AARTI DRUGS LTD.

Manufactures active pharmaceutical ingredients (APIs) including antibiotics, methylamine, salicylic acid and their derivatives, along with finished formulations and specialty chemicals. Operates a methylamine plant at Sayakha (Bharuch) that reached roughly 1,000 tonnes per month by March 2026 and was at 65% utilization in Q1 FY27, with management targeting 70%+ within a year; the salicylic acid line was halted pending phenol-recovery equipment, while a derivatives plant was set to commission by mid-June. Finished formulations posted revenue of INR91.3 crore in Q4 FY26 (up 41% YoY), and management has guided to a sustainable INR90 crore quarterly run-rate with a goal of INR1,000 crore in 3-5 years. Exports contribute 38% of total revenue, with regulated markets making up 73% of export revenue (up from 66% in FY25); a US FDA metformin DMF has been filed, with flows expected within 12-18 months. Specialty chemicals revenue jumped 150% YoY in Q1 FY27 and OSD capacity at the Baddi facility is set to double. Raw materials are the largest cost item at 58.6% of revenue; planned capex is INR300-400 crore over 2-3 years in a quasi-brownfield model. Q1 FY27 consolidated revenue was INR703.6 crore with EBITDA margin of 13.8%, versus a FY26 margin of 12.15%.