AARTIPHARM

Aarti Pharmalabs share price & financials

Price
₹707.9
Market cap
₹7.8k Cr
Sector
Healthcare
Calls analysed
7
Latest concall · Q1 FY27 · call held 10 Aug 2026

Aarti Pharmalabs Limited Q1 FY27

Revenue ₹535 cr +43%EBITDA ₹133 cr +40%EBITDA Margin 24.86% PAT ₹71 cr +48%

What went well

  • Revenue increased by 42% Y-o-Y to ₹535 crores in Q1 FY27, compared to ₹375 crores a year back.
  • EBITDA grew by 40% Y-o-Y to ₹133 crores, up from ₹95 crores in the corresponding period of the previous year.
  • Profit After Tax (PAT) rose by 49% Y-o-Y to ₹71 crores, compared to ₹48 crores a year back.

What to watch

  • Pricing pressures persist in existing API molecules, necessitating efforts towards process intensification and cost reduction.
  • CDMO/CMO revenue is expected to be skewed towards the second half of the financial year, similar to previous years.
Read the full call →

What Aarti Pharmalabs Limited does

Aarti Pharmalabs manufactures Active Pharmaceutical Ingredients (APIs), advanced intermediates and Xanthine derivatives (caffeine, theophylline, aminophylline, etophylline), and offers CDMO/CMO services (process development plus commercial manufacture of KSMs, RSMs, intermediates and GMP APIs) to innovator and biotech companies worldwide. It is backward-integrated across most of its API value chain, giving it control over raw materials and intermediates, and its facilities are certified by USFDA, EU GMP, EDQM, KFDA and COFEPRIS, allowing it to supply regulated markets such as the US, EU and Japan. Xanthine derivatives are sold mainly to beverage makers (cola and energy drinks) and pharma/nutraceutical customers, while API and CDMO revenue comes from oncology, cardiovascular, anti-asthmatic, anti-diabetic and other therapy areas.

Segments

  • Xanthine Derivatives & Allied Products
  • API & Intermediates
  • CDMO/CMO
Manufacturing units
7 (across Dombivali, Vapi, Tarapur and Atali in Maharashtra & Gujarat)
USFDA-approved units
3
Products
220+
Global clients
500+
Export countries
50+
Employees
2,400+
Company website

Guidance record · Q1 FY27

what the last two calls moved 17 tracked 2 delivered 2 missed 13 open
  • Project Commissioning delayed said Q3 FY25 Promised: Commissioned in Q1 FY26 Q1 FY27: Delayed again. New target is Q2 FY27: 'Both phases of Atali Block 1 with 440 kL reactor capacity will become fully operational in Q2 FY '27.'
  • CDMO Revenue Growth delivered said Q4 FY25 Promised: 30% to 40% YoY Q4 FY26: Achieved 32% YoY growth for FY26 (₹276 crores vs ₹209 crores in FY25).
  • EBITDA Growth missed said Q4 FY25 Promised: 12% to 15% YoY Q4 FY26: FY26 EBITDA declined 5.14% YoY to ₹406 crores vs ₹428 crores in FY25.

All 17 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 38.9%, net profit up 52.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue458 538 564 386 418 −9%432 −20%583 +3%536 +39%
EBITDA94 129 146 93 74 −21%102 −21%113 −23%136 +46%
Net profit55 74 88 50 28 −49%48 −35%61 −31%76 +52%
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.

Performance −8.2% 1Y

₹600₹700₹800₹900Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 26 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹900.35 on 10 Sept 2025 → ₹826.95. High ₹939.5 (15 Sept 2025), low ₹591.95 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+20.0%
10 Aug
Q4 FY26
−5.2%
26 May
Q3 FY26
−3.8%
10 Feb
Q2 FY26
+0.7%
11 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 2.2% a year over 3 years, FY23 to FY26. Operating margin widened to 21.0%.

Year endingFY23FY24FY25FY26
Revenue₹1.9k Cr₹1.9k Cr₹2.1k Cr₹1.8k Cr
Operating profit₹342 Cr₹387 Cr₹465 Cr₹382 Cr
Operating margin17.6%20.9%22.0%21.0%
Interest₹21 Cr₹17 Cr₹28 Cr₹48 Cr
Depreciation₹63 Cr₹73 Cr₹87 Cr₹105 Cr
Net profit₹194 Cr₹217 Cr₹272 Cr₹187 Cr
Net margin10.0%11.7%12.9%10.3%
Cash from operations₹250 Cr₹216 Cr₹332 Cr₹262 Cr
Free cash flow₹130 Cr₹18 Cr₹-112 Cr₹-186 Cr
ROCE16.0%17.0%17.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹0 Cr₹0 Cr₹45 Cr₹45 Cr₹45 Cr₹45 Cr
Reserves₹0 Cr₹1.4k Cr₹1.5k Cr₹1.7k Cr₹2.0k Cr₹2.1k Cr
Borrowings₹0 Cr₹338 Cr₹215 Cr₹285 Cr₹659 Cr₹754 Cr
Other liabilities₹0 Cr₹315 Cr₹470 Cr₹540 Cr₹561 Cr₹603 Cr
Total liabilities₹0 Cr₹2.0k Cr₹2.2k Cr₹2.6k Cr₹3.3k Cr₹3.5k Cr
Fixed assets₹0 Cr₹782 Cr₹926 Cr₹1.0k Cr₹1.5k Cr₹1.5k Cr
Capital work in progress₹0 Cr₹187 Cr₹102 Cr₹137 Cr₹160 Cr₹305 Cr
Investments₹0 Cr₹32 Cr₹87 Cr₹107 Cr₹187 Cr₹194 Cr
Other assets₹0 Cr₹1.0k Cr₹1.1k Cr₹1.3k Cr₹1.4k Cr₹1.5k Cr
Total assets₹0 Cr₹2.0k Cr₹2.2k Cr₹2.6k Cr₹3.3k Cr₹3.5k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −0.86 pp while FIIs added +0.83 pp. The shareholder count shrank 6% to 1,76,506.

Promoters
42.9%
FIIs
8.2%
DIIs
7.2%
Government
0.0%
Public
41.7%

Since Jun 2025

  • Promoters −0.86 pp
  • FIIs +0.83 pp
  • Public +0.62 pp

How it drifted, 12 quarters

Over this window the public went from 34.7% to 41.7% — +7.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 46.3%, FIIs 8.4%, DIIs 10.5%, Government 0.0%, Public 34.7%.Dec '23: Promoters 46.5%, FIIs 8.2%, DIIs 9.9%, Government 0.0%, Public 35.5%.Mar '24: Promoters 46.5%, FIIs 8.3%, DIIs 10.0%, Government 0.0%, Public 35.2%.Jun '24: Promoters 46.5%, FIIs 7.1%, DIIs 11.5%, Government 0.0%, Public 35.0%.Sep '24: Promoters 46.1%, FIIs 7.4%, DIIs 11.3%, Government 0.0%, Public 35.2%.Dec '24: Promoters 44.6%, FIIs 8.6%, DIIs 10.4%, Government 0.0%, Public 36.3%.Mar '25: Promoters 44.3%, FIIs 7.4%, DIIs 7.5%, Government 0.0%, Public 40.8%.Jun '25: Promoters 43.7%, FIIs 7.3%, DIIs 7.8%, Government 0.0%, Public 41.1%.Sep '25: Promoters 42.9%, FIIs 8.0%, DIIs 7.0%, Government 0.0%, Public 42.1%.Dec '25: Promoters 43.1%, FIIs 7.7%, DIIs 7.7%, Government 0.0%, Public 41.5%.Mar '26: Promoters 43.1%, FIIs 8.4%, DIIs 7.4%, Government 0.0%, Public 41.1%.Jun '26: Promoters 42.9%, FIIs 8.2%, DIIs 7.2%, Government 0.0%, Public 41.7%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Aarti Pharmalabs Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Life Insurance Corporation Of India Insurer5.27%unchanged
Rashesh Chandrakant Gogri 4.23%unchanged
Jaya Chandrakant Gogri 3.53%unchanged
Anushakti Enterprise Private Limited 3.30%unchanged
LABDHI BUSINESS TRUST(Saswat Trusteeship Private Limited) 3.13%unchanged
Hetal Gogri Gala 3.11%unchanged
Mirik Rajendra Gogri 3.07%unchanged
Renil Rajendra Gogri 2.80%unchanged
Sarla Shantilal Shah 2.69%unchanged
Ntasain Discovery Master Fund FPI fund2.16%−0.12 pp
Rajendra Vallabhaji Gogri 1.57%unchanged
MANOMAYA BUSINESS TRUST(Alabhya Trusteeship Private Limited) 1.44%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in AARTIPHARM

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹5 Cr
1 schemes
Biggest holder
HDFC Large and Mid Cap Fund
₹5 Cr · 0.0% of that fund
SchemeHoldingLast month
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹5 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+158%
vs est. average cost
Held by funds
₹5 Cr
1 schemes · ≈ 0.06% of the company

Shares held by these funds −86%

Aug '23 67,500 shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹827, this stock must grow earnings at 25% every year for 7 years. Our analysis caps realistic growth at ~-11%. At that growth it is worth ₹124 — downside of 85%.

Growth the price implies
24.9% a year
for 7 years, fading to 4%
It has actually compounded at
-3.6% a year
net profit, FY23–FY26 · EPS -10.6%
The gap
0.4 pp
-85% downside if it only repeats history
Price today ₹826.95 Value at the reference growth ₹123.58

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Aarti Pharmalabs Limited

Guides on how to read this kind of business and the numbers that matter.