Amanta Healthcare Limited — Q3 FY26 earnings call

Call held 11 Feb 2026

Management summary

Amanta Healthcare reported robust Q3 and 9M FY26 results, driven by strong demand and improved operating efficiencies. The company is aggressively expanding its LVP and SVP capacities, with new facilities expected to come online in April 2026 and January 2027, respectively. Strategic investments in a captive solar plant and a focus on higher-value formulations are set to further enhance profitability and margins, despite initial inventory build-up and slower ramp-up for the export-focused SVP segment.

Highlights

  • Q3 FY26 revenue grew 9.8% year-on-year to ₹75 crores, driven by steady demand and volume-led expansion.

  • 9M FY26 EBITDA increased to ₹45 crores, with a margin of 21.3%, reflecting a 42 basis points improvement year-on-year due to effective cost control and improved operating efficiency.

  • Q3 FY26 PAT rose 8.1% year-on-year to ₹5 crores, and 9M FY26 PAT grew 51% year-on-year to ₹9 crores, demonstrating strong profitability despite IPO expenses.

  • The company is doubling its LVP SteriPort capacity from 6.6 crore bottles to roughly 12 crore bottles per annum, supported by a ₹90 crores investment, with commercialization expected by April 2026.

  • A 10.8 megawatt captive solar power plant, expected to be commissioned by Q1 FY27, is projected to generate annual cost savings of ₹9 crores at the EBITDA level.

Concerns

  • The ramp-up of the SVP business to sizeable EBITDA levels is expected to take 1-2 years due to regulatory approvals, change variations, and filing requirements in international markets.

  • Initial commercialization of the new SteriPort capacity will involve accumulating 3-5 months of inventory before production equals sales, with equilibrium expected in 6-9 months.

  • Q3 EBITDA margins were 'fractionally lower' due to fixed overheads and increased spending on product development and strengthening the middle management team in anticipation of capacity build-up.

Key financials

2 periods

Headline

  • Revenue
    ₹75 Cr
    YoY +9.8%
  • EBITDA
    ₹15 Cr
  • EBITDA Margin
    21%
  • PAT
    ₹5 Cr
    YoY +8.1%

9M

  • Revenue
    ₹211 Cr
    YoY +4%
  • EBITDA
    ₹45 Cr
  • EBITDA Margin
    21.3%
  • PAT
    ₹9 Cr
    YoY +51%

What they filed

Q1 FY27: revenue up 5.3%, net profit down 5.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue67 68 72 65 71 +6%74 +10%77 +7%69 +5%
EBITDA14 15 19 15 15 +6%15 +2%15 −21%15 −2%
Net profit2 4 6 4 1 −46%5 +8%6 −7%3 −6%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Capital allocation

high confidence
  • Capex Capex disclosed IPO proceeds deployed largely towards capacity expansion
    • LVP SteriPort capacity expansion ₹90 Cr
    • SVP capacity expansion ₹30 Cr
    • Captive solar power plant ₹30 Cr
    IPO proceeds have been deployed largely towards capacity expansion, ensuring that capital raised is directly aligned with long-term value creation.
  • Debt Debt disclosed Cost 10%
    • Repayment Repaid debt in current accounting year (FY26) ₹36 Cr
    • New borrowing Raised debt for solar project ₹30 Cr
    • Rate reset KKR preference instrument redeemed early, reducing cost by 500 bps on this amount ₹11 Cr
    So the long-term debt is about INR95 croresss as on today, when we are having this call, which is at the higher rate of about 11.5% and blended rate is about 10%. And we have new working capital facilities at about 8.5%. So our blended rate is just about 10%, 10.1% or so and in coming period, it will be below 10%.
  • Liquidity Cash ₹10 Cr Cash on books generally remains between ₹10-20 crores; IPO proceeds of ₹55-60 crores are earmarked for expansion.
    So cash on our books generally remains about -- ranging from INR10 to INR20 crores, because we already have working capital facilities, so we do not keep any cash with us. We do have IPO proceeds about INR55-INR60 crores lying with us in monitoring account, but that is earmarked for the IPO expense that is the expansion.

Guidance & targets

Capacity

  • LVP SteriPort Capacity Capacity · FY27 · High confidence 12 crore bottles per annum

    From 6.6 crore bottles per annum today

    In LVP, we are doubling our SteriPort capacity from 6.6 crores bottles per annum to roughly 12 crores per year, supported by INR90 crores investment to meet strong demand visibility.

    — Bhavesh Patel

  • SVP Capacity Capacity · FY27 · High confidence 31 crore units per year

    From 21 crore units per year today

    In SVP, we are expanding capacity from INR21 crores to INR31 crores units per year, further strengthening our position in high-margin export market.

    — Bhavesh Patel

Profitability

  • Solar Plant Cost Savings Profitability · Q1 FY27 onwards (annually) · High confidence ₹9 crores
    Our 10.8 megawatt captive solar power plant, expected to be commissioned by Q1 FY27, is projected to generate a cost saving of roughly INR9 crores, leading to annual EBITDA level/cost savings, enhancing operating leverage and sustainability.

    — Bhavesh Patel

Revenue

  • SteriPort Incremental Revenue Revenue · FY27 (from April) · High confidence ₹120 crores
    So the incremental revenue would be in the range of INR120 crores, plus or minus 4%-5% here and there from SteriPort line alone.

    — Bhavesh Patel

  • SVP Incremental Revenue Revenue · FY27 (from Jan '27) · Medium confidence ₹30 crores
    SVP line is likely to get commercialized by January '27. So that would be additional revenue. At the moment, we are only talking about SteriPort. ... Roughly INR150 crores.

    — Bhavesh Patel

  • FY27 Revenue Target Revenue · FY27 · High confidence ₹400 crores
    I think next year, we are hoping to be in the range of roughlyINR400 crores.

    — Bhavesh Patel

  • FY27 Sales Growth Revenue · FY27 · High confidence 33%
    Yes. So roughly we'll see 33% increase roughly 33% increase in sales and the corresponding numbers.

    — Bhavesh Patel

Margin

  • Overall EBITDA Margin Expansion Margin · Post-SteriPort commissioning · High confidence 3-4%
    So incremental capacity will produce much higher EBITDA levels. But because of SteriPort, post-commissioning, company's overall EBITDA will expand by 3% to 4%.

    — Bhavesh Patel

Debt

  • Annual Debt Repayment Debt · Annually · High confidence ₹35-40 crores
    So I think the curve the sales curve, the EBITDA curve, and the PAT curve all will have different slopes. But I don't have asset turn number handy with me. Parasbhai, want to calculate quickly?

    — Bhavesh Patel

  • FY27 Closing Debt (incl. WC) Debt · FY27 · High confidence ₹150 crores

    Previously ₹185-190 crores (FY26 closing) → ₹150 crores

    Next year it should reduce to INR150 crores.

    — Paras Mehta

Asset Turnover

  • Top Line Post-Expansion Asset Turnover · Post-expansion · Medium confidence ₹430 crores
    Okay. So asset turnover number I don't have handy with me, but what I can tell you is that after the expansion of SteriPort and SVP, we are hoping to have top line of roughly INR430 crores or so.

    — Bhavesh Patel

  • EBITDA Post-Expansion Asset Turnover · Post-expansion · Medium confidence ₹105 crores
    And our EBITDA should be in the range of roughly INR105 crores. This is without SVP, I presume.

    — Bhavesh Patel

What to watch in Q4 FY26

SteriPort Commercialization & Initial Revenue

Next quarter (Q4 FY26 / Q1 FY27)
Current Under installation, expected April 2026 commercialization
Target Commercial operations, initial revenue contribution

Why it matters

This is a key driver for FY27 revenue growth and operating leverage, validating the significant capex investment.

So we will definitely see commercialization in the month of April.

Risks & concerns

  • SVP ramp-up delays due to regulatory and market complexities

    medium

    SVP ramp-up to sizeable EBITDA levels will take 1-2 years as it targets regulated international markets with varying product offerings and approval processes.

    Management acknowledged

  • Initial inventory accumulation for new SteriPort capacity

    low

    The new SteriPort plant will run at full capacity from April, but initial sales may not match, leading to 3-5 months of inventory build-up before equilibrium.

    Management acknowledged

  • Short-term EBITDA margin pressure from fixed overheads and investments

    low

    Q3 EBITDA was 'fractionally lower' due to fixed overheads and increased spending on product development and strengthening the middle management team in anticipation of capacity expansion.

    Management acknowledged

Q&A highlights

7 direct
New facility go-live and ramp-up timeline Direct
So we will definitely see commercialization in the month of April. ... So initially, we'll be running the plant at full capacity, but we would be accumulating some inventory for three to five months. And then we reach an equilibrium where production equals sales and gradually by six months to nine months that window, we'll be able to absorb excess inventory.

Clarifies the timeline for new capacity contribution and the initial phase of inventory build-up.

Asked by Aniket Nikumb

Total potential revenue from expanded facilities (SteriPort + SVP) Direct
So the incremental revenue would be in the range of INR120 crores, plus or minus 4%-5% here and there from SteriPort line alone. ... Roughly INR150 crores.

Provides specific revenue targets from the combined capacity expansion projects.

Asked by Aniket Nikumb

Debt management and cost of funds post-IPO Direct
The debt, debt by and large will remain almost same, maybe it will reduce by only INR5 crores, in spite of paying INR36 crores, because we are raising INR30 crores debt for solar project. So the debt number -- debt number doesn't change much, but our cost efficiency improves because solar is likely to save, give -- I mean, contribute around INR9 crores per year in terms of cost saving.

Explains the company's debt strategy, the impact of new solar project debt, and the reduction in the cost of debt.

Asked by Aniket Nikumb

SteriPort product differentiation and market confidence Direct
But SteriPort again has a differentiation in the sense of the primary packaging material that uses it -- that it is using. So we use random Copolymer Polypropylene. Whereas all our competing two-port system products are having Polyethylene. So Polyethylene cannot be sterilized at more than 109°C. Whereas our container can withstand 125°C.

Highlights the unique technical advantages of SteriPort that drive its market preference and demand.

Asked by Vilina Jain

SVP ramp-up timeline and reasons for slower pace Direct
But SVP ramp-up to sizeable EBITDA level will take one to two years because that's addressed to different markets, they are regulated, and there are different product offerings. So SVP alone will be offering enough growth drivers within our portfolio.

Clarifies the longer timeline for SVP growth due to regulatory complexities and diverse market requirements in export markets.

Asked by Vilina Jain

Q3 EBITDA margin being lower year-on-year and quarter-on-quarter Direct
Our EBITDA margins are not lower, it's almost in line with -- it's fractionally lower. You will see in percentage to revenue terms, it's almost there, about half percent. ... And other thing is that from June onwards, we have started strengthening our middle management team in anticipation of the capacity that we are building up.

Addresses the short-term margin pressure, attributing it to fixed overheads and investments in management capacity for future growth.

Asked by Rahil S

FY27 revenue guidance and sales growth Direct
No, next year I think 20% to 20% CAGR is for next two years, but next year we'll see sizeable increase. I think next year, we are hoping to be in the range of roughlyINR400 crores. ... So roughly we'll see 33% increase roughly 33% increase in sales and the corresponding numbers.

Provides clear forward-looking revenue and growth targets for the next fiscal year.

Asked by Rahil S

Asset turnover, finance cost, and depreciation post-expansion Partial
So asset turnover number I don't have handy with me, but what I can tell you is that after the expansion of SteriPort and SVP, we are hoping to have top line of roughly INR430 crores or so. And our EBITDA should be in the range of roughly INR105 crores.

Offers insights into the expected scale and profitability metrics post-capacity expansion, even if asset turnover itself wasn't quantified.

Asked by Saket Kapoor

3 min read 6 chapters

Detailed narrative

Q3 & 9M FY26 Financial Performance Highlights

Amanta Healthcare delivered a stable financial performance for Q3 and 9M FY26. Q3 revenue grew 9.8% year-on-year to ₹75 crores, while 9M revenue increased 4% year-on-year to ₹211 crores. EBITDA for Q3 stood at ₹15 crores with a 21% margin, and for 9M, it reached ₹45 crores with a 21.3% margin, improving by 42 basis points year-on-year. Net profit for Q3 was ₹5 crores (up 8.1% YoY) and for 9M was ₹9 crores (up 51% YoY), demonstrating disciplined execution despite IPO expenses.

SteriPort Platform: A Key Differentiator

The company emphasized its SteriPort platform as a significant competitive advantage, being the first in India to introduce this advanced ISBM technology. SteriPort utilizes random Copolymer Polypropylene, allowing sterilization at 125°C, which is superior to polyethylene-based containers (max 109°C), ensuring absolute sterility. This, combined with five times greater tensile strength, has resulted in zero fungal contamination complaints, making it the preferred choice in critical care settings and contributing approximately 40% of current revenue.

Aggressive Capacity Expansion and New Product Focus

Amanta is undertaking substantial capacity expansions across both its Large Volume Parenterals (LVP) and Small Volume Parenterals (SVP) segments. LVP SteriPort capacity is doubling from 6.6 crore bottles to 12 crore bottles per annum with a ₹90 crores investment, expected to commercialize by April 2026. SVP capacity is expanding from ₹21 crores to ₹31 crores units per year, with commercialization anticipated by January 2027. These expansions are projected to add ₹120 crores from SteriPort and ₹30 crores from SVP, totaling ₹150 crores in incremental revenue.

Strategic Investments in Cost Efficiency and Margin Enhancement

To bolster cost efficiency and sustainability, Amanta is investing in a 10.8 megawatt captive solar power plant, slated for commissioning by Q1 FY27. This project is expected to generate annual cost savings of ₹9 crores at the EBITDA level. The company's strategy also involves moving up the value chain from low-value diluents to high-value formulations like eye drops and respiratory respules, which has materially improved realization and margin profile, with an anticipated overall EBITDA margin expansion of 3-4% post-SteriPort commissioning.

Debt Management and Capital Discipline

Amanta Healthcare is committed to capital discipline and balance sheet improvement. The company has repaid ₹36 crores of debt in the current fiscal year. While new debt of ₹30 crores was raised for the solar project, the blended cost of debt has reduced by 250-400 bps due to early redemption of higher-cost instruments, including a 500 bps reduction on a ₹11 crores KKR preference instrument. Total debt, including working capital, is expected to be ₹185-190 crores by FY26 end and is targeted to reduce to ₹150 crores by FY27.

Outlook and Future Growth Trajectory

The company projects FY27 revenue to reach approximately ₹400 crores, representing about 33% growth, primarily driven by the SteriPort expansion. The SVP segment, while a high-margin, export-focused growth engine, is expected to have a slower ramp-up (1-2 years) due to regulatory approvals and market variations in international markets. Amanta is also developing new high-value products like nasal drops for the European market and preservative-free single-dose ophthalmics, with revenue contributions expected in 2-3 years, further diversifying its portfolio.

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