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Wockhardt

WOCKPHARMA NSE
₹1,899.00 +31.00 (+1.66%)
P/E
75.45
View as Markdown
MCP
Close 4 Nov 2026 ₹1,899.00 +545.70 +40.3% 1Y
Start ₹1,353.30

Key Fundamentals

SmallcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
7.55%
Debt to Equity
0.45
EPS (TTM)
₹25.17
Book Value
₹317.41
Market Cap
—
P/E (TTM)
75.45
P/B
5.98
ROE
6.11%
Dividend Yield
0.00%
EBITDA
₹763 Cr
52W High
₹2,422.30
52W Low
₹1,086.70
Day Range
₹1,858.20 – ₹1,913.70
Volume
4,48,860

Peer Comparison

Healthcare › Pharmaceuticals

Wockhardt peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Wockhardt (this company)
₹1,899.0075.45₹30,698 Cr5.980.00%6.11%7.55%₹3,564 Cr₹414 Cr
Median 8 companies₹1,836.2057.13₹1,25,337 Cr5.380.44%16.25%16.65%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

42 Weak

Data confidence 100/100

Category scores

Quality
36
Poor
Returns, margins, earnings quality 22% weight
Valuation
32
Poor
Cheap vs sector & own history 24% weight
Growth
52
Average
Sales & profit trajectory 9% weight
Financial Health
27
Poor
Solvency, leverage, coverage 9% weight
Momentum
38
Weak
Trend strength, vol-adjusted 12% weight
Ownership
60
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

4
  • Stock is trading at 6.46 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: -6.05%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
43.92
Neutral
MACD (12,26,9)
−47.19
Bullish
SMA (50)
2,025.02
Bearish
SMA (200)
1,710.71
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y−2.74%
5Y+4.49%
3Y+8.36%
1Y+11.99%
TTM+18.37%

Net profit

Net profit growth by window
10Y−2.33%
5Y−21.97%
3YTurned to profit
1YTurned to profit
TTMTurned to profit

Operating cash flow

Operating cash flow growth by window
10YTurned positive
5YTurned positive
3Y+36.60%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+8.24 pp
5Y+21.66 pp
3Y+15.48 pp
1Y+6.28 pp
TTM+9.24 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹4,015 Cr
Mar 2018₹3,937 Cr
Mar 2019₹3,566 Cr
Mar 2020₹2,844 Cr
Mar 2021₹2,708 Cr
Mar 2022₹3,230 Cr
Mar 2023₹2,651 Cr
Mar 2024₹2,798 Cr
Mar 2025₹3,012 Cr
Mar 2026₹3,373 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹226 Cr
Mar 2018−₹667 Cr
Mar 2019−₹217 Cr
Mar 2020−₹43.00 Cr
Mar 2021₹688 Cr
Mar 2022−₹279 Cr
Mar 2023−₹621 Cr
Mar 2024−₹472 Cr
Mar 2025−₹57.00 Cr
Mar 2026₹199 Cr

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk high

Wockhardt Ltd trades at ₹1,922.9 as of 2026-10-29 with a market cap of ₹31,245.62 Cr, a trailing P/E of 76.4x and P/B of 6.33x. The company has shown a sharp TTM profit surge of 983% and TTM sales growth of 18%, but carries a history of negative profit compounding over 5 years (-19%) and weak long-term sales growth of -3% over 10 years.

Bull Case 7
  • TTM compounded profit growth of 983% signals a dramatic earnings turnaround, with EPS at ₹25.17 as of 2026-10-29
  • TTM sales growth of 18% marks a significant acceleration compared to the 5-year compounded sales growth of just 4% and 10-year figure of -3%
  • Stock has delivered a 1-year CAGR of 38% and a 3-year CAGR of 98%, reflecting strong market re-rating
  • Last year ROE improved to 6% versus the 3-year average of -1% and 5-year average of -3%, indicating a positive inflection in profitability
  • Debt-to-equity ratio stands at a manageable 0.45, suggesting the balance sheet is not overleveraged relative to many mid-cap pharma peers
  • ROCE of 6.45% is positive and improving, consistent with the broader earnings recovery trend
  • Stock is trading 20.6% below its 52-week high of ₹2,422.3, which may indicate the recent correction has partially de-risked valuations from peak levels
Bear Case 8
  • Trailing P/E of 76.4x as of 2026-10-29 is significantly elevated, pricing in substantial future growth and leaving little margin for execution misses
  • Stock trades at 6.33x book value, well above typical pharma sector averages, reflecting rich valuation on an asset basis
  • 5-year compounded profit growth is -19% and 10-year sales growth is -3%, indicating the current turnaround lacks a long-term track record
  • 3-year average ROE of -1% and 5-year average of -3% show the company has historically destroyed shareholder value, with only one recent year of positive returns
  • Promoter holding has declined by 6.05% over the last 3 years, which may signal reduced promoter confidence or dilution
  • 5-year compounded sales growth of only 4.49% reflects structurally weak top-line momentum over a meaningful period
  • Dividend yield is 0%, meaning shareholders are entirely dependent on capital appreciation with no income cushion
  • Despite the rally, the stock sits 77% above its 52-week low of ₹1,086.7, suggesting much of the re-rating may already be priced in

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Wockhardt has undergone a remarkable transformation from losses to profitability, driven by its strategic pivot away from US generics toward novel antibiotics like Zaynich, which received FDA approval in FY26. EBITDA margins have expanded from 5.4% to 18.6% over three years, and the stock reflects this with a 776% return. Key risks include a still-elevated debt of ₹1,463 crore, overseas regulatory compliance challenges, and technical indicators suggesting the stock is in a consolidation phase. The forward outlook hinges on whether Wockhardt can successfully commercialize Zaynich globally and convert its research pipeline into sustained revenue growth.

Headwinds 3
  • Stock in distribution phase Oct 12

    Technical indicators show flat ADX with lack of strong directional trend momentum. Stock has been consolidating within the ₹1,792–₹2,422 range since June, with strong resistance at ₹2,340–₹2,350.

  • Overseas regulatory compliance risk Oct 12

    Wockhardt has identified overseas regulatory compliance as a key risk factor, which could impact its plans to commercialize novel antibiotics across the US, Europe and emerging markets.

  • Debt remains elevated Oct 12

    Adjusted net debt stood at ₹1,463 crore as of March 2026, down from ₹1,763 crore in FY23 but still significant relative to the company's scale.

Positives 6
  • Zaynich wins FDA and CDSCO approval Oct 12

    Wockhardt received US FDA and CDSCO approval for Zaynich in FY26, described as the first NDA for a new chemical entity from an Indian pharma company filed and accepted by the US FDA. Commercialization is planned across the US, India, Europe and emerging markets.

  • 776% stock return in 3 years Oct 12

    Wockhardt shares delivered 776% returns over three years, vastly outperforming the Nifty Pharma index's 72% return over the same period.

  • Dramatic turnaround to profitability Oct 12

    Wockhardt swung from a consolidated loss of ₹621 crore in FY23 to a net profit of ₹199 crore in FY26, with total income rising from ₹2,773 crore to ₹3,484 crore.

Neutral 2
  • Pipeline includes multiple candidates Oct 12

    Beyond Zaynich, Wockhardt's pipeline includes Miqnaf, Foviscu and WCK 6777, though commercialization timelines and regulatory status for these were not specified.

  • Net debt-to-equity improving Oct 12

    Adjusted net debt-to-equity ratio improved from 0.48 in FY23 to 0.28 by March 2026, reflecting steady balance sheet deleveraging.

Quarterly Results

₹ Cr
WOCKPHARMA quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
644
753
701
700
739
809
721
743
738
782
888
965
929
969
Expenses
628
681
664
759
648
699
593
679
666
604
711
740
737
796
Operating Profit
16
72
37
−59
91
110
128
64
72
178
177
225
192
173
OPM %
2.5%
10%
5%
−8%
12%
14%
18%
9%
10%
23%
20%
23%
21%
18%
Other Income
0
24
8
10
30
9
8
15
−77
21
15
67
31
11
Interest
79
76
77
73
73
73
60
48
48
55
60
50
52
56
Depreciation
55
55
55
58
54
55
55
53
56
53
65
53
55
55
PBT
−118
−35
−87
−180
−6
−9
21
−22
−109
91
67
189
116
73
Tax %
15%
109%
−1%
−2%
167%
78%
5%
105%
−1%
10%
9%
13%
8%
0%
Net Profit
−136
−73
−86
−177
−16
−16
20
−45
−108
82
61
164
107
73
EPS (₹)
−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
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
WOCKPHARMA profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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 (₹)
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%
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
WOCKPHARMA balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

₹ Cr
WOCKPHARMA cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

WOCKPHARMA financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Wockhardt insights

71 extracted metrics across FY05–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 49.32%
  • Public 26.90%
  • DIIs 9.00%
  • Others 7.74%
  • FIIs 7.02%
  • Government 0.01%

9.97% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Wockhardt

What does Wockhardt Ltd do?
Wockhardt is a global pharmaceutical and biotechnology organization engaged in manufacturing finished dosage formulations, injectables, biopharmaceuticals, orals and topicals (creams and ointments).
Where is Wockhardt Ltd (WOCKPHARMA) listed?
Wockhardt Ltd trades as WOCKPHARMA on the NSE and under code 532300 on the BSE.
Which sector does Wockhardt Ltd belong to?
Wockhardt Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the PE ratio of Wockhardt Ltd?
Wockhardt Ltd trades at a PE ratio of 75.45 as of 4 Nov 2026, on earnings per share of ₹25.17, against a book value of ₹317.41 per share.
What is the 52-week high and low of Wockhardt Ltd?
Over the last 52 weeks Wockhardt Ltd has traded between ₹1,086.7 and ₹2,422.3 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Wockhardt Ltd?
Wockhardt Ltd reported a return on equity of 6.11%. Its debt-to-equity ratio is 0.45.

Company Information

Wockhardt is a global pharmaceutical and biotechnology organization engaged in manufacturing finished dosage formulations, injectables, biopharmaceuticals, orals and topicals (creams and ointments).

Website wockhardt.com
CEO Dr. Habil Fakhruddin Khorakiwala
Employees 2,296
Listed 23 Feb 2000
Face Value ₹5

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