Aarti Drugs Limited (AARTIDRUGS)

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Aarti Drugs Limited (AARTIDRUGS) · mywealthgrid

About

Aarti Drugs Limited is a mid-cap pharmaceutical company with market cap ₹3,801.28 Cr, generating consolidated quarterly revenues of ₹528.8–₹720.3 Cr. The company operates in the healthcare pharmaceuticals space with an ROE of 13.36% and D/E ratio of 0.37, indicating solid profitability and conservative leverage. Strong dividend history (annual since at least 2022) reflects consistent cash generation.

Face value: ₹10

Market cap

₹3,844 Cr

P/E

20.1×

P/B

2.5×

Dividend yield

0.5%

ROE

13.4%

ROCE

13.5%

Debt / equity

0.37

OPM

12.1%

EPS (TTM)

₹20.9

Book value

₹169.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margin volatility: OPM ranged 8% (Dec 2025) to 14.65% (Jun 2026), indicating sensitivity to input costs or competitive pressures — verify root drivers and sustainability.
Recent stock underperformance: 1-year return –17.75% despite price near mid-point of 52-week range (₹319.75–₹525.35) — clarify if fundamental deterioration or sector headwinds.
Low institutional backing: FII holdings minimal at 1.52% and DII at 10.29% — assess reasons for limited institutional confidence.
Pharma sector headwinds: Pricing regulation and input cost inflation typical of the sector — verify company's cost management and pricing power.

Generated analysis · source review pending

Growth drivers

Revenue recovery trajectory: Consolidated revenue grew 33% from ₹528.8 Cr (Dec 2025) to ₹702.78 Cr (Jun 2026) — verify if sustainable and driven by market demand recovery or repositioning.
Margin recovery potential: Operating margin recovered from 8% (Dec 2025) to 13–14% range recently — verify if improvements are structural (cost control, scale) or cyclical.
EPS growth: Earnings per share rose from ₹3.71 (Dec 2025) to ₹6.05 (Mar 2026), a 63% increase — assess sustainability and forward visibility.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹421.0-1.8%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Profit declined 7% a year over the last 5 years
−Modest revenue growth of 3.5% a year over the last 5 years
−Low dividend payout of 9.6% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 42
Growth: 25
Valuation: 70

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,806	2,155	2,489	2,716	2,529	2,387	2,565
COGS	1,179	1,321	1,689	1,889	1,678	1,542	1,619
Gross profit	627	834	800	828	851	845	947
	365	397	470	522	534	558	637
	262	437	329	306	316	287	309
OPM %	14.5%	20.3%	13.2%	11.3%	12.5%	12%	12.1%
Depreciation	49	50	50	50	51	56	67
Interest	34	23	21	33	34	36	34
	6	5	11	2	4	16	2
Profit before tax	185	369	270	224	236	212	211
Tax	44	89	65	58	64	44	16
Tax %	23.7%	24%	24.1%	25.8%	27.2%	20.6%	7.6%
	141	280	205	166	172	168	195
PAT margin %	7.8%	13%	8.2%	6.1%	6.8%	7%	7.6%
EPS (₹)	60.6	30.1	22.1	18	18.6	18.4	21.4
EPS adjusted (₹)	15.2	30.1	22.1	18	18.6	18.4	21.4
	3.3%	8.3%	4.5%	5.6%	5.4%	5.4%	—
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	24	24	24	24	23	93	93	93	92	91	91
Reserves	333	322	432	520	629	820	944	1,100	1,190	1,278	1,458
Minority interest	—	—	—	0	—	—	—	0	0	0	0
	450	450	508	471	338	305	538	607	562	612	575
	295	319	426	441	586	548	633	622	588	593	691
Total equity & liabilities	1,102	1,116	1,389	1,455	1,577	1,766	2,208	2,421	2,432	2,575	2,815
	493	493	602	625	635	660	686	676	809	863	1,085
CWIP	34	34	28	33	12	19	77	210	225	330	214
Investments	—	13	11	12	13	23	24	19	20	22	27
	575	575	748	785	916	1,064	1,422	1,516	1,378	1,359	1,489
Total assets	1,102	1,116	1,389	1,455	1,577	1,766	2,208	2,421	2,432	2,575	2,815

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.7%	38.7%	32.1%	30.5%	33.6%	35.4%	36.9%
EBITDA margin %	14.5%	20.3%	13.2%	11.3%	12.5%	12%	12.1%
EBIT margin %	11.8%	18%	11.2%	9.4%	10.5%	9.7%	9.4%
PAT margin %	7.8%	13%	8.2%	6.1%	6.8%	7%	7.6%
Working capital
Receivable days	—	94	110	116	102	115	118
Inventory days	101	115	114	100	106	112	111
Payable days	—	91	101	93	93	98	108
NWC days	—	118	122	123	115	128	121
Leverage
Current ratio	1.44	1.78	1.48	1.6	1.66	1.6	1.59
Debt to EBITDA	1.29	0.7	1.63	1.98	1.78	2.13	1.86
Debt to equity	0.52	0.33	0.52	0.51	0.44	0.45	0.37
Interest coverage	6.4	17.1	14	7.7	8	6.9	7.3
Asset turnover	1.15	1.22	1.13	1.12	1.04	0.93	0.91
Return ratios
Return on assets %	9%	15.9%	9.3%	6.9%	7.1%	6.5%	6.9%
Return on capital employed %	22.5%	36.9%	23.8%	18.7%	17.2%	14.7%	13.5%
Return on equity %	21.7%	30.7%	19.8%	14%	13.4%	12.3%	12.6%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.56%	57.47%	57.13%	55.67%	55.64%	55.38%	55.48%	55.22%	54.72%	55.03%	55.03%	54.43%
	2.33%	2.1%	2.56%	2.96%	2.5%	2.28%	2.25%	2.26%	2.69%	2.15%	1.58%	1.52%
	5.32%	5.26%	5.99%	7.35%	7.84%	8.77%	9.7%	9.94%	9.9%	10.12%	10.22%	10.29%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	33.79%	35.17%	34.32%	34.02%	34.02%	33.57%	32.57%	32.58%	32.69%	32.7%	33.17%	33.76%
No. of shareholders	—	—	—	—	—	—	—	—	1,52,252	1,48,363	1,44,946	1,43,476

Promoter holding down 4.13 percentage points since Sep 2023.

20 deals · 21 Mar 2023 – 7 May 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
7 May 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	8,03,687	₹393.62	₹31.63 Cr
7 May 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	8,03,477	₹393.10	₹31.58 Cr
28 May 2024	BLEND FUND 2	Bulk	NSE	Buy	5,11,571	₹484.97	₹24.81 Cr
28 May 2024	MIRIK RAJENDRA GOGRI	Bulk	NSE	Sell	4,68,378	₹485.50	₹22.74 Cr
18 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	4,80,077	₹554.17	₹26.60 Cr
18 Oct 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,80,077	₹554.70	₹26.63 Cr
25 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	9,33,060	₹628.40	₹58.63 Cr
25 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,33,060	₹627.89	₹58.59 Cr
24 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	6,43,754	₹575.88	₹37.07 Cr
24 Jul 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	6,43,754	₹576.46	₹37.11 Cr

1–10 of 20

1 / 2

Mr. Prakash Moreshwar PatilExecutive Director-Chairperson-CEO-MD
Mr. Rashesh Chandrakant GogriExecutive Director-MD
Mr. Harshit Manilal SavlaExecutive Director-MD
Mr. Harit Pragji ShahExecutive Director
Mr. Uday Moreshwar PatilExecutive Director
Mr. Narendra Jagannath SalviNon-Executive - Non Independent Director
Mr. Ankit Vikram PalejaNon-Executive - Independent Director
Mr. Bhaskar Narayan ThoratNon-Executive - Independent Director
Mrs. Neha Rajen GadaNon-Executive - Independent Director
Mr. Hasmukh Bhavanji DedhiaNon-Executive - Independent Director
Mr. Ajit Eledath VenugopalanNon-Executive - Independent Director

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 4 fund houses

Held by these funds

10.07%

of the company's equity

All mutual funds

10.08%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

7 schemes · 4 fund houses

		Shares
Small Cap Fund	DSP Mutual Fund	63.88 L	262.98	1.21%	6.996%	-0
Healthcare FundNEW	ICICI Prudential Mutual Fund	18.65 L	76.79	1.1%	2.043%	—
Healthcare Fund	DSP Mutual Fund	8.52 L	35.08	0.91%	0.933%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	91,522	3.77	0.15%	0.1%	-2,004
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	951	0.04	0.09%	0.001%	+1
IB18-Groww Nifty Total Market Index Fund	Groww Mutual Fund	626	0.03	0.01%	0.001%	+3
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	103	0	0.01%	0%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPT REC
May 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

29

Interim dividend9 Feb 2026 · ex-date₹2
Interim dividend4 Feb 2025 · ex-date₹1
Interim dividend6 Feb 2024 · ex-date₹1
Interim dividend8 Feb 2023 · ex-date₹1
Interim dividend9 Feb 2022 · ex-date₹1
Interim dividend3 Nov 2020 · ex-date₹2.5
Interim dividend17 Feb 2020 · ex-date₹2
Final dividend26 Jul 2019 · ex-date₹1
Final dividend1 Aug 2018 · ex-date₹1
Final dividend9 Aug 2017 · ex-date₹1
Interim dividend22 Mar 2016 · ex-date₹3
Interim dividend12 Feb 2016 · ex-date₹1.5
Interim dividend10 Nov 2015 · ex-date₹2.25
Final dividend5 Aug 2015 · ex-date₹3
Interim dividend4 Feb 2015 · ex-date₹5
Interim dividend19 Nov 2014 · ex-date₹5
Final dividend2 Jul 2014 · ex-date₹5.5
Interim dividend5 Feb 2014 · ex-date₹4.5
Interim dividend19 Nov 2013 · ex-date₹3
Final dividend24 Jul 2013 · ex-date₹4
Interim dividend11 Feb 2013 · ex-date₹3
Interim dividend5 Nov 2012 · ex-date₹3
Final dividend17 Aug 2012 · ex-date₹3
Interim dividend6 Feb 2012 · ex-date₹2
Final dividend14 Jul 2011 · ex-date₹2.5
Interim dividend7 Feb 2011 · ex-date₹2.5
Dividend dividend18 Aug 2010 · ex-date₹5
Dividend dividend23 Jul 2009 · ex-date₹3
Final dividend13 Aug 2008 · ex-date₹1.8

1

Board meeting to consider results31 Jul 2026

2

Bonus 3:130 Sept 2020 · ex-date
Bonus 1:124 Mar 2015 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

27 announcementsExport CSV

1 Oct 2026, 7:08 pmCompany Update

Details Of Authorized Persons Under Regulation 30(5) Of The SEBI LODR Regulations, 2015

General PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	34.7%	38.7%	32.1%	30.5%	33.6%	35.4%	36.9%
EBITDA margin %	14.5%	20.3%	13.2%	11.3%	12.5%	12%	12.1%
EBIT margin %	11.8%	18%	11.2%	9.4%	10.5%	9.7%	9.4%
PAT margin %	7.8%	13%	8.2%	6.1%	6.8%	7%	7.6%
Working capital
Receivable days	—	94	110	116	102	115	118
Inventory days	101	115	114	100	106	112	111
Payable days	—	91	101	93	93	98	108
NWC days	—	118	122	123	115	128	121
Leverage
Current ratio	1.44	1.78	1.48	1.6	1.66	1.6	1.59
Debt to EBITDA	1.29	0.7	1.63	1.98	1.78	2.13	1.86
Debt to equity	0.52	0.33	0.52	0.51	0.44	0.45	0.37
Interest coverage	6.4	17.1	14	7.7	8	6.9	7.3
Asset turnover	1.15	1.22	1.13	1.12	1.04	0.93	0.91
Return ratios
Return on assets %	9%	15.9%	9.3%	6.9%	7.1%	6.5%	6.9%
Return on capital employed %	22.5%	36.9%	23.8%	18.7%	17.2%	14.7%	13.5%
Return on equity %	21.7%	30.7%	19.8%	14%	13.4%	12.3%	12.6%

Date	Category	Subject	Filing
1 Oct 2026, 7:08 pm	Company Update General	Details Of Authorized Persons Under Regulation 30(5) Of The SEBI LODR Regulations, 2015	PDF
30 Sept 2026, 7:50 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
29 Sept 2026, 5:26 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
3 Sept 2026, 4:05 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
2 Sept 2026, 9:56 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
2 Sept 2026, 9:50 pm	AGM/EGM AGM	Notice Of 41St Annual General Meeting Of The Company	PDF
2 Sept 2026, 9:39 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
1 Sept 2026, 7:07 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	133	175	62	143	251	155	70	134	359	245	254
	-99	-107	-71	-62	-33	-72	-149	-164	-224	-165	-173
	-33	-68	9	-80	-215	-81	92	17	-136	-82	-77
Net cash flow	1	-0	-0	1	2	2	13	-13	-1	-2	3
Free cash flow	34	66	-10	—	—	155	-74	-30	133	67	80
CFO / Operating profit %	—	—	—	—	95.8%	35.4%	21.1%	43.9%	113.4%	85.2%	82%

Aarti Drugs Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

29

1

2

Announcements

29

1

2

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Aarti Drugs Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends29

Board meetings1

Bonus issues2

Announcements

Dividends29

Board meetings1

Bonus issues2

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

29

1

2

29

1

2