---
title: "Vardhaman Laboratories Ltd (524796) — Share Price, Financials & Analysis"
symbol: "524796"
company: "Vardhaman Laboratories Ltd"
canonical: "https://tapetide.com/stocks/524796"
isin: "INE503F01014"
bse_code: "524796"
sector: "Healthcare"
industry: "Pharmaceuticals & Biotechnology"
generated_at: "2026-09-13T19:38:51.951Z"
---

# Vardhaman Laboratories Ltd (524796)

Canonical page: https://tapetide.com/stocks/524796

## Company

- **BSE Code:** 524796
- **ISIN:** INE503F01014
- **Sector:** Healthcare
- **Industry:** Pharmaceuticals & Biotechnology
- **Macro Sector:** Healthcare
- **Stock Type:** EQUITY
- **Listed Since:** 2006-03-02
- **Face Value:** ₹10
- **F&O Eligible:** No

## About

Vardhaman Laboratories is engaged in the business of Manufacturing of pharmaceutical products.

## Latest Price

## Key Insights

### Strengths

- Company is almost debt free.
- Stock is trading at 0.11 times its book value

### Weaknesses

- Company has low interest coverage ratio.
- Company has a low return on equity of -1.79% over last 3 years.

## Growth Rates

| Metric | 1Y | 3Y | 5Y |
| --- | --- | --- | --- |
| net income growth | -200% | -13% | 10% |
| revenue growth | 0% | — | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Expenses | 0.02 | 0.01 | 0.03 | 0.02 | 0.02 | 0.04 | 0 | 0.01 | 0.02 | 0 | 0.01 | 0.01 |
| Operating Profit | -0.02 | -0.01 | -0.03 | -0.02 | -0.02 | -0.04 | 0 | -0.01 | -0.02 | 0 | -0.01 | -0.01 |
| Other Income | 0.01 | 0 | 0.01 | 0.01 | 0.04 | 0.01 | 0 | 0.01 | 0.01 | 0 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -0.01 | -0.01 | -0.02 | -0.01 | 0.02 | -0.03 | 0 | 0 | -0.01 | 0 | -0.01 | -0.01 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | — | — | 0 | — | 0 | 0 |
| Net Profit | -0.01 | -0.01 | -0.02 | -0.01 | 0.02 | -0.03 | 0 | 0 | -0.01 | 0 | -0.01 | -0.01 |
| EPS in Rs | -0.02 | -0.02 | -0.05 | -0.02 | 0.05 | -0.07 | 0 | 0 | -0.02 | 0 | -0.02 | -0.02 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 0.27 | 1.24 | 0.57 | 0 | 0 | 0 | 0 | -0.01 | -0.01 | 0 |
| Expenses | 0.44 | 1.23 | 0.57 | 0.02 | 0.04 | 0.06 | 0.08 | 0.07 | 0.07 | 0.04 |
| Operating Profit | -0.17 | 0.01 | 0 | -0.02 | -0.04 | -0.06 | -0.08 | -0.08 | -0.08 | -0.04 |
| OPM % | -62.96 | 0.81 | 0 | — | — | — | — | — | — | — |
| Other Income | 0.02 | 0.01 | 0.29 | -0.01 | 0.02 | 0.03 | 0.05 | 0.04 | 0.04 | 0.01 |
| Interest | 0 | 0.08 | 0 | 0.01 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0.08 | 0.08 | 0.02 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | -0.23 | -0.14 | 0.27 | -0.04 | -0.02 | -0.03 | -0.03 | -0.04 | -0.04 | -0.03 |
| Tax % | 0 | 0 | 0 | 125 | 0 | 0 | 0 | 0 | 0 | — |
| Net Profit | -0.23 | -0.14 | 0.27 | -0.1 | -0.02 | -0.03 | -0.03 | -0.04 | -0.04 | -0.03 |
| EPS in Rs | -0.56 | -0.34 | 0.65 | -0.24 | -0.05 | -0.07 | -0.07 | -0.1 | -0.1 | -0.06 |
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 4.12 | 4.12 | 4.12 | 4.12 | 4.12 | 4.12 | 4.12 | 4.12 | 4.12 | 4.12 |
| Reserves | -1.52 | -2.01 | -2.12 | -1.87 | -1.97 | -1.99 | -2.02 | -2.05 | -2.09 | -2.13 |
| Borrowings | 0.21 | 0.24 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0.19 | 0.25 | 1.12 | 0 | 0.02 | 0.01 | 0.01 | 0.03 | 0.02 | 0.04 |
| Total Liabilities | 3 | 2.6 | 3.12 | 2.25 | 2.17 | 2.14 | 2.11 | 2.1 | 2.05 | 2.03 |
| Fixed Assets | 2.09 | 1.63 | 1.59 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0.04 | 0.04 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0.87 | 0.93 | 1.53 | 2.25 | 2.17 | 2.14 | 2.11 | 2.1 | 2.05 | 2.03 |
| Total Assets | 3 | 2.6 | 3.12 | 2.25 | 2.17 | 2.14 | 2.11 | 2.1 | 2.05 | 2.03 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 0.01 | -0.12 | 0.41 | -1.75 | -0.06 | 0.12 | 0.31 | 0 | -0.04 | 0.02 |
| Cash from Investing Activity | 0.02 | 0 | 0.07 | 1.83 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing Activity | -0.03 | 0.15 | -0.32 | -0.11 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Flow | 0 | 0.03 | 0.16 | -0.03 | -0.06 | 0.12 | 0.31 | 0 | -0.04 | 0.02 |
| Free Cash Flow | 0.01 | -0.12 | 0.38 | -0.21 | -0.06 | 0.12 | 0.31 | 0 | -0.04 | 0.02 |
| CFO/OP | -4 | 71 | 4100 | — | 50 | -300 | -517 | 0 | 50 | -25 |

### Ratios

| Item | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 259.03 | 270.37 | 332.62 | 1331.93 | — | — | — | — | -56940 | -56940 |
| Inventory Days | 919.8 | 1460 | 65.05 | 0 | — | — | — | — | 0 | 0 |
| Days Payable | 102.2 | 279.12 | 350.54 | — | — | — | — | — | — | — |
| Cash Conversion Cycle | 1076.63 | 1451.25 | 47.13 | 1331.93 | — | — | — | — | -56940 | -56940 |
| Working Capital Days | 918.39 | 1013.89 | 97.14 | 1331.93 | — | — | — | — | 56940 | 57305 |
| ROCE % | -8.32 | -8.91 | -2.76 | -0.94 | -0.45 | -0.93 | -1.42 | -1.44 | -1.95 | -1.99 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Dec 2018 |
| --- | --- | --- | --- |
| Promoters | 37.2% | 37.2% | 37.2% |
| DIIs | 0.11% | 0.11% | 0.11% |
| Public | 62.69% | 62.69% | 62.69% |
| No. of Shareholders | 9251 | 9225 | 9225 |

### Quarterly

| Category | Jun 2016 | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 37.2% | 37.2% | 37.2% | 37.2% | 37.2% | 37.2% | 37.2% | 37.2% | 37.2% | 37.2% | 37.2% |
| DIIs | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% | 0.11% |
| Public | 62.69% | 62.69% | 62.69% | 62.69% | 62.69% | 62.69% | 62.69% | 62.69% | 62.69% | 62.69% | 62.69% |
| No. of Shareholders | 9266 | 9257 | 9257 | 9251 | 9244 | 9243 | 9234 | 9225 | 9224 | 9224 | 9225 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 1 / 6 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 34.42 | Sell |
| EMA (10) | 34.57 | Sell |
| SMA (20) | 36.07 | Sell |
| EMA (20) | 35.46 | Sell |
| SMA (50) | 37.01 | Sell |
| EMA (50) | 36.76 | Sell |
| SMA (100) | 38.2 | Sell |
| EMA (100) | 38.38 | Sell |
| SMA (200) | 41.96 | Sell |
| EMA (200) | 41.46 | Sell |

### Oscillators — summary: **Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 36.32 | Neutral |
| MACD (12,26,9) | -1.02 | Sell |
| Stochastic (14,3,3) | 20.23 | Neutral |
| ADX (14) | 23.43 | Neutral |
| Williams %R (14) | -84.51 | Buy |
| ATR (14) | 1.38 | High Volatility |
| ROC (12) | -9.46 | Sell |
| Stoch RSI (14) | 22.19 | Neutral |
| UO (7,14,28) | 52.1 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 20 January 2026 - Board meeting adjourned; investment agenda deferred; next meeting date to be notified (20 Jan 2026, 6:30–7:15 PM). | [Outcome of Board Meeting 20 January 2026 - Board meeting adjourned; investment agenda deferred; next meeting date to be notified (20 Jan 2026, 6:30–7:15 PM).](https://nsearchives.nseindia.com/corporate/DRSDILIP_20012026191739_Outcome.pdf) |
| 17 January 2026 - RTA certificate: no dematerialisation requests during 01/10/2025–31/12/2025 (quarter ended 31 Dec 2025). | [Certificate under SEBI (Depositories and Participants) Regulations, 2018 17 January 2026 - RTA certificate: no dematerialisation requests during 01/10/2025–31/12/2025 (quarter ended 31 Dec 2025).](https://nsearchives.nseindia.com/corporate/DRSDILIP_17012026142924_REG74.pdf) |
| 14 February 2026 - Board approved up to Rs10 Crore subscription to 0.1% CCPS of MDN Edify Education Pvt Ltd (Rs200/share). | [Acquisition 14 February 2026 - Board approved up to Rs10 Crore subscription to 0.1% CCPS of MDN Edify Education Pvt Ltd (Rs200/share).](https://nsearchives.nseindia.com/corporate/DRSDILIP_14022026163305_Outcome.pdf) |
| 14 February 2026 - Board approved subscription up to Rs.10 Crore in 0.1% CCPS of MDN Edify Education; completion within 60 days. | [Outcome of Board Meeting 14 February 2026 - Board approved subscription up to Rs.10 Crore in 0.1% CCPS of MDN Edify Education; completion within 60 days.](https://nsearchives.nseindia.com/corporate/DRSDILIP_14022026163058_Outcome.pdf) |
| 10 February 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 10 February 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/companies-listing/corporate-filings-announcements?symbol=DRSDILIP&tabIndex=sme) |
| — | [Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Feb 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=1bb633bc-5fe7-4a31-855e-674fae70b217.pdf) |
| — | [Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Feb 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1bb633bc-5fe7-4a31-855e-674fae70b217.pdf) |
| — | [Outcome of Board Meeting 19 Feb 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=8efc948b-9dda-4302-95a1-9e7afa95ef25.pdf) |
| — | [Outcome of Board Meeting 19 Feb 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8efc948b-9dda-4302-95a1-9e7afa95ef25.pdf) |
| — | [Board Meeting Intimation for Intimation Of Board Meeting For The Quarter Ended 31St December, 2018. 8 Feb 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c9d0fb9e-7902-48ff-9b7d-a9a3234846f0.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Financial Year 2025 from nse](https://archives.nseindia.com/annual_reports/SME_AR_29009_DRSDILIP_2024_2025_A_13445931_09092025211554.pdf) |
| from nse | [Financial Year 2024 from nse](https://archives.nseindia.com/annual_reports/SME_AR_26091_DRSDILIP_2023_2024_0609202421504.pdf) |
| from nse | [Financial Year 2022 from nse](https://archives.nseindia.com/annual_reports/SME_AR_21873_DRSDILIP_2021_2022_07122022230426_12082022070001.zip) |
| from nse | [Financial Year 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19855_DRSDILIP_2020_2021_06122021200722_12062021210003.zip) |
| from nse | [Financial Year 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_17437_DRSDILIP_2019_2020_05092020210339_05092020220002.zip) |
| from nse | [Financial Year 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_15697_DRSDILIP_2018_2019_03092019191810_03092019200008.zip) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/524796/5247960318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/524796/5247960317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/524796/5247960316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/bseplus/AnnualReport/524796/5247960315.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T19:38:51.951Z.