Driven by moderate debt load, short-term liabilities exceed short-term assets, the company is currently loss-making.
In simple words: The company is currently losing money, but sales are shrinking. Short-term liquidity is the main factor to watch.
Decision support, not a buy or sell call.
As of 18 Oct 2026, 6:08 pm
Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.
The 60-second version of Bharat Immunologicals & Biologicals Corporation Limited — what it does, how it earns, and who it competes with, before any of the numbers below.
What does this company do?
Bharat Immunologicals & Biologicals Corporation Limited, a biotechnology company, engages in the manufacture and sale of pharmaceutical products in India. It offers oral polio vaccines, zinc tablets, diarrhea management kits, and BIB sweet tablets.
IndustryBiotechnology
SectorHealthcare
Annual revenue₹45 Cr
How does it make money?
Turns over ₹45 Cr a year. Of every ₹100 of sales, about ₹-37 reaches shareholders as profit, with ₹-35 left at the operating level before interest, tax and depreciation.
EBITDA margin-34.7%
Net margin-37.3%
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.
TATA CONSULTANCY SERV LTP/E 17.3x · ROE 45.6%
INFOSYS LIMITEDP/E 15.8x · ROE 32.0%
HCL TECHNOLOGIES LTDP/E 20.4x · ROE 24.6%
WIPRO LTDP/E 14.5x · ROE 15.9%
What is its competitive advantage?Little sign of one
Returns on capital of -16.2% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.
ROCE-16.2%
ROE-21.0%
Peer median ROE32.0%
What has been driving growth?
Profit has moved mainly because margins changed, not because the business sold much more. Over 1 years revenue moved -43% while net margin moved +234% 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-43%
Margin effect+234%
DalalBaazaar Score
36/ 100
Weak
Weighted across six categories. Every point is explained below.
✗ Return on equity is negative
✗ ROE has fallen by 10.6 points over the period
Quality vs. Valuation
Company Quality
31/ 100
Weak
How good the business is, ignoring the share price entirely.
vs
Valuation
36/ 100
Expensive
What you are being asked to pay, ignoring how good the business is.
Weak on business quality and not cheap enough to compensate.
vs. its own history
Not enough price and earnings history
vs. sector peers
Not enough peers with a usable P/E
vs. generic bands
N/A
No P/E — the company is lossmaking
P/E (Trailing)
Not meaningful
P/B
0.54x
EV/EBITDA
—
PEG
—
Dividend Yield
None
What's Good / What's Bad
🟢 What's Going Well1
Cash flow has turned positive
Free cash flow moved from negative to positive over 1 years.
🔴 What Needs Attention5
Margins are compressing
EBITDA margin has slipped from -5.2% to -34.7% over 1 years.
Return on equity is falling
ROE has dropped from -8.3% to -18.9% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from -4.1% to -16.2% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 1125% against revenue growth of -43% — customers are taking longer to pay.
Short-term liquidity is tight
Current ratio of 0.33 — near-term obligations exceed near-term assets.
Red Flags
6 items require attention · 4 high · 2 watch
🔴Thin interest coverageFinancial
Operating profit covers interest only -2.2x — little room if earnings dip.
🔴The company is lossmakingFinancial
Net profit of -₹17 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 29.5 points, from -5.2% to -34.7%.
🔴Receivables growing faster than salesFinancial
Receivables up 1125% against revenue up -43% — sales are being booked faster than they are collected.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -0.9x to -2.2x.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.33 — near-term obligations exceed near-term assets.
Investment Thesis
🟢 Bull CaseWhat could make this work?
No clear supporting case emerges from the available numbers.
🔴 Bear CaseWhat could go wrong?
Margins are being competed away
EBITDA margin has fallen from -5.2% to -34.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 1125% against revenue up -43%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from -8.3% to -18.9%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
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.
Several serious flags at once
4 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.
🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today
1EBITDA margin holds above -37%✓ -34.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ -2.2x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹11 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ -16.2%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.
Investment Checklist
4 / 11 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
✗ Short-term technical trend isn't bearish
Price history
Quick Metrics
2 good · 3 neutral · 6 weak
Market Cap
₹43 Cr
Micro Cap
Smaller company — thin liquidity and deep drawdowns are normal here
P/E (Trailing)
Not meaningful
Loss-making
Earnings are negative, so a P/E multiple can't be read here
P/B Ratio
0.54x
Reasonable
Reasonable against the company's book value
EPS (TTM)
₹-2.64
Loss-making
Negative earnings per share — the business is losing money
ROE
-21.0%
Weak
Weak capital efficiency
ROCE
-16.2%
Weak
Low return on total capital employed
Debt/Equity
0.94x
Moderate
Moderate leverage
Revenue Growth (YoY)
-99.4%
Shrinking
Sales are contracting
Profit Growth (YoY)
-90.1%
Falling
Profits are shrinking
Dividend Yield
None
None
No dividend yield reported — usually means no payout, but verify if one was recently initiated
Free Cash Flow
₹11 Cr
Cash generative
Generates cash even after funding its capex
More Metrics
CMP
₹9.9
ROA
-6.3%
Weak
Assets generate little profit
Operating Margin
-2888.4%
Weak
Thin margins leave little room for error
Net Margin
-241.6%
Weak
Very little revenue reaches the bottom line
Current Ratio
0.33
Tight
Tight short-term liquidity
Beta (vs Nifty)
0.47
Defensive
Steadier than the market
52W Range Position
18%
Mid-range
Mid-range
Technical Snapshot
SMA 20 / SMA 50
10.5 / 13.6
Bearish alignment (short < long)
Price vs SMA 200
Below
Long-term downtrend
RSI (14)
32.0
Neutral momentum
Financial Trend (2-Year)
Metric
FY22
FY23
1Y CAGR
Revenue
₹78 Cr
₹45 Cr
-43.1%
EBITDA
-₹4 Cr
-₹15 Cr
—
EBITDA Margin
-5.2%
-34.7%
—
PAT (Net Profit)
-₹9 Cr
-₹17 Cr
—
EPS
₹-2.03
₹-3.85
—
ROE
-8.3%
-18.9%
—
ROCE
-4.1%
-16.2%
—
Total Debt
₹78 Cr
₹70 Cr
-9.8%
Free Cash Flow
-₹42 Cr
₹11 Cr
—
🔴 Revenue has shrunk at 43.1% a year over 1 years.
🔴 EBITDA Margin has fallen from -5.2% to -34.7% over 1 years (-29.5 pts).
🔴 ROE has fallen from -8.3% to -18.9% over 1 years (-10.6 pts).
🔴 ROCE has fallen from -4.1% to -16.2% over 1 years (-12.1 pts).
🟢 Total Debt has shrunk at 9.8% a year over 1 years.
🟢 Free Cash Flow has turned positive, from -₹42 Cr to ₹11 Cr.
Revenue growth is negative (-99.4%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
DalalBaazaar Thesis
🔴Business QualityWeak4.7/20
🟡Financial HealthAdequate11.2/20
🔴GrowthWeak5/20
🔴ProfitabilityWeak2.5/15
🟡ValuationFair7.1/15
🟡RiskModerate5.2/10
Weak on the fundamentals
Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 4 high-severity red flags sit above this conclusion and should be read first.
