Pharmed Ltd Annual Report & Financials

  Pharmed Limited Consolidated Balance Sheet (Rs in Crores)

Particulars	31-03-2026	31-03-2025
Non-Current Assets
Property, Plant And Equipment	45.44	44.27
Intangible Assets	0.03	0.05
Investment Property	2.78	2.79
Goodwill	29.11	29.11
Right-Of-Use Assets	4.00	3.37
Investments	335.96	261.15
Other Financial Assets	0.43	0.37
Deferred Tax Assets (Net)	4.00	3.45
Other Non-Current Assets	1.92	2.95
Current Assets
Inventories	25.77	31.90
Trade Receivables	24.79	26.08
Cash And Cash Equivalents	18.00	10.14
Other Bank Balances	24.56	22.17
Other Financial Assets	1.80	1.51
Current Tax Assets (Net)	0.26	-
Other Current Assets	14.21	10.94
Total Assets	533.06	450.25
Equity
Equity Share Capital	0.86	0.86
Other Equity	433.15	357.97
Non-Current Liabilities
Lease Liabilities	2.91	2.08
Other Financial Liabilities	5.48	5.38
Provisions	3.22	6.06
Current Liabilities
Lease Liabilities	1.37	1.57
Trade Payables - Micro And Small Enterprises	7.80	5.94
Trade Payables - Others	6.89	10.67
Other Financial Liabilities	3.72	3.95
Other Current Liabilities	27.99	26.10
Provisions	39.67	29.60
Current Tax Liabilities (Net)	-	0.07
Total Equity And Liabilities	533.06	450.25

 

Pharmed Limited Consolidated Profit & Loss Statement (Rs in Crores)

Particulars	31-03-2026	31-03-2025
Income
Revenue from Operations	592.22	505.60
Other Income	20.12	22.99
Total Income	612.34	528.59
Expenses
Purchases of Stock-in-Trade	138.90	136.54
Changes in Inventories of Stock-in-Trade	6.13	-2.65
Employee Benefits Expense	185.46	140.63
Finance Costs	0.80	0.68
Depreciation and Amortization Expenses	5.25	4.57
Other Expenses	174.74	142.65
Total Expenses	511.28	422.42
Profit Before Exceptional Items and Tax	101.06	106.17
Exceptional Items - Impact of Labour Codes	1.50	-
Profit Before Tax	99.56	106.17
Current Tax	23.54	24.27
Deferred Tax	-0.55	1.06
Profit for the Period	76.57	80.83
Remeasurement Gains/(Losses) of Defined Benefit Plan	0.12	-1.56
Total Comprehensive Income for the Period	76.69	79.27
Earnings Per Equity Share
Basic & Diluted	177.81	187.72

Pharmed Limited Consolidated Cash Flow Statement (Rs in Crores)

Particulars	31-03-2026	31-03-2025
Cash from Operating Activities
Profit/(Loss) Before Tax	99.56	106.17
Adjustment for:
Depreciation and Amortisation Expenses	5.25	4.57
Loss on Disposal of Property, Plant and Equipment (net)	0.04	0.28
Interest Expenses	0.80	0.68
Notional Rent Expense	0.06	0.06
Remeasurement of Contract Asset	-0.02	-
Remeasurement of Contract Liability	1.88	0.02
Interest Income	-6.62	-6.35
Dividend Income	-0.24	-0.11
Net Gain on Sale of Non-Current Investments	-4.67	-1.70
Net Fair Value Gain on Investments	-7.35	-12.26
Changes in Assets and Liabilities:
Increase/(Decrease) in Provisions	7.24	9.24
Increase/(Decrease) in Other Financial Liabilities	-0.24	1.57
Increase/(Decrease) in Other Current Liabilities	0.01	0.73
Increase/(Decrease) in Trade Payable	-1.92	-0.49
(Increase)/Decrease in Inventories	6.13	-2.66
(Increase)/Decrease in Other Current Assets	-3.31	-3.75
(Increase)/Decrease in Other Non-current Assets	1.15	-0.44
(Increase)/Decrease in Other Financial Assets (Current)	-0.29	-0.82
(Increase)/Decrease in Other Financial Assets (Non-Current)	-0.05	-
(Increase)/Decrease in Trade Receivable	1.29	-3.94
Cash Generated from Operations	98.43	90.81
Payment/(Refund) of Income Tax Paid (Including TDS)	23.62	24.54
Net Cash Flow from Operating Activities	74.81	66.26
Cash Flow from Investing Activities
Purchase of Property, Plant & Equipment and Intangible Assets	-4.78	-4.68
Proceeds from Disposal of Property, Plant & Equipment and Intangible Assets	0.14	0.32
Interest Income	6.62	6.35
Dividend Income	0.24	0.11
Net (Purchase)/Redemption of Investments	-62.79	-54.72
Net Cash Flow from Investing Activities	-60.57	-52.62
Cash Flow from Financing Activities
Final Dividend	-1.51	-1.51
Interim Dividend	-	-1.51
Finance Cost	-0.47	-0.45
Receipt of Other Financial Liabilities	0.10	0.44
Payment of Lease Liabilities	-2.11	-1.92
Net Cash Flow from Financing Activities	-3.99	-4.95
Net Increase/(Decrease) in Cash and Cash Equivalents	10.25	8.69
Opening Cash and Cash Equivalents	32.31	23.62
Closing Cash and Cash Equivalents	42.56	32.31

Summary of Cash Flow Statement for the years:

Cash Flow from Operating Activities: Net cash generated from operating activities increased to Rs. 74.81 crore in FY 2026 from Rs. 66.26 crore in FY 2025, indicating an improvement in the company’s core cash-generating capacity. Cash generated from operations increased from Rs. 90.81 crore to Rs. 98.43 crore, supported by higher profit before tax and favourable working-capital movements, particularly a reduction in inventories and an increase in trade receivables compared with the previous year’s movements. However, income tax payments remained substantial at Rs. 23.62 crore. Overall, operating cash flow remained strong and comfortably positive.

 

Cash Flow from Investing Activities: Net cash used in investing activities increased to Rs. 60.57 crore in FY 2026 from Rs. 52.62 crore in FY 2025, reflecting higher deployment of cash into investments. The major outflow was net purchase/redemption of investments of Rs. 62.79 crore, compared with Rs. 54.72 crore in FY 2025. Capital expenditure remained broadly stable at Rs. 4.78 crore. These outflows were partly offset by interest income of Rs. 6.62 crore and dividend income of Rs. 0.24 crore. The investing cash outflow therefore primarily reflects investment deployment rather than significant expansionary capital expenditure.

 

Cash Flow from Financing Activities: Net cash used in financing activities declined to Rs. 3.99 crore in FY 2026 from Rs. 4.95 crore in FY 2025. The major financing outflow consisted of the final dividend of Rs. 1.51 crore, finance costs of Rs. 0.47 crore and lease liability payments of Rs. 2.11 crore. Unlike FY 2025, when an additional interim dividend of Rs. 1.51 crore was paid, no interim dividend was declared in FY 2026, resulting in a lower overall financing outflow. The company also received Rs. 0.10 crore through other financial liabilities.

 

Net Cash Position: The company recorded a net increase in cash and cash equivalents of Rs. 10.25 crore in FY 2026, compared with Rs. 8.69 crore in FY 2025. Despite substantial cash deployment towards investments, strong operating cash generation was sufficient to cover both investing and financing outflows and produce a positive net cash movement. Consequently, closing cash and cash equivalents increased from Rs. 32.31 crore as of 31 March 2025 to Rs. 42.56 crore as of 31 March 2026, indicating an improvement in the company 's liquidity position. Overall, the cash flow profile remains healthy, with operations being the primary source of cash and investments representing the principal use of funds.

 

Financial ratios of Pharmed Limited 

Particulars	31-03-2026	31-03-2025
Current Ratio	1.25	1.32
Return on Equity Ratio	19.31%	25.21%
Inventory Turnover Ratio	5.03	4.38
Trade Receivables Turnover Ratio	23.28	20.97
Trade Payables Turnover Ratio	20.05	16.57
Net Capital Turnover Ratio	1.49	1.58
Net Profit Ratio	12.93%	15.99%
Return on Capital Employed	22.62%	29.05%
Return on Investment	5.76%	8.27%

 

Summary of Financial Ratios for the year 2026 and 2025:

Current Ratio: The current ratio decreased from 1.32x in FY 2025 to 1.25x in FY 2026, indicating a marginal decline in short-term liquidity. However, the ratio remains above 1.0x, suggesting that the company continues to have adequate current assets to cover its current liabilities.

 

Return on Equity Ratio: ROE declined from 25.21% to 19.31%, indicating that the return generated on shareholders’ equity weakened during FY 2026. Despite the decline, the ratio remains healthy, reflecting a reasonable ability to generate profits from shareholders’ funds.

 

Inventory Turnover Ratio: Inventory turnover improved from 4.38x to 5.03x, indicating faster inventory movement and more efficient utilisation of inventory. This improvement suggests better inventory management and lower capital being tied up in stock.

 

Trade Receivables Turnover Ratio: Trade receivables turnover increased from 20.97x to 23.28x, reflecting improved receivables collection efficiency. The company was able to convert its outstanding receivables into cash more frequently, supporting working-capital efficiency.

 

Trade Payables Turnover Ratio: Trade payables turnover increased from 16.57x to 20.05x, indicating that the company paid its suppliers at a faster rate during FY 2026. While this reflects timely settlement of obligations, it also indicates reduced reliance on supplier credit.

 

Net Capital Turnover Ratio: Net capital turnover declined from 1.58x to 1.49x, indicating a marginal reduction in the efficiency of net working capital utilisation. The company generated slightly lower revenue relative to the net capital employed compared with FY 2025.

 

Net Profit Ratio: Net profit ratio declined from 15.99% to 12.93%, indicating that a smaller proportion of revenue was converted into net profit in FY 2026. This points to a deterioration in overall profitability and suggests that costs or other expenses increased relative to revenue.

 

Return on Capital Employed: ROCE decreased from 29.05% to 22.62%, indicating lower returns generated from the total capital employed. Nevertheless, ROCE above 20% remains strong and indicates that the company continues to utilise its capital base effectively.

 

Return on Investment: ROI declined from 8.27% to 5.76%, indicating weaker returns from investments during FY 2026. This suggests that the company 's investment portfolio generated lower returns compared with the previous year.