Procter & Gamble Health
PGHL NSE
Procter & Gamble Health
HealthcareNSE: PGHL BSE: 500126 Pharmaceuticals
Key Fundamentals
MicrocapPharmaceuticalsHealthcareMarket Cap
₹8,986 Cr
Volatility
Low Risk
P/E Ratio
25.17
EBITDA
₹474 Cr
Return on Equity
62.32%
Debt to Equity
0.02
Book Value
₹316.01
EPS
₹128.93
52W High
₹6,975
52W Low
₹4,707
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company is almost debt free.
- Company has a good return on equity (ROE) track record: 3 Years ROE 42.6%
- Company has been maintaining a healthy dividend payout of 87.1%
Weaknesses
2- Stock is trading at 17.1 times its book value
- The company has delivered a poor sales growth of 0.76% over past five years.
Growth Rate
Revenue Growth
50.91% higher than
3Y
Net Income Growth
39.46% higher than
3Y
Cash Flow Change
100% higher than
3Y
ROE
42.74% lower than
3Y
ROCE
42.5% lower than
3Y
EBITDA Margin (Avg.)
-4.43% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoAI opinion · based on fundamentals
Risk medium
Procter & Gamble Health Ltd is a nearly debt-free healthcare company with a market cap of ₹10,447 Cr, trading at a PE of 32.3x and 20.1x book value. The company delivers exceptional return on equity (62% last year, 43% 3-year average) and maintains a dividend payout of 123%, but has historically struggled with revenue growth at just 0.76% CAGR over five years despite a recent TTM sales surge of 51%.
Bull Case 8
- Virtually debt-free balance sheet provides financial resilience and flexibility for future investments
- Exceptional ROE of 62% in the last year, with a 3-year average of 43% and 10-year average of 31%, indicating highly efficient capital deployment
- Dividend payout ratio of 123% signals strong cash generation and shareholder-friendly capital allocation, with a current yield of 2.52%
- TTM sales growth of 51% represents a significant acceleration from the 5-year CAGR of just 1%, suggesting a potential inflection point in revenue trajectory
- TTM profit growth of 39% demonstrates operating leverage and margin expansion alongside the revenue surge
- 3-year compounded profit growth of 19% materially outpaces 3-year sales growth of 8%, reflecting improving profitability and cost discipline
- 10-year stock CAGR of 25% shows long-term wealth creation track record for patient investors
- Backed by the global Procter & Gamble parentage, providing access to R&D, established brands, and operational best practices in healthcare
Bear Case 8
- Stock trades at 20.1x book value, a steep premium that leaves little margin of safety if growth disappoints
- 5-year compounded sales growth of only 0.76% indicates structural challenges in scaling revenue over extended periods
- PE ratio of 32.3x is elevated for a company with a 5-year profit CAGR of just 5%, implying the market prices in growth not yet consistently delivered
- 5-year stock CAGR of only 2% suggests prolonged periods of stagnant shareholder returns despite the high ROE
- 10-year compounded sales growth of just 4% underscores limited top-line expansion in what should be a growing healthcare market
- Dividend payout exceeding 100% at 123% means the company is returning more than it earns, which may not be sustainable long-term or limits reinvestment capacity
- The sharp TTM sales jump of 51% may reflect one-time factors or base effects rather than sustainable organic growth, given the weak long-term track record
- 1-year stock CAGR of 10% and 3-year CAGR of 7% lag broader market indices, indicating relative underperformance in recent periods
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago Positives 2
- Rs 45 dividend declared FY26 Jun 26
P&G Health recommended a final dividend of Rs 45 per share for FY 2025-26, with tax document submission deadline of August 12, 2026.
- INR 35cr productivity savings planned Jun 18
P&G Health outlined its Q1FY26 strategy highlighting INR 35 crores in productivity savings and a 9% CAGR in the VMS (Vitamins, Minerals & Supplements) category.
Neutral 1
- Senior management reshuffle from July Jun 25
Key senior management changes effective July 1, 2026, including the appointment of Shine Matthew Sunny to a leadership role.
TL;DR: P&G Health is executing well with clear productivity targets (INR 35cr savings) and rewarding shareholders with a healthy Rs 45 dividend. No material headwinds are visible in recent news flow. The VMS category growing at 9% CAGR provides a strong secular tailwind. The management reshuffle bears watching but the overall trend remains stable to positive.
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 | 301 | 305 | 310 | 252 | 284 | 313 | 310 | 311 | 339 | 325 | 374 | 370 | 364 |
| Expenses | 256 | 216 | 208 | 185 | 236 | 199 | 186 | 230 | 248 | 205 | 263 | 235 | 264 |
| Operating Profit | 45 | 89 | 102 | 67 | 48 | 114 | 123 | 81 | 90 | 120 | 110 | 136 | 100 |
| OPM % | 15% | 29% | 33% | 27% | 17% | 36% | 40% | 26% | 27% | 37% | 30% | 37% | 27% |
| Other Income | 5 | 6 | 5 | 2 | -18 | 3 | 4 | 3 | 4 | 5 | 4 | 4 | 36 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 6 | 6 | 7 | 7 | 7 | 6 | 6 | 5 | 5 | 6 | 6 | 6 | 6 |
| PBT | 44 | 88 | 100 | 63 | 23 | 111 | 122 | 79 | 89 | 119 | 109 | 133 | 129 |
| Tax % | 32% | 26% | 28% | 26% | 26% | 26% | 25% | 22% | 25% | 26% | 29% | 29% | 26% |
| Net Profit | 30 | 66 | 72 | 47 | 17 | 82 | 91 | 61 | 66 | 89 | 78 | 95 | 96 |
| EPS in Rs | 17.96 | 39.5 | 43.42 | 28.05 | 10.11 | 49.6 | 54.76 | 36.86 | 39.87 | 53.34 | 46.74 | 56.99 | 57.92 |
Profit & Loss
| Particulars | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Jun 2020 18m | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 9m | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 940 | 993 | 698 | 849 | 927 | 1,356 | 1,009 | 1,114 | 1,230 | 1,151 | 934 | 1,408 | 1,433 |
| Expenses | 855 | 877 | 621 | 701 | 723 | 1,037 | 762 | 846 | 905 | 845 | 616 | 949 | 967 |
| Operating Profit | 85 | 116 | 77 | 148 | 204 | 319 | 246 | 268 | 325 | 307 | 319 | 459 | 466 |
| OPM % | 9% | 12% | 11% | 17% | 22% | 24% | 24% | 24% | 26% | 27% | 34% | 33% | 33% |
| Other Income | 22 | 24 | 74 | 768 | 48 | 66 | 18 | 13 | 18 | -5 | 10 | 15 | 49 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 0 | 1 | 1 |
| Depreciation | 23 | 25 | 19 | 21 | 17 | 29 | 30 | 27 | 28 | 27 | 17 | 24 | 24 |
| PBT | 83 | 115 | 132 | 895 | 234 | 355 | 233 | 253 | 314 | 273 | 312 | 450 | 490 |
| Tax % | 36% | 31% | 29% | 6% | 32% | 28% | 24% | 24% | 27% | 26% | 25% | 27% | — |
| Net Profit | 54 | 79 | 94 | 839 | 159 | 254 | 177 | 193 | 229 | 201 | 234 | 327 | 357 |
| EPS in Rs | 32.27 | 47.67 | 56.57 | 505 | 95.64 | 153 | 107 | 116 | 138 | 121 | 141 | 197 | 215 |
| Div. Payout % | 23% | 23% | 27% | 87% | 0% | 150% | 122% | 45% | 69% | 215% | 89% | 104% | — |
Balance Sheet
| Particulars | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Reserves | 575 | 647 | 717 | 1,524 | 800 | 890 | 687 | 600 | 734 | 522 | 520 | 508 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 3 | 12 | 10 | 8 | 9 |
| Other Liabilities | 192 | 215 | 258 | 219 | 250 | 269 | 275 | 269 | 338 | 247 | 250 | 308 |
| Total Liabilities | 784 | 879 | 991 | 1,759 | 1,067 | 1,176 | 986 | 888 | 1,101 | 794 | 794 | 841 |
| Fixed Assets | 132 | 111 | 115 | 104 | 101 | 101 | 104 | 112 | 144 | 128 | 116 | 102 |
| CWIP | 7 | 30 | 9 | 17 | 11 | 21 | 39 | 41 | 32 | 6 | 11 | 14 |
| Investments | 42 | 28 | 70 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 603 | 711 | 797 | 1,639 | 954 | 1,053 | 843 | 736 | 925 | 660 | 667 | 726 |
| Total Assets | 784 | 879 | 991 | 1,759 | 1,067 | 1,176 | 986 | 888 | 1,101 | 794 | 794 | 841 |
Cash Flow
| Particulars | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 83 | 107 | 54 | -130 | — | 235 | 247 | 170 | 236 | 228 | 169 | 338 |
| Investing | -68 | -75 | -48 | 1,270 | — | 165 | -32 | -26 | -22 | -7 | 10 | 1 |
| Financing | -12 | -15 | -22 | -30 | — | -883 | -387 | -289 | -98 | -418 | -235 | -344 |
| Net Cash Flow | 4 | 17 | -16 | 1,109 | — | -483 | -172 | -145 | 116 | -197 | -56 | -5 |
| Free Cash Flow | 38 | 75 | 24 | -157 | — | 212 | 196 | 132 | 198 | 207 | 168 | 323 |
| CFO/OP | 136 | 138 | 147 | 117 | — | 106 | 128 | 87 | 100 | 102 | 78 | 96 |
Ratios
| Particulars | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Jun 2020 | Jun 2021 | Jun 2022 | Jun 2023 | Jun 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 49 | 39 | 64 | 28 | 30 | 26 | 22 | 27 | 34 | 27 | 57 | 43 |
| Inventory Days | 140 | 145 | 243 | 154 | 139 | 113 | 138 | 124 | 136 | 120 | 152 | 137 |
| Days Payable | 55 | 67 | 128 | 124 | 106 | 105 | 209 | 185 | 239 | 184 | 239 | 192 |
| Cash Conversion Cycle | 134 | 118 | 179 | 58 | 63 | 34 | -49 | -34 | -69 | -37 | -30 | -13 |
| Working Capital Days | 69 | 52 | 94 | 42 | 22 | 23 | 7 | 17 | 15 | 19 | 48 | 30 |
| ROCE % | 15% | 18% | 16% | 78% | 20% | 29% | 29% | 38% | 45% | 45% | 48% | 84% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Procter & Gamble Health insights
64 extracted metrics + investor summaries across FY12–FY26.
Documents
1
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Sale Of Immovable Properties
30 Apr - Company executed sale of Mumbai immovable properties, expecting about INR 32 crore profit. 30 Apr - Company executed sale of Mumbai immovable properties, expecting about INR 32 crore profit.
2
Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - Sale Of Immovable Properties
30 Apr - Company executed sale of Mumbai immovable properties, expecting about INR 32 crore profit. 30 Apr - Company executed sale of Mumbai immovable properties, expecting about INR 32 crore profit.
3
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Apr - Dear Sir/Madam, Please find attached disclosure under regulation 74(5) of the SEBI (DP) Regulations, for the quarter ended March 31, 2026. 6 Apr - Dear Sir/Madam, Please find attached disclosure under regulation 74(5) of the SEBI (DP) Regulations, for the quarter ended March 31, 2026.
4
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
6 Apr - P&G Health says it is not a Large Corporate under SEBI circular; outstanding borrowing nil as of 31 March 2026. 6 Apr - P&G Health says it is not a Large Corporate under SEBI circular; outstanding borrowing nil as of 31 March 2026.
Frequently Asked Questions about Procter & Gamble Health
What does Procter & Gamble Health Ltd do?
P&G Health Ltd (formerly Procter & Gamble td) (erstwhile Merck Limited) is engaged in the business of manufacturing and marketing of pharmaceuticals and chemicals.[1]
Where is Procter & Gamble Health Ltd (PGHL) listed?
Procter & Gamble Health Ltd trades as PGHL on the NSE and under code 500126 on the BSE.
Which sector does Procter & Gamble Health Ltd belong to?
Procter & Gamble Health Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the market capitalisation of Procter & Gamble Health Ltd?
Procter & Gamble Health Ltd has a market capitalisation of ₹8,986 Cr, which places it in the Mid Cap band.
What is the PE ratio of Procter & Gamble Health Ltd?
Procter & Gamble Health Ltd trades at a PE ratio of 25.17, on earnings per share of ₹128.93, against a book value of ₹316.01 per share.
What is the 52-week high and low of Procter & Gamble Health Ltd?
Over the last 52 weeks Procter & Gamble Health Ltd has traded between ₹4,707 and ₹6,975.
Does Procter & Gamble Health Ltd pay dividends?
Procter & Gamble Health Ltd has a dividend yield of 3.78%.
What is the Return on Equity (ROE) of Procter & Gamble Health Ltd?
Procter & Gamble Health Ltd reported a return on equity of 62.32%. Its debt-to-equity ratio is 0.02.
Company Information
P&G Health Ltd (formerly Procter & Gamble td) (erstwhile Merck Limited) is engaged in the business of manufacturing and marketing of pharmaceuticals and chemicals.[1]
Website pghealthindia.com
CEO Mr. Milind Vasant Thatte M.B.A.
Employees 1,326
Listed 1996-04-24
Face Value ₹ 10
Issued Size 1,65,99,382
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