Wockhardt
Wockhardt
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Weaknesses
4- Stock is trading at 7.17 times its book value
- The company has delivered a poor sales growth of 4.49% over past five years.
- Company has a low return on equity of -1.43% over last 3 years.
- Promoter holding has decreased over last 3 years: -9.31%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoWockhardt Ltd, with a market cap of ₹35,431 Cr, is trading at a PE of 87.1x and 7.3x book value. The company has shown a sharp TTM profit growth of 983% and last-year ROE of 6%, but this follows years of negative returns and weak sales growth, with compounded sales CAGR of just 4% over five years and negative 3% over ten years.
- TTM compounded profit growth of 983% signals a dramatic earnings turnaround from a low base, indicating potential operational recovery
- TTM sales growth of 18% marks a meaningful acceleration compared to the 5-year sales CAGR of just 4%, suggesting improving demand or product traction
- Stock CAGR of 107% over 3 years reflects strong market re-rating driven by turnaround expectations
- Last-year ROE has turned positive at 6% after 3-year and 5-year averages of -1% and -3% respectively, indicating a shift toward profitability
- 3-year compounded profit CAGR of 43% shows sustained improvement in earnings trajectory beyond a single-quarter blip
- 5-year stock CAGR of 42% suggests the market has been pricing in a long-duration recovery thesis with increasing conviction
- 10-year compounded profit CAGR of 1% — while modest — shows the company has at least stabilized earnings over a full cycle after years of losses
- PE ratio of 87.1x is extremely elevated for a pharma company with inconsistent profitability, leaving little room for execution misses
- 5-year compounded sales growth of just 4% and 10-year sales CAGR of -3% reflect a structurally weak topline track record
- 3-year average ROE of -1% and 5-year average ROE of -3% indicate prolonged destruction of shareholder value
- Promoter holding has declined by 9.31% over the last three years, which may signal reduced insider confidence or pledge-related selling
- Price-to-book ratio of 7.3x is steep given the historically negative returns on equity, suggesting the stock prices in significant future improvement
- Zero dividend yield indicates the company is not returning cash to shareholders, consistent with a still-fragile financial position
- 5-year compounded profit CAGR of -19% underscores that the recent profit surge comes off a deeply eroded base rather than consistent growth
- 10-year stock CAGR of only 12% despite the recent sharp rally highlights that long-term shareholders endured prolonged underperformance
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹16Cr customs penalty for API Aug 25
Wockhardt faces a ₹16 crore penalty from Customs over alleged API misclassification. The company plans to appeal and states no material operational impact.
- Elevated valuation at 108x PE Sep 7
The stock trades at a PE ratio of 108.36 on TTM earnings ending June 2026, leaving limited margin of safety if growth momentum slows.
- USFDA approves novel antibiotic Zaynich Sep 7
On June 1, USFDA approved WCK 5222 (Zaynich) for complicated UTIs — the first antibiotic discovered and developed in India to receive US clearance, with NDA filed in Oct 2025 and approved in under a year.
- Strong Q1 profit turnaround Sep 7
June quarter consolidated net profit was ₹106 crore vs a ₹90 crore loss YoY. Revenue rose 26% to ₹929 crore and EBITDA margin expanded to 20.67% from 9.76%.
- Five-session rally, up ~19% MTD Sep 7
Shares surged 7% on Sep 8 marking the fifth straight session of gains, rising nearly 19% since the start of the month and 56% YTD.
- Top gainer on Nifty Pharma Sep 7
Wockhardt emerged as the biggest gainer on the Nifty Pharma index in intraday trade, outperforming a weak broader market with Nifty down ~0.5%.
TL;DR: Wockhardt is in a strong momentum phase driven by a landmark USFDA approval of Zaynich and a sharp Q1 profit turnaround from a ₹90Cr loss to ₹106Cr profit. The stock is up 56% YTD and 19% in September alone. Key risks include a stretched 108x PE valuation and a minor ₹16Cr customs penalty under appeal. The trend is decisively improving, but sustaining this rally depends on Zaynich's commercial ramp-up and continued margin expansion.
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 | 644 | 753 | 701 | 700 | 739 | 809 | 721 | 743 | 738 | 782 | 888 | 965 | 929 |
| Expenses | 628 | 681 | 664 | 759 | 648 | 699 | 593 | 679 | 666 | 604 | 711 | 740 | 737 |
| Operating Profit | 16 | 72 | 37 | -59 | 91 | 110 | 128 | 64 | 72 | 178 | 177 | 225 | 192 |
| OPM % | 2.5% | 10% | 5% | -8% | 12% | 14% | 18% | 9% | 10% | 23% | 20% | 23% | 21% |
| Other Income | 0 | 24 | 8 | 10 | 30 | 9 | 8 | 15 | -77 | 21 | 15 | 67 | 31 |
| Interest | 79 | 76 | 77 | 73 | 73 | 73 | 60 | 48 | 48 | 55 | 60 | 50 | 52 |
| Depreciation | 55 | 55 | 55 | 58 | 54 | 55 | 55 | 53 | 56 | 53 | 65 | 53 | 55 |
| PBT | -118 | -35 | -87 | -180 | -6 | -9 | 21 | -22 | -109 | 91 | 67 | 189 | 116 |
| Tax % | 15% | 109% | -1% | -2% | 167% | 78% | 5% | 105% | -1% | 10% | 9% | 13% | 8% |
| Net Profit | -136 | -73 | -86 | -177 | -16 | -16 | 20 | -45 | -108 | 82 | 61 | 164 | 107 |
| EPS in Rs | -9.3 | -5.34 | -5.76 | -11.02 | -0.91 | -1.43 | 0.86 | -1.54 | -5.54 | 4.8 | 3.63 | 10.22 | 6.52 |
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 | 4,482 | 4,453 | 4,015 | 3,937 | 3,566 | 2,844 | 2,708 | 3,230 | 2,651 | 2,798 | 3,012 | 3,373 | 3,564 |
| Expenses | 3,772 | 3,959 | 4,002 | 3,935 | 3,604 | 2,725 | 2,771 | 2,932 | 2,549 | 2,707 | 2,619 | 2,721 | 2,792 |
| Operating Profit | 709 | 494 | 13 | 2 | -38 | 119 | -63 | 298 | 102 | 91 | 393 | 652 | 772 |
| OPM % | 16% | 11% | 0.3% | 0.1% | -1.1% | 4.2% | -2.3% | 9% | 3.9% | 3.2% | 13% | 19% | 22% |
| Other Income | 67 | 66 | 114 | -238 | 116 | 133 | 975 | -163 | -173 | 17 | 62 | 26 | 134 |
| Interest | 55 | 129 | 225 | 255 | 265 | 276 | 249 | 299 | 302 | 305 | 254 | 213 | 217 |
| Depreciation | 145 | 142 | 149 | 150 | 164 | 224 | 246 | 247 | 251 | 223 | 217 | 227 | 226 |
| PBT | 575 | 289 | -247 | -641 | -351 | -247 | 417 | -411 | -624 | -420 | -16 | 238 | 463 |
| Tax % | 28% | 13% | -9% | 4% | -38% | -82% | -65% | -32% | 0% | 12% | 256% | 16% | — |
| Net Profit | 413 | 252 | -226 | -667 | -217 | -43 | 688 | -279 | -621 | -472 | -57 | 199 | 414 |
| EPS in Rs | 28.3 | 17.45 | -13.62 | -42.3 | -13.52 | -4.81 | 47.64 | -16.94 | -38.8 | -30.18 | -2.89 | 13.11 | 25.17 |
| Div. Payout % | 54% | 0% | -56% | 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 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 72 | 72 | 77 | 81 | 81 |
| Reserves | 3,362 | 3,720 | 3,281 | 2,797 | 2,619 | 2,616 | 3,321 | 3,777 | 3,282 | 3,282 | 4,272 | 4,859 |
| Borrowings | 2,309 | 2,677 | 4,160 | 3,748 | 3,375 | 3,582 | 2,674 | 2,198 | 2,184 | 2,356 | 2,021 | 2,233 |
| Other Liabilities | 1,213 | 1,622 | 1,486 | 1,528 | 1,764 | 1,894 | 1,696 | 2,168 | 2,113 | 1,899 | 1,726 | 1,405 |
| Total Liabilities | 6,939 | 8,074 | 8,982 | 8,128 | 7,813 | 8,148 | 7,746 | 8,215 | 7,651 | 7,614 | 8,100 | 8,578 |
| Fixed Assets | 2,123 | 2,809 | 2,773 | 2,888 | 3,058 | 3,502 | 3,343 | 3,462 | 3,042 | 2,881 | 2,736 | 2,791 |
| CWIP | 1,007 | 1,036 | 1,244 | 1,433 | 1,445 | 1,585 | 1,379 | 1,342 | 1,539 | 1,722 | 2,033 | 2,379 |
| Investments | 341 | 0 | 563 | 214 | 0 | 0 | 0 | 0 | 0 | 0 | 422 | 412 |
| Other Assets | 3,468 | 4,228 | 4,403 | 3,593 | 3,309 | 3,060 | 3,024 | 3,411 | 3,070 | 3,011 | 2,909 | 2,996 |
| Total Assets | 6,939 | 8,074 | 8,982 | 8,128 | 7,813 | 8,148 | 7,746 | 8,215 | 7,651 | 7,614 | 8,100 | 8,578 |
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 | 355 | -42 | -269 | 68 | 183 | 649 | -287 | 413 | 153 | 219 | -22 | 390 |
| Investing | -222 | -105 | -684 | 635 | 93 | -147 | 1,471 | -204 | -118 | -138 | -780 | -231 |
| Financing | -76 | 193 | 1,254 | -769 | -776 | -680 | -1,171 | -71 | -315 | 334 | 409 | -54 |
| Net Cash Flow | 57 | 46 | 301 | -66 | -500 | -178 | 13 | 138 | -280 | 415 | -393 | 105 |
| Free Cash Flow | -76 | -105 | -678 | -238 | 127 | 486 | -452 | 202 | 23 | 69 | -377 | 76 |
| CFO/OP | 73 | -8 | -1,887 | 4,697 | -583 | 560 | 270 | 171 | 161 | 274 | -13 | 63 |
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 | 60 | 91 | 94 | 89 | 130 | 159 | 124 | 104 | 110 | 81 | 80 | 64 |
| Inventory Days | 250 | 249 | 243 | 174 | 183 | 209 | 256 | 222 | 216 | 201 | 234 | 286 |
| Days Payable | 136 | 144 | 117 | 122 | 187 | 272 | 223 | 265 | 285 | 240 | 191 | 182 |
| Cash Conversion Cycle | 175 | 196 | 220 | 141 | 126 | 97 | 157 | 60 | 41 | 41 | 123 | 168 |
| Working Capital Days | 14 | 52 | 36 | -56 | -51 | -171 | -133 | -116 | -186 | -163 | -23 | 35 |
| ROCE % | 10% | 7% | -1% | -1% | -1% | -1% | -3% | 1% | 0% | -1% | 4% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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59 extracted metrics + investor summaries across FY15–FY26.
Documents
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Company Information
Wockhardt is a global pharmaceutical and biotechnology organization engaged in manufacturing finished dosage formulations, injectables, biopharmaceuticals, orals and topicals (creams and ointments). [1]
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