Healthcare — Drug Manufacturers - Specialty & Generic · NSE
₹14.33+₹0.03 (+0.21%)
DalalBaazaar Score
29 / 100
🔴 Weak
Verdict
HIGH RISK
Risk
Very High
Driven by moderate debt load, negative free cash flow, the company is currently loss-making.
In simple words: The company is currently losing money, but sales are shrinking. Cash generation is currently the main factor to watch.
Decision support, not a buy or sell call.
As of 18 Oct 2026, 6:10 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 Ortin Global Limited — what it does, how it earns, and who it competes with, before any of the numbers below.
What does this company do?
Ortin Global Limited engages in the manufacture and trading of pharmaceuticals, drugs, and intermediates in India.
IndustryDrug Manufacturers - Specialty & Generic
SectorHealthcare
Employees8
Annual revenue₹0 Cr
How does it make money?
Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-737 reaches shareholders as profit, with ₹-760 left at the operating level before interest, tax and depreciation. Each of its 8 employees supports ₹1.3 lakh of revenue a year, the signature of a people-led business.
EBITDA margin-759.5%
Net margin-736.7%
Revenue / employee₹1.3 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.
SUN PHARMACEUTICAL IND LP/E 34.9x · ROE 14.5%
DR. REDDY S LABORATORIESP/E 31.0x · ROE 8.8%
CIPLA LTDP/E 31.8x · ROE 9.8%
DIVI S LABORATORIES LTDP/E 83.0x · ROE 17.5%
What is its competitive advantage?Little sign of one
Returns on capital of -32.2% 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-32.2%
ROE-59.8%
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 -98% while net margin moved +47285% 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-98%
Margin effect+47285%
DalalBaazaar Score
29/ 100
Weak
Weighted across six categories. Every point is explained below.
✗ Revenue has contracted at 74.4% a year
Quality vs. Valuation
Company Quality
30/ 100
Weak
How good the business is, ignoring the share price entirely.
vs
Valuation
21/ 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
10.77x
EV/EBITDA
—
PEG
—
Dividend Yield
None
What's Good / What's Bad
🟢 What's Going Well1
Debt is being paid down
Total debt is down 84% over 3 years.
🔴 What Needs Attention4
Margins are compressing
EBITDA margin has slipped from 8.3% to -759.5% over 3 years.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Return on equity is falling
ROE has dropped from -0.9% to -59.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 1.7% to -32.2% — often a sign of competition or overexpansion.
Red Flags
6 items require attention · 5 high · 1 watch
🔴Thin interest coverageFinancial
Operating profit covers interest only -1204.7x — little room if earnings dip.
🔴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.
🔴The company is lossmakingFinancial
Net profit of -₹1 Cr in the latest reported year.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 767.9 points, from 8.3% to -759.5%.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from -363.1x to -1204.7x.
Investment Thesis
🟢 Bull CaseWhat could make this work?
Deleveraging frees up earnings
Debt is down 84% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
🔴 Bear CaseWhat could go wrong?
Margins are being competed away
EBITDA margin has fallen from 8.3% to -759.5%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Returns on shareholder capital are falling
ROE has dropped from -0.9% to -59.8%. 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.
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
5 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 -762%✓ -759.5%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Free cash flow remains positive✗ -₹1 Cr
Profit that never becomes cash eventually stops being profit.
3Interest cover stays above 3x✗ -1204.7x
How much operating profit can fall before interest stops being comfortably covered.
4ROCE stays above 8%✗ -32.2%
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
1 good · 3 neutral · 7 weak
Market Cap
₹12 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
10.77x
Rich
Steep premium to book — needs high, durable returns to justify
EPS (TTM)
₹-1.12
Loss-making
Negative earnings per share — the business is losing money
ROE
-59.8%
Weak
Weak capital efficiency
ROCE
-32.2%
Weak
Low return on total capital employed
Debt/Equity
0.81x
Moderate
Moderate leverage
Revenue Growth (YoY)
-59.8%
Shrinking
Sales are contracting
Profit Growth (YoY)
12.5%
Healthy
Profits growing at a healthy clip
Dividend Yield
None
None
No dividend yield reported — usually means no payout, but verify if one was recently initiated
Free Cash Flow
-₹1 Cr
Cash burning
Spending more cash than the operations bring in
More Metrics
CMP
₹14.33
Operating Margin
-2091.3%
Weak
Thin margins leave little room for error
Net Margin
0.0%
Weak
Very little revenue reaches the bottom line
Current Ratio
1.60
Comfortable
Healthy short-term liquidity
Beta (vs Nifty)
0.49
Defensive
Steadier than the market
52W Range Position
34%
Mid-range
Mid-range
Technical Snapshot
SMA 20 / SMA 50
14.7 / 15.3
Bearish alignment (short < long)
Price vs SMA 200
Below
Long-term downtrend
RSI (14)
43.2
Neutral momentum
Financial Trend (4-Year)
Metric
FY23
FY24
FY25
FY26
3Y CAGR
Revenue
₹6 Cr
₹2 Cr
₹0 Cr
₹0 Cr
-74.4%
EBITDA
₹1 Cr
-₹4 Cr
-₹1 Cr
-₹1 Cr
—
EBITDA Margin
8.3%
-193.6%
-246.3%
-759.5%
—
PAT (Net Profit)
-₹0 Cr
-₹8 Cr
-₹1 Cr
-₹1 Cr
—
EPS
₹-0.12
₹-9.89
₹-1.04
₹-0.91
—
ROE
-0.9%
-284.7%
-42.8%
-59.8%
—
ROCE
1.7%
-142.9%
-37.5%
-32.2%
—
Total Debt
₹6 Cr
₹2 Cr
₹0 Cr
₹1 Cr
-46.2%
Free Cash Flow
-₹0 Cr
-₹5 Cr
-₹0 Cr
-₹1 Cr
—
🔴 Revenue has shrunk at 74.4% a year over 3 years.
🔴 EBITDA has turned negative, from ₹1 Cr to -₹1 Cr.
🔴 EBITDA Margin has fallen from 8.3% to -759.5% over 3 years (-767.9 pts).
🔴 ROE has fallen from -0.9% to -59.8% over 3 years (-59.0 pts).
🔴 ROCE has fallen from 1.7% to -32.2% over 3 years (-33.9 pts).
🟢 Total Debt has shrunk at 46.2% a year over 3 years.
Revenue growth is negative (-59.8%) 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
🔴GrowthWeak2.4/20
🔴ProfitabilityWeak3.8/15
🔴ValuationDemanding2.6/15
🔴RiskHigh4/10
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. 5 high-severity red flags sit above this conclusion and should be read first.
