Amrutanjan Health Care in FY26: Power Brands Drive Growth, While Beverages Stay Soft

Amrutanjan Health Care Limited closed FY26 with steady top line growth and stronger operating profits, supported by its two main growth engines: pain management under the Amrutanjan brand and women’s hygiene under Comfy. For the year ended 31 March 2026, the company reported net sales of Rs 502.55 crore, up 11.23 percent from Rs 451.82 crore in FY25. Profit after tax rose to Rs 57.92 crore from Rs 50.83 crore, a 13.95 percent increase.

The quality of the year was better than the headline profit growth suggests. Profit before exceptional items increased to Rs 86.74 crore from Rs 69.13 crore, up 25.47 percent. In Q4 FY26, net sales grew 10.60 percent to Rs 149.77 crore. Profit before exceptional items rose 37.20 percent to Rs 28.62 crore. Reported profit before tax growth in Q4 was muted at 0.77 percent because of exceptional charges booked during the quarter.

The brand engine: Amrutanjan and Comfy stayed in the lead

The company’s internal “power brands” snapshot shows how concentrated its brand strengths remain. Brand Amrutanjan (pain management) reported gross sales of Rs 342.1 crore. Comfy (women’s hygiene) reported gross sales of Rs 151.6 crore. Smaller contributors include Enerlyte or Electro+ (rehydration) with gross sales of Rs 35.6 crore and Relief (congestion) with gross sales of Rs 19.0 crore.

In FY25-26, pain management and women’s hygiene delivered double-digit gross sales growth, while rehydration declined. Pain management growth was led by both premium formats and higher throughput packs. In headache, the company highlighted growth across variants including roll-ons and bigger SKUs. Head Roll On grew 21 percent, big SKUs of 27.5 ml and 50 ml grew 17 percent, and the 8 ml pack grew 4 percent. In body ache, Maha Strong grew 22 percent and Back Pain Roll On grew 12 percent.

Comfy continued to gain share within its own mix through larger and higher-value variants. The XL variant grew 44 percent and the 18-unit value pack grew 42 percent. The company also reported that the XL variant’s contribution to overall Comfy sales increased to 37 percent in FY25-26 compared to 31 percent a year earlier.

Financial summary (as reported)

Segment picture: OTC and Comfy strong, beverages remain a drag

AHCL’s segment disclosures show the core business strength sits in OTC and women’s hygiene, while beverages continued to decline.

For Q4 FY26, OTC products reported net sales of Rs 132.63 crore, up 13.13 percent from Rs 117.24 crore in Q4 FY25. Women’s Hygiene and Personal Care reported net sales of Rs 41.84 crore, up 21.42 percent from Rs 34.46 crore. Comfy, which is included within this segment, reported net sales of Rs 40.79 crore, up 18.37 percent. The company also noted that Comfy’s gross sales growth, before Ind AS 115 adjustments, was 22 percent for the quarter.

For the full year, OTC products reported net sales of Rs 468.22 crore, up 13.10 percent from Rs 413.99 crore. Women’s Hygiene and Personal Care reported net sales of Rs 139.91 crore, up 12.87 percent from Rs 123.96 crore. Comfy net sales for FY26 were Rs 138.86 crore, up 12.02 percent. Management separately disclosed that Comfy’s gross sales growth before Ind AS 115 adjustments was 19 percent for FY26.

Beverages was the weak spot. In Q4 FY26, beverages net sales declined to Rs 16.42 crore from Rs 17.67 crore in Q4 FY25. Hydration drinks within beverages were Rs 15.47 crore versus Rs 16.21 crore. For FY26, beverages net sales were Rs 31.56 crore compared to Rs 36.43 crore in FY25, and Electro Plus net sales were Rs 29.23 crore versus Rs 32.47 crore. The presentation also reported Electro+ gross sales growth of minus 14 percent for FY25-26.

Execution and investments: distribution, launches, and a new Comfy plant

AHCL framed its strategy around penetration, distribution expansion, innovation, and brand building. The company’s reported operational metrics show a year of steady execution on reach and productivity.

On distribution, the stockist network increased by 9 percent. Total outlet coverage increased by 12 percent, and effective outlet coverage increased by 7 percent. On sales execution, productive calls increased by 6 percent and salesman productivity increased by 8 percent. A notable operating indicator was total lines sold, which increased by 35 percent, suggesting a push toward range selling.

The company also continued rural outreach through its van initiative. The objective was to expand rural market coverage by strengthening the distributor and sub-distributor network and drive awareness and promotion in rural markets. The initiative ran across states including Uttar Pradesh, Tamil Nadu, Maharashtra, Gujarat, Madhya Pradesh, Chhattisgarh, Jharkhand, Andhra Pradesh and Telangana.

Marketing interventions were highlighted across categories. In pain management, the focus was on in-store visibility and shop boards to showcase range and build awareness and consideration. Women’s hygiene continued with TV campaigns in multiple states and sampling programs, including school-based sampling in select markets.

On product innovation, the company entered new categories in Q4 through launches in personal care and adjacent health categories. These included women’s razors, men’s razors, antiseptic plaster, Ortho pain oil, and a nasal spray. Management stated these launches received good acceptance among retailers and consumers, evidenced through repeated orders.

One of the most important forward-looking operational projects is the sanitary pad plant. Management stated the new plant is slated to commence production in May and should improve profitability of the Comfy brand in the new year. This is relevant because Comfy is already a fast-growing pillar, and a manufacturing cost improvement can strengthen the segment economics if volumes continue to scale.

Management also highlighted digitisation as a structural initiative. It stated that 68 percent of processes are digitized, and with full implementation of Distributor Management System and SAP TM during the year, digitisation would reach close to 85 percent, raising automation and controls of core processes.

Costs, exceptional items, and what to watch in FY27

The company disclosed year-on-year changes in key expense lines. Employee benefit expenses rose to Rs 63.76 crore from Rs 59.10 crore, up 7.88 percent. Advertisement and selling expenses increased to Rs 60.04 crore from Rs 56.11 crore, up 7.00 percent. Other expenses increased to Rs 58.71 crore from Rs 55.20 crore, up 6.36 percent.

On input costs, the company noted that for FY26, most raw material and packing material prices were lower than FY25, and menthol crystal was marginally lower. It also disclosed that overall advertisement spend increased to Rs 39 crore from Rs 33.92 crore. For Comfy, ad spend increased to Rs 9.56 crore from Rs 8.03 crore. In beverages, raw material prices were higher versus FY25, while packing material was marginally lower. Beverage advertising spend reduced to Rs 3.47 crore from Rs 5.89 crore.

Two exceptional items were explained in detail. First, a retrospective lease rent revision dispute with the Government of Tamil Nadu led to a demand notice and litigation. The company’s writ petition was dismissed in September 2025, its appeal was dismissed in March 2026, and the company created a provision, presented as an exceptional item. Management stated there was a one-time charge of INR 76 million in Q4 linked to this case, noting that the land possession had already been handed over in May 2018. Second, the impact of new labour codes was presented as an exceptional item. The incremental impact disclosed was INR 125.17 lakhs, primarily due to a change in wage definition affecting gratuity and leave encashment.

Management’s outlook for FY27 included both confidence and caution. It stated it is confident about the demand environment going into the new year. It also stated it is planning to relaunch the congestion brand Relief during the year. On the risk side, management expects COGS inflation related to crude and supply chain disruption from the Middle East wars and said the company is mitigating these partly through price increases.

Takeaways

FY26 reaffirmed AHCL’s reliance on its power brands, with pain management and Comfy delivering double-digit growth and supporting stronger operating profits before exceptional items. The distribution push, range selling, and consistent brand investments remain central to the company’s execution model.

The key swing factors for FY27 are clear from management commentary. Investors will likely track whether the Comfy sanitary pad plant commissioning in May translates into improved profitability, whether the Relief relaunch lifts congestion performance, and whether beverages and hydration drinks stabilise after a weak year. The company has also flagged cost inflation risk from crude-linked inputs and supply chains, which will be important for margin durability if pricing actions do not fully offset inflation.