3B Blackbio Dx Limited

Healthcare — Biotechnology · NSE

₹1,450.00−₹6.50 (−0.45%)

DalalBaazaar Score

78 / 100

🟢 Good

Verdict

ATTRACTIVE

Risk

High

Driven by moderate debt load, micro-cap size, which brings thin liquidity, falling profits.

In simple words: Strong business and financial position, though profits are falling even as sales grow. The direction of profits is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:49 pm

Understanding the Business

Company site ↗

The 60-second version of 3B Blackbio Dx Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

3B Blackbio Dx Limited manufactures and sells molecular diagnostic kits in India.

IndustryBiotechnology

SectorHealthcare

Employees86

Annual revenue₹142 Cr

How does it make money?

Turns over ₹142 Cr a year. Of every ₹100 of sales, about ₹42 reaches shareholders as profit, with ₹55 left at the operating level before interest, tax and depreciation. Each of its 86 employees supports ₹1.65 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.65 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 22.6%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 18.5% against a peer median of 32.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE32.0%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +130% while net margin moved +1% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+130%

Margin effect+1%

DalalBaazaar Score

78/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.38 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal

Quality vs. Valuation

Company Quality

85/ 100

Excellent

How good the business is, ignoring the share price entirely.

Valuation

50/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

21.9x

Sector Median

16.5x

median of 4 sector peers

⚠️Against its sector it trades 32% above the peer median of 16.5x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Expensive

16.5x median of 4 peers · +32%

vs. generic bands

Fair

15x–35x

EV/EBITDA

15.4x

PEG

0.68

What's Good / What's Bad

🟢 What's Going Well5

Cash generation is improving
Free cash flow is up 48% over 3 years.
Return on equity is rising
ROE has improved from 13.4% to 18.5%.
Return on capital is rising
ROCE has improved from 17.8% to 22.6%.
High return on capital employed
ROCE of 22.6% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Debt has risen sharplyFinancial
Total debt is up 135% over 3 years, from ₹2 Cr to ₹5 Cr.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 22.6% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

A premium to the sector to defend
It trades 32% above the peer median. That premium needs a reason that persists, or it closes.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 24% a year✓ 31.9% CAGR
Latest reported year was 50.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 53%✓ 55.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹27 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.1x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 20%✓ 22.6%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

5 good · 5 neutral · 1 weak

Market Cap

₹1,244 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

21.9x

Fair

Fairly valued against the generic band

P/B Ratio

3.73x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹66.27

Profitable

Profitable on a per-share basis

ROE

18.5%

Strong

Strong capital efficiency

ROCE

22.6%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.94x

Moderate

Moderate leverage

Revenue Growth (YoY)

50.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

-29.0%

Falling

Profits are shrinking

Dividend Yield

0.34%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹27 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

21.4%

Good

Healthy core-business profitability

Net Margin

36.3%

Good

Strong bottom-line conversion

Current Ratio

5.27

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.38

Defensive

Steadier than the market

52W Range Position

55%

Mid-range

Technical Snapshot

RSI (14)

49.4

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹62 Cr	₹74 Cr	₹96 Cr	₹142 Cr	+31.9%
EBITDA	₹34 Cr	₹40 Cr	₹59 Cr	₹79 Cr	+32.8%
EBITDA Margin	54.3%	53.5%	61.3%	55.5%	—
PAT (Net Profit)	₹26 Cr	₹33 Cr	₹48 Cr	₹60 Cr	+32.2%
EPS	₹30.27	₹37.46	₹55.66	₹69.94	+32.2%
ROE	13.4%	14.7%	17.8%	18.5%	—
ROCE	17.8%	19.3%	23.1%	22.6%	—
Total Debt	₹2 Cr	₹1 Cr	₹0 Cr	₹5 Cr	+33.0%
Free Cash Flow	₹18 Cr	₹26 Cr	₹42 Cr	₹27 Cr	+13.9%

🟢 Revenue has grown at 31.9% a year over 3 years.

🟢 EBITDA has grown at 32.8% a year over 3 years.

🟢 EBITDA Margin has risen from 54.3% to 55.5% over 3 years (+1.1 pts).

🟢 PAT (Net Profit) has grown at 32.2% a year over 3 years.

🟢 EPS has grown at 32.2% a year over 3 years.

🟢 ROE has risen from 13.4% to 18.5% over 3 years (+5.1 pts).

🟢 ROCE has risen from 17.8% to 22.6% over 3 years (+4.8 pts).

🔴 Total Debt has grown at 33.0% a year over 3 years.

🟢 Free Cash Flow has grown at 13.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹378 Cr

Total Liabilities

₹46 Cr

Cash & Equivalents

₹38 Cr

Operating Cash Flow

₹52 Cr

Capex

-₹26 Cr

Shareholding (proxy)

Institutional Holding

1.9%

Insider Holding

63.9%

Corporate Actions

Dividend Rate

₹5

Ex-Dividend Date

22 Sept 2026

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

1 negative5 general

3B Blackbio Dx Share Price near peak with sector context

Univest, 30 Sept

3B BlackBio Dx Ltd Actuals & Estimates (NSE:3BBLACKBIO)

TradingView, 26 Jun

3B BlackBio Dx standalone PAT up 13% in Q1FY27 to ₹141.1 crore

scanx.trade, 13 Aug

3B BlackBio Dx Ltd. Share Price Live Today

CNBC TV18, 03 Jan

3BBLACKBIO Stock Price and Chart — NSE:3BBLACKBIO

TradingView, 20 Apr

3B Blackbio DX consolidated net profit declines 24.31% in the June 2026 quarter

Business Standard, 13 AugResults

🔴Potentially negativeReported deterioration, which feeds the growth and margin inputs on this page directly.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

MiddlingValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑