--- title: "Fulford (India) Ltd (FULFORD) — Share Price, Financials & Analysis" symbol: "FULFORD" company: "Fulford (India) Ltd" canonical: "https://tapetide.com/stocks/FULFORD" sector: "Healthcare" industry: "Pharmaceuticals & Biotechnology" generated_at: "2026-09-13T18:26:41.026Z" --- # Fulford (India) Ltd (FULFORD) Canonical page: https://tapetide.com/stocks/FULFORD ## Company - **Sector:** Healthcare - **Industry:** Pharmaceuticals & Biotechnology - **Macro Sector:** Healthcare - **Stock Type:** EQUITY - **Face Value:** ₹10 - **F&O Eligible:** No - **Website:** fulfordindia.com ## About Fulford (India) is engaged in the business of trading of Pharmaceuticals. ## Latest Price ## Key Insights ### Strengths - Company is almost debt free. - Company has been maintaining a healthy dividend payout of 220% ### Weaknesses - Stock is trading at 8.03 times its book value - The company has delivered a poor sales growth of -14.7% over past five years. - Company has a low return on equity of 13.1% over last 3 years. ## Growth Rates | Metric | 1Y | 3Y | 5Y | | --- | --- | --- | --- | | net income growth | -36% | 1% | 27% | | revenue growth | -36% | -17% | -15% | ## Financial Statements ### Quarterly Results All figures in ₹ crore unless the row name says otherwise. | Item | Mar 2013 | Jun 2013 | Sep 2013 | Dec 2013 | Mar 2014 | Jun 2014 | Sep 2014 | Dec 2014 | Mar 2015 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sales | 46.65 | 61.48 | 59.69 | 55.83 | 45.99 | 57.07 | 64.39 | 49.14 | 46.47 | | Expenses | 54.78 | 60.05 | 54.91 | 53.42 | 51.12 | 55.72 | 56.84 | 60.33 | 52.82 | | Operating Profit | -8.13 | 1.43 | 4.78 | 2.41 | -5.13 | 1.35 | 7.55 | -11.19 | -6.35 | | OPM % | -17.43 | 2.33 | 8.01 | 4.32 | -11.15 | 2.37 | 11.73 | -22.77 | -13.66 | | Other Income | 2.58 | 2.45 | 2.25 | 2.68 | 2.58 | 2.29 | 2.88 | 2.17 | 6.88 | | Interest | 0.01 | 0.77 | 0 | 0.04 | 0.13 | 0.01 | 0.01 | 0.24 | -0.07 | | Depreciation | 0.39 | 0.33 | 0.28 | 0.27 | 0.25 | 0.21 | 0.22 | 0.12 | 0.05 | | Profit before tax | -5.95 | 2.78 | 6.75 | 4.78 | -2.93 | 3.42 | 10.2 | -9.38 | 0.55 | | Tax % | -31.93 | 33.81 | 35.26 | 27.2 | -60.07 | 33.92 | 34.22 | -31.34 | 140 | | Net Profit | -4.05 | 1.84 | 4.37 | 3.48 | -1.17 | 2.26 | 6.71 | -6.44 | -0.22 | | EPS in Rs | -10.38 | 4.72 | 11.21 | 8.92 | -3 | 5.79 | 17.21 | -16.51 | -0.56 | ### Profit & Loss All figures in ₹ crore unless the row name says otherwise. | Item | Dec 2011 | Dec 2012 | Mar 2014 15m | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Sales | 213 | 213 | 265 | 230 | 155 | 142 | 122 | 100 | 109 | 70 | | Expenses | 218 | 228 | 270 | 239 | 182 | 119 | 99 | 79 | 79 | 44 | | Operating Profit | -5 | -15 | -5 | -9 | -27 | 23 | 22 | 21 | 30 | 26 | | OPM % | -2.3 | -7 | -1.8 | -3.8 | -17 | 16 | 18 | 21 | 28 | 38 | | Other Income | 9 | 10 | 13 | 14 | 6 | 7 | 7 | 19 | 9 | 5 | | Interest | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | Depreciation | 2 | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | | Profit before tax | 3 | -7 | 5 | 5 | -21 | 29 | 29 | 39 | 39 | 31 | | Tax % | 32 | -31 | 18 | 52 | -33 | 39 | 39 | 30 | 27 | 41 | | Net Profit | 2 | -5 | 4 | 2 | -14 | 18 | 18 | 28 | 28 | 18 | | EPS in Rs | 4.72 | -12.79 | 11.46 | 5.92 | -36.26 | 45.46 | 45.72 | 71.26 | 72.67 | 46.36 | | Dividend Payout % | 74 | -8 | 17 | 25 | 0 | 2 | 2 | 5 | 1 | 654 | ### Balance Sheet All figures in ₹ crore unless the row name says otherwise. | Item | Dec 2011 | Dec 2012 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Equity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | | Reserves | 146 | 141 | 144 | 146 | 132 | 150 | 167 | 194 | 222 | 111 | | Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | Other Liabilities | 66 | 56 | 59 | 41 | 43 | 52 | 41 | 28 | 29 | 35 | | Total Liabilities | 216 | 201 | 208 | 191 | 179 | 205 | 212 | 227 | 255 | 150 | | Fixed Assets | 4 | 3 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | | CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | | Other Assets | 212 | 198 | 206 | 190 | 177 | 204 | 211 | 226 | 255 | 150 | | Total Assets | 216 | 201 | 208 | 191 | 179 | 205 | 212 | 227 | 255 | 150 | ### Cash Flow All figures in ₹ crore unless the row name says otherwise. | Item | Dec 2011 | Dec 2012 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Cash from Operating Activity | 11 | -27 | 9 | -76 | 6 | 17 | 7 | 7 | 4 | 34 | | Cash from Investing Activity | 8 | 8 | 10 | 13 | -31 | 42 | -43 | -3 | 70 | 4 | | Cash from Financing Activity | -2 | -2 | -1 | -1 | -1 | 0 | 0 | -1 | -1 | -129 | | Net Cash Flow | 17 | -20 | 18 | -64 | -26 | 58 | -36 | 3 | 73 | -92 | | Free Cash Flow | 11 | -27 | 9 | -76 | 5 | 17 | 8 | 7 | 4 | 34 | | CFO/OP | -329 | 156 | -376 | 764 | -68 | 156 | 97 | 112 | 81 | 163 | ### Ratios | Item | Dec 2011 | Dec 2012 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Debtor Days | 16 | 11 | 4 | 32 | 21 | 26 | 10 | 12 | 59 | 34 | | Inventory Days | 145 | 138 | 97 | 175 | 118 | 167 | 117 | 119 | 21 | 121 | | Days Payable | 160 | 123 | 126 | 68 | 92 | 220 | 217 | 155 | 193 | 222 | | Cash Conversion Cycle | 1 | 26 | -25 | 139 | 47 | -27 | -90 | -25 | -113 | -67 | | Working Capital Days | -2 | 17 | -14 | 75 | 9 | -13 | -20 | 7 | 24 | -32 | | ROCE % | 2 | -5 | 4 | 3 | -15 | 20 | 18 | 22 | 18 | 18 | ## Technical Indicators Derived from daily closing prices and recomputed each trading session; values move with the market. - **Overall Signal:** Strong Buy - **Buy / Neutral / Sell:** 10 / 6 / 3 ### Moving Averages — summary: **Strong Buy** | Indicator | Value | Signal | | --- | --- | --- | | SMA (10) | 81.35 | Sell | | EMA (10) | 80.06 | Sell | | SMA (20) | 78.3 | Buy | | EMA (20) | 78.18 | Buy | | SMA (50) | 74.23 | Buy | | EMA (50) | 73.8 | Buy | | SMA (100) | 66.94 | Buy | | EMA (100) | 69.46 | Buy | | SMA (200) | 64.8 | Buy | | EMA (200) | 62.56 | Buy | ### Oscillators — summary: **Buy** | Indicator | Value | Signal | | --- | --- | --- | | RSI (14) | 54.58 | Neutral | | MACD (12,26,9) | 2.62 | Sell | | Stochastic (14,3,3) | 66.18 | Neutral | | ADX (14) | 20.22 | Neutral | | Williams %R (14) | -36.65 | Neutral | | ATR (14) | 5.4 | High Volatility | | ROC (12) | 10.24 | Buy | | Stoch RSI (14) | 15.52 | Buy | | UO (7,14,28) | 51.4 | Neutral | ## Filings & Documents ### Other Documents | Date | Document | | --- | --- | | 31 Jul 2015 - Fulford India Ltd has submitted to BSE a copy of Public Announcement is being issued by Dashtag (“Acquirer”) to the equity shareholders of Fulford (India) … | [Updates on Delisting Offer 31 Jul 2015 - Fulford India Ltd has submitted to BSE a copy of Public Announcement is being issued by Dashtag (“Acquirer”) to the equity shareholders of Fulford (India) …](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=D835E9DE_42A4_4B26_807E_F4733030285F_153519.pdf) | | 31 Jul 2015 - Fulford India Ltd has submitted to BSE a copy of Public Announcement is being issued by Dashtag (“Acquirer”) to the equity shareholders of Fulford (India) … | [Updates on Delisting Offer 31 Jul 2015 - Fulford India Ltd has submitted to BSE a copy of Public Announcement is being issued by Dashtag (“Acquirer”) to the equity shareholders of Fulford (India) …](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/D835E9DE_42A4_4B26_807E_F4733030285F_153519.pdf) | | 22 Jul 2015 - Fulford India Ltd has informed BSE about the Shareholding Pattern as on June 30, 2015. | [Shareholding Pattern For June 30, 2015 22 Jul 2015 - Fulford India Ltd has informed BSE about the Shareholding Pattern as on June 30, 2015.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=B5F1CAB3_10C5_435F_B260_A2495F7FDA58_104146.pdf) | | 22 Jul 2015 - Fulford India Ltd has informed BSE about the Shareholding Pattern as on June 30, 2015. | [Shareholding Pattern For June 30, 2015 22 Jul 2015 - Fulford India Ltd has informed BSE about the Shareholding Pattern as on June 30, 2015.](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/B5F1CAB3_10C5_435F_B260_A2495F7FDA58_104146.pdf) | | 2 Jul 2015 - The Company has received a letter dated July 02, 2015 from Dashtag (Acquirer), informing that the Acquirer is still awaiting the outcome of exemption application … | [Updates on Voluntary Delisting 2 Jul 2015 - The Company has received a letter dated July 02, 2015 from Dashtag (Acquirer), informing that the Acquirer is still awaiting the outcome of exemption application …](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=D8CCCC9A_6550_4608_A1D4_6C92BD0B0CFA_191951.pdf) | | 2 Jul 2015 - The Company has received a letter dated July 02, 2015 from Dashtag (Acquirer), informing that the Acquirer is still awaiting the outcome of exemption application … | [Updates on Voluntary Delisting 2 Jul 2015 - The Company has received a letter dated July 02, 2015 from Dashtag (Acquirer), informing that the Acquirer is still awaiting the outcome of exemption application …](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/D8CCCC9A_6550_4608_A1D4_6C92BD0B0CFA_191951.pdf) | | 18 Jul 2015 - Fulford India Ltd has submitted to BSE a copy of Public Announcement (“Post Offer PA”) is being issued by Dashtag (“Acquirer”) to the equity shareholders … | [Updates on Delisting Offer 18 Jul 2015 - Fulford India Ltd has submitted to BSE a copy of Public Announcement (“Post Offer PA”) is being issued by Dashtag (“Acquirer”) to the equity shareholders …](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6DED1189_30DB_418F_9BAA_193B72CEDAC9_114829.pdf) | | 18 Jul 2015 - Fulford India Ltd has submitted to BSE a copy of Public Announcement (“Post Offer PA”) is being issued by Dashtag (“Acquirer”) to the equity shareholders … | [Updates on Delisting Offer 18 Jul 2015 - Fulford India Ltd has submitted to BSE a copy of Public Announcement (“Post Offer PA”) is being issued by Dashtag (“Acquirer”) to the equity shareholders …](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/6DED1189_30DB_418F_9BAA_193B72CEDAC9_114829.pdf) | | 17 Jul 2015 - The Company has received a letter dated July 16, 2015 from Dashtag (Acquirer) which is self-explanatory along with SAT Order. | [Updates on Voluntary Delisting 17 Jul 2015 - The Company has received a letter dated July 16, 2015 from Dashtag (Acquirer) which is self-explanatory along with SAT Order.](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=F2C0AFDB_16E3_49E2_BE1A_7665C92F2D13_102135.pdf) | | 17 Jul 2015 - The Company has received a letter dated July 16, 2015 from Dashtag (Acquirer) which is self-explanatory along with SAT Order. | [Updates on Voluntary Delisting 17 Jul 2015 - The Company has received a letter dated July 16, 2015 from Dashtag (Acquirer) which is self-explanatory along with SAT Order.](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2015/7/F2C0AFDB_16E3_49E2_BE1A_7665C92F2D13_102135.pdf) | ### Annual Reports | Date | Document | | --- | --- | | from bse | [Annual Report 2014 from bse](https://www.bseindia.com/bseplus/AnnualReport/506803/5068030314.pdf) | | from bse | [Annual Report 2012 from bse](https://www.bseindia.com/bseplus/AnnualReport/506803/5068031212.pdf) | | from bse | [Annual Report 2011 from bse](https://www.bseindia.com/bseplus/AnnualReport/506803/5068031211.pdf) | | from bse | [Annual Report 2010 from bse](https://www.bseindia.com/bseplus/AnnualReport/506803/5068031210.pdf) | --- Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:26:41.026Z.