Bilcare Limited (BI) · mywealthgrid

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About

Bilcare Limited operates in healthcare research, analytics, and technology services within the broader healthcare sector. With a market cap of ₹216.6 crore and recent quarterly revenues in the ₹70–80 crore range, it provides research and analytical capabilities for healthcare organizations. Recent years show significant operational and financial volatility.

Face value: ₹10

Market cap

₹227 Cr

P/E

—

P/B

0.5×

Dividend yield

ROE

-6%

ROCE

1.5%

Debt / equity

1.43

OPM

5.7%

EPS (TTM)

₹-12.2

Book value

₹199.2

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Earnings volatility and negative shareholder returns: ROE of −5.96% despite 5.66% operating margin indicates significant below-the-line drains; net profit swung from +₹83.39 Cr to −₹109.97 Cr across recent quarters despite stable revenues.
High leverage amplifies downside: Debt-to-equity of 1.43 creates financial fragility and constrains flexibility in revenue downturns.
Margin compression without clear driver: Operating margin fell from 11.35% (Jun 2020) to 2.67% (Mar 2021) despite revenue growth; verify what caused this and whether it is structural.
Muted analyst coverage (PE n/a): Verify whether this reflects market difficulty modeling earnings volatility or limited institutional interest.

Generated analysis · source review pending

Growth drivers

Revenue grew 51% year-over-year from ₹53.43 Cr (Mar 2020) to ₹80.67 Cr (Mar 2021); sustaining this momentum would drive expansion, though verify whether this reflects organic growth or one-time work.
Operating margin compressed from 11.35% (Jun 2020) to 2.67% (Mar 2021) despite higher revenue; recovery toward prior levels would significantly expand net profitability.
Healthcare research and analytics sector benefits from digitalization and regulatory compliance requirements; verify what specific demand drivers (regulations, consolidation, technology adoption) create opportunities for Bilcare.

Generated analysis · source review pending

2,176 historical price candles were omitted because the exchange source has not been verified.

₹96.7-4%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of -2.5% (3-yr avg)
−Thin operating margin of 5.7%
−Revenue shrank over the last 3 years (-2.3% a year)
−Weak interest coverage of 0.2×

Research score

Structured signal from quality, growth, valuation and momentum.

27/100

Business quality: 6
Growth: 0
Valuation: 75

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	623	845	982	747	788
COGS	409	599	737	501	534
Gross profit	214	246	244	246	254
	163	185	187	207	210
Operating profit (EBITDA)	51	60	57	39	45
OPM %	8.2%	7.2%	5.8%	5.2%	5.7%
Depreciation	46	39	38	45	46
Interest	76	69	60	82	83
	45	44	237	16	12
Profit before tax	-25	-4	196	-72	-71
Tax	-14	0	146	-13	-15
Tax %	-55.3%	3.1%	74.4%	-18.4%	-21.3%
	-11	-4	50	-59	-56
PAT margin %	-1.8%	-0.5%	5.1%	-7.8%	-7.1%
EPS (₹)	-9	-5.4	6.4	-14.1	-12.2
EPS adjusted (₹)	-9	-5.4	6.4	-14.1	-12.2
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity capital	24	24	24	24	24	24
Reserves	—	63	52	507	474	445
Minority interest	—	78	86	173	148	121
	—	677	690	637	755	669
	—	222	276	252	167	158
Total equity & liabilities	—	1,064	1,127	1,593	1,568	1,417
	534	493	465	1,044	1,037	937
CWIP	—	1	1	1	1	3
Investments	—	1	1	2	8	11
	—	570	661	546	522	467
Total assets	—	1,064	1,127	1,593	1,568	1,417

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	72	41	-7	62	85
	2	-4	36	-106	81
	-83	-55	-19	36	-169
Net cash flow	-9	-18	10	-7	-3
Free cash flow	66	37	—	—	62
CFO / Operating profit %	140.9%	68.3%	-12.3%	159.6%	190.5%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	34.3%	29.1%	24.9%	32.9%	32.3%
EBITDA margin %	8.2%	7.2%	5.8%	5.2%	5.7%
EBIT margin %	0.9%	2.5%	1.9%	-0.8%	-0.2%
PAT margin %	-1.8%	-0.5%	5.1%	-7.8%	-7.1%
Working capital
Receivable days	90	95	70	73	55
Inventory days	90	83	42	77	80
Payable days	93	102	77	70	57
NWC days	88	76	34	80	78
Leverage
Current ratio	1.08	1.04	1.01	0.99	0.82
Debt to EBITDA	13.3	11.42	11.22	19.28	14.99
Debt to equity	7.85	9.18	1.2	1.52	1.43
Interest coverage	0.3	0.5	0.5	0.2	0.2
Asset turnover	0.59	0.75	0.62	0.48	0.56
Return ratios
Return on assets %	-1%	-0.4%	3.2%	-3.7%	-4%
Return on capital employed %	3.2%	4.8%	2.9%	1.4%	1.5%
Return on equity %	-12.9%	-5.8%	9.5%	-11.8%	-12%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%	30.01%
	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%	0.04%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	69.95%	69.95%	69.95%	69.95%	69.95%	69.95%	69.95%	69.95%	69.95%	69.95%	69.95%	69.95%
No. of shareholders	—	—	—	—	—	—	—	—	16,513	16,068	15,824	15,777

Promoter holding up 0 percentage points since Sep 2023.

33 deals · 15 Nov 2022 – 7 Sept 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 Sept 2026	GUTTIKONDA VARA LAKSHMI	Bulk	NSE	Buy	1,25,814	₹100.64	₹1.27 Cr
19 Aug 2026	GUTTIKONDA VARA LAKSHMI	Bulk	NSE	Sell	1,92,861	₹96.96	₹1.87 Cr
15 Sept 2025	GUTTIKONDA VARA LAKSHMI	Bulk	BSE	Buy	1,75,344	₹93.48	₹1.64 Cr
29 Aug 2025	GUTTIKONDA RAJASEKHAR	Bulk	BSE	Buy	1,20,368	₹70.26	₹0.85 Cr
29 Aug 2025	GUTTIKONDA RAJASEKHAR	Bulk	BSE	Sell	2,756	₹70.35	₹0.02 Cr
3 Apr 2025	GUTTIKONDA RAJASEKHAR	Bulk	BSE	Buy	1,40,931	₹94.56	₹1.33 Cr
28 Mar 2025	GUTTIKONDA VARA LAKSHMI	Bulk	BSE	Buy	1,30,325	₹92.30	₹1.20 Cr
25 Mar 2025	GUTTIKONDA VARA LAKSHMI	Bulk	BSE	Buy	1,39,589	₹82.65	₹1.15 Cr
21 Mar 2025	GUTTIKONDA VARA LAKSHMI	Bulk	BSE	Buy	2,17,673	₹72.07	₹1.57 Cr
21 Mar 2025	SHAH SHARAD KANAYALAL	Bulk	BSE	Sell	2,10,254	₹71.69	₹1.51 Cr

1–10 of 33

1 / 4

Mr. Shreyans BhandariExecutive Director-Chairperson related to Promoter-MD
Mr. Rajesh Shankarrao DeveneNon-Executive - Independent Director
Ms. Kavita BhansaliExecutive Director
Ms. Alka SagarNon-Executive - Independent Director
Ms. Ashwini Ashok HasabnisNon-Executive - Independent Director
Mr. Mohan BhandariChief Executive Officer
Ms. Deepa MathuChief Financial Officer
Mr. Sagar R. BahetiCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Bilcare Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

5

Dividend dividend20 Sept 2012 · ex-date₹2
Dividend dividend20 Sept 2011 · ex-date₹3
Dividend dividend23 Sept 2010 · ex-date₹2.5
Dividend dividend17 Sept 2009 · ex-date₹2.5
Dividend dividend20 Sept 2007 · ex-date₹4

1

Board meeting to consider results13 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

18 announcementsExport CSV

29 Sept 2026, 7:37 pmAGM/EGM

Voting Results Of 39Th Annual General Meeting And Scrutinizers Report

AGM PDF

28 Sept 2026, 5:26 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

21 Sept 2026, 12:16 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

7 Sept 2026, 10:45 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

4 Sept 2026, 11:24 pmOthers

Board Meeting Outcome for Outcome Of Board Meeting

Outcome without intimation PDF

4 Sept 2026, 11:21 pmOthers

Reg. 34 (1) Annual Report.

Reg. 34 (1) Annual Report PDF

4 Sept 2026, 11:18 pmAGM/EGM

Annual Report - 2025-26

AGM PDF

22 Aug 2026, 10:38 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

Date	Category	Subject	Filing
29 Sept 2026, 7:37 pm	AGM/EGM AGM	Voting Results Of 39Th Annual General Meeting And Scrutinizers Report	PDF
28 Sept 2026, 5:26 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Margins
Gross margin %	34.3%	29.1%	24.9%	32.9%	32.3%
EBITDA margin %	8.2%	7.2%	5.8%	5.2%	5.7%
EBIT margin %	0.9%	2.5%	1.9%	-0.8%	-0.2%
PAT margin %	-1.8%	-0.5%	5.1%	-7.8%	-7.1%
Working capital
Receivable days	90	95	70	73	55
Inventory days	90	83	42	77	80
Payable days	93	102	77	70	57
NWC days	88	76	34	80	78
Leverage
Current ratio	1.08	1.04	1.01	0.99	0.82
Debt to EBITDA	13.3	11.42	11.22	19.28	14.99
Debt to equity	7.85	9.18	1.2	1.52	1.43
Interest coverage	0.3	0.5	0.5	0.2	0.2
Asset turnover	0.59	0.75	0.62	0.48	0.56
Return ratios
Return on assets %	-1%	-0.4%	3.2%	-3.7%	-4%
Return on capital employed %	3.2%	4.8%	2.9%	1.4%	1.5%
Return on equity %	-12.9%	-5.8%	9.5%	-11.8%	-12%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Syngene International LimitedSYNGENESYNGENE	₹14,586 Cr	₹14,595 Cr	₹3,600 Cr	₹803 Cr	24.6%	₹221 Cr	8.5%	9.8%	6.6%	-32
Indegene LimitedINDGNINDGN	₹14,303 Cr	₹14,303 Cr	₹3,813 Cr	₹638 Cr	17.6%	₹401 Cr	11.4%	17.9%	13.9%	79
Suven Life Sciences LimitedSUVENSUVEN	₹8,139 Cr	₹8,139 Cr	₹9 Cr	₹-366 Cr	—	₹-352 Cr	—	-78.4%	-78.8%	72
Vimta Labs LimitedVIMTALABSVIMTALABS	₹2,612 Cr	₹2,631 Cr	₹336 Cr	₹112 Cr	27.3%	₹61 Cr	12.9%	17.4%	13.6%	179
Bilcare LimitedBIBI	₹227 Cr	₹896 Cr	₹788 Cr	₹45 Cr	5.7%	₹-29 Cr	-7.1%	1.5%	-6%	78
Take Solutions LimitedTAKETAKE	₹187 Cr	₹187 Cr	₹85 Cr	₹-2 Cr	-3.5%	₹13 Cr	20%	18.5%	42.1%	-7
Jeevan Scientific Technology LtdJSTLJSTL	₹169 Cr	₹186 Cr	₹62 Cr	₹10 Cr	16%	₹0 Cr	1.7%	5.4%	1.7%	-109
Novelix Pharmaceuticals LtdNOVELIXNOVELIX	₹167 Cr	₹167 Cr	₹9 Cr	₹-3 Cr	-29.9%	₹-2 Cr	-23.6%	-28.1%	-28.5%	57
Globalspace Technologies LtdGSTLGSTL	₹103 Cr	—	₹25 Cr	₹11 Cr	5.9%	₹7 Cr	-1.4%	—	—	—
Adeshwar Meditex LtdADESHWARADESHWAR	₹23 Cr	—	₹56 Cr	₹3 Cr	4.9%	₹1 Cr	2.3%	—	—	—
Vanta Bioscience LtdVANTABIOVANTABIO	₹15 Cr	—	₹2 Cr	₹1 Cr	56.6%	₹0 Cr	6%	—	—	—

Bilcare Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Dividends5

Board meetings1

Announcements

Dividends5

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Return on equity

5

1

5

1