Key Metrics of Biological E. Limited
About Biological E. Limited
Sectors
Company details
- Website
- Biologicale.com
- Founded
- 1953
- Registered office
- 18/1 And 3,azamabad, Hyderabad, Andhra Pradesh, Hyderabad, In-ts, 500020
Operational Areas of Biological E. Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Jun 2026 | ICRA | Reaffirmed | AA | A1+ | Stable | ₹2,300 Cr | View |
| 30 Jun 2020 | CARE | Withdrawn | A- | A2+ | Stable | — | View |
| 01 Jul 2019 | CARE | Non-cooperating (from AA-) | A | A1 | Stable | ₹450 Cr | View |
| 22 Mar 2018 | CARE | Non-cooperating | AA- | A1+ | Stable | ₹450 Cr | View |
| 25 Apr 2017 | CARE | Revised (from AA) | AA- | A1+ | Stable | ₹900 Cr | View |
| 19 Feb 2016 | CARE | Withdrawn | — | — | — | ₹450 Cr | View |
Credit strengths (ICRA, Jun 2026)
+ Established player in global vaccines segment with strong development capabilities
BEL is among the top five vaccine manufacturers globallywith a volumetric share of 7% in CY2024.
+ Healthy order book, strong product pipeline and increasing diversification leading to reduction in product concentration risk
BEL has a strong order book of around Rs. 4,400 crore in June 2026, which includes orders from UNICEF, PAHO and GoI.
+ Strong financial profile
BEL is estimated to register revenues of Rs. 4,900-5,000 crore in FY2026 with an OPM of around 38% leading to sustained earnings, which have been partly used for repaying/ prepaying its term debt in FY2026.
Credit challenges
—
Could lead to an upgrade
The long-term rating can be upgraded if BEL demonstrates a sustained growth in revenues and healthy profitability, supported by a diversifying vaccines portfolio, while maintaining a strong
Could lead to a downgrade
The ratings may be downgraded if the company’s revenues and profitability weaken on a sustained basis, resulting in pressure on cash flows, and an increase in debt levels. Further, a rise in the company’s working capital intensity of operations may lead to pressure on the ratings. Specific metric which could trigger a rating downgrade would include total debt/OPBDITA of more than 1.0 times on a sustained basis.
Agency-reported financials (ICRA, 30 Jun 2026)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Operating income | ₹2,606 Cr | ₹4,977 Cr | ₹4,976 Cr |
| PAT | ₹805 Cr | ₹753 Cr | — |
| OPBDIT/OI | 31.0% | 45.7% | 38.4% |
| PAT/OI | 30.9% | 15.1% | — |
| Total outside liabilities/Tangible net worth (times) | 0.90× | 0.50× | — |
| Total debt/OPBDIT (times) | 2.20× | 0.40× | 0.20× |
| Interest coverage (times) | 4.20× | 13.70× | 21.50× |
| Revenue growth (YoY) | — | 91.0% | 0.0% |
| EBITDA (margin × income) | ₹808 Cr | ₹2,275 Cr | ₹1,911 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,777 Cr | ₹910 Cr | ₹382 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹192 Cr | ₹166 Cr | ₹88.87 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund-based facilities | Working capital & bank lines | ₹1,300 Cr | ₹1,030 Cr | −20.8% | AA (Stable) | Reaffirmed | ICRA |
| Short-term – Non-fund based facilities Long-term Short-term – Fund | Non-fund based limits | ₹130 Cr | ₹130 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
| based Non-fund-based facilities | Non-fund based limits | ₹755 Cr | ₹800 Cr | 6.0% | AA / A1+ (Stable) | Reaffirmed | ICRA |
| million | Other | — | ₹18.7 Cr | — | — | Other | ICRA |
| Unallocated limits | Other | — | ₹340 Cr | — | AA (Stable) | Reaffirmed | ICRA |
| Rs. crore | Other | — | ₹153 Cr | — | — | Other | ICRA |
| Rs. crore | Other | — | ₹2,488 Cr | — | — | Other | ICRA |
CARE ratings on record (checked 28 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | — | Withdrawn |
| Cash Credit | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 30 Jun 2020 · Withdrawn (reason not stated in report) |
| Next action stable or better (model) | 83% |
| Information on file | 56% · missing: Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 79% chance the next rating action is stable or better
- Current rating AA (investment grade)
- Interest coverage 21.5×
- ₹340 cr of rated limits not yet tied to a lender
What happened, step by step
- Mar 2018 — ₹917 cr raised
- Mar 2018 — Debt free repayment of Debt free
“The capex is funded through debt amounting to Rs.917 crore (to be raised in a phased manner) and balance through internal accruals.”
Rated limits by facility
Timeline
From the report
This has led to an improvement in its financial risk profile with an expected total debt/ OPBDITA of less than 0.5 times as on March 31, 2026 and a net cash surplus position of more than Rs. 1,000 crore. 1 Source: Global vaccine market report 2025, World Health Organisation 2 United Nations Children's Fund 3 Pan American Health Organisation 4 World Health Organisation 5 LPV: Liquid Pentavalent Vaccine;
From the report
Strong financial profile – BEL is estimated to register revenues of Rs. 4,900-5,000 crore in FY2026 with an OPM of around 38% leading to sustained earnings, which have been partly used for repaying/ prepaying its term debt in FY2026.
From the report
Liquidity position: Strong The liquidity position of BEL is strong, supported by expectation of a steady cashflow generation, coupled with cash and liquid investments of more than Rs. 1,700 crore and unutilised bank lines of more than Rs. 1,400 crore as on March 31, 2026.
From the report
Debt free capital structure during FY16; however the same is expected to be marginally leveraged in the medium term: BEL was a debt free entity as on March 31, 2016.
From the report
The capex is funded through debt amounting to Rs.917 crore (to be raised in a phased manner) and balance through internal accruals.
From the report
Debt free capital structure during FY16; however the same is expected to be marginally leveraged in the medium term: BEL was a debt free entity as on March 31, 2016.
From the report
The capex is funded through debt amounting to Rs.917 crore (to be raised in a phased manner) and balance through internal accruals.
From the report
Brief Rationale FEBRUARY 19, 2016 CARE REVISES THE LT RATING AND REAFFIRMS THE ST RATING ASSIGNED TO THE BANK FACILITIES OF BIOLOGICAL E LTD Ratings Amount 1 Instruments Ratings Remarks (Rs. crore) Revised from CARE 200.00 CARE AA Long-term Bank Facilities A+ (enhanced from 100 ) (Double A ) (Single A Plus ) Revised from CARE CARE AA/ CARE A1+ Long-term/Short-term Bank 250.00 A+ /CARE A1+ (Double A/ Facilities (enhanced from 185) (Single A Plus/ A One (A One Plus) Plus ) Long Term Bank Facilities- 0.00 Withdrawn Proposed Term Loan** Total 450.00 (Rupees Four Hundred and Fifty crore only) **CAR
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Biological E. Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Dr. Reddy's Laboratories |
Part of Dr. Reddy's Laboratories. | drreddys.com | 1984 | India |
 Sun Pharmaceutical Industries |
Large Pharma Companies · Pharmaceuticals & Healthcare | sunpharma.com | 1983 | Vadodara, India |
 Aurobindo Pharma |
Part of Aurobindo Pharma. | aurobindo.com | 1986 | Hyderabad, India |
 Cipla |
Part of Cipla. | cipla.com | 1935 | Mumbai, India |
 Zydus Lifesciences |
Large Pharma Companies · Pharmaceuticals & Healthcare | zyduslife.com | 1952 | Ahmedabad, India |
 Glenmark Pharmaceuticals |
Part of Glenmark Pharmaceuticals. | glenmarkpharma.com | 1977 | Mumbai, India |
| Part of Biocon. | biocon.com | 1978 | Bangalore, India | |
 Torrent Pharmaceuticals |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | torrentpharma.com | 1959 | Ahmedabad, India |
 Divi's Laboratories |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | divislabs.com | 1990 | Hyderabad, India |
 India Glycols |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | indiaglycols.com | — | Udham Singh Nagar, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
biotechnology
Filings
No filings on record yet.