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    Healthcare

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    Drug Manufacturers - Specialty & Generic
Aarti Drugs Limited

Aarti Drugs Limited

AARTIDRUGS.BO
Aarti Drugs LimitedIN flagBombay Stock Exchange
384.50
INR
+4.95
- -
35.19BMarket Cap
Aarti Drugs Limited
AARTIDRUGS.BO
(Bombay Stock Exchange)

Recent

price

384.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
51.25
68.06
85.15
100.13
112.96
117.16
125.24
131.84
165.48
193.79
231.2
268.75
292.18
272.9
261.54
- -
281.07
Revenue per Share
2.32
2.32
4.67
6.37
7.98
7.09
8.57
8.73
9.51
15.17
30.09
22.14
17.96
18.65
18.42
- -
21.36
Basic EPS, GAAP
-4.1
-0.29
1.27
-1.15
-0.25
3.47
6.91
-0.51
7.3
21.75
7.16
-8.81
-3.4
14.42
7.39
- -
- -
Free Cash Flow per Basic Share
0.94
0.56
1.13
1.44
2.34
2.44
- -
0.26
0.26
0.75
2.49
1.03
1.02
1.01
0.99
- -
- -
Dividend per Share
14.16
14.93
17.68
21.51
26.28
28.92
37.89
46.74
55.05
66.01
90.88
104.9
120.21
135.66
145.89
- -
10
Book Value per Share
15.15
16.91
20.62
25.58
31.68
35.01
41.29
47.8
57.3
69.85
97.98
111.9
126.17
135.44
143.11
- -
167.94
Tangible Book Value per Share
97
97
97
97
97
97
95
94
94
93
93
93
93
92
91
- -
91
Basic Weighted Avg Shares
4,964
6,593
8,248
9,699
10,943
11,349
11,952
12,436
15,609
18,061
21,548
24,886
27,056
25,089
23,870
25,653
25,653
Sales/Revenue/Turnover
9.64
8.92
12.05
12.86
12.87
13.39
13.17
13.31
10.95
12.35
18.37
11.97
9.84
11.07
9.69
9.44
9.44
Operating Margin (%)
155
242
260
281
310
365
385
401
426
488
499
500
503
514
558
670
670
Depreciation Expense
225
225
452
617
773
687
818
823
898
1,414
2,804
2,050
1,663
1,714
1,682
1,949
1,949
Net Income, GAAP
28.6
30.29
31.12
28.27
22.53
27.87
29.49
33.89
31.5
23.69
24.01
24.06
25.79
27.15
20.62
7.57
7.57
Effective Tax Rate (%)
4.53
3.41
5.48
6.36
7.06
6.06
6.84
6.62
5.75
7.83
13.01
8.24
6.15
6.83
7.04
7.6
7.6
Profit Margin (%)
-71
-101
172
-224
428
653
771
1,152
1,933
2,748
4,614
4,533
5,423
5,252
5,014
5,455
5,455
Working Capital
743
669
807
766
1,635
1,912
2,015
2,027
2,082
1,862
1,511
1,404
2,051
2,762
2,857
2,577
2,577
LT Debt
1,565
1,765
2,076
2,509
3,082
3,467
4,001
4,554
5,434
6,525
9,134
10,363
11,927
12,820
13,693
15,492
15,492
Total Equity
9.28
9.35
13.61
15.38
15.66
13.74
12.9
11.59
11.37
16.2
25.96
15.86
11.69
11.08
9.59
10.89
10.89
Return on Invested Capital (%)
10.94
9.29
13.82
15.89
16.66
13.7
13.4
11.53
11.63
16.46
27.06
16.29
11.8
11.07
10.47
17.29
17.29
Return on Capital (%)
30.11
15.94
28.64
32.51
33.38
25.71
25.5
20.51
18.69
24.93
38.35
22.55
15.96
14.53
13.04
27.4
27.4
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
2,987
- -
3,189
LT Borrowings
2,736
- -
2,569
LT Finance Leases
12
- -
9
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
91
- -
91
Market Capitalization
44,348
37,590
29,152

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
13,124
- -
14,678
Cash, Cash Equivalents & STI
245
- -
243
Accounts Receivable, Net
7,196
- -
8,299
Inventories
4,700
- -
4,908
Total Current Liabilities
7,829
- -
9,223
Payables & Accruals
- -
- -
- -
ST Debt
2,987
- -
3,189
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
16.46%
11.2%
13.14%
Free Cash Flow
-226.21%
-166.95%
18.99%
Net Income, GAAP
15.59%
-5.74%
15.91%
Sales/Revenue/Turnover
8.94%
3.91%
7.47%
Total Cash Common Dividend
- -
7.35%
100.55%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6,611
6,415
6,059
6,003
25,089
2025
5,553
5,983
5,566
6,768
23,870
2026
5,905
6,528
6,017
7,203
25,653

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
5.17
4.31
3.99
- -
18.65
2025
3.62
3.84
4.06
6.89
18.42
2026
5.91
4.96
4.44
6.05
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
1.01
2025
- -
- -
- -
- -
0.99
2026
- -
- -
- -
- -
- -
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Business
Aarti Drugs Limited manufactures active pharmaceutical ingredients, pharmaceutical intermediates, specialty chemicals, and formulations through its wholly-owned subsidiary Pinnacle Life Science Private Limited. The company produces APIs such as Ciprofloxacin Hydrochloride, Metronidazole, Metformin HCl, Ketoconazole, and Ofloxacin across therapeutic categories including antibiotics, antidiabetics, anti-inflammatories, anti-fungals, anti-protozoals, cardiovascular, central nervous system, and others; pharmaceutical intermediates encompassing fluoroquinolones and nitroimidazoles; and specialty chemicals like Salicylic Acid, Trimethylamine, Dimethylamine, Monomethylamine, Benzene Sulphonyl Chloride, and Methyl Nicotinate. It also provides contract manufacturing services with GMP-certified plants compliant with global regulations. Founded in 1984 as part of the Aarti Group of Industries and headquartered in Mumbai, India, with manufacturing facilities in Tarapur and Sarigam, Maharashtra, the company exports to over 100 countries and serves pharmaceutical, food and beverage, and healthcare sectors. Aarti Drugs operates 13 manufacturing facilities and maintains a robust R&D center at Tarapur MIDC to support product development and scalability. In recent developments, the company approved an investment of INR 25 crore in its subsidiary Pinnacle Life Science via subscription to a rights issue on January 29, 2025, to fund expansion, capex plans, and general corporate purposes, with shares allotted by February 15, 2025. It plans significant capital expenditure of approximately Rs. 220-230 crore in FY2025 and Rs. 150-160 crore in FY2026, funded by debt and internal accruals, primarily for two greenfield facilities producing salicylic acid and amines, brownfield expansions, debottlenecking, and maintenance, alongside trial production commencement at a new greenfield site. In August 2024, shares rose ahead of a board meeting considering a share buyback proposal, marking a potential sixth buyback under SEBI regulations.