Panacea Biotec financials and balance sheet

NSE: PANACEABIOBSE: 531349Pharmaceuticals & BiotechnologySmall Cap

₹311.45₹15.35 (4.70%)BSE ₹311.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹326.80.

52-week range of traded prices to 23 Oct 2026

₹292.40Low, 30 Mar 2026₹647.00High, 9 Jun 2026

Market cap: ₹1,908 Cr1,088th largest listed
P/E: Lossover the last 12 months
P/B: 2.3
Dividend yield: Nonein the last 12 months
ROE: −0.9%
ROE without one-offs: −2.2%
ROCE: −3.6%
Debt to equity: 0.03
Volume, NSE: 82,88547.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Panacea Biotec annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 8 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2021, part of the business was demerged on 21 Sep 2020, and figures before the change include the part that left.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue640
Materials and goods−280
Employee costs−181
Other expenses−183
Operating profit−4.7
Depreciation−33
Other income+17
One-off items+20
Finance costs−6.1
Profit before tax−7.4
Tax+0.2
Net profit−7.2

What the company owns

Plant, investments and other assets₹921 Cr
Inventory₹193 Cr
Receivables₹74 Cr
Cash and bank₹64 Cr
Current investments₹10 Cr

What pays for it: net worth and liabilities

Net worth₹829 Cr
Other liabilities₹220 Cr
Owed to suppliers₹190 Cr
Borrowings₹24 Cr

Panacea Biotec business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Panacea Biotec segment results by quarter

Revenue by segment

₹640 CrTotal

Vaccines₹410 Cr64.1% of total
Formulations₹230 Cr35.9% of total

Profit by segment

Formulations₹19.5 Cr100.0% of total

Segment results by year

Consolidated from the year to Mar 2020, standalone before, ₹ crore, years to March.

Vaccines
Revenue, ₹ crore
96
133
220
235
257
360
310
410
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−124
−104
−29
−90
−65
12
−17
−27
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Formulations
Revenue, ₹ crore
0
411
404
426
203
200
249
230
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−67
−115
1,539
78
−11
9
19
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	96	544	625	661	460	559	559	640
Company revenue, as in its results	96	544	625	661	460	559	559	640
Revenue	96	133	220	235	257	360	310	410
Revenue growth	–	–	65.9%	6.5%	9.5%	39.9%	−13.8%	32.4%
Profit	−124	−104	−29	−90	−65	12	−17	−27
Margin	−128.4%	−78.5%	−13.1%	−38.3%	−25.2%	3.4%	−5.3%	−6.5%
Return on capital	−33.5%	−18.7%	−5.7%	−19.7%	−14.7%	2.6%	−3.1%	−4.7%
Assets	438	708	716	696	740	776	891	870
Liabilities	69	149	212	240	299	303	351	302
Capital employed	369	559	505	455	441	472	540	568
Revenue	0	411	404	426	203	200	249	230
Revenue growth	–	–	−1.7%	5.5%	−52.4%	−1.7%	24.9%	−7.9%
Profit	0	−67	−115	1,539	78	−11	9	19
Profit growth	–	–	–	–	−95.0%	–	–	127.2%
Margin	–	−16.3%	−28.5%	360.8%	38.3%	−5.3%	3.4%	8.5%
Return on capital	–	–	–	436.0%	19.7%	−2.9%	3.0%	7.5%
Assets	0	359	426	1,047	525	465	399	392
Liabilities	0	1,007	1,199	694	130	99	108	131
Capital employed	0	−649	−773	353	395	366	290	261
	0	0	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–
Assets	0	0	–	–	–	–	–	–
Liabilities	0	0	–	–	–	–	–	–
Capital employed	0	0	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	−25	–	–	–	–	–	–	–
Return on capital	−72.0%	–	–	–	–	–	–	–
Assets	37	–	–	–	–	–	–	–
Liabilities	2	–	–	–	–	–	–	–
Capital employed	35	–	–	–	–	–	–	–
	0	0	–	–	–	–	–	–
Profit	0	0	–	–	–	–	–	–
Assets	159	0	–	–	–	–	–	–
Liabilities	729	0	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Panacea Biotec quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 3 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 23 May	Mar 2023Filed 31 May	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Revenue from operations	545	596	457	544	625	661	460	559	559	640
	474	512	588	513	548	675	558	579	585	644
Materials and goods bought	175	8	46	157	205	262	253	230	200	280
Employee costs	136	–	–	142	156	183	126	150	173	181
Other expenses	163	–	–	214	187	230	179	200	212	183
Operating profit before depreciation	71	85	−131	31	77	−14	−98	−20	−26	−5
Operating margin	13.0%	14.2%	−28.7%	5.8%	12.3%	−2.1%	−21.3%	−3.6%	−4.6%	−0.7%
Materials, % of revenue	32.1%	–	–	28.8%	32.8%	39.7%	54.9%	41.2%	35.7%	43.8%
Employee costs, % of revenue	25.0%	–	–	26.2%	25.0%	27.7%	27.5%	26.7%	31.0%	28.3%
Other expenses, % of revenue	29.9%	–	–	39.3%	30.0%	34.8%	38.9%	35.7%	38.0%	28.6%
Depreciation and amortisation	68	59	54	43	46	44	39	37	35	33
Operating profit after depreciation	3	26	−185	−12	31	−58	−137	−57	−61	−38
Other income	45	8	4	30	10	11	52	26	21	17
Finance costs	112	101	105	174	185	181	4	4	4	6
Profit before one-off items and tax	−64	−66	−286	−156	−144	−227	−90	−35	−44	−27
One-off items	8	0	334	−15	0	1,676	103	36	36	20
Profit before tax	−57	−66	48	−172	−144	1,449	13	1	−8	−7
	4	10	8	17	2	371	47	3	1	0
Current tax	4	1	8	40	2	401	3	1	0	0
Deferred tax	0	9	0	−23	0	−30	44	2	1	−1
Share of profit of joint ventures and associates	−5	0	0	0	0	–	–	–	–	–
Profit from discontinued businesses	–	–	–	−6	−1	–	–	–	–	–
	−64	−76	38	−194	−148	1,078	−34	−2	−9	−7
Belonging to the company's shareholders	−64	−76	38	−194	−148	1,078	−34	−1	−8	−5
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	0	0	0	−2
Other comprehensive income	–	–	–	3	1	0	0	0	1	5
Total comprehensive income	–	–	–	−192	−147	1,078	−33	−2	−8	−2
Net margin	−11.8%	−12.7%	8.2%	−35.7%	−23.6%	163.0%	−7.3%	−0.3%	−1.6%	−1.1%
Net margin without joint ventures and associates	−10.9%	−12.8%	8.2%	−35.8%	−23.6%	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2018 and Mar 2019 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2020Filed 3 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 23 May	Mar 2023Filed 31 May	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
	196	−232	846	840	838	831	829
	199	−229	849	844	842	835	835
Share capital	6	6	6	6	6	6	6
Reserves	193	−235	843	837	836	829	829
Belonging to outside owners of subsidiaries	−3	−3	−3	−4	−4	−4	−6
	617	735	34	20	21	22	24
Repayable after a year	613	735	34	20	21	22	24
Repayable within a year	4	0	0	0	0	0	0
	417	426	800	330	309	367	349
Trade payables	199	222	260	177	154	226	190
Other financial liabilities	180	116	5	20	17	9	10
Other liabilities	27	73	523	95	102	95	108
Provisions	7	13	12	36	36	36	39
Tax owed	0	1	0	1	0	0	2
	739	985	134	99	94	92	85
Other financial liabilities	83	192	0	–	0	0	0
Other liabilities	0	3	71	32	22	11	1
Provisions	43	55	29	27	28	35	37
Deferred tax	–	0	–	20	23	23	23
Liabilities going with businesses held for sale	38	–	3	2	–	–	–
	1,390	1,179	1,783	1,271	1,241	1,290	1,262
Held for sale or for a demerger	324	37	40	6	–	–	–
	707	668	742	703	756	745	749
Plant in use, after depreciation	656	607	588	588	560	543	553
Plant being built	10	21	5	28	75	94	100
Intangible assets	2	2	1	12	9	8	7
Intangible assets being developed	15	13	12	14	27	35	44
Property held to earn rent	–	–	0	0	13	16	16
Investments	0	0	0	0	0	0	0
Stakes in joint ventures and associates	6	–	–	0	0	0	0
Loans given	1	1	0	0	0	0	0
Other financial assets	1	6	85	5	3	6	28
Deferred tax	2	0	30	0	–	0	–
Other assets	16	18	20	55	69	43	1
	360	474	1,001	562	485	545	513
Inventories	148	174	213	202	178	214	193
Trade receivables	69	85	132	60	57	73	74
Cash and cash equivalents	40	52	50	40	47	82	57
Other bank balances	50	84	533	186	92	25	7
Current investments	0	0	5	13	40	3	10
Loans given	4	4	1	2	3	3	2
Other financial assets	6	11	5	59	5	69	60
Other assets	43	65	61	0	62	77	110
Net debt	527	599	−554	−219	−159	−88	−51

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 3 Jun	Mar 2022Filed 23 May	Mar 2023Filed 31 May	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
	107	−108	−423	0	−27	17
	108	295	−421	2	14	46
	22	302	−338	10	−9	14
Receivables	−17	−46	7	3	−16	1
Inventories	−26	−39	11	24	−36	21
Payables	24	10	−22	−18	74	−42
Other working capital	42	376	−334	1	−31	34
Tax paid	−1	−404	−2	−3	−1	−6
Capital spending	22	13	41	78	50	54
Free cash flow	85	−121	−464	−78	−78	−37
	−48	1,283	430	10	65	−40
Plant and property sold	4	2	40	7	0	0
Interest received	3	3	12	8	8	4
Dividends received	0	0	0	0	0	0
	−47	−1,176	−18	−3	−3	−1
Borrowings raised	101	0	0	0	0	3
Borrowings repaid	−49	−786	−15	0	0	0
Interest paid	−99	−390	−4	−3	−3	−4
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	12	−2	−12	7	35	−25

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Panacea Biotec dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 3 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 23 May	Mar 2023Filed 31 May	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Earnings per share	−₹10.50	−₹12.41	₹6.15	−₹31.72	−₹24.11	₹175.98	−₹5.51	−₹0.19	−₹1.37	−₹0.88
Diluted earnings per share	−₹10.50	−₹12.41	₹6.15	−₹31.72	−₹24.11	₹175.98	−₹5.51	−₹0.19	−₹1.37	−₹0.88
Book value per share	–	–	–	₹32.43	−₹37.31	₹138.47	₹137.62	₹137.37	₹136.18	₹136.19
Shareholder yield	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	988	1,636	1,213	669	1,096	908	664	745	2,703	1,813

Ratios

Consolidated, years to March.Panacea Biotec PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020Filed 3 Jul	Mar 2021Filed 3 Jun	Mar 2022Filed 23 May	Mar 2023Filed 31 May	Mar 2024Filed 19 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 31 May
Revenue growth	−16.6%	9.4%	−23.4%	19.1%	–	5.8%	−30.4%	21.6%	0.0%	14.4%
Operating profit growth	−36.8%	19.7%	–	–	–	–	–	–	–	–
	–	–	–	–	–	347.7%	−4.0%	−0.1%	−1.0%	−0.6%
	–	–	–	–	–	–	−351.6 pts	3.8 pts	−0.9 pts	0.4 pts
From the net margin	–	–	–	–	–	–	−363.3 pts	3.9 pts	−0.9 pts	0.4 pts
From asset turnover	–	–	–	–	–	–	5.1 pts	−0.1 pts	0.0 pts	−0.1 pts
From borrowing	–	–	–	–	–	–	6.6 pts	0.0 pts	0.0 pts	0.0 pts
Return on capital employed	–	–	–	–	6.2%	−6.5%	−15.9%	−6.6%	−7.1%	−4.4%
Cash conversion	–	–	–	–	–	−10.1%	–	–	–	–
Interest cover	0.0	0.3	–	–	0.2	–	–	–	–	–
Debt to equity	–	–	–	–	–	0.04	0.02	0.03	0.03	0.03
Receivable days	–	–	–	–	49	73	48	37	47	42
Inventory days	–	–	–	–	311	296	292	282	391	251
Payable days	–	–	–	–	396	362	256	244	413	247
Cash conversion cycle, days	–	–	–	–	−36	7	83	76	25	46
Working capital days	–	–	–	–	−51	−214	−5	−2	44	51
Asset turnover	–	–	–	–	–	0.45	0.30	0.45	0.44	0.50
Assets per rupee of net worth	–	–	–	–	–	4.78	1.80	1.49	1.51	1.53
Sales per rupee of plant	–	–	–	0.83	1.03	1.12	0.78	1.00	1.03	1.16
Capital spending to depreciation	–	–	–	–	0.48	0.29	1.05	2.12	1.45	1.64
Plant being built, % of plant in use	–	–	–	1.5%	3.5%	0.8%	4.8%	13.3%	17.2%	18.1%

Interest cover is left blank for the years to Mar 2019, Mar 2020, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2020 and Mar 2021: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020, Mar 2021 and Mar 2022: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2020: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity is left blank for the year to Mar 2021: net worth is below zero, so there is no shareholders' money to set the borrowings against. Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017, Mar 2018 and Mar 2019, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −0.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−0.2%	0.5%	11.6%
Return on equity, average	–	68.4%	−0.6%
Return on capital employed, average	–	−8.1%	−6.1%
Operating margin, average	−1.6%	−6.5%	−3.0%
Net margin, average	7.7%	30.5%	−1.0%
Asset turnover, average	–	0.43	0.46
Cash conversion cycle, days, average	–	48	49
Debt to equity, average	–	0.03	0.03

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−543	−11	17
Cash from investing	1,748	35	−40
Cash from financing	−1,201	−7	−1
Capital spending	236	182	54
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	4	3	3
Borrowings repaid	801	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	6	3	5	3	5
Altman Z-scorePublished threshold 1.81	–	0.88	0.88	4.77	2.47	2.69	5.02	4.09
Beneish M-scorePublished threshold −1.78	–	–	−3.62	1.45	−1.37	−2.32	−2.28	−2.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	−16.09	−6.50	−2.66	−0.93	−3.66	1.30
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	−0.47	−0.51	–	–
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	8.74	49.65	−23.92	−26.02	26.38	−13.11
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−12.60	−5.98	−1.36	−3.03	33.37	−50.34
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	4.18	−1.34	−1.59	1.37	14.21	3.77
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.20	0.71	8.87	5.15	2.33
Effective tax ratePublished threshold 17.16 per cent	15.91	–	–	25.60	363.67	201.35	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	−2.26	344.30	31.76	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.