---
title: "Cepham Milk Specialities Ltd (CEPHAMILK) — Share Price, Financials & Analysis"
symbol: "CEPHAMILK"
company: "Cepham Milk Specialities Ltd"
canonical: "https://tapetide.com/stocks/CEPHAMILK"
nse_symbol: "CEPHAMILK"
generated_at: "2026-09-13T21:52:38.416Z"
---

# Cepham Milk Specialities Ltd (CEPHAMILK)

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

## Company

- **NSE Symbol:** CEPHAMILK
- **Stock Type:** EQUITY
- **Face Value:** ₹10
- **F&O Eligible:** No

## Latest Price

## Key Insights

### Strengths

- Company has a good return on equity (ROE) track record: 3 Years ROE 32.3%
- Debtor days have improved from 98.4 to 68.9 days.

### Weaknesses

- Company has low interest coverage ratio.
- Company might be capitalizing the interest cost

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | 100% | — |
| revenue growth | -25% | -13% |

## Financial Statements

### Quarterly Results

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

| Item | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 139.1 | 105.68 | 115.04 | 80.6 | 118.54 | 114.6 | 87.55 | 119.88 | 153.01 | 138.31 | 132.98 | 146.43 |
| Expenses | 127.02 | 83.91 | 89 | 69.86 | 100.61 | 93.51 | 73.98 | 108.69 | 136.65 | 125.09 | 119.57 | 141.26 |
| Operating Profit | 12.08 | 21.77 | 26.04 | 10.74 | 17.93 | 21.09 | 13.57 | 11.19 | 16.36 | 13.22 | 13.41 | 5.17 |
| OPM % | 8.68 | 20.6 | 22.64 | 13.33 | 15.13 | 18.4 | 15.5 | 9.33 | 10.69 | 9.56 | 10.08 | 3.53 |
| Other Income | 1.48 | 1.98 | 2.01 | 2.57 | 1.15 | 1.23 | 1.83 | 1.84 | 1.19 | 2.3 | 2.57 | 2.3 |
| Interest | 0.92 | 0.6 | 0.64 | 0.71 | 0.49 | 0.5 | 0.34 | 0.39 | 0.32 | 0.24 | 0.38 | 0.68 |
| Depreciation | 1.62 | 1.45 | 1.45 | 1.48 | 1.46 | 1.3 | 1.39 | 1.57 | 3.68 | 5.22 | 5.24 | 5.44 |
| Profit before tax | 11.02 | 21.7 | 25.96 | 11.12 | 17.13 | 20.52 | 13.67 | 11.07 | 13.55 | 10.06 | 10.36 | 1.35 |
| Tax % | 30.49 | 24.7 | 24.15 | 23.02 | 25.04 | 24.22 | 24.73 | 25.65 | 26.13 | 24.55 | 25.19 | 18.52 |
| Net Profit | 7.66 | 16.33 | 19.69 | 8.56 | 12.83 | 15.54 | 10.29 | 8.24 | 10.01 | 7.59 | 7.75 | 1.1 |
| EPS in Rs | 15.49 | 33.03 | 7.96 | 3.46 | 5.19 | 6.29 | 3.12 | 2.5 | 3.03 | 2.3 | 2.35 | 0.33 |

### Profit & Loss

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

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 51.96 | 520.86 | 246.9 | 11.3 | 13.04 | 14.45 | 25.3 | 28.17 | 22.04 | 16.58 |
| Expenses | 54.44 | 500.99 | 240.23 | 8.19 | 12.16 | 14.39 | 25.47 | 26.38 | 22.45 | 16.68 |
| Operating Profit | -2.48 | 19.87 | 6.67 | 3.11 | 0.88 | 0.06 | -0.17 | 1.79 | -0.41 | -0.1 |
| OPM % | -4.77 | 3.81 | 2.7 | 27.52 | 6.75 | 0.42 | -0.67 | 6.35 | -1.86 | -0.6 |
| Other Income | 0.58 | 0.9 | 5.05 | 12.37 | 1.94 | 0.09 | 0.19 | 0.07 | 0.53 | 0.15 |
| Interest | 0.34 | 12.62 | 11.69 | 0.29 | 0.24 | 0.02 | 0.03 | 0.15 | 0.01 | 0.01 |
| Depreciation | 2.39 | 2.36 | 0.18 | 0.2 | 0.15 | 0 | 0 | 0.02 | 0.05 | 0.04 |
| Profit before tax | -4.63 | 5.79 | -0.15 | 14.99 | 2.43 | 0.13 | -0.01 | 1.69 | 0.06 | 0 |
| Tax % | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.96 | 500 | — |
| Net Profit | -4.63 | 5.79 | -0.15 | 14.99 | 2.44 | 0.12 | -0.01 | 1.65 | -0.24 | 0 |
| 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 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 | 12.5 |
| Reserves | -110.24 | -104.45 | -104.61 | -89.62 | -92.92 | -12.34 | -12.35 | -10.7 | -10.94 | -10.94 |
| Borrowings | 110.29 | 297.19 | 95.7 | 95.73 | 99.47 | 10.96 | 10.47 | 10.61 | 10.55 | 10.55 |
| Other Liabilities | 58.22 | 34.47 | 19.82 | 15.61 | 14.22 | 20.13 | 20.31 | 23.32 | 26.27 | 18.84 |
| Total Liabilities | 70.77 | 239.71 | 23.41 | 34.22 | 33.27 | 31.25 | 30.93 | 35.73 | 38.38 | 30.95 |
| Fixed Assets | 14.13 | 1.58 | 1.61 | 1.36 | 1.64 | 0 | 0 | 0.13 | 0.14 | 0.11 |
| CWIP | 0 | 0.12 | 0.24 | 0.24 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 56.64 | 238.01 | 21.56 | 32.62 | 31.63 | 31.25 | 30.93 | 35.6 | 38.24 | 30.84 |
| Total Assets | 70.77 | 239.71 | 23.41 | 34.22 | 33.27 | 31.25 | 30.93 | 35.73 | 38.38 | 30.95 |

### Cash Flow

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

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 3.33 | -154.49 | 218.32 | -13.15 | 3.94 | -0.18 | 0.84 | -0.22 | -0.09 | -0.08 |
| Cash from Investing Activity | -0.02 | 10.24 | -0.17 | 12.3 | -0.17 | 0.04 | 0.04 | -0.11 | -0.02 | 0.03 |
| Cash from Financing Activity | -2.76 | 145.72 | 219.14 | -0.29 | -2.9 | 0.15 | -0.52 | 0.1 | -0.07 | 0 |
| Net Cash Flow | 0.55 | 1.47 | 437.29 | -1.15 | 0.86 | 0.01 | 0.36 | -0.23 | -0.18 | -0.05 |
| Free Cash Flow | 3.31 | -144.31 | 218.24 | -0.89 | 3.48 | -0.18 | 0.84 | -0.37 | -0.15 | -0.08 |
| CFO/OP | -134 | -778 | 3273 | -424 | 481 | -283 | -494 | 3 | -132 | 80 |

### Ratios

| Item | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 332.05 | 152.45 | 8.78 | 587.88 | 442.25 | 170.25 | 61.31 | 88.37 | 137.95 | 68.91 |
| Inventory Days | 20.03 | 4.24 | 3.11 | 161.92 | 49.57 | 34.24 | 30.02 | 46.45 | 71.98 | 3.41 |
| Days Payable | 68.13 | 15.08 | 5.46 | 458.31 | 192.76 | 319.74 | 171.61 | 373.78 | 565.28 | 282.67 |
| Cash Conversion Cycle | 283.95 | 141.61 | 6.43 | 291.49 | 299.06 | -115.25 | -80.27 | -238.96 | -355.35 | -210.35 |
| Working Capital Days | -19.88 | 141.95 | 5.57 | 624.05 | 424.62 | -15.41 | -11.97 | 12.05 | 14.24 | 25.32 |
| ROCE % | -26.41 | 16.91 | 11.05 | 137.12 | 16.94 | — | 0.37 | 15.89 | 0.65 | 0.08 |

## Shareholding Pattern

### annual

| Category | Mar 2025 | Dec 2025 |
| --- | --- | --- |
| Promoters | 74.96% | 74.96% |
| FIIs | 0.53% | 0.22% |
| DIIs | 3.66% | 3.66% |
| Public | 20.86% | 21.16% |
| No. of Shareholders | 40080 | 36786 |

### Quarterly

| Category | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Promoters | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% | 74.96% |
| FIIs | 0.94% | 0.51% | 0.53% | 0.51% | 0.23% | 0.22% |
| DIIs | 3.66% | 3.66% | 3.66% | 3.66% | 3.66% | 3.66% |
| Public | 20.45% | 20.88% | 20.86% | 20.87% | 21.16% | 21.16% |
| No. of Shareholders | 39880 | 41020 | 40080 | 39424 | 38258 | 36786 |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 3 Feb - Trading window closed until 48 hours after results; board meets Feb 12, 2026. | [Closure of Trading Window 3 Feb - Trading window closed until 48 hours after results; board meets Feb 12, 2026.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/dedc2955-ae90-4826-86ac-57853d22675b.pdf) |
| 25 Feb - Board approved Rs.35 Crore rolling mill (150,000 TPA) at Bilaspur for FY2026-27. | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015. 25 Feb - Board approved Rs.35 Crore rolling mill (150,000 TPA) at Bilaspur for FY2026-27.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/01810996-ed4a-436d-9bb6-0dbd71c6999d.pdf) |
| 24 Feb - Board approved 150,000 TPA Bilaspur TMT mill; Rs.35 Crore capex, FY2026-27. | [Announcement Under Regulation 30 Of SEBI (LODR) Regulations 2015. 24 Feb - Board approved 150,000 TPA Bilaspur TMT mill; Rs.35 Crore capex, FY2026-27.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/79af4ff2-69e7-4741-b307-6ba61d6b6856.pdf) |
| 19 Feb - CARE A-; Stable assigned/reaffirmed for bank facilities totaling Rs128 crore; Rs50 crore LC/BG (Feb 19, 2026) | [Announcement under Regulation 30 (LODR)-Credit Rating 19 Feb - CARE A-; Stable assigned/reaffirmed for bank facilities totaling Rs128 crore; Rs50 crore LC/BG (Feb 19, 2026)](https://www.bseindia.com/xml-data/corpfiling/AttachHis/99d08ffb-4be1-45dd-84aa-13cefdeff83c.pdf) |
| 13 Feb - Copy of newspaper publication of financial results for the quarter ended December 31, 2025. | [Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Feb - Copy of newspaper publication of financial results for the quarter ended December 31, 2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/17564bde-b4f2-444b-959d-3b88d6dea39c.pdf) |
| 12 Feb - Monitoring agency CARE report for quarter ended Dec 31, 2025: Rs171 crore IPO proceeds mostly utilized; minor Billet plant delay. | [Announcement under Regulation 30 (LODR)-Monitoring Agency Report 12 Feb - Monitoring agency CARE report for quarter ended Dec 31, 2025: Rs171 crore IPO proceeds mostly utilized; minor Billet plant delay.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/d96dc3d7-7d59-4b90-8491-358d3edc19a7.pdf) |
| 12 Feb - Approved unaudited results for period ended Dec 31, 2025; approved 21MW Bilaspur solar plant, Rs70 crore, FY2026-27. | [Board Meeting Outcome for Board Meeting Outcome And Submission Of Financial Results For The Quarter Ended December 31, 2025. 12 Feb - Approved unaudited results for period ended Dec 31, 2025; approved 21MW Bilaspur solar plant, Rs70 crore, FY2026-27.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/cb58b0ec-0158-4685-89f8-1b8b0772b03c.pdf) |
| — | [Submission Of Financial Results For The Quarter Ended December 31, 2025. 12 Feb](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8a055145-bf62-4cd0-9a0d-9320bd5fefcd.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Financial Year 2025 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/8cdc3dc0-0fd7-462a-92f0-bee6a58d9e4b.pdf) |
| from bse | [Financial Year 2024 from bse](https://www.bseindia.com/xml-data/corpfiling/AttachHis/061c65fe-447b-4ca7-b4c3-422641fa6d47.pdf) |

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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 2026-09-13T21:52:38.416Z.