NSE: AARTIPHARM · BSE: 543748
AARTI PHARMALABS LIMITED
Manufactures pharmaceutical intermediates, active pharmaceutical ingredients (APIs), and Xanthine derivatives at facilities including Tarapur in Maharashtra. Operates a CDMO/CMO business that recorded its highest-ever quarterly revenue of Rs. 155 crore in Q4 FY26. A new manufacturing block at Tarapur Unit 5 adds 3,600 TPA of Xanthine derivatives capacity, taking total Xanthine capacity to 9,600 TPA. Plans to begin R&D investment in peptides and oligonucleotides (TIDES) in FY27 and is building a dedicated CDMO block at Atali with a one-year completion target. Capex was approximately Rs. 400 crore in FY26, with similar levels guided for FY27. Materials make up 45.6% of revenue, the largest cost component, followed by other operating expenses at 24.3% and employee cost at 9.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. APIs and Intermediates, Xanthine derivatives, CDMO/CMO services. Asset-heavy pharmaceutical manufacturing with a mix of API/intermediate production, specialty Xanthine derivatives, and CDMO services.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,945 | 1,853 | 2,115 | 1,819 |
| EBITDA (ex other income) | 342 | 386 | 464 | 366 |
| margin % | 17.6 | 20.8 | 22.0 | 20.1 |
| Owners' profit | 193 | 216 | 272 | 173 |
| EPS, as reported (₹) | 21.35 | 23.93 | 30.06 | 19.27 |
| ROE % · ROCE % | 12.4 · 17.2 | 12.3 · 16.8 | 13.7 · 17.2 | 8.2 · 10.7 |
| Debt / equity (x) | 0.14 | 0.15 | 0.20 | 0.32 |
| Cash from operations | 263 | 216 | 332 | 262 |
| Capex | (120) | (156) | (402) | (409) |
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 | 458 | 538 | 564 | 386 | 418 | 432 | 583 | 536 |
| Profit before tax | 72 | 101 | 115 | 67 | 39 | 58 | 76 | 94 |
| Net profit | 55 | 74 | 88 | 50 | 28 | 48 | 61 | 76 |
| EPS (₹) | 6.03 | 8.16 | 9.75 | 5.46 | 3.08 | 5.29 | 6.74 | 8.40 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 37.4 | 30.8 | 97 of 158 | 39% |
| P/B | 3.8 | 3.1 | 94 of 163 | 42% |
| ROCE | 8.8 | 10.8 | 107 of 183 | 42% |
| ROE | 8.2 | 9.8 | 95 of 166 | 43% |
| Debt / Equity | 0.3 | 0.2 | 117 of 166 | 30% |
| EBITDA margin | 25.5 | 17.5 | 50 of 165 | 70% |
| Revenue growth | 38.7 | 16.3 | 28 of 161 | 83% |
| Profit growth | 53.8 | 30.9 | 62 of 158 | 61% |
| Market cap | 7971 | 806 | 46 of 181 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Revenue up 46%; consolidated net profit up 249%; stamp duty case flagged | results | high | — | — |
| 28 Oct 2026 · Q2 revenue up 46%, PAT up 249%; Rs 574.6 cr stamp duty dispute flagged | results | medium | — | — |
| 28 Oct 2026 · Q2 revenue up 46.8%, PAT up 249%; Rs 57.46 cr stamp duty case; CFO change | results | high | — | — |
| 28 Oct 2026 · September quarter revenue rises 46%, net profit jumps 249%; stamp duty dispute adds risk | results | high | — | — |
| 28 Oct 2026 · Q2 profit jumps 249% as revenue rises 46%; stamp duty case remains open | results | high | — | — |
| 28 Oct 2026 · Aarti Pharmalabs revamps its corporate website | compliance | minimal | — | — |
| 28 Oct 2026 · Aarti Pharmalabs grants 850 employee options at Rs 5 each | capital market events | low | — | — |
| 22 Oct 2026 · Earnings call on Oct 29 to discuss Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Board meeting on Oct 28 to consider Q2 FY27 results | results | low | — | — |
| 9 Oct 2026 · Routine RTA certificate on dematerialised securities for Jul-Sep 2026 quarter | compliance | minimal | — | — |
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.