Overview

Detailed Summary

Aarti Pharmalabs is a vertically integrated Indian manufacturer of generic APIs, intermediates, HPAPIs and xanthine derivatives, and a growing small-molecule CDMO/CMO provider with three USFDA-approved units, seven manufacturing sites and a focus on regulated markets across the USA, EU, Japan and ROW.
Aarti Pharmalabs is the largest Indian manufacturer of Xanthine derivatives with ~15–20% global share today and is building incremental capacity from 5,000 to 9,000 MTPA at Tarapur to target 20–25% global share, leveraging a China+1 tailwind and multiple beverage and pharma customer contracts.
The CDMO/CMO vertical is a strategic growth lever: 21 customers and 59 active projects (40 commercial), CDMO revenue rose from INR 208 crore in FY25 and management targets 30–40% growth for FY26E, while Atali greenfield is designed to materially increase intermediates and CDMO throughput.
Financials show resilience but near-term stress: 9M-FY26 standalone revenue INR 12,179 million (down 1.9% Y/Y), EBITDA margin ~22%, PAT down materially due to higher depreciation and finance costs from capex; net debt/equity rose to ~0.26x in H1-FY26 as expansion spending accelerated.
The company pairs R&D and sustainability credentials—three R&D centres, 116 process scientists, 62 patents filed and ecovadis GOLD plus CDP engagement and renewable projects (21 MW solar) intended to supply roughly half of power needs and reduce operating costs and carbon footprint.

Sector: Pharmaceuticals & Biotechnology
Industry: Pharmaceuticals
Market Cap: 6,246 Cr
Volatility: Moderate Risk
P/E Ratio: 27.4
Industry P/E: 31.8
PEG Ratio: 1.2
P/B Ratio: 3.1
52W High: 971.50
52W Low: 557.20

Sales CAGR

1Y: 14.17%
3Y: 23.47%
5Y: —
10Y: —

Profit CAGR

1Y: 25.59%
3Y: 34.10%
5Y: —
10Y: —

ROE

TTM: 11.72%
3Y: 12.84%
5Y: 11.90%
10Y: —

ROCE

TTM: 12.99%
3Y: 16.94%
5Y: 15.70%
10Y: —

Technicals

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Peers

Healthcare Healthcare Pharmaceuticals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BLUEJET		362.30	7,065 Cr	0.26	5.63	0.29	28.06	37.35	19.22
SUDEEPPHRM		603.60	6,893 Cr	47.19	8.40	0.00	20.63	23.80	17.20
AARTIPHARM		645.75	6,246 Cr	27.40	3.05	0.73	11.72	12.99	6.54
FDC		333.35	5,724 Cr	25.03	2.35	1.42	9.27	12.51	7.51
SUPRIYA		617.80	5,134 Cr	26.80	4.75	0.16	16.86	22.47	15.40
SPARC		123.30	4,808 Cr	-14.93	0.00	0.00	77.47	-181.73	-83.09
ZOTA		1321.00	4,499 Cr	-61.06	6.06	0.06	-19.58	-9.69	-11.97
Median: 7 Co.	—	603.60	5,724 Cr	25.03	4.75	0.16	16.86	12.99	7.51

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	440	449	506	555	458	538	564	386	418	432
Expenses	352	353	388	459	364	409	418	291	344	330
Operating Profit	88	96	118	96	94	129	146	95	75	102
OPM %	20.01	21.32	23.23	17.36	20.45	23.91	25.83	24.66	17.86	23.67
Other Income	0.98	1.39	2.03	2.22	4.48	5.03	-1.61	-0.20	-0.59	1.76
Interest	3.89	4.48	4.68	4.83	5.51	9.97	6.58	6.79	11	13
Depreciation	18	19	19	20	21	23	23	23	25	29
Profit Before Tax	67	74	96	74	72	101	115	65	39	63
Tax %	22.62	28.53	31.85	24.73	23.90	26.47	22.93	24.37	27.84	23.72
Net Profit	52	53	65	55	55	74	88	50	28	48
EPS in Rs	5.72	5.82	7.20	6.12	6.02	8.16	9.74	5.46	3.08	5.29

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	0.00	1,200	1,945	1,853	2,115	1,946
Expenses	0.00	993	1,603	1,467	1,651	1,483
Operating Profit	-0.00	207	342	386	464	463
OPM %	—	17.25	17.58	20.84	21.96	23.80
Other Income	0.00	2.51	2.32	4.90	10	7.70
Interest	0.00	12	21	17	27	29
Depreciation	0.00	42	63	73	87	90
Profit Before Tax	-0.00	155	261	300	361	352
Tax %	0.00	21.32	25.80	27.82	24.48	24.40
Net Profit	-0.00	122	193	217	272	266
EPS in Rs	—	—	21.35	23.93	30.03	23.57
Dividend Payout %	0.00	0.00	9.37	12.54	16.64	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.25	0.25	45	45	45
Reserves	-0.02	1,386	1,513	1,712	1,945
Borrowings	0.02	341	215	285	413
Other Liabilities	0.00	312	470	540	503
Total Liabilities	0.25	2,040	2,244	2,582	2,906
Fixed Assets	0.00	782	926	1,033	1,137
CWIP	0.00	187	102	137	374
Investments	0.00	32	87	107	77
Other Assets	0.25	1,038	1,130	1,305	1,319
Total Assets	0.25	2,040	2,244	2,582	2,906

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.00	-44	250	216	332
Cash from Investing Activity	0.00	-139	-158	-215	-414
Cash from Financing Activity	0.00	260	-163	9.72	65
Net Cash Flow	0.00	78	-71	12	-17

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	45.98%	45.98%	46.30%	46.46%	46.46%	46.46%	46.10%	44.66%	44.29%	43.72%	42.88%	43.10%
FIIs	7.69%	7.43%	8.45%	8.16%	8.32%	7.06%	7.38%	8.64%	7.36%	7.35%	8.02%	7.68%
DIIs	13.71%	10.67%	10.52%	9.92%	9.98%	11.48%	11.36%	10.37%	7.54%	7.80%	6.97%	7.67%
Public	32.61%	35.92%	34.73%	35.46%	35.23%	35.00%	35.16%	36.33%	40.81%	41.12%	42.13%	41.54%
Total Shareholders	2,76,664	2,58,236	2,26,286	2,15,796	2,04,122	1,89,012	1,85,436	1,85,111	1,96,314	1,87,039	1,90,655	1,84,489

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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