Bliss GVS Pharma Limited

Healthcare — Drug Manufacturers - Specialty & Generic · NSE

₹654.85+₹0.55 (+0.08%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

CAUTION

Risk

High

Driven by high debt relative to equity, small-cap size, which brings sharper price swings, a very high earnings multiple, which leaves little margin for disappointment.

In simple words: Strong business and financial position, with both sales and profits growing well. Debt 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 Bliss GVS Pharma Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Bliss GVS Pharma Limited engages in the development, manufacturing and marketing of pharmaceutical formulations in India and internationally.

IndustryDrug Manufacturers - Specialty & Generic

SectorHealthcare

Employees1,033

Annual revenue₹921 Cr

How does it make money?

Turns over ₹921 Cr a year. Of every ₹100 of sales, about ₹14 reaches shareholders as profit, with ₹28 left at the operating level before interest, tax and depreciation. Each of its 1,033 employees supports ₹89.1 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹89.1 lakh

Who are its competitors?

The closest listed comparisons in its industry are SUN PHARMACEUTICAL IND L, DR. REDDY S LABORATORIES, CIPLA LTD, DIVI S LABORATORIES 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?Some evidence

ROCE of 15.4% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

Peer median ROE14.5%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +23% while net margin moved +48% 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+23%

Margin effect+48%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 52.0x is demanding — it needs sustained high growth to justify
✗ P/E is 163% above its own historical median of 19.7x — expensive by its own standards
✗ P/B of 5.81x is a steep premium to book

Quality vs. Valuation

Company Quality

71/ 100

Good

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

Valuation

26/ 100

Expensive

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

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

52.0x

3Y Median

19.7x

40 monthly readings · mean 26.1x · range 12.5x–67.9x

Sector Median

33.3x

median of 4 sector peers

⚠️Current valuation is approximately 163% above its 3y median of 19.7x. Paying more than usual needs a reason — faster growth, a better balance sheet, or a re-rating you believe in.

⚠️Against its sector it trades 56% above the peer median of 33.3x.

vs. its own history

Expensive

19.7x median over 40 months · +163%

vs. sector peers

Expensive

33.3x median of 4 peers · +56%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

27.2x

PEG

2.35

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 17.4% to 27.7% over 3 years.
Debt is being paid down
Total debt is down 79% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on capital is rising
ROCE has improved from 11.3% to 15.4%.
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

🔴High leverageFinancial
Debt/Equity of 1.77x — earnings must service borrowings before shareholders see anything.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 17.4% to 27.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 79% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
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?

Leverage amplifies any setback
Debt/Equity of 1.77x. Interest is payable whether or not the business has a good year.
The price already assumes success
The stock trades 163% above its own median multiple. At this level the business has to deliver just to stand still, and a stumble is repriced twice — lower earnings on a lower multiple.
Growth barely outpaces inflation
Revenue compounding at 7.2% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
Size brings its own risk
Small 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

1EBITDA margin holds above 26%✓ 27.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Revenue growth stays above 5% a year✓ 7.2% CAGR
Latest reported year was 37.6%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
3Free cash flow remains positive✓ ₹82 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 12%✓ 15.4%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

8 / 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

5 good · 3 neutral · 3 weak

Market Cap

₹6,963 Cr

Small Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

52.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

5.81x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹12.6

Profitable

Profitable on a per-share basis

ROE

10.8%

Moderate

Moderate capital efficiency

ROCE

15.4%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

1.77x

High

High leverage

Revenue Growth (YoY)

37.6%

Healthy

Healthy top-line growth

Profit Growth (YoY)

15.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.23%

Modest

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

Free Cash Flow

₹82 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

23.3%

Good

Healthy core-business profitability

Net Margin

13.5%

Good

Strong bottom-line conversion

Current Ratio

4.02

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.22

Market-like

Moves roughly in line with the market

52W Range Position

86%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

680.5 / 630.3

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

35.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹747 Cr	₹766 Cr	₹802 Cr	₹921 Cr	+7.2%
EBITDA	₹130 Cr	₹188 Cr	₹161 Cr	₹255 Cr	+25.3%
EBITDA Margin	17.4%	24.5%	20.1%	27.7%	—
PAT (Net Profit)	₹71 Cr	₹75 Cr	₹84 Cr	₹129 Cr	+22.1%
EPS	₹6.72	₹7.11	₹7.95	₹12	+21.3%
ROE	8.0%	7.8%	8.0%	10.8%	—
ROCE	11.3%	11.6%	11.7%	15.4%	—
Total Debt	₹102 Cr	₹100 Cr	₹88 Cr	₹22 Cr	-40.2%
Free Cash Flow	-₹59 Cr	₹74 Cr	₹30 Cr	₹82 Cr	—

🟢 Revenue has grown at 7.2% a year over 3 years.

🟢 EBITDA has grown at 25.3% a year over 3 years.

🟢 EBITDA Margin has risen from 17.4% to 27.7% over 3 years (+10.4 pts).

🟢 PAT (Net Profit) has grown at 22.1% a year over 3 years.

🟢 EPS has grown at 21.3% a year over 3 years.

🟢 ROE has risen from 8.0% to 10.8% over 3 years (+2.8 pts).

🟢 ROCE has risen from 11.3% to 15.4% over 3 years (+4.0 pts).

🟢 Total Debt has shrunk at 40.2% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹59 Cr to ₹82 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,492 Cr

Total Liabilities

₹261 Cr

Cash & Equivalents

₹35 Cr

Operating Cash Flow

₹139 Cr

Capex

-₹57 Cr

Shareholding (proxy)

Institutional Holding

8.4%

Insider Holding

54.6%

Corporate Actions

Dividend Rate

₹1.5

Ex-Dividend Date

08 Jul 2026

Peer Comparison

Company	P/E	ROE
SUN PHARMACEUTICAL IND L	34.9x	14.5%
DR. REDDY S LABORATORIES	31.0x	8.8%
CIPLA LTD	31.8x	9.8%
DIVI S LABORATORIES LTD	83.0x	17.5%

Recent News

1 positive1 mixed4 general

Bliss GVS Pharma seeks shareholder approval for Santosh Parab director role

scanx.trade, 15 Oct

Is It Smart To Buy Bliss GVS Pharma Limited (NSE:BLISSGVS) Before It Goes Ex-Dividend?

Simply Wall Street, 04 JulCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Bliss GVS Pharma Share Price Target 2027 to 2030: Analyst Outlook

Univest, 17 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Upto 360% Jump In One Year: Why Small-Cap Pharma Stocks Like Bliss GVS, Shilpa Medicare, Others Are Beating Large Caps?

NDTV Profit, 23 Sept

Price Band Hitters, September 28, 2026 at 12:00 PM IST: Bliss GVS Pharma, Sunflag, Lalithaa Jewellery, Rehtan TMT

HDFC Sky, 28 Sept

Bliss GVS Pharma shares hits 52-week high on inspection closure report from WHO

Moneycontrol.com, 03 Jun

Watch Items

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

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Profitability

WeakValuation · Risk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 1 high-severity red flag sits above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑