Vivimed Labs financials and balance sheet

NSE: VIVIMEDLABBSE: 532660Pharmaceuticals & BiotechnologySmall Cap

₹6.09₹0.12 (1.93%)BSE ₹6.11

Share price at the NSE close on 23 Oct 2026. Previous close ₹6.21.

Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹50 Cr3,293rd largest listed
P/E: No recent results
P/B: No recent results
Dividend yield: Nonein the last 12 months
Volume, NSE: 75

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 7 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 2019, the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue70
Materials and goods−74
Employee costs−25
Other expenses−123
Operating profit−151
Depreciation−26
Other income+6.3
One-off items0.0
Finance costs−4.2
Profit before tax−175
Tax−0.1
Net profit−175

What the company owns

Plant, investments and other assets₹694 Cr
Receivables₹45 Cr
Inventory₹13 Cr
Cash and bank₹1 Cr

What pays for it: net worth and liabilities

Borrowings₹397 Cr
Other liabilities₹303 Cr
Owed to suppliers₹53 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Vivimed Labs quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 27 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 11 Jul	Mar 2024Filed 15 Nov	Mar 2025Filed 21 Jul	Mar 2026Filed 17 Jul
Revenue from operations	1,462	1,186	1,315	1,059	861	237	187	149	116	70
	1,050	974	1,138	1,051	838	245	374	182	129	221
Materials and goods bought	536	480	518	463	355	153	272	71	60	74
Employee costs	189	198	242	233	196	36	33	34	28	25
Other expenses	325	296	378	355	288	56	70	77	41	123
Operating profit before depreciation	412	212	177	8	24	−8	−187	−33	−13	−151
Operating margin	28.2%	17.9%	13.5%	0.8%	2.8%	−3.4%	−100.1%	−22.4%	−10.8%	−216.2%
Materials, % of revenue	36.7%	40.5%	39.4%	43.7%	41.2%	64.7%	145.1%	47.9%	51.5%	105.4%
Employee costs, % of revenue	13.0%	16.7%	18.4%	22.0%	22.7%	15.3%	17.5%	22.9%	24.4%	35.7%
Other expenses, % of revenue	22.2%	25.0%	28.7%	33.5%	33.4%	23.4%	37.5%	51.6%	34.9%	175.2%
Depreciation and amortisation	58	56	67	67	55	18	108	20	20	26
Operating profit after depreciation	353	156	110	−59	−32	−26	−296	−53	−33	−177
Other income	8	10	23	8	10	1	1	10	4	6
Finance costs	66	79	67	59	54	40	36	2	3	4
One-off items	0	0	0	0	0	0	0	0	0	0
Profit before tax	296	86	66	−109	−76	−65	−331	−46	−31	−175
	74	10	9	0	2	3	−2	0	0	0
Current tax	74	12	8	4	3	0	0	0	0	0
Deferred tax	0	−3	1	−4	−1	3	−2	0	0	0
Profit from discontinued businesses	–	–	57	–	–	–	–	–	–	–
	222	78	115	−109	−78	−68	−329	−45	−31	−175
Belonging to the company's shareholders	222	78	115	−109	−78	−68	−328	−45	−31	−175
Other comprehensive income	–	–	0	0	0	0	1	1	0	0
Total comprehensive income	–	–	115	−109	−78	−68	−328	−45	−31	−175
Net margin	15.2%	6.6%	–	−10.3%	−9.0%	−28.5%	−175.6%	−30.5%	−27.1%	−250.6%

Net margin is left blank for the year to Mar 2019: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 12 Jun	Mar 2020Filed 27 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 11 Jul	Mar 2024Filed 15 Nov	Mar 2025Filed 21 Jul	Mar 2026Filed 17 Jul
	944	835	432	364	39	−5	−35	−211
	619	509	432	364	39	−5	−35	−211
Share capital	17	17	17	17	17	17	17	17
Reserves	602	493	415	348	23	−22	−52	−227
Belonging to outside owners of subsidiaries	325	325	0	0	0	0	0	–
	757	889	253	278	379	377	847	397
Repayable after a year	425	470	57	61	62	64	534	72
Repayable within a year	332	419	195	218	316	313	313	326
	889	770	341	374	424	410	408	448
Trade payables	294	227	34	42	69	44	39	53
Other financial liabilities	219	80	92	93	16	17	–	23
Other liabilities	8	22	1	3	3	16	55	27
Provisions	0	3	1	1	1	1	1	1
Tax owed	35	20	19	19	18	18	–	18
	496	605	516	528	525	546	548	516
Other financial liabilities	31	94	439	441	442	468	–	430
Other liabilities	32	36	5	6	6	1	1	0
Provisions	9	5	7	8	4	5	5	4
Deferred tax	–	0	9	12	10	9	9	9
Total assets	2,329	2,210	1,289	1,266	988	951	921	753
	1,099	1,234	761	759	656	608	593	585
Plant in use, after depreciation	662	698	348	363	278	263	254	237
Plant being built	122	89	60	40	21	21	17	18
Intangible assets	0	0	0	0	0	155	136	142
Goodwill	0	0	0	0	0	0	17	7
Intangible assets being developed	0	347	154	157	158	–	–	0
Property held to earn rent	303	86	199	199	199	0	–	0
Investments	3	0	0	0	0	0	168	181
Stakes in joint ventures and associates	0	0	0	0	–	168	–	0
Other financial assets	2	1	0	0	1	1	–	–
Deferred tax	7	14	0	0	–	–	0	–
Other assets	–	0	0	0	–	–	0	2
	1,231	975	529	507	332	343	328	168
Inventories	564	502	256	241	80	64	59	13
Trade receivables	356	249	108	87	77	83	74	45
Cash and cash equivalents	95	50	6	7	4	2	0	0
Other bank balances	0	0	0	0	0	0	1	1
Loans given	76	79	95	100	40	41	95	21
Other financial assets	0	0	0	0	61	70	99	6
Tax paid in advance	20	18	12	11	10	10	–	18
Other assets	120	76	52	62	62	72	99	63
Net debt	662	838	246	271	375	375	846	396

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 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 30 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 11 Jul	Mar 2024Filed 15 Nov	Mar 2025Filed 21 Jul	Mar 2026Filed 17 Jul
	567	−658	14	−24	−11	8
	542	−658	14	−24	−11	8
	509	−652	200	−1	7	153
Receivables	142	100	11	−9	–	29
Inventories	246	160	161	16	–	46
Payables	−192	3	28	−11	–	11
Other working capital	313	−915	1	3	–	67
Tax paid	25	0	0	0	0	0
Capital spending	0	0	1	0	5	0
Free cash flow	567	−658	13	−24	−15	8
	404	523	−1	28	5	−1
Plant and property sold	517	325	0	−2	0	−1
	−1,015	−10	−16	−6	5	−6
Borrowings raised	0	7	20	−4	8	0
Borrowings repaid	−636	22	0	0	0	−2
Interest paid	−54	−40	−36	−2	−3	−4
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	325	0	0	0	0	0
Net change in cash	−44	−146	−3	−2	−1	1

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.Vivimed Labs dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 27 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 11 Jul	Mar 2024Filed 15 Nov	Mar 2025Filed 21 Jul	Mar 2026Filed 17 Jul
	–	–	–	–	–	–	–	–	–	−₹21.15
As stated that year	₹27.37	₹9.22	₹6.95	−₹13.16	–	−₹8.16	−₹39.62	−₹5.48	−₹3.85	−₹21.15
	–	–	–	–	–	–	–	–	–	−₹20.53
As stated that year	₹26.55	₹9.11	₹6.67	−₹12.77	–	−₹7.92	−₹38.46	−₹5.32	−₹3.74	−₹20.53
	–	–	–	–	–	–	–	–	–	–
As declared that year	₹0.40	₹0.40	–	–	–	–	–	–	–	–
	–	–	–	–	–	–	–	–	–	−₹25.39
On that year's share count	–	–	₹74.96	₹61.43	₹52.05	₹43.94	₹4.75	−₹0.66	−₹4.24	−₹25.39
Dividend payout	1.5%	4.2%	–	–	–	–	–	–	–	–
Shareholder yield	–	–	–	–	−243.6%	0.0%	0.0%	–	–	0.0%
Market cap at the year end (₹ crore)	871	587	192	60	133	120	55	–	–	44

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2021: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Vivimed Labs PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 12 Jun	Mar 2020Filed 27 Jul	Mar 2021Filed 30 Jun	Mar 2022Filed 17 Jun	Mar 2023Filed 11 Jul	Mar 2024Filed 15 Nov	Mar 2025Filed 21 Jul	Mar 2026Filed 17 Jul
Revenue growth	7.8%	−18.9%	–	−19.5%	−18.6%	−72.5%	−21.2%	−20.3%	−22.0%	−39.8%
Operating profit growth	69.5%	−48.5%	–	−95.4%	193.4%	–	–	–	–	–
Net profit growth	165.0%	−64.9%	–	–	–	–	–	–	–	–
	–	–	18.5%	−19.3%	−16.5%	−17.0%	−162.5%	−267.6%	155.0%	142.7%
	–	–	–	−37.9 pts	2.8 pts	−0.5 pts	−145.5 pts	−105.1 pts	422.7 pts	−12.3 pts
From the net margin	–	–	–	–	2.4 pts	−35.7 pts	−87.5 pts	134.2 pts	29.8 pts	1,279.1 pts
From asset turnover	–	–	–	–	−0.9 pts	32.5 pts	11.1 pts	2.1 pts	45.6 pts	−469.1 pts
From borrowing	–	–	–	–	1.4 pts	2.7 pts	−69.1 pts	−241.5 pts	347.2 pts	−822.4 pts
Return on capital employed	–	–	6.5%	−3.4%	−4.6%	−4.1%	−70.7%	−14.4%	−4.0%	−95.0%
Interest cover	5.4	2.0	1.6	–	–	–	–	–	–	–
Debt to equity	–	–	0.80	1.07	0.59	0.76	9.60	–	–	–
Receivable days	–	–	99	86	46	134	150	203	233	236
Inventory days	–	–	397	396	263	573	107	327	358	63
Payable days	–	–	207	179	35	100	93	225	240	264
Cash conversion cycle, days	–	–	288	303	274	607	164	305	351	36
Working capital days	–	–	161	198	159	529	430	596	726	231
Asset turnover	–	–	0.56	0.47	0.49	0.19	0.17	0.15	0.12	0.08
Assets per rupee of net worth	–	–	3.77	4.02	3.72	3.21	5.58	57.10	−46.07	−6.81
Sales per rupee of plant	–	–	1.99	1.52	2.47	0.65	0.67	0.57	0.46	0.30
Capital spending to depreciation	–	–	–	–	0.00	0.00	0.01	0.00	0.22	0.00
Plant being built, % of plant in use	–	–	18.5%	12.8%	17.3%	11.0%	7.4%	7.9%	6.7%	7.5%

Revenue growth, operating profit growth and net profit growth are left blank for the year to Mar 2019: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Interest cover is left blank for the years to Mar 2020, Mar 2021, 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. From the net margin, from asset turnover and from borrowing are left blank for the year to Mar 2020: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Debt to equity is left blank for the years to Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, 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: −21.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	−25.7%	−39.5%	−27.9%
Return on equity, average	–	−29.9%	10.1%
Return on capital employed, average	–	−37.6%	−37.8%
Operating margin, average	−29.0%	−70.6%	−83.2%
Net margin, average	−56.7%	−102.5%	−102.7%
Asset turnover, average	–	0.14	0.12
Cash conversion cycle, days, average	–	292	230

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	−672	−27	8
Cash from investing	554	32	−1
Cash from financing	−34	−7	−6
Capital spending	6	5	0
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	–	–	0
Borrowings repaid	24	2	2

Accounting checks

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

Check	Mar 2017	Mar 2018	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	–	–	–	–	7	1	2	6	2	4
Altman Z-scorePublished threshold 1.81	–	–	1.37	0.85	1.33	0.71	−0.84	–	–	−1.50
Beneish M-scorePublished threshold −1.78	–	–	–	–	−5.23	1.42	−5.39	−3.17	−2.99	−9.58
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−59.96	5.28	−30.28	−5.13	−2.69	−21.76
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−10.57	−38.20	53.72	9.07	28.15	11.49	0.97
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−0.19	−25.70	50.87	−143.77	53.99	7.97	−101.57
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−4.28	−3.55	3.56	31.94	13.48	−46.21	−15.16
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.87	–	1.22	0.86	4.46	1.45	2.05
Effective tax ratePublished threshold 17.16 per cent	25.08	11.22	13.14	–	–	–	–	–	–	–

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

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
16 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	82.43
16 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-External Commercial Borrowings	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	32.50
16 Oct 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Bank Guarantee	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	1
16 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-EPC/PSC	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	32.50
16 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - ST-Bill Discounting/ Bills Purchasing	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	30
16 Oct 2025	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-Letter of credit	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	46
16 Oct 2025	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE D; ISSUER NOT COOPERATING*Review, Re-affirm	152

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.