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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Active Pharmaceutical Ingredients (antibiotics, methylamine, salicylic acid and derivatives), Formulations, Specialty Chemicals. Integrated API and formulation manufacturer with rising regulated-market export exposure
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,489 | 2,716 | 2,529 | 2,387 | 2,565 |
| EBITDA (ex other income) | 329 | 306 | 316 | 287 | 309 |
| margin % | 13.2 | 11.3 | 12.5 | 12.0 | 12.1 |
| Owners' profit | 205 | 166 | 171 | 168 | 195 |
| EPS, as reported (₹) | 22.12 | 17.97 | 18.56 | 18.35 | 21.36 |
| ROE % · ROCE % | 19.8 · 22.9 | 13.9 · 17.3 | 13.4 · 16.4 | 12.3 · 14.3 | 12.6 · 12.9 |
| Debt / equity (x) | 0.52 | 0.51 | 0.44 | 0.45 | 0.37 |
| Cash from operations | 70 | 134 | 359 | 245 | 254 |
| Capex | (144) | (165) | (226) | (177) | (173) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 598 | 557 | 677 | 591 | 653 | 602 | 720 | 703 |
| Profit before tax | 46 | 51 | 71 | 51 | 60 | 29 | 70 | 69 |
| Net profit | 35 | 37 | 63 | 54 | 45 | 41 | 55 | 50 |
| EPS (₹) | 3.83 | 4.06 | 6.88 | 5.91 | 4.95 | 4.44 | 6.05 | 5.49 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,41,471 | 36.5 | 5.26 | 23.7 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,47,033 | 84.6 | 14.74 | 63.7 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,68,062 | 79.3 | 9.56 | 41.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,11,686 | 24.9 | 3.78 | 14.5 | 17.3 | 18.0 | 12.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 3 Sept 2026 · Newspaper ad on Annual Report dispatch and 41st AGM Notice | compliance | minimal | — | — |
| 2 Sept 2026 · Aarti Drugs files BRSR sustainability report for FY 2025-26 | compliance | low | — | — |
| 2 Sept 2026 · Notice of 41st AGM on September 26, 2026 with FY26 Annual Report | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Aarti Drugs files FY25-26 Annual Report and 41st AGM notice | board shareholder meetings | medium | — | — |
| 1 Sept 2026 · Newspaper notice for Aarti Drugs 41st AGM | compliance | minimal | — | — |
| 27 Aug 2026 · Board approves Performance Stock Option Plan 2026 with 8 lakh options | corporate actions | medium | — | — |
| 24 Aug 2026 · Board meeting Aug 27 to approve Performance Stock Option Plan 2026; trading window closed | compliance | minimal | — | — |
| 24 Aug 2026 · Board Meeting on Aug 27 to consider Performance Stock Option Plan 2026 | capital market events | medium | — | — |
| 14 Aug 2026 · Aarti Drugs to meet analysts on August 20, organised by Systematix | board shareholder meetings | low | — | — |
| 10 Aug 2026 · Aarti Drugs wins GST case as Supreme Court dismisses department's appeal | regulatory legal | high | — | — |
| 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 |
| 25.2 |
| CIPLA LTD | 1,10,352 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| LAURUS LABS LIMITED | 1,06,375 | 97.2 | 19.59 | 59.3 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 97,319 | 30.1 | 2.55 | 13.1 | 10.9 | 13.0 | 12.1 | 15.0 |
| AUROBINDO PHARMA LTD | 96,656 | 26.3 | 2.55 | 13.4 | 9.2 | 12.6 | 6.3 | 23.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.5 | 28.9 | 58 of 169 | 66% |
| P/B | 2.5 | 3.3 | 64 of 163 | 61% |
| ROCE | 11.1 | 10.8 | 89 of 183 | 52% |
| ROE | 12.6 | 10.4 | 65 of 171 | 62% |
| Debt / Equity | 0.4 | 0.1 | 126 of 171 | 27% |
| EBITDA margin | 13.8 | 17.5 | 97 of 165 | 42% |
| Revenue growth | 19.0 | 16.3 | 75 of 161 | 54% |
| Profit growth | (7.1) | 30.9 | 111 of 158 | 30% |
| Market cap | 3909 | 839 | 63 of 182 | 66% |
| 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 |
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