Rekvina Laboratories Limited

Healthcare — Drug Manufacturers - Specialty & Generic · BSE

₹61.50+₹1.61 (+2.69%)

DalalBaazaar Score

24 / 100

🔴 Weak

Verdict

HIGH RISK

Risk

Very High

Driven by negative shareholders' equity — the company owes more than it owns, short-term liabilities exceed short-term assets, negative free cash flow.

In simple words: The company owes more than it owns — years of losses have wiped out its net worth. Solvency — whether it can keep funding itself at all — is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

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

What does this company do?

Rekvina Laboratories Limited engages in manufacturing and marketing pharmaceutical products and related activities in India. It offers pharmaceutical formulations. The company also provides contract research and manufacturing services.

IndustryDrug Manufacturers - Specialty & Generic

SectorHealthcare

Employees5

Annual revenue₹1 Cr

How does it make money?

Turns over ₹1 Cr a year. Of every ₹100 of sales, about ₹-20 reaches shareholders as profit, with ₹-20 left at the operating level before interest, tax and depreciation. Each of its 5 employees supports ₹25.3 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹25.3 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.

Compared side by side in Peers ↓

DalalBaazaar Score

24/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Shareholders' equity is negative — accumulated losses exceed the capital in the business

Quality vs. Valuation

Company Quality

25/ 100

Weak

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

Valuation

30/ 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

Multiples unreliable — equity base is negative

EV/EBITDA

—

PEG

—

Red Flags

5 items require attention · 4 high · 1 watch

🔴Negative shareholders' equityFinancial
Liabilities exceed assets — accumulated losses have wiped out the company's net worth.
🔴Debt has risen sharplyFinancial
Total debt is up 1709% over 3 years, from ₹0 Cr to ₹1 Cr.
🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.49 — 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?

Solvency comes before everything else
Liabilities exceed assets. Until net worth is rebuilt, the equity is a claim on a business that owes more than it owns, and further losses or a funding squeeze can leave shareholders with nothing.
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
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 -22%✓ -20.1%
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.

Investment Checklist

2 / 8 checks passed

✗ Shareholders' equity is positive (assets exceed liabilities)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ 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

0 good · 5 neutral · 6 weak

Market Cap

₹68 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

Not available

No data

Source didn't return this field

EPS (TTM)

₹-0.57

Loss-making

Negative earnings per share — the business is losing money

ROE

Not meaningful

Negative equity

Return on equity can't be read when equity itself is negative

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not meaningful

Negative equity

Shareholders' equity is negative, so this ratio can't be read

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

-85.8%

Falling

Profits are shrinking

Dividend Yield

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

Operating Margin

-18.0%

Weak

Thin margins leave little room for error

Net Margin

-17.6%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.49

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.63

Defensive

Steadier than the market

52W Range Position

94%

Near high

Near its 52-week high

Technical Snapshot

SMA 20 / SMA 50

53.4 / 49.0

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

79.4

Overbought zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
EBITDA	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
PAT (Net Profit)	-₹0 Cr	-₹0 Cr	-₹0 Cr	-₹0 Cr	—
EPS	₹-0	₹-0.03	₹-0.23	₹-0.42	—
Total Debt	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	+162.5%
Free Cash Flow	₹0 Cr	-₹0 Cr	-₹0 Cr	-₹1 Cr	—

🔴 Total Debt has grown at 162.5% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹0 Cr to -₹1 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1 Cr

Total Liabilities

₹2 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

-₹1 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

99.2%

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 mixed5 general

Rekvina Laboratories acquires Radiant Parenterals in ₹4.62 crore share swap deal

scanx.trade, 12 Aug

Rekvina Labs open offer at ₹10 per share opens July 1

scanx.trade, 01 Jul

Rekvina Laboratories Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 30 Aug

Rekvina Labs AGM voting results: all 4 resolutions pass unanimously

scanx.trade, 29 SeptResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Rekvina Laboratories Ltd. Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 02 Sept

VINRKLB Stock Price and Chart — BSE:VINRKLB

TradingView, 02 Aug

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.
3 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in overbought territory — momentum entries here carry more short-term pullback risk.

DalalBaazaar Thesis

MiddlingGrowth

WeakBusiness Quality · Financial Health · Profitability · Valuation · Risk

Points for each in the Score ↑

Avoid until solvency is resolved

Rekvina Laboratories Limited owes more than it owns. Whatever the operating numbers show, the equity is a residual claim on a business with negative net worth, and that question has to be settled before any of the rest is worth weighing. 4 high-severity red flags sit above this conclusion and should be read first.

1 of 2 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑