Reported Earnings • May 16
Full year 2026 earnings released: ₹0.51 loss per share (vs ₹0.51 loss in FY 2025) Full year 2026 results: ₹0.51 loss per share (further deteriorated from ₹0.51 loss in FY 2025). Revenue: ₹2.40b (up 80% from FY 2025). Net loss: ₹32.7m (loss widened 49% from FY 2025). New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 97% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (₹4.23b market cap, or US$44.5m). Reported Earnings • Feb 12
Third quarter 2026 earnings released: ₹1.30 loss per share (vs ₹0.54 profit in 3Q 2025) Third quarter 2026 results: ₹1.30 loss per share (down from ₹0.54 profit in 3Q 2025). Revenue: ₹530.9m (up 51% from 3Q 2025). Net loss: ₹70.6m (down 401% from profit in 3Q 2025). New Risk • Feb 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 98% per year over the past 5 years. High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (₹3.65b market cap, or US$40.2m). Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹67.22, the stock trades at a trailing P/E ratio of 72x. Average trailing P/E is 28x in the Pharmaceuticals industry in India. Total loss to shareholders of 30% over the past year. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: ₹0.04 (vs ₹1.09 loss in 2Q 2025) Second quarter 2026 results: EPS: ₹0.04 (up from ₹1.09 loss in 2Q 2025). Revenue: ₹470.7m (up 119% from 2Q 2025). Net income: ₹2.00m (up ₹49.4m from 2Q 2025). Profit margin: 0.4% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Announcement • Aug 28
Valiant Laboratories Limited, Annual General Meeting, Sep 25, 2025 Valiant Laboratories Limited, Annual General Meeting, Sep 25, 2025, at 11:30 Indian Standard Time. New Risk • Aug 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 111% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (₹4.78b market cap, or US$54.7m). New Risk • Aug 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 111% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (₹4.99b market cap, or US$57.0m). Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹0.42 (vs ₹0.12 loss in 1Q 2025) First quarter 2026 results: EPS: ₹0.42 (up from ₹0.12 loss in 1Q 2025). Revenue: ₹474.8m (up 151% from 1Q 2025). Net income: ₹18.2m (up ₹23.3m from 1Q 2025). Profit margin: 3.8% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Announcement • Aug 06
Valiant Laboratories Limited to Report Q1, 2026 Results on Aug 08, 2025 Valiant Laboratories Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 21
Full year 2025 earnings released: ₹0.51 loss per share (vs ₹0.084 profit in FY 2024) Full year 2025 results: ₹0.51 loss per share (down from ₹0.084 profit in FY 2024). Revenue: ₹1.39b (down 24% from FY 2024). Net loss: ₹22.0m (down ₹25.2m from profit in FY 2024). Announcement • May 14
Valiant Laboratories Limited to Report Q4, 2025 Results on May 20, 2025 Valiant Laboratories Limited announced that they will report Q4, 2025 results on May 20, 2025 Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: ₹0.54 (vs ₹0.81 loss in 3Q 2024) Third quarter 2025 results: EPS: ₹0.54 (up from ₹0.81 loss in 3Q 2024). Revenue: ₹352.3m (down 13% from 3Q 2024). Net income: ₹23.5m (up ₹58.5m from 3Q 2024). Profit margin: 6.7% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Announcement • Jan 31
Valiant Laboratories Limited to Report Q3, 2025 Results on Feb 07, 2025 Valiant Laboratories Limited announced that they will report Q3, 2025 results on Feb 07, 2025 Reported Earnings • Nov 14
Second quarter 2025 earnings released: ₹1.09 loss per share (vs ₹0.24 profit in 2Q 2024) Second quarter 2025 results: ₹1.09 loss per share (down from ₹0.24 profit in 2Q 2024). Revenue: ₹248.4m (down 58% from 2Q 2024). Net loss: ₹47.4m (down ₹55.3m from profit in 2Q 2024). Announcement • Nov 08
Valiant Laboratories Limited to Report Q2, 2025 Results on Nov 12, 2024 Valiant Laboratories Limited announced that they will report Q2, 2025 results on Nov 12, 2024 Announcement • Aug 06
Valiant Laboratories Limited to Report Q1, 2025 Results on Aug 12, 2024 Valiant Laboratories Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Reported Earnings • Jul 23
Full year 2024 earnings released: EPS: ₹0.084 (vs ₹8.91 in FY 2023) Full year 2024 results: EPS: ₹0.084 (down from ₹8.91 in FY 2023). Revenue: ₹1.82b (down 46% from FY 2023). Net income: ₹3.20m (down 99% from FY 2023). Profit margin: 0.2% (down from 8.7% in FY 2023). Announcement • Jul 18
Valiant Laboratories Limited, Annual General Meeting, Aug 08, 2024 Valiant Laboratories Limited, Annual General Meeting, Aug 08, 2024, at 11:00 Indian Standard Time. New Risk • May 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 62% over the past year. High level of non-cash earnings (30% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.2% net profit margin). Market cap is less than US$100m (₹6.17b market cap, or US$73.9m). Reported Earnings • May 16
Full year 2024 earnings released: EPS: ₹0.13 (vs ₹13.36 in FY 2023) Full year 2024 results: EPS: ₹0.13 (down from ₹13.36 in FY 2023). Revenue: ₹1.92b (down 62% from FY 2023). Net income: ₹3.20m (down 99% from FY 2023). Profit margin: 0.2% (down from 8.7% in FY 2023). The decrease in margin was driven by lower revenue. Announcement • May 16
Valiant Laboratories Limited Appoints Prajakta Patil as the Company Secretary and Compliance Officer Valiant Laboratories Limited at its Meeting held on May 14, 2024 announced appointment of Ms. Prajakta Patil as the Company Secretary and Compliance Officer of the Company with effect from May 14, 2024. Ms. Prajakta Patil (ACS 53370), is a member of Institute of Company Secretaries of India and L.L.B. Graduate from Mumbai University. She has an experience of 8 years in Secretarial and Compliance Management across organizations like Jost's Engineering Company Limited, Infrastructure Leasing & Financial Services Limited (IL&FS) etc. Buy Or Sell Opportunity • May 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to ₹142. The fair value is estimated to be ₹179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last year. Earnings per share has declined by 53%. Announcement • May 09
Valiant Laboratories Limited to Report Q4, 2024 Results on May 14, 2024 Valiant Laboratories Limited announced that they will report Q4, 2024 results on May 14, 2024 Board Change • Mar 31
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. CFO & Executive Director Paresh Shah is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Mar 30
Valiant Laboratories Limited Announces Resignation of Saloni Mehta as Company Secretary & Compliance Officer, with effect from close of business hour on March 31, 2024 Valiant Laboratories Limited announced that Ms. Saloni Mehta, Company Secretary & Compliance Officer of the Company has tendered her resignation vide her letter dated March 29, 2024 and will be relieved from the services of the Company with effect from close of business hour on March 31, 2024. Saloni Mehta, Company Secretary & Compliance Officer has confirmed that there is no other Material Reason for her resignation other than those provided in resignation letter. Buy Or Sell Opportunity • Mar 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₹143. The fair value is estimated to be ₹179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last year. Earnings per share has declined by 53%. New Risk • Feb 12
New major risk - Revenue and earnings growth Revenue has declined by 9.8% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 9.8% over the past year. Minor Risks Less than 3 years of financial data is available. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.3% net profit margin). Market cap is less than US$100m (₹7.93b market cap, or US$95.5m). Reported Earnings • Feb 12
Third quarter 2024 earnings released Third quarter 2024 results: ₹0.81 loss per share. Net loss: ₹35.0m (flat on 3Q 2023). Announcement • Feb 02
Valiant Laboratories Limited to Report Q3, 2024 Results on Feb 09, 2024 Valiant Laboratories Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹205, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 35x in the Pharmaceuticals industry in India. New Risk • Nov 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (44% accrual ratio). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (₹8.30b market cap, or US$99.7m). Announcement • Oct 31
Valiant Laboratories Limited to Report Q2, 2024 Results on Nov 06, 2023 Valiant Laboratories Limited announced that they will report Q2, 2024 results on Nov 06, 2023