ANUHPHR - Anuh Pharma
📢 Recent Corporate Announcements
Anuh Pharma Limited has successfully completed an audit by the European Directorate for the Quality of Medicines & HealthCare (EDQM) for its manufacturing facilities in Tarapur, Maharashtra. The audit covered units E-17/3, E-17/4, and E-18, all of which were found to be compliant with global quality standards. This successful inspection is a significant milestone as it ensures the company's continued access to European markets for its pharmaceutical products. The compliance reaffirms the company's commitment to high regulatory standards, potentially boosting investor confidence in its export capabilities.
- EDQM audit successfully completed for three manufacturing units in Tarapur, Maharashtra.
- Facilities E-17/3, E-17/4, and E-18 were found fully compliant with European quality standards.
- The successful inspection reaffirms the company's adherence to global regulatory benchmarks.
- Ensures uninterrupted access to the European market for the company's pharmaceutical products.
Anuh Pharma Limited has formally authorized specific Key Managerial Personnel (KMP) to determine the materiality of events and information for stock exchange disclosures. This action is taken in compliance with Regulation 30(5) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The authorized personnel include Mr. Ritesh Bipin Shah and Mr. Manan Jayesh Vadhan. This is a standard administrative update to ensure the company adheres to regulatory transparency and reporting standards.
- Authorization of 2 Key Managerial Personnel for materiality assessment and disclosure
- Compliance with Regulation 30(5) of SEBI (LODR) Regulations, 2015
- Designated KMPs include Mr. Ritesh Bipin Shah and Mr. Manan Jayesh Vadhan
- Update ensures a structured process for reporting significant company events to BSE and NSE
Anuh Pharma reported a strong quarterly performance for the period ended December 31, 2025, with revenue from operations growing 23.6% YoY to ₹197.18 crore. Net profit for the quarter rose significantly by 30% YoY to ₹13.45 crore, aided by improved EBITDA margins which stood at 10.60%. On a sequential basis, the profit growth was even more pronounced, surging 76.7% compared to the preceding quarter (Q2 FY26). While the nine-month revenue is up 23%, the cumulative net profit remains lower than the previous year due to higher input costs incurred in the first half of the fiscal year.
- Revenue from operations increased by 23.6% YoY to ₹197.18 crore in Q3 FY26.
- Net Profit (PAT) grew by 30% YoY to ₹13.45 crore, with a sharp 76.7% sequential recovery from Q2 FY26.
- EBITDA margins improved to 10.60% in Q3 FY26 compared to 9.86% in the same quarter last year.
- Earnings Per Share (EPS) for the quarter stood at ₹1.34, adjusted for the 1:1 bonus share issuance in July 2025.
- The company recognized a one-time incremental obligation of ₹48.31 lakhs related to the implementation of New Labour Codes.
Anuh Pharma reported a robust performance for Q3 FY26, with revenue from operations growing 23.6% YoY to ₹197.18 crore. Net profit for the quarter rose 30% YoY to ₹13.45 crore, marking a significant sequential recovery from ₹7.61 crore in Q2 FY26. EBITDA margins improved to 10.60% from 6.92% in the previous quarter, indicating better operational efficiency. However, cumulative 9-month PAT remains 15.8% lower than the previous year at ₹29.36 crore, despite a 22.9% growth in 9-month revenue.
- Revenue from operations increased 23.6% YoY to ₹19,717.81 Lakhs in Q3 FY26.
- Net Profit (PAT) grew 30% YoY to ₹1,345.10 Lakhs, with a massive 76.7% sequential jump from Q2 FY26.
- EBITDA margins expanded to 10.60% in Q3 FY26 compared to 9.86% in Q3 FY25 and 6.92% in Q2 FY26.
- 9M FY26 Revenue grew 22.9% to ₹56,954.02 Lakhs, though 9M PAT is down 15.8% YoY at ₹2,936.47 Lakhs.
- The company recognized a one-time estimated obligation of ₹48.31 Lakhs due to the implementation of New Labour Codes.
Anuh Pharma Limited has received an Assessment Order from the Income Tax Department for the Assessment Year 2020-21. The order results in a tax demand of ₹78,28,793, including interest, due to the disallowance of certain deductions claimed by the company. The company has stated its intention to contest this demand by filing an appeal before Higher Appellate Forums. Management believes they have strong legal grounds and expects no significant impact on the company's financial operations.
- Tax demand of ₹78,28,793 issued by the Income Tax Department (Assessment Unit).
- Demand pertains to Assessment Year 2020-21 (Financial Year 2019-20).
- The order was passed under Section 143(3) read with Section 263 and 144B of the Income Tax Act.
- Company is in the process of filing an appeal against the order with Higher Appellate Forums.
Anuh Pharma Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Bigshare Services Private Limited, covers the period from October 1, 2025, to December 31, 2025. The Registrar and Share Transfer Agent confirmed that no dematerialization requests for equity shares were received during this quarter. This is a standard administrative filing required for all listed companies in India to maintain transparency in shareholding records.
- Compliance certificate submitted for the quarter ended December 31, 2025
- Issued by Registrar & Share Transfer Agent (RTA), Bigshare Services Private Limited
- Confirmed zero dematerialization requests received between October 1, 2025, and December 31, 2025
- Adherence to SEBI (Depositories and Participants) Regulations, 2018 maintained
Anuh Pharma Limited has officially announced the closure of its trading window for all designated persons and their immediate relatives starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's upcoming financial disclosures. The closure pertains to the review and approval of the unaudited financial results for the quarter ending December 31, 2025. The trading window will remain shut until 48 hours after the financial results are declared to the public.
- Trading window closure effective from Thursday, January 1, 2026.
- Closure is mandated for the declaration of Unaudited Financial Results for the quarter ended December 31, 2025.
- Restriction applies to all insiders, designated persons, and their immediate relatives.
- The window will reopen 48 hours after the official announcement of the quarterly results.
Financial Performance
Revenue Growth by Segment
The company operates in a single segment (Pharmaceuticals) as per Ind AS 108; no separate segment information is provided. Total revenue for FY2024-25 was INR 661.51 Cr, representing a 2.24% YoY growth. For H1 FY2025-26, revenue grew 21.14% YoY to INR 376.73 Cr.
Geographic Revenue Split
Exports account for ~55% of total revenue (FY2024-25), with a strong presence in over 59 countries including Europe, Mexico, and South Africa. Domestic sales contribute the remaining ~45% of revenue.
Profitability Margins
Net Profit Margin was 7.20% in FY2024-25, down from 9.30% in FY2023-24. Operating Margin Ratio was 22.55% in FY2024-25 compared to 23.60% in the previous year, reflecting pressure from commoditised pricing.
EBITDA Margin
EBITDA margin for FY2024-25 was 10.64%. In H1 FY2025-26, the EBITDA margin fell to 7.13% from 11.38% in H1 FY2024-25, a decline of 425 basis points due to lower sales of high-margin products and non-recurring maintenance expenses.
Capital Expenditure
The company recently expanded its manufacturing capacity to 1,500 MTPA from 1,200 MTPA. Current Property, Plant and Equipment (PPE) is valued at INR 52.80 Cr as of September 30, 2025. Future capex is expected to be funded via internal accruals, supported by INR 83.4 Cr in cash and liquid investments.
Credit Rating & Borrowing
The company maintains a strong liquidity position with INR 83.4 Cr in cash and liquid investments against a total debt of INR 10.9 Cr (including lease liabilities) as of March 31, 2025. The interest coverage ratio was robust at 51.8 times in FY2025.
Operational Drivers
Raw Materials
Key raw materials include intermediates for Erythromycin and its salts, as well as higher macrolides like Azithromycin and Roxithromycin.
Capacity Expansion
Current installed capacity is 1,500 MTPA, which was expanded from 1,200 MTPA in FY2024 to meet growing demand in regulated markets.
Raw Material Costs
Raw material costs represent approximately 80% of revenue, based on a gross margin of 20% (INR 75.20 Cr) on revenue of INR 376.73 Cr in H1 FY2025-26.
Manufacturing Efficiency
The company recently completed a state-of-the-art manufacturing facility targeted at regulated markets, which commenced commercial production on December 21, 2019.
Strategic Growth
Expected Growth Rate
21.14%
Growth Strategy
Growth will be achieved through the ramp-up of the recently expanded 1,500 MTPA capacity, entry into new geographies, and the launch of new products developed through R&D to diversify the portfolio beyond core macrolides like Erythromycin.
Products & Services
Active Pharmaceutical Ingredients (APIs) including Erythromycin and its salts, and higher macrolides such as Azithromycin and Roxithromycin.
New Products/Services
The company is launching new products to strengthen its portfolio; however, the specific expected revenue contribution percentage is not quantified in the documents.
Market Expansion
The company is targeting expansion in regulated and semi-regulated markets including Western Europe, Mexico, and South Africa.
Market Share & Ranking
The company is described as a medium-sized player in the API/bulk drugs industry.
Strategic Alliances
The company maintains strong marketing partnerships with 360 customers across 59 countries.
External Factors
Industry Trends
The API industry is seeing a shift toward regulated markets; Anuh Pharma is positioning itself by obtaining certifications like WHO GMP and COFEPRIS to capture higher-realisation volumes. Current revenue growth is 21.14% for H1 FY2025-26.
Competitive Landscape
The company faces intense price-based competition from other medium and large-sized API manufacturers in commoditised product segments.
Competitive Moat
Durable advantages include regulatory certifications (CEP, WHO GMP, EDQM) required for regulated markets and an established track record with 360 customers. These are sustainable as they act as significant entry barriers for competitors.
Macro Economic Sensitivity
The company is sensitive to global demand for bulk drugs and forex volatility, as evidenced by unrealised currency losses impacting H1 FY2025-26 margins.
Geopolitical Risks
Exposure to trade barriers and regulatory changes in 59 export countries could impact the 55% of revenue derived from international markets.
Regulatory & Governance
Industry Regulations
Operations are governed by WHO GMP, COFEPRIS (Mexico), EDQM, and CEP standards. Compliance is critical as any suspension of these certifications would halt exports to regulated markets.
Environmental Compliance
The company has an active CSR committee and follows a board-approved CSR policy available on its website.
Taxation Policy Impact
The effective tax rate is approximately 23.7%, based on a tax expense of INR 4.96 Cr on a PBT of INR 20.87 Cr in H1 FY2025-26.
Risk Analysis
Key Uncertainties
Key risks include the successful ramp-up of enhanced capacity and the sustainability of operating margins, which have a negative rating trigger if they fall below 7% on a sustained basis.
Geographic Concentration Risk
55% of revenue is concentrated in export markets, specifically Europe, Mexico, and South Africa.
Technology Obsolescence Risk
Technology risk is mitigated by ongoing R&D focus on new product launches and diversification into higher macrolides.
Credit & Counterparty Risk
Receivables quality is monitored; the Debtors Turnover Ratio increased to 113 days in FY2024-25 from 102 days in the previous year, indicating a slight stretching of credit terms.