Adline Chem Lab Ltd (524604)
🎯 Key Takeaways
- Adline Chem Lab Ltd appears to be in a distressed or dormant phase, with no revenue or profitability in recent quarters and a negative ROE of 12.1% despite a reported ROCE of 2121.
- ⚠️ 1) Persistent zero revenue and profitability across multiple quarters suggest the business may be non-viable or dormant. 2) Negative reserves and zero
📖 The Story
Adline Chem Lab Ltd appears to be in a distressed or dormant phase, with no revenue or profitability in recent quarters and a negative ROE of 12.1% despite a reported ROCE of 2121.2% due to accounting anomalies. The company has not generated meaningful financial activity in the past year, and its operational scale appears negligible. The presence of negative reserves and zero total assets in the latest balance sheet suggest severe financial distress or potential accounting irregularities.
📰 What's Happening
The board recently appointed an independent director (Mrs. Anita Ganeshbhai Marvadi) effective August 27, 2026, and scheduled the 2026 AGM for September 28, 2026, signaling renewed governance focus. A Rs. 1,180 fine was noted for delayed SEBI compliance, indicating past regulatory lapses. Management emphasized strict adherence to timelines, but no operational or business expansion updates were disclosed. The addition of an independent director may reflect efforts to improve oversight amid governance concerns.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | -0 | -0 | -0 | -0 | -0 |
| OPM % | — | — | — | — | — |
| Net Profit | -0 | -0 | -0 | -0 | 0 |
| EPS | ₹-0.03 | ₹-0.01 | ₹-0.01 | ₹-0.17 | ₹0.07 |
Revenue has been consistently zero across all recent quarters (Jun 2025 to Jun 2026), with alternating negative and near-zero net profits and EPS figures ranging from -0.17 to -0.01. Operating and gross margins are not applicable due to absence of revenue, and the company has not reported any meaningful financial recovery. The lack of revenue growth or cost management initiatives suggests the business may be non-operational or undergoing prolonged dormancy.
🔮 Management Outlook & What's Next
Management has not provided forward-looking business guidance or revenue projections in the latest filing. The only forward-looking statement pertains to the scheduled 2026 AGM on September 28, 2026, with no commentary on business outlook, capital allocation, or performance expectations. There is no disclosed strategy for revenue generation or operational revival, and no updates on product pipelines or market expansion were included in the board meeting summary.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 |
| Reserves | -7 | -7 | -7 | -8 |
| Borrowings | 2 | 1 | 2 | 2 |
| Total Liabilities | 0 | 0 | 0 | 0 |
| Fixed Assets | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 0 | 0 | 0 | 0 |
The balance sheet shows persistent negative reserves and negligible total assets (₹0) as of March 2026, with equity remaining flat at ₹6 crore and reserves declining slightly from -₹7 to -₹8 crore. Borrowings are minimal (₹2 crore), but the lack of asset growth or retained earnings raises concerns about capital sustainability. There is no evidence of active investment or deleveraging; the financial position appears stagnant, with no meaningful changes in structure over recent periods.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -0 |
| Investing | 0 |
| Financing | +0 |
| Net Cash Flow | +0 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 29.6% | 25.9% | 25.9% | 25.9% |
| FII | 0.0% | 0.0% | 0.0% | 0.0% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 60.2% | 63.9% | 64.0% | 63.7% |
| # Shareholders | 18,488 | 18,468 | 18,446 | 18,444 |
Promoter holding has declined from 29.61% in Q2FY26 to 25.85% in Q1FY27, while public shareholding has slightly increased, suggesting minor dilution or promoter stake reduction. However, FII and DII holdings remain at 0%, indicating no institutional interest. The number of public shareholders has marginally decreased, but the core ownership structure remains stable with no significant exit by major investors. No recent pledging or selling activity by promoters is disclosed.
⚖️ Peer Comparison — Pharmaceuticals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SUNPHARMA | 4.63 L Cr | 38.3 | 18.7% | 14.6% | 0.05 |
| DIVISLAB | 2.43 L Cr | 83.2 | 23.0% | 17.4% | 0.00 |
| TORNTPHARM | 1.89 L Cr | 79.1 | 15.1% | 25.7% | 1.76 |
| ZYDUSLIFE | 1.16 L Cr | 25.9 | 16.8% | 16.6% | 0.43 |
| CIPLA | 1.15 L Cr | 34.0 | 13.2% | 9.8% | 0.01 |
| LAURUSLABS | 1.00 L Cr | 91.8 | 20.8% | 20.6% | 0.45 |
| LUPIN | 98,305 | 17.4 | 27.9% | 24.7% | 0.26 |
| DRREDDY | 97,741 | 30.3 | 10.1% | 8.4% | 0.17 |
| MANKIND | 97,467 | 47.7 | 13.9% | 12.7% | 0.38 |
| AUROPHARMA | 96,836 | 26.3 | 12.8% | 9.8% | 0.20 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Persistent zero revenue and profitability across multiple quarters suggest the business may be non-viable or dormant. 2) Negative reserves and zero total assets indicate potential accounting issues or capital erosion. 3) Regulatory fine for SEBI compliance delays raises concerns about governance and disclosure practices. 4) Absence of institutional or DII interest signals lack of market confidence in the company’s prospects.
📋 Recent Filings
-
🟡 Board Meeting 1 September 2026Adline Chem Lab's board accepted the resignation of auditor Jain Kedia & Sharma effective August 31, 2026, and appointed V. V. Patel & Co. as the new ...
-
🟡 Board Meeting 27 August 2026Adline Chem Lab's board approved the 2026 AGM on September 28 via VC, set book closure from September 22-28, appointed M/s Ishit Vyas & Co. as scrutin...
🧠 Analyst's Read
Adline Chem Lab appears to be in a non-operational or severely distressed state with no visible path to revenue generation or financial recovery. Investors should monitor for any revival in business activity or meaningful disclosures, but current indicators suggest limited upside and elevated governance and financial risks.
Based on filing content and financial data. Not a recommendation.
Read the full analysis
Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.
Sign Up Free — Unlock Full Analysis2 free AI queries per day.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-02.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
📡 Get AI alerts for your stocks — summarized by AI daily
Set up your AI Radar — pick stocks, get daily email summaries of new filings.
Set up AI Radar — FreeFree account · 2 AI queries/day
© 2026 StockFin.ai — AI-powered Indian stock research
About · Privacy Policy · Terms of Service · Pricing
Today's Announcements · Screener · Insights · AI Chat
Data provided by CMOTS Internet Technologies Pvt Ltd