Evexia Lifecare Limited

Healthcare — Medical Distribution · BSE

₹2.21−₹0.03 (−1.34%)

DalalBaazaar Score

55 / 100

🟡 Moderate

Verdict

CAUTION

Risk

Very High

Driven by negative free cash flow, micro-cap size, which brings thin liquidity, a beta above 1.3, so it swings harder than the index.

In simple words: The business is earning a fairly low return on the money invested in it, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:47 pm

Understanding the Business

Company site ↗

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

What does this company do?

Evexia Lifecare Limited, together with its subsidiaries, engages in the trading of pharmaceutical chemicals in India. The company also offers personalized healthcare solutions; and diagnostic solutions, such as early detection, diagnosis, and monitoring of health conditions.

IndustryMedical Distribution

SectorHealthcare

Employees9

Annual revenue₹110 Cr

How does it make money?

Turns over ₹110 Cr a year. Of every ₹100 of sales, about ₹1 reaches shareholders as profit, with ₹3 left at the operating level before interest, tax and depreciation. Each of its 9 employees supports ₹12.25 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹12.25 Cr

Who are its competitors?

The closest listed comparisons in its industry are SUN PHARMACEUTICAL IND L, CIPLA LTD, DR. REDDY S LABORATORIES, APOLLO HOSPITALS ENTER. L. 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?Little sign of one

Returns on capital of 0.3% 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.

Peer median ROE14.5%

What has been driving growth?

Sales and margins have both contributed to where profit is now. Over 3 years revenue moved +59% while net margin moved +53% 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+59%

Margin effect+53%

DalalBaazaar Score

55/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ ROE of 0.3% is weak

Quality vs. Valuation

Company Quality

58/ 100

Average

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

Valuation

36/ 100

Expensive

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

221.0x

3Y Median

239.0x

40 monthly readings · mean 376.5x · range 115.0x–1130.0x

Sector Median

33.3x

median of 4 sector peers

🟡Currently trading close to its 3y median of 239.0x — the market is paying about what it usually pays for this company.

⚠️Against its sector it trades 563% above the peer median of 33.3x.

vs. its own history

Fair

239.0x median over 40 months · -8%

vs. sector peers

Expensive

33.3x median of 4 peers · +563%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

144.8x

PEG

6.41

What's Good / What's Bad

🟢 What's Going Well2

Debt is being paid down
Total debt is down 100% over 3 years.
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

4 items require attention · 2 high · 2 watch

🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴Receivables growing faster than salesFinancial
Receivables up 171% against revenue up 59% — sales are being booked faster than they are collected.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹27 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 183% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 100% 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?

Sales are being booked faster than collected
Receivables are up 171% against revenue up 59%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 563% above the peer median. That premium needs a reason that persists, or it closes.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
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
2 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

1Revenue growth stays above 12% a year✓ 16.6% CAGR
Latest reported year was 40.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 1%✓ 2.6%
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✓ 1.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✗ 0.3%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 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

4 good · 3 neutral · 4 weak

Market Cap

₹415 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

221.0x

Expensive

Expensive — verify against sector peers

P/B Ratio

0.90x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.01

Profitable

Profitable on a per-share basis

ROE

0.3%

Weak

Weak capital efficiency

ROCE

0.3%

Weak

Low return on total capital employed

Debt/Equity

0.66x

Moderate

Moderate leverage

Revenue Growth (YoY)

40.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

293.0%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹27 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

1.9%

Weak

Thin margins leave little room for error

Net Margin

1.0%

Weak

Very little revenue reaches the bottom line

Current Ratio

1.39

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.46

High swing

Swings more than the market in both directions

52W Range Position

96%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

2.0 / 1.7

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

87.2

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹70 Cr	₹55 Cr	₹87 Cr	₹110 Cr	+16.6%
EBITDA	₹2 Cr	₹2 Cr	₹2 Cr	₹3 Cr	+13.4%
EBITDA Margin	2.8%	3.7%	2.0%	2.6%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹0 Cr	₹2 Cr	+34.5%
EPS	₹0.01	₹0.02	₹0	₹0.01	-7.2%
ROE	0.7%	1.1%	0.1%	0.4%	—
ROCE	0.3%	0.3%	0.2%	0.3%	—
Total Debt	₹705 Cr	₹686 Cr	₹375 Cr	₹3 Cr	-84.0%
Free Cash Flow	-₹6 Cr	₹17 Cr	-₹4 Cr	-₹27 Cr	—

🟢 Revenue has grown at 16.6% a year over 3 years.

🟢 EBITDA has grown at 13.4% a year over 3 years.

🟡 EBITDA Margin has held roughly flat at 2.6% over 3 years.

🟢 PAT (Net Profit) has grown at 34.5% a year over 3 years.

🔴 EPS has shrunk at 7.2% a year over 3 years.

🟡 ROE has held roughly flat at 0.4% over 3 years.

🟡 ROCE has held roughly flat at 0.3% over 3 years.

🟢 Total Debt has shrunk at 84.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹871 Cr

Total Liabilities

₹437 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹23 Cr

Capex

-₹3 Cr

Shareholding (proxy)

Institutional Holding

2.3%

Insider Holding

54.3%

Peer Comparison

Company	P/E	ROE
SUN PHARMACEUTICAL IND L	34.9x	14.5%
CIPLA LTD	31.8x	9.8%
DR. REDDY S LABORATORIES	31.0x	8.8%
APOLLO HOSPITALS ENTER. L	54.3x	22.0%

Recent News

6 general

Evexia Lifecare Share Price near 52-week high, key data

Univest, 09 Oct

Evexia Lifecare Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 27 Aug

Evexia Lifecare - 12 penny stocks surge up to 125% in just 2 months; 2 turn multibaggers. Did you own any?

The Economic Times, 24 May

87 Best Penny Stocks Under 5 Rs In India For October 2026

Samco, 14 Oct

Evexia Lifecare appoints Sagar Sandeep Pagariya as company secretary

scanx.trade, 13 Oct

Evexia Lifecare Standalone March 2026 Net Sales at Rs 35.18 crore, up 131.76% Y-o-Y

Moneycontrol.com, 11 May

Watch Items

Trading very close to its 52-week high — momentum-driven entries here carry more mean-reversion risk.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

StrongFinancial Health · Growth

MiddlingValuation

WeakBusiness Quality · Profitability · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

2 of 5 tripwires tripped — Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑