Macleods Pharmaceuticals Ltd
Debt-free, ₹9,700 Cr-revenue formulations major of the Bawri–Agarwal family; a ₹5,000 Cr IPO was filed in 2022 and shelved.
Market cap
₹33,586 Cr
64.90 Cr shares
P/E ratio
18.15
Sector average 30
Book value
₹169.04
P/B 3.06
1-year return
+0.00%
52w ₹518 – ₹530
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹518 → ₹518
52-week band in this window: ₹517.50 – ₹517.50. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 operating income ~₹9,672 Cr (+8%); net worth ₹10,971 Cr; ₹5,600 Cr cash and liquid investments; no bank debt.
- Global leader in anti-TB and anti-retroviral formulations; top-10 Indian pharma company by revenue.
- ₹5,000 Cr IPO filed February 2022 and shelved; Altius shows no live quote, other dealers ₹505–530.
About Macleods
Macleods Pharmaceuticals Limited, incorporated in 1989 and headquartered in Andheri, Mumbai, is among India's ten largest pharmaceutical companies by revenue. It makes branded generics for the Indian market and generic formulations for the US, UK, Africa, CIS and Latin America, with a leading global position in anti-tuberculosis and anti-retroviral drugs supplied to WHO-backed programmes.
Consolidated operating income grew about 8% in FY25 to roughly ₹9,670 Cr on stronger overseas sales. CARE Ratings notes a PBILDT margin of 22–24%, ROCE near 25%, a net worth of ₹10,971 Cr, only ₹37 Cr of lease debt and ₹5,600 Cr of cash and liquid investments at March 2025.
The company filed a DRHP on 15 February 2022 for a ₹5,000 Cr offer for sale — the second-largest pharma IPO planned at the time — but put it on hold over valuation. Managing director Dr Rajendra Agarwal, one of three promoters with brothers-in-law Girdharilal and Banwarilal Bawri, died in 2025.
Altius Investech shows the stock as N/A; the ₹530 rate is the July 2026 quote on other dealer platforms (₹505–530). Profit and balance-sheet line items are modelled from rating-agency and dealer disclosures. Figures preliminary; verify from MCA filings.
Where the revenue comes from
- India branded formulations45%
Cardiac, anti-diabetic, anti-infective, respiratory brands
- Regulated markets (US, UK, EU)25%
ANDA-based generics
- Emerging markets & institutional30%
Africa, CIS, LatAm plus WHO/Global Fund tenders for TB and ARV drugs
Products & services
Chronic-care brands (India)
Cardiac, anti-diabetic and respiratory brands sold through a 10,000-strong field force.
Anti-infectives, TB & HIV
First- and second-line TB drugs and ARVs supplied to WHO, Global Fund and national programmes.
US and EU generics
Oral solids from USFDA-approved plants in Daman, Baddi and Sikkim.
What works
- • Scale and diversification: ₹9,700 Cr revenue across India, the US and 100+ export markets with no bank debt.
- • Exceptional balance sheet — net worth ₹10,971 Cr and ₹5,600 Cr of cash, giving room for acquisitions or a dividend.
- • Global leader in TB and HIV formulations through WHO, Global Fund and PEPFAR programmes.
What to watch
- • IPO shelved since 2022; unlisted holders depend on the family reviving the listing for a clean exit.
- • Succession after the 2025 death of MD Dr Rajendra Agarwal.
- • US generics pricing pressure and USFDA compliance risk at its plants.
- • Altius shows no live quote; the rate here comes from other dealers. Financial line items are modelled and preliminary.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| MacleodsThis page | ₹517.50 | ₹33,586 Cr | 18.15 | 3.06 | +8.61% |
| Martin & Harris | ₹959.00 | ₹479.5 Cr | 11.99 | 1.88 | +9.92% |
| Pharmed | ₹820.00 | ₹353.11 Cr | 4.37 | 1.19 | +13.55% |
| East India Pharma | ₹39.00 | ₹26.01 Cr | 5.91 | 0.43 | +7.88% |
Latest reported year: FY25 ending 31 Mar 2025.