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Aarti Drugs Limited (AARTIDRUGS)

₹396.35 -0.03% last close, 16 Oct

📊 NSE: AARTIDRUGS 🏢 Pharmaceuticals - Indian - Bulk Drugs 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Aarti Drugs' revenue was ₹703 Cr (+18.9% year on year, -2.4% on the previous quarter), and net profit ₹50.1 Cr (-7.2% year on year); the operating margin was 14.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹703	+18.9%	-2.4%
Operating profit	₹98.2	+32.7%	+2.5%
Net profit	₹50.1	-7.2%	-9.3%
EPS (₹)	5.49	-7.1%	-9.3%
Operating margin	14.0%	—	—

Full quarterly financials → Results calendar →

AARTIDRUGS delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 44.39% of the AARTIDRUGS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 47.45%. That is close to its usual level. Volume was 0.4 times its average, well below normal.

44.39%Delivery, 16 Oct

47.45%Own 20-session average

0.4×Volume vs its average

₹396.35NSE close · -0.03%

Delivery in the last 5 sessions: 40.5% · 48.3% · 52.7% · 55.1% · 44.4%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Aarti Drugs Submits Demat Certificate Under Reg 74(5) for Q2 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Oct 2026, 07:29 PM

Aarti Drugs Limited submitted its quarterly certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by the Registrar and Transfer Agent, MUFG Intime India Private Limited. It confirms that all securities received for dematerialisation during the period were processed and mutilated as per regulatory requirements. This is a standard procedural compliance filing with zero financial or operational impact.

Filing pertains to the quarter ended September 30, 2026
Issued under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Certificate provided by RTA MUFG Intime India Private Limited dated October 3, 2026

💡 No action required. Investors should track upcoming Q2 FY27 earnings announcements for operational and financial performance updates.

Aarti Drugs: Adhish Patil Appointed MD as Chairman Prakash Patil Retires

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 30 Sep 2026, 07:54 PM

Aarti Drugs has announced key executive leadership changes effective close of business September 30, 2026. Founder-promoter Shri Prakash M. Patil has ceased to be Chairman, MD, and CEO due to early retirement. Concurrently, CFO Shri Adhish P. Patil has been elevated to the role of Managing Director effective October 1, 2026, following shareholder approval at the AGM on September 26, 2026. A replacement CFO will be appointed in due course while Adhish Patil continues oversight in the interim.

Shri Prakash M. Patil ceases as Chairman, MD, and CEO effective close of business September 30, 2026.
Shri Adhish P. Patil steps down as CFO on September 30, 2026, and is elevated to MD starting October 1, 2026.
Appointment was approved by shareholders during the 41st AGM held on September 26, 2026.
New CFO appointment will be announced in due course pursuant to SEBI regulations.

💡 Track the upcoming appointment of the new Chief Financial Officer and monitor any shifts in capital allocation or growth strategies during the next quarterly earnings call.

Aarti Drugs: Adhish Patil Appointed MD as Chairman Prakash Patil Retires

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 30 Sep 2026, 07:49 PM

Shri Prakash M. Patil ceases as Chairman, MD, and CEO effective close of business September 30, 2026.
Shri Adhish P. Patil steps down as CFO on September 30, 2026, and is elevated to MD starting October 1, 2026.
Appointment was approved by shareholders during the 41st AGM held on September 26, 2026.
New CFO appointment will be announced in due course pursuant to SEBI regulations.

💡 Track the upcoming appointment of the new Chief Financial Officer and monitor any shifts in capital allocation or growth strategies during the next quarterly earnings call.

Aarti Drugs Appoints CFO Adhish Patil as MD Effective October 1, 2026; Rejigs Board

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 26 Sep 2026, 08:32 PM

Shareholders of Aarti Drugs approved key leadership changes at the 41st AGM held on September 26, 2026. Chief Financial Officer Adhish Prakash Patil has been appointed as Managing Director effective October 1, 2026, succeeding Prakash M. Patil who opted for early retirement ahead of his term ending May 31, 2027. Additionally, Nilesh Bhalchandra Patil was appointed as Whole-time Director for 5 years replacing retiring director Uday Moreshwar Patil. Multiple directors, including Joint MD Harshit M. Savla, also secured re-appointments starting 2027.

Adhish Prakash Patil appointed as Managing Director effective October 1, 2026
Current MD Prakash M. Patil opts for early retirement ahead of term expiry on May 31, 2027
Nilesh Bhalchandra Patil appointed Whole-time Director for a period of 5 years effective September 26, 2026
Uday Moreshwar Patil retired by rotation and ceased to be a Director on September 26, 2026
JMD Harshit Manilal Savla re-appointed for 5 years effective June 1, 2027

💡 Track the upcoming Q2 FY27 earnings for strategic commentary under the new MD and watch for the announcement of a successor for the CFO role vacated by Adhish Patil.

Aarti Drugs 41st AGM: All 16 Resolutions Passed Including PSOP 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Sep 2026, 08:24 PM

Aarti Drugs submitted the scrutinizer's report and voting results for its 41st Annual General Meeting held on September 26, 2026. All 16 resolutions were approved by shareholders with the requisite majority, including the adoption of FY26 financial statements and key director appointments. Notably, Resolution 14 and 15 regarding the Aarti Drugs Limited Performance Stock Option Plan 2026 (PSOP 2026) were approved with 84.79% votes in favor, despite ~99.75% of voting public institutional shareholders voting against them. Overall voter turnout was 74.02% representing 67,562,182 votes out of 91,270,000 total shares.

All 16 AGM resolutions approved by shareholders with total votes polled reaching 67,562,182 (74.02% turnout)
Resolution 1 for adopting FY26 Standalone and Consolidated Financial Statements passed with 99.999% votes in favor
Performance Stock Option Plan 2026 (PSOP 2026) passed with 84.79% favor overall, despite 10,271,229 institutional votes cast against (99.75% of institutional votes)
Appointment of Adhish Prakash Patil as Managing Director approved with 99.86% favorable votes

💡 Track the implementation details and dilution parameters of the newly approved PSOP 2026 plan, along with upcoming Q2 FY27 earnings.

Aarti Drugs AGM Presentation Highlights ₹200 Cr Oncology Investment & Installed Capacity at 82,512 MT

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 26 Sep 2026, 08:18 PM

Aarti Drugs Limited submitted its 41st AGM presentation covering FY26 performance and strategic milestones. Installed capacity increased to 82,512 MT in FY26 from 61,053 MT in FY25, supported by the ramp-up of the Sayakha methylamines facility for Metformin backward integration. The company noted an investment of ₹200 crore over the last 24 months dedicated to oncology development and pipeline. For Q1 FY27, total revenue reached ₹704 crore (up 19% YoY) with EBITDA of ₹97 crore (13.8% margin), while FY26 revenue reached ₹2,568 crore with PAT of ₹195 crore.

Installed capacity expanded to 82,512 MT in FY26 compared to 61,053 MT in FY25
Invested ₹200 crore over the past 24 months targeting oncology formulation development and pipeline
R&D spends stood at ₹66 crore in FY26, supporting formulation Day 1 launches in regulated markets
Reported Q1 FY27 revenue of ₹704 crore, up 19% YoY, with EBITDA margin improving to 13.8%

💡 Monitor capacity utilization ramp-up across the Sayakha facility and subsequent commercial traction from USFDA-approved oncology formulations.

Aarti Drugs Submits FY 2025-26 Business Responsibility and Sustainability Report

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 02 Sep 2026, 09:58 PM

Aarti Drugs Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI Listing Regulations. The report details operational highlights, noting that APIs account for 89% of standalone turnover, followed by Speciality Chemicals at 8%, and Intermediates at 3%. Exports contributed approximately 38% of total revenue across more than 100 countries. The filing is a statutory annual ESG disclosure with no direct immediate financial impact.

APIs accounted for 89% of entity turnover, with Speciality Chemicals contributing 8% and Intermediates 3%
Exports contributed approximately 38% of total turnover, reaching over 100 countries
Company operates 13 domestic manufacturing plants and 2 administrative offices
CSR turnover reported at Rs 2,260.39 crore with net worth at Rs 1,404.79 crore for FY 2025-26
Permanent employee turnover stood at 18.71% in FY 2025-26 compared to 9.38% in FY 2024-25

💡 This is a routine annual compliance filing; investors should monitor upcoming Q2 FY27 earnings and progress on Greenfield/Brownfield capacity utilization.

Aarti Drugs Dispatches FY26 Annual Report; 41st AGM Scheduled for September 26, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Sep 2026, 09:51 PM

Aarti Drugs has submitted the notice for its 41st Annual General Meeting scheduled for September 26, 2026, via video conferencing, along with its FY2025-26 Annual Report. The company reported consolidated total revenue of ₹2,568 crore, EBITDA of ₹312 crore, and PAT of ₹195 crore for FY26. Key operational milestones highlighted include commercial production at the Sayakha facility and Salicylic Acid production scaling beyond 300 tonnes per month at Tarapur. The business continues its backward integration push and transition to captive renewable power via an upcoming 24.4 MWp solar project.

41st Annual General Meeting scheduled for Saturday, September 26, 2026 at 11:00 AM IST via VC/OAVM
Consolidated FY26 total revenue stood at ₹2,568 crore with PAT of ₹195 crore and EBITDA of ₹312 crore
Regulated markets contributed 73% of total revenue during the financial year
Total monthly manufacturing capacity reached 6,876 MT across 14 manufacturing facilities
Developing an upcoming 24.4 MWp captive solar power project to reduce energy costs

💡 Track voting resolutions and management commentary during the AGM on September 26, 2026, along with progress updates on ramp-up at the Sayakha facility.

Aarti Drugs approves PSOP 2026 to grant up to 8,00,000 performance stock options

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Aug 2026, 12:45 PM

The Board of Directors of Aarti Drugs Limited has approved the 'Aarti Drugs Limited Performance Stock Option Plan 2026' (PSOP 2026) on August 27, 2026. The plan entails creating and granting up to 8,00,000 performance stock options convertible into an equal number of equity shares of face value Rs. 10 each. The proposed pool represents approximately 0.87% of the company's total outstanding equity shares and is subject to approval by the members of the company.

Approved creation and grant of up to 8,00,000 Performance Stock Options under PSOP 2026
Each option is convertible into 1 equity share of face value Rs. 10 each
Represents ~0.87% of total outstanding equity (based on Rs 3,817 Cr market cap at Rs 417.1/share)
Implementation is subject to approval by shareholders

💡 Track the upcoming shareholder voting and postal ballot/AGM resolution for details on vesting conditions, exercise price, and timeline.

Aarti Drugs Board to Meet on Aug 27, 2026 to Consider Performance Stock Option Plan 2026

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 24 Aug 2026, 10:00 PM

Aarti Drugs Limited has scheduled a meeting of its Board of Directors on Thursday, August 27, 2026. The Board will consider and approve the 'Aarti Drugs Limited – Performance Stock Option Plan 2026' alongside related matters. In accordance with SEBI insider trading regulations, the trading window for designated persons will remain closed from August 25, 2026, to August 29, 2026.

Board meeting scheduled on Thursday, August 27, 2026
Agenda to consider approval of Performance Stock Option Plan 2026
Trading window closed from August 25, 2026, to August 29, 2026

💡 Track the outcome of the August 27, 2026 Board meeting to evaluate the quantum of dilution and vesting terms of the proposed stock option plan.

Aarti Drugs to Meet Institutional Investors on August 20, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Aug 2026, 04:02 PM

Aarti Drugs Limited has scheduled meetings with institutional investors and analysts on August 20, 2026, in Mumbai. The event, organized by Systematix, will include 1x1 and group interactions from 1:00 PM to 6:00 PM. The company stated that discussions will be based strictly on publicly available information, with no unpublished price-sensitive information (UPSI) to be shared. This interaction comes as the company manages a TTM revenue of ₹2,604 Cr and targets a return to 15-16% EBITDA margins.

Meeting scheduled for August 20, 2026, from 1:00 PM to 6:00 PM IST
Interaction format includes both 1x1 and Group Meetings organized by Systematix
Company maintains a TTM revenue base of ₹2,604 Cr and a market cap of ₹3,811 Cr
Discussions will focus on publicly available data as per SEBI Regulation 30(6)

💡 Investors should watch for any post-meeting investor presentations or transcripts filed with the exchanges for qualitative updates on the Sayakha amines facility and GLP-1 market entry progress.

Supreme Court Dismisses ₹230.70 Cr GST Demand Case Against Aarti Drugs

🟢 POSITIVE ⭐ 7/10

LEGAL 📅 10 Aug 2026, 09:34 PM

The Supreme Court of India has dismissed a Special Leave Petition (SLP) filed by the GST Department against Aarti Drugs, concluding a long-standing tax dispute. The case originated from a show-cause notice proposing a demand of ₹230.70 Crores for the period FY 2017-18 to FY 2021-22. Following a favorable ruling from the Bombay High Court which set aside the demand, the Supreme Court's dismissal of the department's appeal provides finality to the matter. This resolution removes a significant contingent liability that was equivalent to approximately 120% of the company's TTM Net Profit.

Supreme Court dismissed the GST Department's appeal on August 10, 2026, in favor of the company.
The original dispute involved a proposed IGST demand of ₹230.70 Crores for the period FY 2017-18 to FY 2021-22.
The CGST authority had previously demanded a refund of ₹20.72 Crores and imposed a penalty of ₹20.72 Crores.
The total disputed amount of ₹230.70 Crores represents approximately 16.4% of the company's Net Worth (₹1405 Cr).
The company confirms there will be no financial or operational impact as the matter stands disposed of.

💡 Investors should note the removal of this legal overhang from the balance sheet. Focus can now return to the company's 15% growth strategy and the ramp-up of the Sayakha amines facility.

19% Revenue Growth in Q1 FY27; Sayakha Facility Hits 65% Utilization

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 07 Aug 2026, 08:35 PM

Aarti Drugs reported a strong start to FY27 with consolidated revenue growing 19% YoY to ₹703.6 crore. EBITDA margins expanded by 120 bps to 13.8%, driven by improved API realizations and volume growth despite higher freight costs. The strategic Sayakha facility reached 65% utilization and is expected to meet 80-90% of captive intermediate requirements by Q3 FY27. Additionally, the company is doubling its oral solid dosage capacity at Baddi to scale its formulation exports, which already account for 74% of segment revenue.

Consolidated revenue increased 19% YoY to ₹703.6 crore, representing approximately 28% of TTM revenue.
EBITDA grew 30% YoY to ₹96.9 crore, with margins expanding to 13.8% from 12.6% in the previous year.
Sayakha facility utilization reached 65%, with a target to reach 80-90% captive consumption by December 2026.
Formulation segment revenue stood at ₹81.6 crore, with 74% of this derived from export markets.
Baddi brownfield expansion is on track to nearly double the company's oral solid dosage manufacturing capacity.

💡 Monitor the EBITDA margin trajectory toward the management's 15-16% target as Sayakha utilization ramps up. Watch for the completion timeline of the Baddi expansion and any new USFDA/EDQM approvals for regulated market entry.

August 10: Aarti Drugs to Hold Institutional Investor Meeting in Mumbai

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 05:52 PM

Aarti Drugs has scheduled a meeting with institutional investors and analysts for August 10, 2026, in Mumbai. The interaction, organized by Nirmal Bang, will consist of 1x1 or group meetings between 11:00 AM and 1:00 PM. The company has stated that no unpublished price-sensitive information (UPSI) will be discussed, adhering to standard regulatory disclosures. This comes as the company maintains a TTM revenue of ₹2,492 Cr and a PAT of ₹192 Cr.

Meeting scheduled for August 10, 2026, between 11:00 AM and 1:00 PM
Interaction organized by Nirmal Bang at Trident BKC, Mumbai
Company reported TTM Revenue of ₹2,492 Cr and TTM PAT of ₹192 Cr
Promoter holding remains stable at 54.43% as of June 2026

💡 Investors should monitor the exchange for any post-meeting presentations or transcripts that may provide updates on the Sayakha amines facility or the 15-16% EBITDA margin target.

Aarti Drugs Releases Audio Recording of Q1 FY27 Earnings Conference Call

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Aug 2026, 07:24 PM

Aarti Drugs has made the audio recording of its Q1 FY27 earnings conference call available to the public. The call, held on August 3, 2026, discussed the company's performance for the quarter ended June 30, 2026. This is a standard regulatory disclosure following the announcement of financial results, where the company typically discusses its TTM revenue of ‡2,492 Cr and progress on backward integration projects like the Sayakha amines facility.

Audio recording of the conference call for the quarter ended June 30, 2026, is now live
The call follows the initial intimation provided on July 29, 2026
Management commentary covers a period where TTM PAT stands at ‡192 Cr
A written transcript of the proceedings is expected to be filed in due course

💡 Investors should review the recording or upcoming transcript for updates on the 15-16% EBITDA margin target and the execution timeline for the GLP-1 market entry.

View All AARTIDRUGS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Therapeutic-wise revenue within the API segment for Q2 FY26: Anti-biotic (36.1%), Anti-protozoal (18.8%), Anti-diabetic (15.3%), Anti-inflammatory (11.8%), Anti-fungal (11.7%), and Others (6.4%). Consolidated revenue for FY 2024-25 was INR 2,403.4 Cr, reflecting a 5% YoY decline.

Geographic Revenue Split

Export demand remained robust in Q2 FY26, offsetting soft domestic demand trends, particularly in the antibiotics category. Specific regional percentage splits were not disclosed in the available documents.

Profitability Margins

Consolidated PAT margin for FY 2024-25 was 7.0% (INR 168.1 Cr). For Q2 FY26, the PAT margin was 6.9% (INR 45 Cr), up from 5.8% (INR 35 Cr) in Q2 FY25. Gross margin for Q2 FY26 improved to 37.5%, up 310 bps YoY.

EBITDA Margin

EBITDA margin for FY 2024-25 was 12.6% (INR 303.4 Cr). For Q2 FY26, EBITDA margin improved to 12.9% (INR 84.4 Cr), a 23% YoY increase in absolute EBITDA and a 150 bps margin improvement.

Capital Expenditure

A capex program of INR 600 Cr is nearly complete. During Q2 FY26, the company incurred capex of approximately INR 45.6 Cr to boost capacity and margins.

Credit Rating & Borrowing

CRISIL ratings reflect an established market position and strong financial risk profile. Finance costs for FY 2024-25 were INR 35.87 Cr (Consolidated). The Debt-Equity ratio stood at 0.45 as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include Amines (for the Sayakha facility) and inputs for Metformin. COGS for Q2 FY26 was INR 408.3 Cr, representing approximately 62.5% of net revenue.

Capacity Expansion

The Sayakha amines facility was commissioned in September 2025 as a pivotal step in backward integration. Future growth is driven by two Greenfield projects and ongoing Brownfield expansions.

Raw Material Costs

COGS for H1 FY26 was INR 781.7 Cr compared to INR 753.8 Cr in H1 FY25. The company uses backward integration to mitigate susceptibility to raw material price fluctuations.

Manufacturing Efficiency

Manufacturing efficiency is driven by de-bottlenecking and continuous technological enhancement. Capacity utilization is expected to improve as new capacities contribute meaningfully.

Logistics & Distribution

The company maintains an expansive and resilient distribution system, though specific costs as a percentage of revenue were not disclosed.

📈 Strategic Growth

Expected Growth Rate

15%

Growth Strategy

Growth will be achieved through backward integration (Sayakha amines facility), capacity expansion (Greenfield and Brownfield projects), and a target to return consolidated EBITDA margins to 15-16% sequentially. The company is also evaluating a new product portfolio for the next 5-10 years to grow revenue from INR 5,000 Cr to INR 10,000 Cr.

Products & Services

Active Pharmaceutical Ingredients (APIs) including Metformin, Antibiotics, Anti-protozoals, Anti-inflammatory, Anti-fungal drugs, and Formulations (via Pinnacle Life Science).

Brand Portfolio

Aarti Drugs Limited, Pinnacle Life Science Private Limited.

New Products/Services

The company is in early-phase discussions to enter the GLP-1 (anti-diabetic) market with intermediaries or APIs, targeting long-term growth over the next 5-10 years.

Market Expansion

Focusing on robust export demand to offset domestic weakness. Target regions include developed markets with stringent quality and compliance requirements.

🌍 External Factors

Industry Trends

The industry faces high R&D costs and long gestation periods. Current trends show soft domestic demand in antibiotics but robust export demand. The company is positioning for future growth in GLP-1 and amines.

Competitive Landscape

The industry is highly competitive with intense competition from both domestic and international players.

Competitive Moat

Durable advantages include cost leadership through backward integration and long-standing client relationships. These are sustainable due to high entry barriers in complex manufacturing.

Macro Economic Sensitivity

Sensitive to changes in economic conditions, government policies, and regulatory environments. CRISIL notes susceptibility to raw material price volatility.

Consumer Behavior

Shift in demand trends showing softness in the domestic antibiotics category while export demand remains strong.

Geopolitical Risks

The company is navigating geopolitical challenges in the broader operating environment which necessitate a focus on operational resilience.

⚖️ Regulatory & Governance

Industry Regulations

Operations must meet stringent quality and compliance requirements of domestic and international regulators (e.g., pollution norms, manufacturing standards).

Environmental Compliance

The company has shifted to eco-friendly packaging (paper bags, fibre drums) and maintains an EcoVadis score in the 89th percentile globally.

Taxation Policy Impact

Total tax expenses for FY 2024-25 were INR 43.67 Cr on a consolidated PBT of INR 211.77 Cr, representing an effective tax rate of approximately 20.6%.