
Capital Expenditure
The company has transitioned to an 'Asset Right' model by commissioning its first pharmaceutical formulation plant in Jadcherla, Hyderabad. Additionally, the board approved an equity infusion of up to USD 4 million (approx. INR 33.5 Cr) into its Dubai subsidiary, Balaxi Global FZCO, for operational expansion.
Credit Rating & Borrowing
CRISIL revised the outlook to 'Negative' from 'Stable' on November 13, 2025, while reaffirming the long-term rating at 'CRISIL BBB+'. The revision is due to profitability pressure and an elongated working capital cycle. Gearing was healthy at 0.25 times as of March 31, 2025.
Operational Drivers
Raw Materials
The company primarily procures finished pharmaceutical formulations (white-labeled) for its distribution business. With the new Jadcherla plant, raw materials will include Active Pharmaceutical Ingredients (APIs) for tablets, capsules, and injectables, though specific chemical names and cost percentages are not disclosed.
Import Sources
Historically sourced from various third-party manufacturers; the new manufacturing unit is located in a Pharma SEZ in Jadcherla, Hyderabad, India.
Key Suppliers
Not specifically named in the documents, but the company utilizes a network of third-party manufacturers for its branded and generic products.
Capacity Expansion
The company recently completed and commissioned its first pharmaceutical manufacturing facility in Jadcherla, Hyderabad, to integrate manufacturing with its existing distribution network.
Raw Material Costs
Gross profit of INR 27.14 Cr on revenue of INR 56.17 Cr implies direct material/procurement costs are approximately 51.7% of revenue as of Q2 FY26.
Manufacturing Efficiency
The Jadcherla plant is expected to drive operational integration and margin improvement, though specific utilization rates for the new facility are not yet reported.
Logistics & Distribution
The company operates as a conglomerate spanning four continents with a focus on front-end distribution in specialized markets like Angola and LATAM.
Strategic Growth
Expected Growth Rate
10%
Growth Strategy
Growth is targeted through the 'Asset Right' model, utilizing the new Jadcherla manufacturing facility to capture higher margins. The company is also expanding its footprint in LATAM (Honduras, El Salvador) and shifting its business mix toward institutional sales to increase volume, supported by a USD 4 million investment in its Dubai distribution hub.
Products & Services
Pharmaceutical formulations including Antibiotics (41% of therapeutic mix), Analgesics (15%), and other medicines in Tablet, Capsule, and Injectable forms. Also sells construction materials and FMCG products in specific markets.
Brand Portfolio
Balaxi
New Products/Services
Expansion of the product portfolio through the new Jadcherla plant, focusing on branded generics (40% of current mix) and pure generics (60%).
Market Expansion
Targeting deeper penetration in LATAM markets including the Dominican Republic, Guatemala, Honduras, and El Salvador.
Market Share & Ranking
Established market position in Angola, Dominican Republic, and Guatemala; specific percentage ranking not disclosed.
Strategic Alliances
The group operates through various wholly-owned subsidiaries like Balaxi Global FZCO (Dubai) and local entities in Guatemala, Dominica, Honduras, and Central Africa.
External Factors
Industry Trends
The industry is seeing a shift toward local manufacturing and institutional procurement. Balaxi is positioning itself by moving from a pure distribution model to an integrated manufacturing-and-distribution ('Asset Right') model.
Competitive Landscape
Competes with other generic pharmaceutical exporters and local distributors in specialized emerging markets.
Competitive Moat
Moat is built on deep distribution expertise in difficult-to-penetrate markets and a 12-24 month regulatory lead time for product registrations, which creates a barrier to entry for competitors.
Macro Economic Sensitivity
Highly sensitive to the economic stability of Angola and Latin American countries. GDP fluctuations in these regions directly impact healthcare spending and construction demand.
Consumer Behavior
Demand is driven by essential healthcare needs (Antibiotics/Analgesics) and infrastructure development (construction materials) in emerging economies.
Geopolitical Risks
Vulnerable to economic uncertainties and regulatory changes in African and LATAM regions.
Regulatory & Governance
Industry Regulations
Operations are subject to stringent local pharmaceutical registration processes (12-24 months) and compliance with local regulatory frameworks in each country of operation.
Taxation Policy Impact
The new manufacturing unit is located in a Pharma SEZ, which typically offers fiscal benefits; consolidated tax provision was INR 1.93 Cr for the reported period in the MDA.
Legal Contingencies
The company reported compliance with the Sexual Harassment of Women at Workplace Act with zero complaints received during the year. No major pending court cases with values were disclosed in the provided excerpts.
Risk Analysis
Key Uncertainties
Currency volatility in Angola and the success of the transition to institutional sales are the primary uncertainties, with potential to impact net cash accruals if they fall below INR 20 Cr.
Geographic Concentration Risk
Angola accounts for more than 50% of total revenue.
Third Party Dependencies
Historically dependent on third-party manufacturers, though this is being mitigated by the Jadcherla plant.
Technology Obsolescence Risk
The company is digitizing regulatory operations with end-to-end management to maintain its IP portfolio.
Credit & Counterparty Risk
Receivables are high at 138 days, indicating potential credit risk or slow collection cycles in institutional segments.
