Bliss GVS Pharma Limited (BLISSGVS)
₹652.00 -0.35% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Bliss GVS's revenue was ₹286 Cr (+37.6% year on year, +11.1% on the previous quarter), and net profit ₹51.4 Cr (+15.8% year on year); the operating margin was 26.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹286 | +37.6% | +11.1% |
| Operating profit | ₹76.4 | +84.9% | +73.6% |
| Net profit | ₹51.4 | +15.8% | +38.8% |
| EPS (₹) | 4.73 | +15.9% | +40.8% |
| Operating margin | 26.8% | — | — |
BLISSGVS bulk deals
NSE end-of-day data for
It closed at a price band (circuit) on 3 sessions in about the last 20. 1 bulk or block deal was reported in BLISSGVS in the last 60 days: ₹163 Cr bought, none sold.
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 28 Sep | Buy | Anupam Rasayan India Limited | ₹162.74 Cr | ₹723.29 | 2,250,000 | Bulk |
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
Bliss GVS Pharma has issued a Postal Ballot Notice seeking shareholder approval for the appointment of three Non-Executive Non-Independent Directors: Mr. Hetul Krishnakant Mehta, Mr. Amar Dilip Shah, and Mr. Pramod Badrinarayan Kasat. These appointments follow the completion of the Open Offer and the Share Purchase Agreement dated May 23, 2026, where Anupam Rasayan India Limited and Mates Visa Consultancy Private Limited became the company's new promoters. Remote e-voting runs from October 16, 2026, to November 14, 2026, with results scheduled on or before November 17, 2026.
- Seeking shareholder approval for appointment of 3 Non-Executive Non-Independent Directors
- Appointments follow takeover by Anupam Rasayan India Limited and PAC as new promoters pursuant to SPA dated May 23, 2026
- Cut-off date for eligible voting members was October 09, 2026
- E-voting starts October 16, 2026 (9:00 AM) and ends November 14, 2026 (5:00 PM)
- Scrutinizer report and final voting results to be declared on or before November 17, 2026
Bliss GVS Pharma confirmed that Anupam Rasayan India Limited and Mates Visa Consultancy Private Limited have acquired control of the company following an open offer and a Share Purchase Agreement dated May 23, 2026. The transaction was consummated on September 28, 2026, leading to the reclassification of erstwhile promoters to the public category. Anupam Rasayan and its 13 affiliated entities now form the new promoter and promoter group. This completes a formal change of ownership and management control for the Rs 7,298 crore market cap company.
- Anupam Rasayan India Ltd and Mates Visa Consultancy Pvt Ltd formally acquired control on September 28, 2026
- Consummation follows the Share Purchase Agreement executed on May 23, 2026, alongside an open offer
- Erstwhile promoters reclassified to public category under SEBI Regulation 31A(10)
- New promoter group includes 15 entities, featuring Tanfac Industries Limited and ARIL subsidiaries
Bliss GVS Pharma Limited submitted its 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 MUFG Intime India confirms that all securities received for dematerialisation during the quarter were processed, confirmed, or rejected within prescribed timelines. Furthermore, the physical certificates were mutilated and cancelled as per standard regulatory procedure. This is a recurring administrative compliance filing with no impact on business operations.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018.
- Pertains to the quarter ended September 30, 2026.
- Issued by RTA MUFG Intime India Private Limited on October 03, 2026.
- Confirms mutilation and cancellation of physical share certificates upon dematerialisation.
Bliss GVS Pharma's Board has approved two new stock option schemes: Senior Executive ESOP 2026 (up to 26,50,000 shares, ~2.49% of capital) and Employee ESOP 2026 (up to 47,00,000 shares, ~4.42% of capital). Together, these schemes cover up to 73,50,000 equity shares, representing an aggregate equity dilution of ~6.91% on a fully diluted basis. The exercise price has been fixed at a steep discount of INR 10 per share compared to the current market price of Rs 683.6. Both schemes require shareholder approval and feature a minimum vesting period of one year.
- Senior Executive ESOP 2026 covers up to 26,50,000 shares (~2.49% of paid-up capital)
- Employee ESOP 2026 covers up to 47,00,000 shares (~4.42% of paid-up capital)
- Total potential issuance of 73,50,000 equity shares (~6.91% total dilution)
- Exercise price set at a fixed discounted price of INR 10 per share
- Minimum vesting period of one year from the date of grant
Bliss GVS Pharma has announced the formal completion of its acquisition by Anupam Rasayan India Limited and its affiliate PAC (Mates Visa Consultancy). Following the consummation of the share purchase agreement and open offer, the erstwhile promoter group's holding dropped from 34.82% (3,71,30,124 shares) to 0.01% (8,100 shares). The board noted the formal reclassification of these 27 outgoing promoters to the 'public' category pursuant to SEBI Listing Regulations.
- Erstwhile promoter group holding reduced from 3,71,30,124 equity shares (34.82%) to 8,100 shares (0.01%)
- Transaction consummated following Share Purchase Agreement dated May 23, 2026, and deed of adherence dated July 17, 2026
- Control transfers to Anupam Rasayan India Limited / PAC (Mates Visa Consultancy Private Limited)
- 27 promoter group members reclassified from 'promoter/promoter group' to 'public' category
Anupam Rasayan India Limited along with PAC (Mates Visa Consultancy) has completed the acquisition of a 47.95% stake (5,09,86,264 shares) in Bliss GVS Pharma Limited, successfully taking control as the new Promoters effective September 28, 2026. Concurrently, Managing Director Mr. Narsimha Shibroor Kamath has resigned from the board. Three new Non-Executive Non-Independent Directors (Hetul Mehta, Amar Shah, and Pramod Kasat) have been appointed, subject to postal ballot approval. This completes the transaction under the Share Purchase Agreement dated May 23, 2026.
- Acquisition of 5,09,84,595 shares via SPA and 1,669 shares via open offer, totaling 5,09,86,264 shares (47.95% equity stake)
- Anupam Rasayan India Ltd and PAC officially classified as new Promoters effective September 28, 2026
- Managing Director Narsimha Shibroor Kamath resigned from his role and board positions on September 28, 2026
- Three new Non-Executive Non-Independent Directors appointed to the board, subject to shareholder postal ballot approval
Bliss GVS Pharma has announced the formal completion of the transaction under the Share Purchase Agreement dated May 23, 2026. Anupam Rasayan India Limited along with PAC (Mates Visa Consultancy Pvt Ltd) acquired 5,09,86,264 equity shares representing a 47.95% stake in the company, taking over as promoters. Consequent to the change in control, Managing Director Narsimha Shibroor Kamath has resigned effective September 28, 2026. The company appointed three new Non-Executive Non-Independent Directors to the Board, subject to shareholder approval via postal ballot.
- Purchaser and PAC acquired an aggregate 5,09,86,264 shares, representing 47.95% of equity share capital
- Open Offer resulted in the acquisition of 1,669 equity shares by the Purchaser
- Managing Director Narsimha Shibroor Kamath resigned from the board effective September 28, 2026
- Three new Non-Executive Non-Independent Directors (Hetul K. Mehta, Amar D. Shah, Pramod B. Kasat) appointed effective September 28, 2026
Bliss GVS Pharma Limited announced the completion and results of its Postal Ballot e-voting process. Shareholders approved the Ordinary Resolution for the appointment of Mr. Santosh Parab as a Non-Executive Non-Independent Director. A total of 6,23,23,227 votes were polled (58.66% turnout of outstanding equity), with 97.04% voting in favour and 2.96% against. Public institutional holders polled 1,18,54,291 votes, casting 84.47% in favour and 15.53% against.
- Appointment of Mr. Santosh Parab as Non-Executive and Non-Independent Director approved by postal ballot
- Overall approval stood at 97.04% of total polled votes (6,04,81,459 votes in favour vs 18,41,768 against)
- Overall voter turnout was 58.66% across 10,62,43,972 outstanding equity shares
- Public institutional holders cast 15.53% of their polled votes (18,41,048 votes) against the resolution
Bliss GVS Pharma Limited has approved the allotment of 55,250 equity shares of face value Re 1 each pursuant to the exercise of stock options under its ESOP 2019 plan. The shares were issued at an exercise price of Rs 43 per share, which includes a share premium of Rs 42 per share. Following the allotment, the company's total issued and paid-up share capital increased from 10,62,75,223 shares to 10,63,30,472 shares.
- Allotted 55,250 equity shares of face value Re 1 each under Bliss GVS ESOP-2019
- Exercise price fixed at Rs 43 per share, comprising face value of Re 1 and premium of Rs 42
- Total paid-up share capital expanded to Rs 10,63,30,472 across 10,63,30,472 shares
SBI Capital Markets issued the post-offer report regarding Anupam Rasayan India Ltd's (with PAC Mates Visa Consultancy) open offer for up to 2.77 crore shares (26.00% voting capital) of Bliss GVS Pharma at ₹299.00 per share. Due to prevailing market prices trading significantly above the offer price (current market price ~₹648.6), public participation was negligible, with only 1,669 equity shares tendered and accepted for a total consideration of ₹4,99,031. Under the underlying Share Purchase Agreement (SPA), the acquirer group is set to acquire a baseline of 4,58,03,024 shares (42.95% of voting capital) plus call options for an additional 4.88%, formalizing a change in control.
- Open offer size was up to 2,77,26,848 shares (26.00% expanded voting capital) at ₹299.00 per share.
- Only 1,669 shares (0.00%) were tendered and accepted, resulting in an outlay of ₹4,99,031 vs maximum potential ₹829.03 Cr.
- SPA encompasses acquisition of 4,58,03,024 shares (42.95%) plus call options on up to 51,81,571 shares (4.88%) from existing sellers.
- Offer opened on July 28, 2026, closed on August 10, 2026, and payment of consideration was completed on August 24, 2026.
- Public shareholding remains practically unchanged post-offer at 52.18% (5,56,47,358 shares).
Bliss GVS Pharma has issued a Postal Ballot notice seeking shareholder approval via remote e-voting for the appointment of Mr. Santosh Parab as a Non-Executive Non-Independent Director. Mr. Parab was previously appointed as an Additional Director by the Board on July 03, 2026. The remote e-voting window runs from August 21, 2026, to September 19, 2026, with results scheduled to be declared on or before September 22, 2026. The cut-off date for eligibility to vote was August 14, 2026.
- Shareholder approval sought for appointing Mr. Santosh Parab (DIN: 01622988) as Non-Executive Non-Independent Director
- Cut-off date for remote e-voting eligibility set as Friday, August 14, 2026
- Remote e-voting starts on August 21, 2026 (9:00 AM IST) and ends on September 19, 2026 (5:00 PM IST)
- Scrutinizer's voting results to be announced on or before Tuesday, September 22, 2026
Bliss GVS Pharma has granted 3,20,000 stock options to eligible employees under its ESOP 2019 plan. The exercise price is fixed at Rs 43 per share, which represents a significant 91.32% discount to the market price of Rs 489.6. The options will vest in four equal annual installments of 25% each over the next four years. The total shares under this grant represent a minor equity dilution of approximately 0.29% of the current share capital.
- 3,20,000 stock options granted to eligible employees under the 2019 ESOP plan
- Exercise price set at Rs 43 per share, a 91.32% discount to the BSE closing price of August 11, 2026
- Vesting schedule spread over 4 years with 25% vesting annually starting 12 months from the grant date
- Vested options must be exercised within 6 months of the vesting date
- Allotted equity shares will be subject to a 6-month lock-in period from the date of allotment
Bliss GVS Pharma reported a strong start to FY27 with consolidated revenue growing 37.6% YoY to ₹285.58 Cr. Net profit increased 15.8% YoY to ₹51.37 Cr, while showing a significant 38.9% sequential jump from the preceding quarter (Q4 FY26). The company also announced the appointment of Mr. Santosh Parab as a Non-Executive Director and allotted 2.67 lakh shares under its ESOP scheme. The results reflect a robust run-rate, with Q1 revenue representing approximately 30.8% of the TTM revenue.
- Consolidated Revenue from Operations grew 37.6% YoY to ₹285.58 Cr from ₹207.47 Cr in Q1 FY26
- Consolidated Net Profit reached ₹51.37 Cr, a 38.9% increase over the ₹36.99 Cr reported in Q4 FY26
- Basic EPS for the quarter improved to ₹4.73 compared to ₹4.08 in the year-ago period
- Allotted 2,67,250 equity shares of ₹1 each following the exercise of stock options by employees
- Consolidated Profit Before Tax (PBT) stood at ₹75.48 Cr, up from ₹63.11 Cr YoY
Bliss GVS Pharma Limited has allotted 31,250 equity shares to employees following the exercise of options under the ESOP 2019 scheme. The shares were issued at an exercise price of Rs 43 per share, which is a significant discount to the current market price of Rs 494.1. This allotment results in a negligible equity dilution of approximately 0.03%. The newly issued shares will be subject to a six-month lock-in period ending February 10, 2027.
- Allotment of 31,250 equity shares of face value Re 1 each on August 11, 2026.
- Exercise price fixed at Rs 43 per share, including a premium of Rs 42.
- Total paid-up share capital increased to 10,62,75,222 shares from 10,62,43,973 shares.
- Lock-in period for the allotted shares is 6 months, expiring on February 10, 2027.
Bliss GVS Pharma has announced the resignation of Mr. Sachin Saboo, General Manager – Regulatory & Clinical, effective July 24, 2026. Mr. Saboo, classified as Senior Management Personnel (SMP), submitted his resignation on April 30, 2026, to pursue other professional aspirations. This transition occurs as the company, with a TTM revenue of ₹927 Cr, focuses on expanding from semi-regulated African markets into highly regulated global markets. The regulatory function is critical for the company's portfolio of over 250 products across 20+ therapeutic segments.
- Resignation of Mr. Sachin Saboo effective from the close of business hours on July 24, 2026
- Resignation letter was submitted on April 30, 2026, providing a notice period of approximately 85 days
- Company maintains a portfolio of 250+ products and serves 20+ therapeutic segments
- Bliss GVS reported TTM revenue of ₹927 Cr and TTM PAT of ₹135 Cr as of the latest period
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew by 5.91% YoY to INR 846.22 Cr in FY25, driven by a portfolio of 250+ branded formulations across 20+ therapeutic segments. Standalone revenue increased by 10.09% to INR 703.42 Cr, primarily supported by higher volumes in international markets like Nigeria and Kenya.
Geographic Revenue Split
The company is highly export-oriented with 93% of total revenue generated from international markets. The primary focus is the Sub-Saharan African region, including Nigeria, Kenya, and Ghana, which accounts for the vast majority of sales.
Profitability Margins
Consolidated Net Profit (PAT) margin improved to 11.14% in FY25 from 10.59% in FY24. Standalone PAT margins saw a significant recovery, with standalone net profit rising 36.19% to INR 68.97 Cr in FY25 from INR 50.64 Cr in FY24, reflecting better operational efficiencies and cost management.
EBITDA Margin
Standalone EBITDA margin improved to 17.70% in FY24 from 15.07% in FY23, a growth of 263 bps. This was driven by a shift toward higher-margin branded formulations and leadership in the specialized suppositories and pessaries segment.
Capital Expenditure
The company successfully commissioned an additional 2.5 MW solar capacity in Q4 FY25 to reduce energy costs. While specific total INR Cr for future capex is not disclosed, the company maintains a healthy capital structure with a low gearing of 0.07x, providing significant headroom for debt-funded expansion.
Credit Rating & Borrowing
CRISIL assigned 'CRISIL BBB+/Stable/A2' ratings in June 2024. The company's borrowing costs are supported by a healthy financial risk profile, with interest coverage at 17.67x in FY25 and a low reliance on external funds (Total Debt of INR 77.50 Cr against a Net Worth of INR 983.14 Cr).
Operational Drivers
Raw Materials
Key raw materials include Active Pharmaceutical Ingredients (APIs) and specialized excipients for suppositories and pessaries. While specific % of total cost per material is not disclosed, volatility in raw material prices is cited as a primary risk to profitability margins.
Import Sources
Manufacturing is concentrated in Maharashtra, India (5 units) and Nigeria (2 units). Raw materials are sourced to support these locations, with a significant portion of finished goods exported back to African markets.
Key Suppliers
Not specifically disclosed, but the company maintains long-term relationships with suppliers established over 35 years of operations.
Capacity Expansion
Current manufacturing infrastructure consists of 7 units (5 in India, 2 in Nigeria). Recent expansion includes the 2.5 MW solar power project to enhance energy resilience. Future expansion is targeted toward regulated markets.
Raw Material Costs
Raw material price volatility is a key sensitivity factor. The company manages this through established supplier relationships and its position as a contract manufacturer for majors like Sun Pharma and Mankind, which helps stabilize procurement scales.
Manufacturing Efficiency
The company is a world leader in suppositories and pessaries, a niche dosage form that requires specialized manufacturing capabilities, providing a competitive edge over general formulation players.
Logistics & Distribution
Distribution is a critical cost component given the 93% export focus. The company utilizes its Singapore and UK subsidiaries (Bliss GVS International and Asterisk Lifesciences) to manage global logistics and trading.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
Growth will be achieved by expanding into regulated markets, launching new products in the 20+ therapeutic segments already served, and increasing penetration in the African market through new subsidiaries like Theralife Pharma Ltd in Kenya (incorporated Nov 2025).
Products & Services
Branded formulations including suppositories, pessaries, capsules, tablets, and syrups. Therapeutic focus includes anti-malarial, anti-fungal, anti-bacterial, and anti-inflammatory medicines.
Brand Portfolio
Bliss GVS owns over 250 branded formulations; it holds leadership positions in the anti-malarial and anti-fungal segments in Sub-Saharan Africa.
New Products/Services
The company continues to expand its 250+ product portfolio. It recently incorporated Theralife Pharma Ltd in Kenya to strengthen its local presence and product delivery in the East African region.
Market Expansion
Expansion is focused on moving from semi-regulated African markets into highly regulated global markets to diversify the revenue base and reduce geographic concentration.
Market Share & Ranking
Global leader in the manufacturing of suppositories and pessaries dosage forms.
Strategic Alliances
The company contract-manufactures specialized dosage forms (suppositories/pessaries) for major pharma companies including Sun Pharma, Mankind, Sanofi, and Alkem, though these partners do not have export rights for these specific products.
External Factors
Industry Trends
The industry is shifting toward ESG compliance; Bliss GVS responded by commissioning 2.5 MW of solar power. There is also a trend toward specialized delivery systems (suppositories), where the company holds a dominant global position.
Competitive Landscape
Competes with global and local generic players in Africa, but maintains an edge through its specialized product portfolio and local manufacturing presence in Nigeria.
Competitive Moat
The moat is built on specialized manufacturing expertise in suppositories and pessaries, which are more complex to produce than standard tablets. This niche focus, combined with 35+ years of brand equity in Africa, creates high entry barriers.
Macro Economic Sensitivity
Highly sensitive to the economic stability of African nations. Revenue growth in FY20 was specifically attributed to economic stability in markets like Nigeria and Kenya.
Consumer Behavior
Increasing demand for branded generics in emerging markets and a shift toward more effective delivery systems for anti-malarial and anti-fungal treatments.
Geopolitical Risks
Significant exposure to the Sub-Saharan African region (93% of sales) makes the company vulnerable to local political shifts, trade barriers, and changes in regional pharmaceutical import policies.
Regulatory & Governance
Industry Regulations
Operations are governed by WHO-GMP, EU-GMP, ISO14001, and OHSAS 18001 standards. Profitability is highly vulnerable to changes in government drug pricing and import regulations in African jurisdictions.
Environmental Compliance
The company is investing in renewable energy (2.5 MW solar) to align with global ESG expectations and reduce carbon footprint.
Taxation Policy Impact
The company is subject to Indian corporate tax and local taxes in Nigeria. Effective tax management is reflected in the consolidated PAT of INR 90.26 Cr.
Legal Contingencies
Internal auditors reported no material or serious observations regarding the inadequacy of internal financial controls during the most recent review period.
Risk Analysis
Key Uncertainties
The primary uncertainty is the high revenue concentration (93%) in the African region and the potential for sudden regulatory changes or forex volatility to impact the INR 100 Cr+ annual cash accruals.
Geographic Concentration Risk
93% of revenue is derived from exports, with a heavy concentration in Sub-Saharan Africa.
Third Party Dependencies
The company depends on the economic health of its primary export markets and the continued demand from contract manufacturing partners like Sun Pharma and Mankind.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in digitalization and infrastructure to maintain its lead in specialized dosage forms.
Credit & Counterparty Risk
Receivables management is critical due to the working capital-intensive nature of the business; however, the current ratio of 4.91x suggests a strong liquidity cushion.
