ARIS FY26: Mix Shift, Cash Turnaround, and Contract Manufacturing Scale

The company reports three integrated segments: B2B Supply, Contract Manufacturing, and Services (Developer-as-a-Service). FY26 revenue mix was 44%, 47%, and 9% respectively.

FY26 revenue from operations was INR 10,675 Mn, EBITDA was INR 1,007 Mn (9.43% margin), and PAT was INR 603 Mn (5.65% margin), as per the consolidated income statement.

The company attributed it to mix shift toward higher-margin segments (Contract Manufacturing and Services), operating leverage from its tech-led platform, and improved working capital efficiency.

Net working capital days improved to 66 in FY26 from 110 in FY25. Net debt to equity was reported at -0.09x in FY26.

Management reiterated revenue growth guidance of about 35% to 40% for the next two years and an EBITDA margin range of about 10% to 10.5%. They also guided for contract manufacturing utilisation to reach 75% to 80% peak levels in FY27.

FY26 geographical revenue mix was disclosed as Maharashtra 54%, Tamil Nadu 29%, Karnataka 10%, and Others 7%.