Bharat Immunological & Biological Corporation Ltd: Intrinsic Value & Share Price Analysis

Q: Is Bharat Immunological & Biological Corporation Ltd financially healthy?

Key indicators: ROCE of 9.27 % is on the lower side. Dividend yield is 0.00 %.

Fair Value

₹39.43Undervalued by 149.56%vs CMP ₹15.80

P/E (15.0) × ROE (17.7%) × BV (₹18.20) × DY (2.00%)

Defaults: P/E=15

₹22.16Undervalued by 40.25%vs CMP ₹15.80

MoS: +28.7% (Adequate)Confidence: 38/100 (Low)Models: 2 Under, 1 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹32.05	49%	Under (+102.8%)
Net Asset Value	Assets	₹18.36	29%	Under (+16.2%)
Revenue Multiple	Revenue	₹5.23	22%	Over (-66.9%)
Consensus (3 models)		₹22.16	100%	Undervalued

Key Drivers: EPS CAGR -18.7% drags value — could be higher if earnings stabilize. | Wide model spread (₹5–₹32) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -18.7% · Defaults: P/E=15

*Investments are subject to market risks

Investment Snapshot

Bharat Immunological & Biological Corporation Ltd scores 40/100 (Weak)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health31/100 · Weak

ROCE 9.3% AverageROE 17.7% GoodD/E 1.05 High debtInterest Coverage 0.0x RiskyProfitable 0/5 years Inconsistent

Smart Money50/100 · Moderate

Promoter holding at 59.3% Stable

Earnings Quality50/100 · Moderate

OPM contracting (-20% → -24%) DecliningWorking capital: -549 days (improving) Efficient

Quarterly Momentum45/100 · Moderate

Revenue (4Q): -90% YoY DecliningOPM: 0.0% (up 9.4% YoY) Margin expansion

Industry Rank30/100 · Weak

ROCE 9.3% vs industry 16.4% Below peers3Y sales CAGR: -12% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:14 am

Market Cap	68.0 Cr.
Current Price	15.8
Intrinsic Value	₹22.16
High / Low	28.8/14.1
Stock P/E
Book Value	18.2
Dividend Yield	0.00 %
ROCE	9.27 %
ROE	17.7 %
Face Value	10.0
PEG Ratio	0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Bharat Immunological & Biological Corporation Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Lactose (India) Ltd	106 Cr.	84.2	137/76.0	21.9	49.6	0.00 %	12.9 %	9.69 %	10.0
MPS Pharmaa Ltd	3.15 Cr.	1.65	3.17/1.57		0.33	0.00 %	9.79 %	59.0 %	10.0
Gujarat Themis Biosyn Ltd	2,692 Cr.	247	479/222	56.3	24.3	0.27 %	27.3 %	21.7 %	1.00
Gujarat Terce Laboratories Ltd	25.3 Cr.	32.5	68.4/29.0		10.1	0.00 %	41.4 %	14.6 %	10.0
Gujarat Inject (Kerala) Ltd	120 Cr.	82.1	82.1/17.0	481	6.93	0.00 %	13.5 %	11.0 %	10.0
Industry Average	19,815.15 Cr	1,053.84		53.84	201.20	0.39%	16.35%	15.16%	6.10

All Competitor Stocks of Bharat Immunological & Biological Corporation Ltd

Quarterly Result

Metric	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Sales	25.36	25.20	15.62	14.22	24.70	17.43	22.04	10.48	26.48	0.00	7.65	0.00	0.00
Expenses	29.86	27.47	31.54	13.18	28.19	16.41	25.71	15.31	28.98	4.72	11.67	4.31	4.68
Operating Profit	-4.50	-2.27	-15.92	1.04	-3.49	1.02	-3.67	-4.83	-2.50	-4.72	-4.02	-4.31	-4.68
OPM %	-17.74%	-9.01%	-101.92%	7.31%	-14.13%	5.85%	-16.65%	-46.09%	-9.44%		-52.55%
Other Income	0.14	1.20	9.08	0.25	0.22	0.12	0.59	0.14	0.32	0.10	0.49	0.10	0.16
Interest	1.17	1.30	1.22	1.16	1.23	1.54	1.68	1.58	1.74	1.67	2.06	1.72	2.09
Depreciation	0.06	0.06	0.06	0.06	0.06	0.04	0.05	0.04	0.04	0.04	0.09	0.03	0.03
Profit before tax	-5.59	-2.43	-8.12	0.07	-4.56	-0.44	-4.81	-6.31	-3.96	-6.33	-5.68	-5.96	-6.64
Tax %	-30.77%	-21.81%	-19.46%	-2,642.86%	105.26%	-25.00%	-11.02%	-20.76%	-22.22%	-26.07%	-31.69%	-23.15%	-26.05%
Net Profit	-3.87	-1.89	-6.53	1.93	-9.36	-0.33	-4.28	-5.00	-3.08	-4.68	-3.88	-4.59	-4.92
EPS in Rs	-0.90	-0.44	-1.51	0.45	-2.17	-0.08	-0.99	-1.16	-0.71	-1.08	-0.90	-1.06	-1.14

Last Updated: February 28, 2025, 12:58 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: December 15, 2025, 4:04 am

Metric	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	46	173	203	146	128	124	35	84	67	85	78	45	8
Expenses	41	164	191	143	132	111	43	93	77	106	83	63	25
Operating Profit	6	9	12	3	-4	13	-8	-9	-10	-21	-5	-18	-18
OPM %	12%	5%	6%	2%	-3%	10%	-23%	-11%	-16%	-24%	-6%	-41%	-232%
Other Income	2	1	6	1	1	1	1	4	1	2	1	3	1
Interest	0	2	6	1	6	4	1	2	5	5	6	7	8
Depreciation	1	1	1	1	1	1	0	0	0	0	0	0	0
Profit before tax	6	7	11	2	-9	9	-8	-7	-14	-24	-10	-23	-25
Tax %	-111%	27%	42%	26%	-31%	29%	-46%	-21%	-28%	-25%	-10%	-25%
Net Profit	13	5	6	2	-6	7	-4	-6	-10	-18	-9	-17	-18
EPS in Rs	2.91	1.16	1.48	0.36	-1.44	1.51	-0.99	-1.34	-2.36	-4.19	-2.03	-3.95	-4.18
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2012-2013	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023
YoY Net Profit Growth (%)	-61.54%	20.00%	-66.67%	-400.00%	216.67%	-157.14%	-50.00%	-66.67%	-80.00%	50.00%	-88.89%
Change in YoY Net Profit Growth (%)	0.00%	81.54%	-86.67%	-333.33%	616.67%	-373.81%	107.14%	-16.67%	-13.33%	130.00%	-138.89%

Bharat Immunological & Biological Corporation Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:	-13%
5 Years:	5%
3 Years:	-13%
TTM:	-90%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	-31%
TTM:	-42%

Stock Price CAGR
10 Years:	-1%
5 Years:	-10%
3 Years:	-9%
1 Year:	-24%

Return on Equity
10 Years:	-12%
5 Years:	-24%
3 Years:	-23%
Last Year:	-18%

Last Updated: September 5, 2025, 2:41 pm

Balance Sheet

Last Updated: July 25, 2025, 1:42 pm

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	43	43	43	43	43	43	43	43	43	43	43	43	43
Reserves	-15	-1	-3	-2	-8	-1	-6	-12	-23	-9	62	45	36
Borrowings	7	0	-1	-9	9	0	0	32	3	27	78	70	74
Other Liabilities	45	48	52	48	24	17	16	62	103	43	29	28	35
Total Liabilities	81	90	91	80	68	59	53	125	127	104	213	186	188
Fixed Assets	9	8	7	6	6	5	5	5	4	4	116	115	115
CWIP	1	0	0	0	0	0	0	0	0	32	0	0	0
Investments	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Assets	71	82	84	74	63	53	48	120	122	68	97	70	73
Total Assets	81	90	91	80	68	59	53	125	127	104	213	186	188

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity +	5	31	-12	8	-9	-17	3	-32	34	12	-42	11
Cash from Investing Activity +	-0	0	0	0	1	0	-1	1	1	1	1	0
Cash from Financing Activity +	-3	-0	-6	-1	-2	-3	-1	31	-34	-12	45	-15
Net Cash Flow	2	31	-18	7	-10	-20	1	-1	1	0	3	-3
Free Cash Flow	5	32	-12	8	-9	-17	3	-32	34	12	-42	11
CFO/OP	89%	338%	-99%	229%	239%	-132%	-32%	344%	-328%	-56%	847%	-59%

Free Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Free Cash Flow	-1.00	9.00	13.00	12.00	-13.00	13.00	-8.00	-41.00	-13.00	-48.00	-83.00	-88.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	209	2	47	34	37	19	167	318	96	0	5	114
Inventory Days	241	87	66	84	77	2	23	67	308	56	202	13
Days Payable	316	99	70	103	26	1	6	204	259	61	5	4
Cash Conversion Cycle	134	-9	43	16	88	19	185	181	145	-5	203	122
Working Capital Days	-20	-20	21	20	28	-19	59	10	-108	-174	-227	-549
ROCE %	20%	23%	42%	9%	-8%	31%	-18%	-11%	-22%	-46%	-3%	-9%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoters	59.25%	59.25%	59.25%	59.25%	59.25%	59.25%	59.25%	59.25%	59.25%	59.25%	59.25%	59.25%
Public	40.75%	40.75%	40.75%	40.75%	40.75%	40.75%	40.75%	40.74%	40.74%	40.75%	40.75%	40.74%
No. of Shareholders	38,195	36,799	36,869	36,323	35,695	35,442	36,242	35,550	34,818	34,201	34,910	35,313

Shareholding Pattern Chart

No. of Shareholders

Bharat Immunological & Biological Corporation Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	-3.95	-2.03	-4.19	-2.36	-1.57
Diluted EPS (Rs.)	-3.95	-2.03	-4.19	-2.36	-1.57
Cash EPS (Rs.)	-3.92	-1.98	-4.14	-2.31	-1.28
Book Value[Excl.RevalReserv]/Share (Rs.)	20.33	24.40	7.88	4.74	7.10
Book Value[Incl.RevalReserv]/Share (Rs.)	20.33	24.40	7.88	4.74	7.10
Revenue From Operations / Share (Rs.)	10.33	18.15	19.76	15.48	19.37
PBDIT / Share (Rs.)	-3.63	-0.89	-4.45	-2.14	-1.18
PBIT / Share (Rs.)	-3.66	-0.94	-4.50	-2.19	-1.24
PBT / Share (Rs.)	-5.29	-2.24	-5.61	-3.29	-1.71
Net Profit / Share (Rs.)	-3.95	-2.03	-4.19	-2.36	-1.34
PBDIT Margin (%)	-35.11	-4.95	-22.49	-13.80	-6.08
PBIT Margin (%)	-35.44	-5.22	-22.76	-14.15	-6.41
PBT Margin (%)	-51.22	-12.35	-28.36	-21.25	-8.81
Net Profit Margin (%)	-38.23	-11.16	-21.22	-15.27	-6.92
Return on Networth / Equity (%)	-19.42	-8.30	-53.20	-49.87	-18.88
Return on Capital Employeed (%)	-16.78	-3.67	-48.70	-36.22	-14.71
Return On Assets (%)	-9.18	-4.11	-17.41	-8.05	-4.63
Total Debt / Equity (X)	0.79	0.73	0.80	0.14	1.05
Asset Turnover Ratio (%)	0.22	0.49	0.73	0.53	0.93
Current Ratio (X)	0.36	0.64	0.52	0.92	1.12
Quick Ratio (X)	0.34	0.28	0.31	0.41	0.95
Inventory Turnover Ratio (X)	1.75	2.38	1.87	2.08	10.43
Interest Coverage Ratio (X)	-2.22	-0.69	-4.02	-1.95	-2.54
Interest Coverage Ratio (Post Tax) (X)	-1.42	-0.56	-2.79	-1.15	-1.89
Enterprise Value (Cr.)	157.30	186.21	213.23	16.07	57.50
EV / Net Operating Revenue (X)	3.53	2.38	2.50	0.24	0.68
EV / EBITDA (X)	-10.04	-47.96	-11.11	-1.74	-11.29
MarketCap / Net Operating Revenue (X)	2.15	1.55	2.30	0.37	0.39
Price / BV (X)	1.09	1.15	5.77	1.23	1.08
Price / Net Operating Revenue (X)	2.15	1.55	2.30	0.37	0.39
EarningsYield	-0.17	-0.07	-0.09	-0.40	-0.17

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Bharat Immunological & Biologicals Corporation Ltd. is a Public Limited Listed company incorporated on 10/03/1989 and has its registered office in the State of Uttar Pradesh, India. Company's Corporate Identification Number(CIN) is L24232UP1989GOI010542 and registration number is 010542. Currently company belongs to the Industry of Pharmaceuticals. Company's Total Operating Revenue is Rs. 44.61 Cr. and Equity Capital is Rs. 43.18 Cr. for the Year ended 31/03/2023.

INDUSTRY	ADDRESS	CONTACT
Pharmaceuticals	BIBCOL, OPV Plant, Village Chola, Bulandshahar Dist Uttar Pradesh 203203	Contact not found

Management
Name	Position Held
Dr. Y K Gupta	Chairman
Dr. Sanjay Kumar Mishra	Managing Director
Dr. Alka Sharma	Director
Dr. Mohd Aslam	Director
Mr. Roshan Lal	Director
Dr. Sudhanshu Vrati	Director
Dr. Madhu Dikshit	Director

FAQ

What is the intrinsic value of Bharat Immunological & Biological Corporation Ltd and is it undervalued?

As of 14 April 2026, Bharat Immunological & Biological Corporation Ltd's intrinsic value is ₹22.16, which is 40.25% higher than the current market price of ₹15.80, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (17.7 %), book value (₹18.2), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Bharat Immunological & Biological Corporation Ltd?

Bharat Immunological & Biological Corporation Ltd is trading at ₹15.80 as of 14 April 2026, with a FY2026-2027 high of ₹28.8 and low of ₹14.1. The stock is currently near its 52-week low. Market cap stands at ₹68.0 Cr..

How does Bharat Immunological & Biological Corporation Ltd's P/E ratio compare to its industry?

Bharat Immunological & Biological Corporation Ltd has a P/E ratio of , which is below the industry average of 53.84. This is broadly in line with or below the industry average.

Is Bharat Immunological & Biological Corporation Ltd financially healthy?

Key indicators for Bharat Immunological & Biological Corporation Ltd: ROCE of 9.27 % is on the lower side compared to the industry average of 16.35%; ROE of 17.7 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Bharat Immunological & Biological Corporation Ltd profitable and how is the profit trend?

Bharat Immunological & Biological Corporation Ltd reported a net profit of ₹-17 Cr in Mar 2023 on revenue of ₹45 Cr. Compared to ₹-10 Cr in Mar 2020, the net profit shows a mixed trend.

Does Bharat Immunological & Biological Corporation Ltd pay dividends?

Bharat Immunological & Biological Corporation Ltd has a dividend yield of 0.00 % at the current price of ₹15.80. The company is currently not paying meaningful dividends.