Aarti Pharmalabs Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹8,409 Cr
- P/E
- 39.05
- ROE
- 8.59%
- PEG
- -13.24
- Price to sales
- 4.26
- Debt to equity
- 0.36
- 52W high / low
- ₹975 / ₹592
- EBITDA margin
- 21.62%
- Net profit margin
- 9.72%
- Promoter holding
- 39.66%
- Sales (last year)
- ₹1,969 Cr
Incorporated in 2019, Aarti Pharmalabs Ltd is a manufacturer of Pharmaceuticals and Nutraceuticals[1]
Guidance scorecard · Q2 FY27 call
What Aarti Pharmalabs Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology
Pharmaceuticals & Biotechnology
RevenueQ1 FY27 call
20–40%- API segment targeted to achieve INR1,000 crores plus revenue with current and ongoing debottlenecking in steroid and anticancer blocks and new Block 5 line.
- Xanthine derivatives expect revenue between INR900 crores to INR1,100 crores this year, with volume ramp-up from 6,000 to 9,500 tonnes in the next couple of years.
- CDMO/CMO segment aims for 40-50% growth this year, targeting to exceed 25-30% of overall company sales with 57 active projects (37 commercial).
- Overall company targeting all three segments (Xanthine, API, CDMO) to grow beyond INR1,000 crores each.
- New product launches in anticancer and antidiabetic drugs expected to contribute to growth.
2 more points from Aarti Pharmalabs Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Aarti Pharmalabs Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Completed debottlenecking of steroid block at Unit 4, Tarapur, increasing capacity by 33%.
- Incremental capacity for Xanthine derivatives commercialized at end of Q1 FY '27; ramp-up expected over next quarters aiming for 80%+ utilization by FY '28.
- Both phases of Atali Block 1 (440 kL reactor capacity) becoming fully operational in Q2 FY '27, focusing on CDMO/CMO intermediate manufacturing.
- Announced INR 149 crores capex for Block 2 at Atali with 400+ kL reactor capacity; groundbreaking expected in Q3 FY '27 with 12–15 months completion.
- Block 2 dedicated to specific CDMO projects; more cost-effective than multipurpose block and a key step toward INR 1,000 crores CDMO/CMO revenue goal.
2 more points from Aarti Pharmalabs Ltd's call on capex
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FundraisingQ1 FY27 call
See what Aarti Pharmalabs Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- The company is working with 22 customers in the CDMO/CMO segment.
- There are currently 57 active projects, with 37 in commercial stages and 20 in developmental stages.
- The CDMO segment is expected to achieve 40-50% growth this year.
- Visibility exists for multiple dedicated CDMO projects, with 3-4 projects planned for a new dedicated block.
- The company is confident of reaching INR 1,000 crores revenue in the CDMO/CMO segment.
2 more points from Aarti Pharmalabs Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Pharmaceuticals & Biotechnology companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹556 Cr | 22.1 | |
| 2 | 40%+ | Up 0–2% | ₹215 Cr | 22.2 | |
| 3 | 40%+ | Flat | ₹16,144 Cr | — | |
| 4 | 40%+ | Flat | ₹6,072 Cr | 48.0 | |
| 5 | 40%+ | Flat | ₹40 Cr | — | |
| 6 | 20–40% | Up 2%+ | ₹50,220 Cr | 43.8 |
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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology rankingAarti Pharmalabs Ltd announcements
All announcements →- Financial resultsMajor developmentAarti Pharmalabs approves Sept 2026 results; CFO Piyush Lakhani resigns
- Board / shareholder meeting outcomeNotableAarti Pharmalabs Limited announces results of 7th AGM held on September 22, 2026
Financials of Aarti Pharmalabs Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Aarti Pharmalabs Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 46.46% | 46.46% | 46.46% | 46.10% | 44.65% | 44.29% | 43.72% | 42.88% | 43.10% | 43.08% | 42.86% | 39.66% |
| FIIs + | 8.17% | 8.33% | 7.07% | 7.38% | 8.64% | 7.36% | 7.34% | 8.02% | 7.69% | 8.39% | 8.17% | 8.16% |
| DIIs + | 9.91% | 9.97% | 11.47% | 11.35% | 10.36% | 7.53% | 7.80% | 6.95% | 7.66% | 7.40% | 7.22% | 8.40% |
| Government + | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| Public + | 35.45% | 35.24% | 35.00% | 35.17% | 36.33% | 40.81% | 41.12% | 42.12% | 41.54% | 41.10% | 41.74% | 43.78% |
| No. of Shareholders | 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 | 1,79,373 | 1,76,506 | 1,74,329 |
Financials of Aarti Pharmalabs Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 440 | 449 | 506 | 555 | 458 | 538 | 564 | 386 | 418 | 432 | 583 | 536 | 610 |
| Expenses + | 352 | 353 | 388 | 459 | 364 | 409 | 418 | 293 | 344 | 330 | 470 | 400 | 475 |
| Operating Profit | 88 | 96 | 118 | 96 | 94 | 129 | 146 | 93 | 74 | 102 | 113 | 136 | 135 |
| OPM % | 20% | 21% | 23% | 17% | 20% | 24% | 26% | 24% | 18% | 24% | 19% | 25% | 22% |
| Other Income + | 1 | 1 | 2 | 2 | 4 | 5 | -2 | 2 | 0 | 2 | 14 | 8 | 5 |
| Interest | 4 | 4 | 5 | 5 | 6 | 10 | 7 | 7 | 11 | 13 | 17 | 13 | 15 |
| Depreciation | 18 | 19 | 19 | 20 | 21 | 23 | 23 | 23 | 25 | 29 | 28 | 30 | 31 |
| Profit before tax | 67 | 74 | 96 | 74 | 72 | 101 | 115 | 65 | 39 | 63 | 82 | 101 | 95 |
| Tax % | 23% | 29% | 32% | 25% | 24% | 26% | 23% | 24% | 28% | 24% | 25% | 25% | 25% |
| Net Profit + | 52 | 53 | 65 | 55 | 55 | 74 | 88 | 50 | 28 | 48 | 61 | 76 | 71 |
| EPS in Rs | 5.72 | 5.82 | 7.20 | 6.12 | 6.03 | 8.16 | 9.75 | 5.46 | 3.08 | 5.29 | 6.74 | 8.40 | 7.88 |
Financials of Aarti Pharmalabs Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|
| Sales + | 0 | 1,200 | 1,945 | 1,853 | 2,115 | 1,819 | 2,161 |
| Expenses + | 0 | 993 | 1,603 | 1,467 | 1,649 | 1,450 | 1,674 |
| Operating Profit | 0 | 207 | 342 | 386 | 466 | 369 | 487 |
| OPM % | 17% | 18% | 21% | 22% | 20% | 23% | |
| Other Income + | 0 | 3 | 2 | 5 | 8 | 15 | 28 |
| Interest | 0 | 12 | 21 | 17 | 27 | 47 | 57 |
| Depreciation | 0 | 42 | 63 | 73 | 87 | 104 | 117 |
| Profit before tax | 0 | 155 | 261 | 300 | 361 | 233 | 341 |
| Tax % | 21% | 26% | 28% | 24% | 25% | ||
| Net Profit + | 0 | 122 | 193 | 217 | 272 | 175 | 257 |
| EPS in Rs | 21.35 | 23.93 | 30.05 | 19.27 | 28.31 | ||
| Dividend Payout % | 0% | 9% | 13% | 17% | 18% |
Financials of Aarti Pharmalabs Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 0.25 | 0.25 | 45 | 45 | 45 | 45 |
| Reserves | -0 | 1,386 | 1,513 | 1,712 | 1,945 | 2,079 |
| Borrowings + | 0 | 338 | 215 | 285 | 413 | 754 |
| Other Liabilities + | 0 | 315 | 470 | 540 | 499 | 603 |
| Total Liabilities | 0 | 2,040 | 2,244 | 2,582 | 2,902 | 3,482 |
| Fixed Assets + | 0 | 782 | 926 | 1,033 | 1,137 | 1,437 |
| CWIP | 0 | 187 | 102 | 137 | 374 | 393 |
| Investments | 0 | 32 | 87 | 107 | 77 | 194 |
| Other Assets + | 0 | 1,038 | 1,130 | 1,305 | 1,315 | 1,457 |
| Total Assets | 0 | 2,040 | 2,244 | 2,582 | 2,902 | 3,482 |
Financials of Aarti Pharmalabs Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 0 | -44 | 250 | 216 | 330 | 262 |
| Cash from Investing Activity + | 0 | -139 | -158 | -215 | -412 | -431 |
| Cash from Financing Activity + | 0 | 260 | -163 | 10 | 65 | 171 |
| Net Cash Flow | 0 | 78 | -71 | 12 | -17 | 2 |
| Free Cash Flow | 0 | -185 | 130 | 18 | -114 | -186 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -11% | 91% | 71% | 85% | 84% |
Financials of Aarti Pharmalabs Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 115 | 84 | 102 | 99 | 117 | |
| Inventory Days | 272 | 188 | 230 | 199 | 280 | |
| Days Payable | 123 | 106 | 135 | 94 | 146 | |
| Cash Conversion Cycle | 264 | 166 | 197 | 204 | 251 | |
| Working Capital Days | 111 | 94 | 110 | 105 | 90 | |
| ROCE % | 19% | 16% | 17% | 17% | 11% |
Guidance history
How Aarti Pharmalabs Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | None planned | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
78 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +11.5% | 69% |
| Last 6 months | +25.3% | 78% |
| Last 3 months | +37.6% | 94% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Aarti Pharmalabs Ltd: 0.4 × 69 + 0.4 × 78 + 0.2 × 94 = 78.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Aarti Pharmalabs Ltd's management said in earlier quarters
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