Fischer Medical Ventures Limited

Healthcare — Medical Devices · NSE

₹29.25−₹0.12 (−0.41%)

DalalBaazaar Score

61 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, 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, 7:03 pm

Understanding the Business

Company site ↗

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

What does this company do?

Fischer Medical Ventures Limited engages in the manufacture, distribution, leasing, and maintenance of medical equipment in India and internationally.

IndustryMedical Devices

SectorHealthcare

Employees16

Annual revenue₹309 Cr

How does it make money?

Turns over ₹309 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation. Each of its 16 employees supports ₹19.29 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹19.29 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 12.5% 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?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +171808% while net margin moved -151% 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+171808%

Margin effect-151%

DalalBaazaar Score

61/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.18 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

61/ 100

Average

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

Valuation

72/ 100

Cheap

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

12.5x

1.4Y Median

4813.7x

17 monthly readings · mean 5156.0x · range 62.9x–14713.7x

Sector Median

33.3x

median of 4 sector peers

🟢Current valuation is approximately 100% below its 1.4y median of 4813.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 63% below the peer median of 33.3x.

vs. its own history

Cheap

4813.7x median over 17 months · -100%

vs. sector peers

Cheap

33.3x median of 4 peers · -63%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

36.5x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from 8.5% to 19.0% over 3 years.
Return on capital is rising
ROCE has improved from 5.0% to 12.5%.
Very low debt
Debt/Equity of 0.28x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 18629% over 3 years, from ₹1 Cr to ₹107 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴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.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 380432% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 8.5% to 19.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 100% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 63% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

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
3 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 823% a year✓ 1097.9% CAGR
Latest reported year was 249.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 17%✓ 19.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹103 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 10%✓ 12.5%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 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 · 5 neutral · 1 weak

Market Cap

₹2,044 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.5x

Cheap

Cheap against the generic band

P/B Ratio

4.91x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.34

Profitable

Profitable on a per-share basis

ROE

8.4%

Moderate

Moderate capital efficiency

ROCE

12.5%

Moderate

Moderate return on the capital in the business

Debt/Equity

0.28x

Low

Conservative leverage

Revenue Growth (YoY)

249.4%

Healthy

Healthy top-line growth

Profit Growth (YoY)

2073.5%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.17%

Modest

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

Free Cash Flow

-₹103 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

12.1%

Average

Average margins

Net Margin

8.2%

Average

Average bottom-line conversion

Current Ratio

1.62

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.18

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

32.3 / 34.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

12.5

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	₹21 Cr	₹111 Cr	₹309 Cr	+1097.9%
EBITDA	₹0 Cr	₹2 Cr	₹6 Cr	₹59 Cr	+1468.1%
EBITDA Margin	8.5%	11.3%	5.3%	19.0%	—
PAT (Net Profit)	-₹0 Cr	₹2 Cr	₹1 Cr	₹32 Cr	—
EPS	₹-0.21	₹1.08	₹0.01	₹0.47	—
ROE	—	2.3%	0.4%	8.4%	—
ROCE	5.0%	2.6%	0.9%	12.5%	—
Total Debt	₹1 Cr	₹2 Cr	₹85 Cr	₹107 Cr	+472.1%
Free Cash Flow	-₹0 Cr	-₹8 Cr	-₹92 Cr	-₹103 Cr	—

🟢 Revenue has grown at 1097.9% a year over 3 years.

🟢 EBITDA has grown at 1468.1% a year over 3 years.

🟢 EBITDA Margin has risen from 8.5% to 19.0% over 3 years (+10.5 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹32 Cr.

🟢 EPS has turned positive, from ₹-0.21 to ₹0.47.

🟢 ROE has risen from 2.3% to 8.4% over 3 years (+6.1 pts).

🟢 ROCE has risen from 5.0% to 12.5% over 3 years (+7.5 pts).

🔴 Total Debt has grown at 472.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹671 Cr

Total Liabilities

₹286 Cr

Cash & Equivalents

₹12 Cr

Operating Cash Flow

-₹101 Cr

Capex

-₹1 Cr

Shareholding (proxy)

Institutional Holding

2.8%

Insider Holding

77.2%

Corporate Actions

Dividend Rate

₹0.05

Ex-Dividend Date

22 Sept 2026

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

Fischer Medical Ventures (BSE:524743) - Stock Analysis

Simply Wall Street, 14 Oct

Fischer Medical Ventures (FISCHER.NS) Slips 1.53% to ₹29.59, Sitting Midway Between ₹28 Support and ₹31 Resistance - Early Entry Signals

https://www.siam.in/, 14 Oct

Fischer Medical seeks approval for ₹350 crore NCD issuance

scanx.trade, 16 Oct

Fischer Medical Ventures: કંપની લેશે મોટું દેવું, શેરહોલ્ડર્સ પાસેથી મંજૂરી મેળવવા પોસ્ટલ બેલેટનો નિર્ણય

Whalesbook, 14 Oct

FISCHER 52 Week Low Streak: Weakness Continues

Univest, 09 Oct

Compare FISCHER INO. with

Equitymaster, 16 Oct

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Growth · Valuation

WeakProfitability · 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. 3 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑