Panacea Biotec
Panacea Biotec
HealthcareKey Fundamentals
MicrocapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
6- Stock is trading at 2.92 times its book value
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of 0.47% over past five years.
- Company has a low return on equity of -3.48% over last 3 years.
- Earnings include an other income of Rs.26.4 Cr.
- Company's cost of borrowing seems high
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoPanacea Biotec Ltd is a healthcare company with a market cap of Rs.3,437 Cr that remains loss-making with a negative PE of -469.7x and negative 3-year average ROE of -3%. While the stock has delivered a strong 63% CAGR over 3 years and TTM profit growth of 52%, the underlying business has posted near-zero sales growth over 5 and 10 years.
- Stock has delivered a 3-year CAGR of 63%, significantly outperforming broader markets
- TTM compounded profit growth of 52% indicates a sharp recent improvement in earnings trajectory
- Company is almost debt free, reducing balance sheet risk and interest burden
- 3-year compounded profit growth of 21% shows a sustained recovery trend in profitability
- TTM sales growth of 14% marks a notable acceleration after years of stagnant revenue
- 10-year stock CAGR of 16% shows long-term wealth creation despite operational challenges
- 5-year compounded profit growth of 13% suggests the turnaround has been building over multiple years
- Negative PE ratio of -469.7x indicates the company is still loss-making at the net level
- 3-year average ROE of -3% and last year ROE of -2% show persistent inability to generate returns on equity
- 5-year compounded sales growth of just 0.47% reflects near-complete revenue stagnation over a long period
- Stock trades at 4.03x book value despite negative earnings, suggesting stretched valuations relative to fundamentals
- Other income of Rs.36.4 Cr inflates reported earnings, masking weak core operating performance
- Zero dividend yield means shareholders receive no income return while bearing equity risk
- Company has low interest coverage ratio despite being nearly debt free, indicating weak operating profits
- High cost of borrowing suggests lenders perceive elevated credit risk in the business
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- Stock crashes 9.99% on heavy volume Jun 10
Panacea Biotec fell 9.99% to ₹547.65 on Jun 10 with 1.52 lakh shares traded, double the monthly average of 75,434 shares, leading BSE 'B' group losers.
- Widening losses and going concern risk Jun 9
FY26 standalone losses widened to ₹28.74 crore from ₹15.18 crore YoY, with negative retained earnings of ₹217.82 crore raising going concern uncertainty.
- Stock still 70% below 2021 highs Jun 9
Despite the recent rally, the stock had fallen almost 70% from its 2021 levels before the recent recovery, indicating long-term underperformance.
- DENSTAR dengue vaccine project launched Jun 8
Panacea Biotec launched the EU-funded €11.1 million DENSTAR project on Jun 1, 2026 to fast-track DengiAll licensure across 54 African nations with a 10-partner consortium from 9 countries.
- Stock surges 60% in six sessions Jun 9
Shares surged 60% in six trading days from ₹398.45 on Jun 1 to a 52-week high of ₹637.70, with trading volumes jumping over five-fold and 9.95 million shares (16% of equity) changing hands.
- DengiAll single-dose vaccine advantages Jun 9
DengiAll requires no prior blood testing, is a single-dose cost-efficient tetravalent vaccine targeting all four dengue serotypes, making it scalable for mass rollout in low- and middle-income nations.
- Phase III trials progressing in India Jun 9
Panacea Biotec is conducting a Phase III trial of DengiAll in India in collaboration with ICMR across 19 sites in 18 states, with enrollments completed in April 2026.
- Vaccine division revenue up 12% YoY Jun 8
The company reported 12% YoY revenue growth in its vaccine division in May 2026, with higher long-term business orders from key institutional customers.
- DENSTAR consortium structure detailed Jun 8
The four-year DENSTAR project is coordinated by Italy's Sclavo Vaccines Association and includes Johns Hopkins, NIAID, and research organizations in Ghana, Gabon, Mozambique, and DRC, with Phase I/III trials planned in African adults and children.
TL;DR: Panacea Biotec is riding strong momentum from its EU-funded DENSTAR dengue vaccine project, which drove a 60% rally in six sessions to 52-week highs. The DengiAll platform offers genuine first-mover advantages in underserved tropical markets with its single-dose, no-blood-test design. However, the sharp 9.99% correction on Jun 10 after such a parabolic move, combined with widening standalone losses and going concern flags, suggests high volatility ahead. The trend is improving on the vaccine pipeline narrative, but execution risk remains elevated given the company's weak financials and the four-year timeline to African licensure.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 129 | 143 | 151 | 136 | 116 | 147 | 163 | 133 | 167 | 141 | 165 | 167 | 200 |
| Expenses | 140 | 147 | 151 | 143 | 130 | 140 | 156 | 159 | 168 | 159 | 153 | 164 | 194 |
| Operating Profit | -10.31 | -3.56 | -0.15 | -6.04 | -13.99 | 7 | 7.96 | -26.88 | -1.18 | -17.79 | 11.74 | 2.57 | 5.67 |
| OPM % | -7.98% | -2.49% | -0.1% | -4.43% | -12.09% | 4.75% | 4.87% | -20.28% | -0.71% | -12.61% | 7.11% | 1.54% | 2.84% |
| Other Income | 33.82 | 6 | 8.46 | 13.55 | 6.54 | 7.42 | 6.39 | 36.3 | 16.99 | 9.1 | 5.05 | 5.26 | 6.98 |
| Interest | 1 | 0.91 | 0.85 | 0.82 | 0.87 | 0.98 | 0.99 | 1.04 | 0.86 | 2.14 | 1.85 | 1.2 | 1.18 |
| Depreciation | 9.48 | 9.31 | 9.11 | 8.81 | 8.73 | 8.68 | 8.98 | 8.42 | 8.39 | 8.34 | 8.45 | 7.88 | 7.9 |
| PBT | 13.03 | -7.78 | -1.65 | -2.12 | -17.05 | 4.76 | 4.38 | -0.04 | 6.56 | -19.17 | 6.49 | -1.25 | 3.57 |
| Tax % | 15.73% | 6.56% | 33.33% | -6.13% | -6.86% | 1.05% | -1.37% | 4875% | 39.63% | -26.92% | 40.06% | -20% | 38.38% |
| Net Profit | 10.98 | -8.29 | -2.2 | -1.99 | -15.88 | 4.71 | 4.44 | -1.99 | 3.96 | -14.01 | 3.89 | -1 | 2.2 |
| EPS in Rs | 1.79 | -1.35 | -0.37 | -0.32 | -2.58 | 0.78 | 0.74 | -0.31 | 0.66 | -2.27 | 0.65 | 0.08 | 0.38 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 687 | 653 | 544 | 593 | 457 | 544 | 625 | 661 | 460 | 559 | 559 | 640 | 673 |
| Expenses | 643 | 541 | 505 | 509 | 591 | 484 | 548 | 674 | 558 | 579 | 584 | 644 | 670 |
| Operating Profit | 44 | 112 | 39 | 84 | -134 | 60 | 77 | -13 | -98 | -20 | -25 | -5 | 2 |
| OPM % | 6% | 17% | 7% | 14% | -29% | 11% | 12% | -2% | -21% | -3.5% | -4.4% | -0.7% | 0.3% |
| Other Income | 28 | 70 | 62 | 8 | 338 | -21 | 9 | 1,687 | 154 | 62 | 55 | 36 | 26 |
| Interest | 105 | 127 | 101 | 101 | 105 | 174 | 185 | 181 | 4 | 4 | 4 | 6 | 6 |
| Depreciation | 67 | 73 | 68 | 57 | 54 | 43 | 46 | 44 | 39 | 37 | 35 | 33 | 33 |
| PBT | -99 | -19 | -67 | -66 | 45 | -178 | -146 | 1,449 | 13 | 1 | -8 | -7 | -10 |
| Tax % | 3% | 10% | -16% | 15% | 17% | 9% | 1% | 26% | 363% | 201% | 10% | -3% | — |
| Net Profit | -108 | -21 | -56 | -76 | 38 | -194 | -148 | 1,078 | -34 | -2 | -9 | -7 | -9 |
| EPS in Rs | -17.38 | -2.98 | -8.89 | -12.07 | 6.15 | -31.69 | -24.09 | 176 | -5.42 | -0.19 | -1.37 | -0.88 | -1.16 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 449 | 426 | 350 | 303 | 344 | 193 | -235 | 871 | 837 | 836 | 829 | 829 |
| Borrowings | 1,111 | 1,105 | 994 | 941 | 646 | 742 | 820 | 34 | 20 | 21 | 22 | 24 |
| Other Liabilities | 364 | 317 | 440 | 349 | 379 | 449 | 587 | 848 | 407 | 378 | 433 | 404 |
| Total Liabilities | 1,930 | 1,854 | 1,789 | 1,598 | 1,376 | 1,390 | 1,178 | 1,759 | 1,271 | 1,241 | 1,290 | 1,262 |
| Fixed Assets | 1,144 | 1,071 | 1,001 | 949 | 806 | 657 | 609 | 622 | 600 | 582 | 567 | 620 |
| CWIP | 155 | 161 | 30 | 40 | 23 | 24 | 34 | 17 | 42 | 102 | 128 | 100 |
| Investments | 15 | 9 | 7 | 7 | 5 | 6 | 0 | 5 | 13 | 40 | 3 | 10 |
| Other Assets | 616 | 614 | 750 | 602 | 542 | 703 | 534 | 1,114 | 615 | 517 | 592 | 532 |
| Total Assets | 1,930 | 1,854 | 1,789 | 1,598 | 1,376 | 1,390 | 1,178 | 1,759 | 1,271 | 1,241 | 1,290 | 1,262 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 37 | 91 | 131 | 118 | 105 | -30 | 107 | -108 | -422 | 0 | -27 | 17 |
| Investing | -37 | 16 | -26 | 55 | -6 | -35 | -48 | 1,283 | 430 | 10 | 65 | -40 |
| Financing | -1 | -117 | -107 | -164 | -101 | 91 | -47 | -1,176 | -18 | -3 | -3 | -1 |
| Net Cash Flow | -1 | -10 | -2 | 9 | -2 | 26 | 12 | -2 | -10 | 7 | 35 | -25 |
| Free Cash Flow | 30 | 85 | 107 | 103 | 100 | -21 | 89 | -119 | -424 | -71 | -77 | -37 |
| CFO/OP | 96 | 64 | 320 | 146 | -77 | -36 | 141 | -2,235 | 429 | -12 | 108 | -496 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 52 | 79 | 95 | 84 | 71 | 46 | 49 | 45 | 48 | 37 | 47 | 42 |
| Inventory Days | 404 | 516 | 770 | 651 | 173 | 344 | 311 | 296 | 292 | 282 | 391 | 251 |
| Days Payable | 272 | 318 | 607 | 540 | 572 | 463 | 440 | 327 | 256 | 244 | 413 | 247 |
| Cash Conversion Cycle | 184 | 278 | 259 | 195 | -328 | -73 | -80 | 14 | 83 | 76 | 25 | 46 |
| Working Capital Days | -126 | 27 | -46 | -96 | -363 | 93 | -43 | -229 | -5 | -2 | 44 | 57 |
| ROCE % | 0% | 4% | 2% | 3% | -16% | 5% | 5% | -6% | -10% | -4% | -5% | -2% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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70 extracted metrics + investor summaries across FY10–FY26.
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Company Information
Incorporated in 1984, Panacea Biotec Ltd is a research-based biotechnology company[1]
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