Panjon Limited

BSE: 526345
Panjon Limited - healthcare in Indore, Madhya Pradesh, India. FY 2026 financials & compliance.
CIN L24232MP1983PLC002320 Incorporated 23 December 1983 ROC Gwalior HQ Indore, Madhya Pradesh, India
Active Listed - BSE: 526345 Public Limited Company healthcare MSME
Data last updated
Market Cap
₹31.12 Cr
PANJON · BSE
Share Price
₹18.31
+0.99% today
Revenue
₹12.26 Cr
FY 2015-16 · -37.1% YoY
EBITDA
−₹0.26 Cr
Margin -2.1%
Net Profit
₹0.37 Cr
FY 2015-16 · +110.8% YoY
P/E (TTM)
52.5x
P/B 1.9x
ROE
1.8%
ROCE 0.1%
Debt / Equity
0.09
Interest cover 0.0x

About Panjon Limited

Data last updated:

Panjon Limited is a public limited company based in Indore, Madhya Pradesh, India. It operates in the ayurvedic products and services segment of the healthcare sector. It was incorporated on 23 December 1983 and has been in existence for over 43 years.

The company is registered with the Registrar of Companies (ROC), Gwalior, under CIN L24232MP1983PLC002320. Its GSTIN is 23AABCP8460H1ZG (Madhya Pradesh). It is a listed company as per MCA records. Its shares are listed on BSE: 526345.

The company has an authorised share capital of ₹18.5 Cr and a paid-up capital of ₹17.16 Cr. It was formerly known as Panjon Private Limited. It is led by directors including Jay Kothari (Managing Director) and Pooja Vishal Bhandari.

Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Indore, Madhya Pradesh.

As per the latest standalone financials for FY 2025-26, the company reported a revenue of ₹47.62 Cr, a growth of 56.3% compared to the previous year. For the same year it recorded a net profit of ₹60 Lakh (net margin 1.3%) and EBITDA of ₹98 Lakh (EBITDA margin 2.1%).

The company has about 6 employees on its provident fund (EPFO) records.

The company is associated with 1 brand: Panjon. As per MCA filings, the company has open charges of ₹5.89 Cr and satisfied charges of ₹8 Cr on record. Court records list 58 cases involving the company, including 18 filed by the company and 40 filed against it; 16 cases are pending. The company has 10 deals on record (10 market trades); the latest was in June 2006. Its 4 peer companies in the Healthcare industry (Ayurvedic Products and Services), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products) are compared by revenue, 2 larger and 2 smaller; the largest is Maheshwari Pharmaceuticals (India) Limited with revenue of ₹32.92 Cr.

Panjon Limited is registered as an MSME under the Udyam registration framework (Reg. No. UDYAM-MP-17-0003098). The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website panjon.in.

Company details

CIN L24232MP1983PLC002320
Registration Number 002320
Incorporation Date 23 December 1983
ROC Gwalior
Listing Status Listed - Listed on BSE (526345)
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant
MSME Classification MSME
Udyam Registration UDYAM-MP-17-0003098

CIN history

Panjon has one previous CIN (Corporate Identification Number): U24232MP1983PLC002320. The current CIN is L24232MP1983PLC002320, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L24232MP1983PLC002320Current
U24232MP1983PLC002320Previous
Key People
Jay Kothari Managing Director Pooja Vishal Bhandari Director Anju Kothari Director

Recognitions & Rankings of Panjon

MSME (Udyam registered) Ministry of MSME
Udyam number
UDYAM-MP-17-0003098

Contact details

Panjon Limited's registered office is in Indore, Madhya Pradesh. Its website is panjon.in. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    panjon.in
  • Social Media
  • Registered Address
    1 Panjon Farm House Near Hinkargiri Tirth Airport Bijasan R, Oad, Indore, Madhya Pradesh, India – 452005
  • Industry
    Healthcare, Ayurvedic Products & Services

To see the full contact details of Panjon Limited, buy the company report.

Comprehensive company report
Panjon Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
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Brands

Panjon operates one associated brand: Panjon. Each brand links to its own profile.

BrandDescriptionWebsite
Panjon
Ayurvedic formulations are manufactured and supplied by Panjon.panjon.in

Business activity

The main business activity of Panjon is manufacturing. In detail, this covers chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
CManufacturingC6Chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products

To see the full business activity and turnover split of Panjon Limited, buy the company report.

Financials of Panjon Limited

FY 2025-26 filings available

Panjon Limited reported revenue of ₹47.62 Cr (up 56.3% YoY) for FY 2025-26.

Financial Highlights

FY 2015-16 · Consolidated
Revenue
₹12.26 Cr
-37.1% YoY
EBITDA
−₹0.26 Cr
+94.4% YoY
Profit After Tax
₹0.37 Cr
+110.8% YoY
Net Worth
₹16.39 Cr
+2.3% YoY
Total Assets
₹17.80 Cr
+1.4% YoY
Total Debt
₹1.41 Cr
-7.2% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2015-16FY 2014-15
Income statement
Revenue12.2619.48
Revenue growth-37.1%-
EBITDA(0.26)(4.62)
EBITDA margin-2.1%-23.7%
Profit before tax0.03(4.71)
Net profit0.37(3.43)
Net profit margin+3.0%-17.6%
EPS (₹)0.230.00
Balance sheet
Total assets17.8017.55
Net worth16.3916.02
Total debt1.411.52
Cash & bank0.250.70
Net working capital14.8414.85
Cash flow
Cash from operations(0.20)0.89
Cash from investing(0.06)4.74
Cash from financing(0.19)(5.14)
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue47.6230.4612.556.098.4314.5426.43
Revenue growth+56.3%+142.7%+106.1%-27.8%-42.0%-45.0%-
EBITDA0.980.64(0.01)(0.01)(4.05)0.190.33
EBITDA margin+2.1%+2.1%-0.1%-0.2%-48.0%+1.3%+1.3%
Profit before tax0.710.540.160.11(4.02)0.190.20
Net profit0.600.410.160.80(4.16)0.10(0.02)
Net profit margin+1.3%+1.4%+1.3%+13.1%-49.4%+0.7%-0.1%
EPS (₹)0.040.230.090.52(2.68)0.06(0.02)
Balance sheet
Total assets-19.1916.2914.2613.4718.1418.28
Net worth-16.5514.8513.4812.6616.8116.73
Total debt-2.651.440.780.811.331.56
Cash & bank-0.442.721.471.440.310.28
Net working capital-11.8011.4510.018.3510.9310.56
Cash flow
Cash from operations-(4.34)(0.42)0.041.820.340.35
Cash from investing-(0.44)(0.21)(0.19)(0.19)(0.06)(0.51)
Cash from financing-2.501.880.18(0.51)(0.24)(0.07)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue8.0712.1214.1414.956.4213.8311.163.38
Revenue growth (YoY)+25.7%-12.4%+26.7%+342.3%+207.2%---
Other income0.070.170.040.050.040.050.080.08
Total expenses7.8911.8713.8614.686.2213.5210.933.31
EBITDA0.180.250.280.270.200.310.230.07
EBITDA margin+2.2%+2.1%+2.0%+1.8%+3.1%+2.2%+2.1%+2.1%
Depreciation0.080.140.040.040.080.080.050.05
Interest0.080.100.070.040.060.060.060.03
Profit before tax0.090.180.210.240.100.220.200.07
Tax0.000.110.000.000.000.000.000.00

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 01 Nov 2026
ParticularsFY 2015-16FY 2014-15
Revenue12.2619.48
Revenue growth-37.1%-
Other income0.430.04
Total expenses12.5224.10
Employee cost0.370.24
EBITDA(0.26)(4.62)
EBITDA margin-2.1%-23.7%
Depreciation0.140.13
Interest0.000.00
Profit before tax0.03(4.71)
Tax(0.34)(1.28)
Net profit0.37(3.43)
Net profit margin+3.0%-17.6%
EPS (₹)0.230.00
ParticularsFY 2015-16FY 2014-15
Equity & liabilities
Share capital15.5015.50
Reserves & surplus0.890.52
Shareholders' funds (net worth)16.3916.02
Minority interest0.000.00
Secured loans1.231.42
Unsecured loans0.180.10
Total debt1.411.52
Total liabilities17.8017.55
Assets
Gross block6.646.59
Net block0.830.92
Capital work in progress0.000.00
Investments1.091.08
Inventories2.942.50
Sundry debtors8.789.83
Cash & bank balances0.250.70
Loans & advances3.122.33
Total current assets15.0915.36
Total current liabilities0.250.51
Net working capital14.8414.85
Total assets17.8017.55
ParticularsFY 2015-16FY 2014-15
Opening cash0.700.21
Net cash from operating activities(0.20)0.89
Net cash from investing activities(0.06)4.74
Net cash from financing activities(0.19)(5.14)
Net change in cash(0.44)0.49
Closing cash0.250.70
ParticularsFY 2015-16FY 2014-15
Growth
Sales growth-37.1%-
EBITDA growth+94.4%-
PBT growth+9998.0%+9997.0%
Net income growth+110.8%-
Profitability & leverage
Net income margin+3.0%-17.6%
Return on capital employed+0.1%0.0%
Return on net worth+1.8%0.0%
Debt / equity0.090.09
Long-term debt / equity0.080.09
Interest cover0.000.00
Efficiency & per share
Fixed asset turnover1.852.96
Inventory turnover4.517.79
Debtors turnover1.321.98
EPS (₹)0.230.00
Dividend per share (₹)0.000.00
Book value per share (₹)10.5710.34
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue8.0712.1214.1414.956.4213.8311.163.38
Revenue growth (YoY)+25.7%-12.4%+26.7%+342.3%+207.2%---
Other income0.070.170.040.050.040.050.080.08
Total expenses7.8911.8713.8614.686.2213.5210.933.31
EBITDA0.180.250.280.270.200.310.230.07
EBITDA margin+2.2%+2.1%+2.0%+1.8%+3.1%+2.2%+2.1%+2.1%
Depreciation0.080.140.040.040.080.080.050.05
Interest0.080.100.070.040.060.060.060.03
Profit before tax0.090.180.210.240.100.220.200.07
Tax0.000.110.000.000.000.000.000.00
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue47.6230.4612.556.098.4314.5426.43
Revenue growth+56.3%+142.7%+106.1%-27.8%-42.0%-45.0%-
Other income0.300.310.450.380.300.330.29
Total expenses46.6429.8212.566.1012.4814.3526.10
Employee cost0.000.700.600.470.460.420.47
EBITDA0.980.64(0.01)(0.01)(4.05)0.190.33
EBITDA margin+2.1%+2.1%-0.1%-0.2%-48.0%+1.3%+1.3%
Depreciation0.300.230.220.210.200.230.27
Interest0.270.180.060.050.070.100.15
Profit before tax0.710.540.160.11(4.02)0.190.20
Tax0.110.130.00(0.69)0.140.090.22
Net profit0.600.410.160.80(4.16)0.10(0.02)
Net profit margin+1.3%+1.4%+1.3%+13.1%-49.4%+0.7%-0.1%
EPS (₹)0.040.230.090.52(2.68)0.06(0.02)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital-17.1716.3115.5015.5015.5015.50
Reserves & surplus-(0.62)(1.46)(2.02)(2.84)1.311.23
Shareholders' funds (net worth)-16.5514.8513.4812.6616.8116.73
Secured loans-2.561.310.280.810.860.89
Unsecured loans-0.090.130.500.000.470.67
Total debt-2.651.440.780.811.331.56
Total liabilities-19.1916.2914.2613.4718.1418.28
Assets
Gross block-8.468.047.837.847.667.59
Net block-1.090.900.910.940.971.12
Capital work in progress-0.000.000.000.000.000.00
Investments-1.101.081.081.071.071.08
Inventories-4.623.743.483.773.873.81
Sundry debtors-3.261.811.560.613.713.30
Cash & bank balances-0.442.721.471.440.310.28
Loans & advances-4.344.294.143.114.164.10
Total current assets-12.6612.5610.658.9312.0511.49
Total current liabilities-0.861.110.640.581.120.93
Net working capital-11.8011.4510.018.3510.9310.56
Total assets-19.1916.2914.2613.4718.1418.28
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash-2.721.471.440.310.280.50
Net cash from operating activities-(4.34)(0.42)0.041.820.340.35
Net cash from investing activities-(0.44)(0.21)(0.19)(0.19)(0.06)(0.51)
Net cash from financing activities-2.501.880.18(0.51)(0.24)(0.07)
Net change in cash-(2.27)1.250.041.120.04(0.22)
Closing cash-0.442.721.471.440.310.28
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+56.3%+142.7%+106.1%-27.8%-42.0%-45.0%-
EBITDA growth+53.1%+6500.0%0.0%+99.8%-2231.6%-42.4%-
PBT growth+31.5%+237.5%+45.5%+9998.0%--5.0%-31.0%
Net income growth+46.3%+156.3%-80.0%+119.2%-4260.0%+600.0%-
Revenue CAGR (3Y)+98.5%+53.5%-4.8%-38.7%-31.3%-10.2%+23.7%
EBITDA CAGR (3Y)------23.2%-
Profitability & leverage
Net income margin+1.3%+1.4%+1.3%+13.1%-49.4%+0.7%-0.1%
Return on capital employed-+2.6%+0.9%+0.9%0.0%+1.4%0.0%
Return on net worth-+1.6%+0.6%+4.4%0.0%+0.5%0.0%
Debt / equity-0.130.080.060.070.090.10
Long-term debt / equity-0.010.01-1.900.050.070.08
Interest cover39.7143.90-26.09-22.73-1.65-250.00250.00
Efficiency & per share
Fixed asset turnover-3.691.580.781.091.913.61
Inventory turnover-7.293.481.682.213.797.11
Debtors turnover-12.027.455.613.904.1510.61
EPS (₹)0.040.230.090.52(2.68)0.06(0.02)
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)0.009.649.118.708.1710.8510.79

To see the full year-wise statements and ratios of Panjon Limited, buy the company report.

Board of directors of Panjon Limited

Panjon has 5 current directors and 10 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Pooja Vishal BhandariDirector27 Sep 20179 Years 1 MonthsCurrent
Jay Kothari
Also directs: Raunaq Laboratories Ltd
Managing Director03 Sep 201511 Years 1 MonthsCurrent
Anju Kothari
Also directs: Sanitex Chemicals Limited
Director14 Feb 20197 Years 8 MonthsCurrent
Athak MahajanDirector31 Aug 20233 Years 2 MonthsCurrent
Rajiv KumarDirector31 Aug 20233 Years 2 MonthsCurrent
View all directors

Peer comparison

Panjon Limited is compared with the 4 companies closest to it by revenue in the Healthcare industry (Ayurvedic Products and Services), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products), from the latest filed financials of each company.

CompanyRevenueNet profitMarginGrowth (1 yr)EmployeesLocation
Panjon Limitedthis company₹47.62 Cr (FY 2026)₹60 Lakh1.3%56.3%6Indore, Madhya Pradesh, India
Maheshwari Pharmaceuticals (India) Limited₹32.92 Cr (FY 2024)9.0%Delhi, India
Renovision Exports Private Limited₹31.25 Cr (FY 2025)24.0%Patna, Bihar, India
Charms Chem Private Limited₹30.55 Cr (FY 2024)13.0%Maharashtra, India
Cymbio Pharma Private Limited₹30.28 Cr (FY 2024)46.0%Bangalore, Karnataka, India

To see the full peer comparison of Panjon Limited, buy the company report.

Auditor

Panjon Limited is audited by Giriraj & Lohiya for the financial year 2022.

Auditor firmFinancial yearFirm registration number
Giriraj & LohiyaFY 2022006031C

Shareholding

Shareholding for the quarter ended Mar 2026: promoters hold 56.70%, foreign institutional investors hold 0.00%, domestic institutional investors hold 0.00% and retail and other public shareholders hold 43.30%.

Promoters: 56.70%Retail & Others: 43.30%
Mar 2026
QUARTER
56.70% Promoters
43.30% Retail & Others
Promoter holding - history
Now 56.70% · Mar 2026High 56.70% · Jun 2025Low 56.70% · Jun 2025
55%55.8%56.5%57.3%58%Jun 2025Sep 2025Dec 2025Mar 2026Jun 2025: 56.70%Sep 2025: 56.70%Dec 2025: 56.70%Mar 2026: 56.70%56.70%56.70%
Shareholding trend - last 6 quarters
Mar 2026Dec 2025Sep 2025Jun 2025
Promoters56.70%56.70%56.70%56.70%
Public43.30%43.30%43.30%43.30%

Charges & borrowings

Open charges
₹5.89 Cr
Satisfied charges
₹8 Cr
Breakdown by lending institutions
State Bank of India₹5.00 Cr
State Bank of Saurashtra₹0.52 Cr
Madhya Pradesh Financial Corporation.₹0.34 Cr
Ashok Leyland Finance Ltd.₹0.03 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
09 Feb 2024100866168State Bank of India₹4.95 CrOpen
23 May 2019100268111State Bank of India₹5.4 LakhOpen
28 Apr 199390202851Ashok Leyland Finance Ltd.₹3.48 LakhOpen
23 Jun 199290202778Madhya Pradesh Financial Corporation.₹6.5 LakhOpen
23 Jun 199290210374Madhya Pradesh Financial Corporation.₹27 LakhOpen

To see the full charge records of Panjon Limited, buy the company report.

Total charge records: 20 View all charges

Deals & funding

Panjon Limited has 10 deals on record (10 market trades); the latest was in June 2006.

Total deals
10
Market trades
10

Deals on record (5 of 10)

WhenDealAmountParties
Jun 2006Market trade₹1.6 LakhSeller: an individual
Apr 2006Market trade₹4.1 LakhBuyer: an individual
Mar 2006Market trade₹4.2 LakhSeller: an individual
May 2005Market trade₹15.8 LakhBuyer: SPG Capital Research Private Limited , Jai Ambey Comex Pvt Ltd
May 2005Market trade₹8.2 LakhBuyer: Gandhi Securities and Investment Private Limited , Free India Assurance Ser.
Seller: Gandhi Securities and Investment Private Limited

To see the full deal history of Panjon Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

MSME payment delays

No delayed payments to MSME suppliers are on our record for Panjon Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.

Group structure & subsidiaries

Panjon has 1 associated company. This group structure data is as of FY 2023. The table lists each entity with its relationship and holding.

1
Associated companies

Employees & EPFO

Panjon Limited has a workforce of 6 employees on its EPFO records as of Mar 27, 2024, across 1 active EPFO establishment.

Employee count
6
Active EPFO establishments
1

GST

Panjon has 1 GST registration: 1 active.

Total GSTINs
1
Active
1
GSTINStateStatusRegistered on
23AABCP8460H1ZGMadhya PradeshActive01 Jul 2017

To see the full GST registrations and return filing status of Panjon Limited, buy the company report.

Recent activity

Panjon Limited has 19 board changes on record since 2001: 12 appointments and 7 cessations. The latest: Athak Mahajan was appointed as Director on 31 Aug 2023.

Filing
Panjon Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Gwalior.
AGM
Panjon Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Charges
A charge with State Bank Of India of Rs. 4.95 Cr registered on 09 Feb 2024 with Charge ID 100866168 was modified on 28 Jul 2025.
Charges
A charge registered on 12 Apr 2019 via Charge ID 100257638 with Axis Bank Limited was fully satisfied on 11 Apr 2024.
Charges
A charge registered on 22 Nov 2022 via Charge ID 100659319 with Others was fully satisfied on 14 Feb 2024.
Charges
A charge with State Bank Of India amounted to Rs. 4.95 Cr with Charge ID 100866168 was registered on 09 Feb 2024.
Appointed
Athak Mahajan was appointed as Director.
Appointed
Rajiv Kumar was appointed as Director.
Ceased
Amit Mangalchand Mehta ceased to be Director.
Ceased
Prakash Doshi ceased to be Director.
Charges
A charge with Others amounted to Rs. 2.00 Cr with Charge ID 100659319 was registered on 22 Nov 2022.
Charges
A charge registered on 12 Mar 2018 via Charge ID 100163133 with Others was fully satisfied on 21 Oct 2022.

49 earlier events are in the company report.

News

Frequently asked questions

Panjon is an active public limited company based in Indore, Madhya Pradesh, India. The company works in ayurvedic products and services, within the healthcare industry. It was incorporated on 23 December 1983 (43+ years old) and is registered under CIN L24232MP1983PLC002320. Listed on BSE: 526345.

Panjon reported revenue of ₹47.62 Cr for FY 2025-26 (up 56.3% YoY) based on standalone financials.

Panjon has 5 current directors:

The latest financial statements of Panjon on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 30 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of Panjon is 23AABCP8460H1ZG, registered in Madhya Pradesh.

The CIN (Corporate Identification Number) of Panjon is L24232MP1983PLC002320. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Panjon is a listed company as per MCA records. Its shares are listed on BSE (code: 526345).

Panjon has 58 court cases on record: 18 filed by the company and 40 filed against it. 16 are pending. Most are in the district courts.

Panjon was incorporated on 23 December 1983, making it 43+ years old. It is registered with the Registrar of Companies, Gwalior.

Panjon has 10 deals on record (10 market trades); the latest was in June 2006.

The peers of Panjon by revenue are Maheshwari Pharmaceuticals (India) Limited, Renovision Exports Private Limited, Charms Chem Private Limited, Cymbio Pharma Private Limited, all in the Healthcare industry (Ayurvedic Products and Services), with the same principal business activity (chemical and chemical products, pharmaceuticals, medicinal chemical and botanical products).