NSE: AAREYDRUGS · BSE: 524412
AAREY DRUGS & PHARM LTD
Manufactures bulk drugs and trades in chemical solvents. In FY26, revenue was Rs 472.269 crore with net profit of Rs 3.9676 crore and an EBITDA margin of about 2.8%. The only disclosed segment is "Pharmaceuticals Product," which made up 100% of segment revenue in the YTD period to September 2019 (Rs 129.7595 crore in revenue and Rs 4.2785 crore in EBIT). Raw materials and traded goods dominate the cost base at 95.4% of revenue, employee costs are minimal at 0.2% of revenue, other operating expenses 2.1%, depreciation 0.6% and capex 2.6%. Q4 FY26 alone contributed Rs 18,947 lakhs of revenue and Rs 155.74 lakhs of profit. The business runs on a thin margin between the cost of raw materials/solvents and the sale of finished bulk drugs and solvents. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pharmaceuticals Product (100%). Low-margin bulk drugs manufacturing and chemical solvents trading
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 493 | 62 | 396 | 474 | 472 |
| EBITDA (ex other income) | 11 | 2 | 4 | 2 | 7 |
| margin % | 2.3 | 2.4 | 1.1 | 0.5 | 1.5 |
| Owners' profit | 8 | 0 | 5 | 4 | 4 |
| EPS, as reported (₹) | 2.72 | 0.19 | 1.84 | 3.27 | 1.39 |
| ROE % · ROCE % | 6.6 · 5.4 | 0.4 · 1.1 | 3.5 · 7.1 | 2.9 · 7.2 | 2.6 · 6.8 |
| Debt / equity (x) | 0.12 | 0.32 | 0.24 | 0.25 | 0.33 |
| Cash from operations | 19 | (39) | 8 | 10 | 10 |
| Capex | (2) | (1) | 0 | 0 | (12) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105 | 134 | 108 | 102 | 84 | 96 | 189 | 45 |
| Profit before tax | 2 | 1 | 2 | 2 | 1 | 1 | 1 | 1 |
| Net profit | 2 | 1 | 0 | 1 | 1 | 1 | 2 | 1 |
| EPS (₹) | 1.14 | 0.26 | 0.04 | 0.48 | 0.72 | 0.20 | 0.55 | 0.36 |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 8 Oct 2026 · SEBI Depositories Certificate Filing | compliance | minimal | — | — |
| 7 Oct 2026 · Allotment of 11.5 lakh shares on warrant conversion | fund raising | high | — | — |
| 5 Oct 2026 · 36th AGM: All 3 Resolutions Passed with Near-Unanimous Approval | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Promoters raise stake to 41.45 percent via warrant conversion | ownership changes | medium | — | — |
| 5 Oct 2026 · SAST disclosure filed for Nimit Rajesh Ghatalia in Aarey Drugs | ownership changes | medium | — | — |
| 3 Oct 2026 · Non-promoter individual crosses 5% stake via warrant conversion | ownership changes | medium | — | — |
| 3 Oct 2026 · Promoters convert warrants into equity shares, holding rises to 41.45% | ownership changes | medium | — | — |
| 3 Oct 2026 · Promoters convert 25.2 lakh warrants into equity shares | ownership changes | medium | — | — |
| 30 Sept 2026 · 36th AGM Concluded - 3 Resolutions Put to Vote | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Allotment of 11.5 lakh shares on warrant conversion | fund raising | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.