Key Metrics of Makers Laboratories Limited
About Makers Laboratories Limited
Sectors
Company details
- Registered office
- Plot No. 54d, Kandivli Industrial Estate, Kandivli (west), Mumbai, In-mh, 400067
- Listed
- NSE: MAKERSL · ₹189.18
Operational Areas of Makers Laboratories Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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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 |
|---|---|---|---|---|---|---|---|
| 04 Sep 2026 | CARE | Reaffirmed | BBB+ | — | Stable | ₹8.00 Cr | View |
| 03 Sep 2025 | CARE | Other | — | — | — | — | View |
| 08 Oct 2024 | CARE | Reaffirmed | BBB+ | — | Stable | ₹8.06 Cr | View |
| 05 Feb 2024 | CARE | Reaffirmed | BBB+ | — | Stable | ₹8.40 Cr | View |
| 08 Mar 2023 | CARE | Reaffirmed | BBB+ | — | Stable | ₹8.40 Cr | View |
| 24 Mar 2022 | CARE | Reaffirmed | BBB+ | — | Stable | ₹24.0 Cr | View |
| 22 Mar 2021 | CARE | Reaffirmed | BBB+ | — | Stable | ₹12.0 Cr | View |
| 11 Feb 2020 | CARE | Reaffirmed | BBB+ | — | Stable | ₹25.0 Cr | View |
| 04 Jan 2019 | CARE | Assigned | BBB+ | — | Stable | ₹25.0 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Experienced and resourceful promoters with established track record in pharmaceutical industry
MLL benefits from extensive experience and resourcefulness of its promoters, who are also the promoters of IPCA. Premchand Godha, Chairman of IPCA and one of the promoters of MLL, has over four decades of experience in the pharmaceutical industry. He is a Chartered Accountant with over four decades of experience in the Pharmaceutical Industry. He has been instrumental in turning around IPCA from a sick unit in 1975 to a profitable international pharmaceutical company. The company’s day-to-day
+ Diversified business segments backed by approved manufacturing facilities
MLL operates in the pharmaceutical formulations segment, with a focus on generic products across therapeutic categories including anti-malarial, antibiotic, antibacterial, anti-inflammatory, analgesic, anti-diabetics in the domestic market. The company procures its products on procure-to-pay (P2P) basis and loan licensing basis from companies in the excise free zone of Himachal Pradesh and Uttarakhand. Vendor facilities are fully certified, including current good manufacturing practice (CGMP). M
+ Established supplier relationships and PAN India distribution network
MLL’s long-standing presence in the pharmaceutical industry and association with IPCA, has enabled it to develop strong and dependable relationships with approved suppliers and third-party manufacturers. On the distribution side, the company has an established pan-India network comprising consignment agents, super stockists, stockists and a field force. MLL has also adopted a ‘direct-to-chemist’ model under its Maximus division. The company supplies these products through depots across regions,
+ Sustained improvement in operating performance
MLL’s operating performance improved consistently in the last few years, supported by healthy volume growth, particularly in the speciality chemicals segment amid sustained demand. The company’s total operating income (TOI) grew by ~17% in FY26 (y-o- y). The speciality chemicals segment remained the key revenue driver, contributing over 60% to consolidated TOI in FY26. PBILDT margin also witnessed sustained improvement, from 1.46% in FY24 to 11.30% in FY26, aided by a favourable product mix, and
+ Comfortable financial risk profile
The company has a comfortable financial risk profile, marked by overall gearing of 0.10x as on March 31, 2026 (March 31, 2025 : 0.06x). Total debt increased to ~₹12 crore in FY26 considering higher letter of credit (LC) backed creditors and increased working capital borrowings. Despite increase in debt levels, debt coverage indicators remained comfortable, with total debt to gross cash accruals (TD/GCA) at 1.02x in FY26 (FY25: 0.45x), and TD/PBILDT ~0.78x in FY26 (FY25: 0.79x).
+ Liquidity: Adequate
MLL’s cash accruals are expected to remain sufficient to meet its scheduled repayments of ~₹1.03 crore in FY27 and FY28, each . Fund-based limit utilisation stood at 77% for 12 months ended June 30, 2026, providing additional cushion to meet its incremental working capital requirements in the medium term. MLL on a consolidated basis had cash and cash equivalents of ~₹12 crore as on March 31, 2026.The company would only incur maintenance capex in the medium term, apart from the proposed acquisiti
Credit challenges
− Profitability susceptible to volatile raw material prices and foreign exchange fluctuation risk
MLL’s operations remain exposed to volatility in the prices of active pharmaceutical ingredients (APIs), excipients, and petrochemical-based feedstocks used in manufacturing its products. Prices of these inputs are influenced by crude oil, natural gas, methanol and broader petrochemical cycles, global supply chain conditions and demand-supply imbalances. A sharp increase in raw material prices can pressurise operating profitability when such increase in costs cannot be passed on immediately beca
− Proposed acquisition related uncertainties in near term
RSL will acquire a manufacturing facility from Kaygee Laboratories Private Limited(one of promoter group entities) on a slump sale basis for ~₹30 crore. The acquisition will be primarily funded by available liquid surplus as on March 31, 2026, internal accruals in H1FY27 and ICDs from related parties (if there is any shortfall). The facility being acquired is engaged in manufacturing key base materials and pharma intermediates, some of which are used by RSL as raw materials. Timely integrating a
− Exposure to regulatory risk
MLL remains exposed to regulatory risks across both businesses operating in pharmaceutical and chemical industry. The pharmaceutical industry is highly regulated and requires approvals, licenses, registrations, and permissions for conducting business activities. Approval process for a new product registration is complex, lengthy, and expensive. The time taken to obtain approval varies across countries and authorities, usually taking a minimum of six months to several years from the date of
Could lead to an upgrade
• Achieving profit before interest, lease rentals, depreciation and taxation (PBILDT) margin above 10% on a sustained basis. • Sizeable growth in its scale of operations.
Could lead to a downgrade
• Deterioration in capital structure with overall gearing above 0.50x. • Significant dilution in promoter shareholding in the company.
Agency-reported financials (CARE, 04 Sep 2026)
| Metric | Q1FY27 |
|---|---|
| Total operating income | ₹42.77 Cr |
| PBILDT | ₹6.96 Cr |
| Profit after tax (PAT) | ₹4.60 Cr |
| Overall gearing (x) | — |
| Interest coverage (x) | 46.86× |
| EBITDA margin | 16.3% |
| Implied interest cost (EBITDA ÷ coverage) | ₹0.15 Cr |
| PAT margin | 10.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹8.00 Cr | — | BBB+ (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Term Loan | — | Withdrawn |
| Working Capital Limits | ₹8.00 Cr | CARE BBB+; Stable |
Lenders
| Fund-based - LT | Working Capital Limits | Proposed |
| Fund-based - LT | Working Capital Limits | Yes Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2023-24
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 |
| Next action stable or better (model) | 72% |
| Information on file | 56% · missing: Audited financial statements (last 18 months), 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: 72% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 46.86×
What happened, step by step
- Mar 2021 — Rated term loans fell from ₹8.7 cr to ₹0 cr
- Mar 2022 — ₹14.75 cr raised through equity
“MLL is raising funds through Rights issue of Rs.14.75 crore to fund its upgradation capex.”
- Mar 2021 — Rated term loans fell from ₹8.7 cr to ₹0 cr
- Mar 2022 — ₹14.75 cr raised
“MLL is also undertaking capex of ~Rs.12 crore for improvement in manufacturing process at Naroda, Ahmedabad plant through receipt of Right issue of Rs.14.75 crore.”
Rated limits by facility
Timeline
From the report
MLL on a consolidated basis had cash and cash equivalents of ~₹12 crore as on March 31, 2026.The company would only incur maintenance capex in the medium term, apart from the proposed acquisition of a manufacturing facility from Kaygee Laboratories Private Limited.
From the report
MLL acquired 45.48% stake in RSL for cash consideration of ₹22.37 crore.
From the report
Liquidity: Adequate MLL’s liquidity profile is marked by modest cash and liquid investments of ₹0.36 crore as on March 31, 2025, and current ratio at 3.2x as on March 31, 2025.
From the report
The company does not have term loan from lenders.However, it has ₹3.08 crore outstanding loan from lenders for its subsidiary, RSL, for which the company has repayment obligation of ₹1.03 crore in FY26 against the expected cash accruals of ~₹6 crore.
From the report
The company does not have term loan from lenders.However, it has ₹3.08 crore outstanding loan from lenders for its subsidiary, RSL, for which the company has repayment obligation of ₹1.03 crore in FY26 against the expected cash accruals of ~₹6 crore.
From the report
In view of such support, coupled with unutilised lines of credit (average working capital utilisation for the last 12 months ending June 2025 remained at 8.72%), MLL’s liquidity position is expected to remain adequate in the near term. 2 CARE Ratings Ltd.
From the report
MLL acquired 45.48% stake in RSL for cash consideration of ₹22.37 crore.
From the report
Press Release Liquidity: Adequate MLL’s liquidity profile is marked by modest cash and liquid investments of ₹4.62 crore as on March 31, 2024, and current ratio at 1.87x as on March 31, 2024.
From the report
For FY25, MLL has term debt repayment obligation of ₹1.42 crore against expected cash accruals of ~₹6.50 crore, of which, MLL has repaid to the tune of ₹0.71 crore till August 31, 2024.
From the report
For FY25, MLL has term debt repayment obligation of ₹1.42 crore against expected cash accruals of ~₹6.50 crore, of which, MLL has repaid to the tune of ₹0.71 crore till August 31, 2024.
From the report
MLL acquired 45.48% sta ke in RSL for cash consideration of ₹22.37 crore.
From the report
During FY23, MLL has raised funds through rights issue amounting ₹14.75 crore to fund its upgradation capex.
From the report
Press Release Liquidity: Adequate MLL’s liquidity profile is marked by modest cash and cash equivalents of ₹0.48 crore as on September 30, 2023, and current ratio at 2.28x as on March 31, 2023.
From the report
For FY24, MLL has the term debt repayment obligation of ₹2.58 crore as against expected cash accruals of around ₹4 crore, out of which MLL has repaid to the tune of ₹2.40 crore till December 31, 2023.
From the report
For FY24, MLL has the term debt repayment obligation of ₹2.58 crore as against expected cash accruals of around ₹4 crore, out of which MLL has repaid to the tune of ₹2.40 crore till December 31, 2023.
From the report
MLL has acquired 45.48% stake in RSL for cash consideration of ₹22.37 crore.
From the report
The company’s debt profile comprises of working capital bank borrowings and term loan availed in FY19-20 for funding the new ophthalmic facility.
From the report
During Q1FY23, MLL has raised funds through Rights issue of Rs.14.75 crore to fund its upgradation capex.
From the report
Consequently, MLL’s average working capital utilization remained moderate around 35% for 12-month period ending in December 2022. 2 CARE Ratings Ltd.
From the report
Liquidity: Adequate MLL’s liquidity profile is marked by modest cash and bank balance of Rs.0.25 crore as on September 30, 2022 and current ratio at 1.89x as on March 31, 2022.
From the report
MLL’s working capital limits are utilized till the extend of 35% of sanctioned limits.
From the report
For FY23, MLL has term debt repayment obligation of Rs.2.84 crore against expected cash accruals of Rs. 2.96 crore.
From the report
For FY23, MLL has term debt repayment obligation of Rs.2.84 crore against expected cash accruals of Rs. 2.96 crore.
From the report
Nevertheless, the comfort is drawn at the back that the company during H1FY23 already raised Rs. 14.75 crore through right issue, the proceeds of the same are partly being utilized for meeting debt obligations, operational requirements and also for undertaking the capex..
From the report
MLL has acquired 45.48% stake in RSL for cash consideration of Rs. 22.37 crore.
From the report
The company’s debt profile comprises of working capital bank borrowings, and term loan availed in FY19-20 for funding the new ophthalmic facility.
From the report
MLL is raising funds through Rights issue of Rs.14.75 crore to fund its upgradation capex.
From the report
Consequently, MLL’s average working capital utilization remained moderate at 62% for 12-month period ending in December, 2021. 2 CARE Ratings Ltd.
From the report
Liquidity: Adequate MLL’s liquidity profile is marked by modest cash and bank balance of Rs.0.25 crore and current ratio at 1.08x as on March 31, 2021.
From the report
MLL’s working capital limits are utilized till the extend of 62% of sanctioned limits.
From the report
For FY22, MLL has gross repayment of Rs.2.57 crore against expected cash accruals of Rs.3.93 crore.
From the report
MLL is also undertaking capex of ~Rs.12 crore for improvement in manufacturing process at Naroda, Ahmedabad plant through receipt of Right issue of Rs.14.75 crore.
From the report
MLL has acquired 45.48% stake in RSL for cash consideration of Rs. 22.37 crore.
From the report
The company’s debt profile comprises of worki ng capital bank borrowings, and term loan availed in FY19-20 for funding the new ophthalmic facility.
From the report
Going forward, MLL’s overall gearing is expected to increase marginally as the company has availed ECLCG loan of Rs. 2 crore and enhancement in working capital limits to Rs.5 crore.
From the report
MLL paid total cash consideration of Rs.22.37 crore for acquiring controlling stake in RSL.
From the report
Consequently, MLL’s average working capital utilization remained moderate at 44% for 12-month period ending in December, 2020.
From the report
Liquidity analysis: Adequate The company has cash and bank balance of Rs. 3.20 crore and current ratio at 1.09x as onSeptember 30, 2020.
From the report
MLL’s average working capital utilization stood at 44% for 12-month period ending in December, 2020.
From the report
MLL has repayments of Rs.2.16 crore of bank borrowings in FY21 against expected cash accruals of Rs.2.50 crore.
From the report
Further, MLL has availed enhancement in working capital limits and ECLGS loan.
From the report
The company’s debt profile comprises of working capital bank borrowings, and term loan availed in FY19 for funding the new ophthalmic facility.
From the report
The company’s utilization on working capital bank borrowings has been low with average utilization being 13% during the past 12 months ended November, 2019.
From the report
The company’s cash profit stood at Rs.3.75 crore during FY19 and at Rs.0.83 crores at H1 FY20 against which the the company has repayment of Rs. 0.40 crore due in February 2020.
From the report
The company’s Gross Cash Accruals stood at Rs. 4.50 crore during FY18.
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 Makers Laboratories Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Dr. Reddy's Laboratories |
Part of Dr. Reddy's Laboratories. | drreddys.com | 1984 | India |
 Aurobindo Pharma |
Part of Aurobindo Pharma. | aurobindo.com | 1986 | Hyderabad, India |
 Cipla |
Part of Cipla. | cipla.com | 1935 | Mumbai, India |
| Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | lupin.com | 1968 | India | |
 Glenmark Pharmaceuticals |
Part of Glenmark Pharmaceuticals. | glenmarkpharma.com | 1977 | Mumbai, India |
| Part of Biocon. | biocon.com | 1978 | Bangalore, India | |
 Alkem Laboratories Limited |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | alkemlabs.com | 1973 | Mumbai, Maharashtra, India |
 Torrent Pharmaceuticals |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | torrentpharma.com | 1959 | Ahmedabad, India |
| Aster DM Quality Care Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
 Thomas Cook India |
Part of Thomas Cook Group. | thomascook.in | 1978 | Mumbai, 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
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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