Amanta Healthcare Limited

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.

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.

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.

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.

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.

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.