Amanta Healthcare FY26: Holding margins at 22% while preparing for the SteriPort step-up

Amanta Healthcare ended FY26 with a steady operating performance and a sharper improvement in net profit. Revenue for the year stood at INR 288 crore versus INR 275 crore in FY25, while EBITDA rose to INR 63 crore from INR 61 crore. EBITDA margin held at about 22%. The bigger change was at the bottom line. PAT increased to INR 15 crore from INR 11 crore, helped by a reduction in finance costs.

In Q4 FY26, revenue was INR 77 crore versus INR 72 crore in Q4 FY25. EBITDA was INR 17 crore versus INR 18 crore, with margin moving from 24% to 22% as per the investor deck. PAT improved to about INR 5.5 to 6 crore, lifting PAT margin to around 7%.

The operating story remains anchored in sterile liquids. The company runs a Gujarat facility with seven production lines across LVP and SVP formats, supported by ABFS and ISBM technologies. Utilisation levels are high across parenteral lines, and management positioned FY26 as a year focused on disciplined execution, improving profitability, and preparing for the next round of capacity addition.

FY26 performance in numbers

The income statement shows stable operating profitability. Total income in FY26 was INR 291 crore, and total expenditure was INR 228 crore, resulting in EBITDA of INR 63 crore. Finance cost reduced to INR 21 crore from INR 28 crore in FY25, which helped expand PBT to INR 21 crore. PAT came in at INR 15 crore.

The balance sheet expanded materially in FY26, driven by capital work-in-progress and a rise in cash. Total assets increased to INR 558 crore from INR 382 crore. Capital work-in-progress rose to INR 82 crore. Cash and cash equivalents increased to INR 81 crore at year-end.

Cash flow reflects heavy investing activity. Operating cash flow was INR 48 crore. Investing cash flow was negative INR 94 crore, while financing cash flow was INR 126 crore, taking cash and cash equivalents to INR 81 crore at the end of FY26.

SteriPort and the capacity-led thesis

SteriPort is positioned as Amanta’s flagship platform. The investor deck states SteriPort contributed 44% of FY26 revenue, and management described it as a low 40s contributor on the call. It is a two-port, closed-system polypropylene IV bottle manufactured using ISBM technology.

The expansion thesis is specific and quantified. The deck outlines an increase in SteriPort installed capacity from 6.6 crore bottles to 11.6 crore bottles by FY27P. It also states that the new line within the same plant is expected to generate incremental revenue of INR 110 to INR 120 crore per year, alongside an EBITDA margin expansion of 3% to 4% due to fixed cost leverage.

Management provided operational updates on commissioning. On the call, management stated equipment installation and stage-wise commissioning were completed, trials had been taken, and minor fine-tuning remained. The company targeted operational readiness around 20 June 2026, with State FDA inspection to run in parallel with validation.

Utilisation levels remain a key indicator of demand visibility. The deck shows FY26 utilisation at 93% for LVP (excluding SteriPort), 98% for SVP, and 90% for SteriPort. It also states current utilisation of 96%, suggesting that incremental capacity is being added into an already tight system.

Cost structure, polymers, and the solar lever

Raw material volatility was a central discussion point on the concall. Management stated polymer prices had increased by roughly 60% to 70%. The response strategy described was to secure supply and pass through price increases, with higher inventory buffers. Management said the total impact could be around INR 2 per SteriPort bottle and indicated that price revisions had been initiated without resistance so far.

A structural cost lever is the 10.8 MW captive solar power plant. The deck states total project cost of INR 34.8 crore, largely debt funded, with INR 5.8 crore equity outlay. Expected annual savings are INR 9 crore, implying a 3.6-year payback period on a pre-interest basis. Management indicated commissioning in Q1 FY27 and said benefits would reflect in FY27 onwards.

Beyond energy savings, the company also linked the next phase to operating leverage. Management guidance in the deck targets revenue CAGR of 20%+ and EBITDA margin of 25%+ over the next two years. During the Q&A, management also indicated SteriPort line margins of around 27% EBITDA and suggested blended company margins could move towards 24% to 25% as the expanded line scales.

Deleveraging and balance sheet trajectory

Amanta highlighted deleveraging as a priority. The deck shows debt-to-equity improving from 3.43x in FY23 to 1.06x in FY26. Debt service coverage ratio improved to 1.24x in FY26 from 0.37x in FY25.

Management also discussed refinancing steps. The CFO noted that March FY26 debt levels appear elevated due to a late-March borrowing used to repay more expensive debt in early April. As per management commentary, total debt was about INR 204 crore at the time of the call.

Working capital remains a factor to watch. The deck cites net working capital days of 141 days in FY26. On the call, management referenced a working capital cycle of about 120 to 125 days and expected it to move towards 110 days in the near future.

Takeaways

FY26 was not a high-growth year for revenue, but it was a profitability improvement year. The core operating model continued to hold EBITDA margins at about 22%, while lower finance costs supported a strong jump in PAT.

The next phase is tied to execution. SteriPort expansion, SVP capacity scale-up, and the commissioning of the captive solar plant are the main near-term drivers highlighted by the company. If the expanded capacities ramp smoothly and working capital discipline improves, the company’s own targets of higher margins and faster growth will be easier to validate over FY27 and beyond.