Aarti Drugs financials and balance sheet

NSE: AARTIDRUGSBSE: 524348Pharmaceuticals & BiotechnologySmall Cap

₹374.90₹5.15 (1.36%)BSE ₹374.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹380.05.

52-week range of traded prices to 23 Oct 2026

₹318.95Low, 30 Mar 2026₹534.00High, 10 Nov 2025

Market cap: ₹3,422 Cr930th largest listed
P/E: 17.9
P/B: 2.2
Dividend yield: 0.53%
ROE: 13.1%
ROCE: 12.4%
Debt to equity: 0.37
Volume, NSE: 1,93,03662.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Aarti Drugs annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,716 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,565
Materials and goods−1,619
Employee costs−129
Other expenses−508
Operating profit309
Depreciation−67
Other income+2.4
One-off items0.0
Finance costs−34
Profit before tax211
Tax−16
Net profit195

What the company owns

Plant, investments and other assets₹1,486 Cr
Receivables₹830 Cr
Inventory₹491 Cr
Cash and bank₹9 Cr

What pays for it: net worth and liabilities

Net worth₹1,549 Cr
Borrowings₹575 Cr
Owed to suppliers₹478 Cr
Other liabilities₹213 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Aarti Drugs quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 18 May	Mar 2021Filed 17 May	Mar 2022Filed 10 May	Mar 2023Filed 2 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue from operations	1,199	1,263	1,561	1,806	2,155	2,489	2,716	2,529	2,387	2,565
	1,010	1,064	1,354	1,544	1,718	2,159	2,410	2,212	2,100	2,256
Materials and goods bought	780	783	1,060	1,179	1,321	1,689	1,889	1,678	1,542	1,619
Employee costs	54	–	61	69	81	83	92	102	112	129
Other expenses	175	–	233	296	316	388	430	432	446	508
Operating profit before depreciation	190	198	207	262	437	329	306	316	287	309
Operating margin	15.8%	15.7%	13.3%	14.5%	20.3%	13.2%	11.3%	12.5%	12.0%	12.1%
Materials, % of revenue	65.1%	–	67.9%	65.3%	61.3%	67.9%	69.5%	66.4%	64.6%	63.1%
Employee costs, % of revenue	4.5%	–	3.9%	3.8%	3.7%	3.3%	3.4%	4.0%	4.7%	5.0%
Other expenses, % of revenue	14.6%	–	14.9%	16.4%	14.7%	15.6%	15.8%	17.1%	18.7%	19.8%
Depreciation and amortisation	38	40	43	49	50	50	50	51	56	67
Operating profit after depreciation	151	158	165	213	387	279	255	265	231	242
Other income	0	1	6	1	5	11	2	4	16	2
Finance costs	36	35	40	34	23	21	33	34	36	34
Profit before one-off items and tax	115	125	131	181	369	270	224	236	212	211
One-off items	0	0	0	4	0	0	0	0	0	0
Profit before tax	115	125	131	185	369	270	224	236	212	211
	34	42	41	44	89	65	58	64	44	16
Current tax	–	33	34	53	93	70	59	60	41	13
Deferred tax	–	9	8	−9	−4	−5	−1	4	2	3
	81	82	90	141	280	205	166	172	168	195
Belonging to the company's shareholders	81	82	90	141	280	205	166	171	168	195
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	0	0	0	0
Other comprehensive income	–	–	1	2	3	1	−2	0	2	3
Total comprehensive income	–	–	91	143	284	206	165	172	170	198
Net margin	6.7%	6.5%	5.7%	7.8%	13.0%	8.2%	6.1%	6.8%	7.0%	7.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 16 May	Mar 2020Filed 18 May	Mar 2021Filed 17 May	Mar 2022Filed 10 May	Mar 2023Filed 2 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	543	652	913	1,036	1,193	1,282	1,369	1,549
	543	652	913	1,036	1,192	1,282	1,369	1,549
Share capital	24	23	93	93	93	92	91	91
Reserves	520	629	820	944	1,100	1,190	1,278	1,458
Belonging to outside owners of subsidiaries	–	0	0	0	0	0	0	0
	471	338	305	538	607	562	612	575
Repayable after a year	208	180	148	139	205	275	284	257
Repayable within a year	263	158	157	400	402	287	328	318
	591	625	595	940	933	796	837	922
Trade payables	243	330	330	469	480	425	416	478
Other financial liabilities	–	–	0	3	2	27	21	24
Other liabilities	83	133	105	65	45	52	67	87
Provisions	2	5	3	4	4	3	4	8
Tax owed	–	0	0	–	–	1	0	7
	328	299	257	232	296	355	368	344
Other financial liabilities	11	15	11	11	13	1	2	1
Provisions	20	24	22	9	7	3	4	5
Deferred tax	90	81	77	72	71	76	78	81
	1,463	1,577	1,766	2,208	2,421	2,432	2,575	2,815
Held for sale or for a demerger	–	5	–	–	–	–	–	–
	679	673	709	815	929	1,112	1,236	1,347
Plant in use, after depreciation	622	642	659	686	675	808	856	1,068
Plant being built	33	12	19	77	210	225	330	214
Intangible assets	3	1	0	0	1	1	7	16
Intangible assets being developed	–	0	0	–	–	36	–	–
Property held to earn rent	–	0	6	4	–	0	–	–
Investments	12	13	17	19	19	20	22	27
Other financial assets	9	0	0	28	24	–	20	–
Other assets	–	3	7	–	–	21	–	22
	784	899	1,057	1,393	1,492	1,321	1,338	1,468
Inventories	247	325	415	526	516	486	473	491
Trade receivables	459	489	555	750	865	705	751	830
Cash and cash equivalents	6	8	10	22	9	7	5	7
Other bank balances	0	0	0	0	0	3	3	2
Loans given	0	0	0	0	0	0	1	1
Other financial assets	10	12	13	13	12	11	15	15
Tax paid in advance	–	0	0	–	–	–	10	0
Other assets	64	66	64	83	90	109	81	122
Net debt	466	330	295	516	598	553	605	566

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 17 May	Mar 2022Filed 10 May	Mar 2023Filed 2 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	155	70	134	359	245	254
	234	136	158	390	276	217
	−185	−186	−115	105	8	−61
Receivables	−65	−194	−94	161	34	−70
Inventories	−89	−111	6	34	13	−18
Payables	−31	117	−28	−93	−44	24
Other working capital	1	2	1	2	5	4
Tax paid	−97	−83	−60	−62	−55	4
Interest paid	23	21	36	34	36	34
Capital spending	0	144	165	226	177	173
Free cash flow	155	−74	−30	133	67	80
	−72	−149	−164	−224	−165	−173
Plant and property sold	0	−8	0	0	0	0
Interest received	3	1	1	2	12	1
Dividends received	3	2	0	0	0	0
	−81	92	17	−136	−82	−77
Borrowings raised	−34	−7	60	148	111	43
Borrowings repaid	0	0	0	−46	−78	−70
Interest paid	−23	−21	−36	−31	−33	−32
Dividends paid	23	10	9	9	9	18
Shares bought back	0	74	0	–	73	0
Shares issued	0	0	0	0	0	0
Net change in cash	2	13	−13	−1	−2	3

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Shares bought back is left blank for the year to Mar 2024: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Consolidated, ₹ per share, years to March.Aarti Drugs dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 18 May	Mar 2021Filed 17 May	Mar 2022Filed 10 May	Mar 2023Filed 2 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	₹8.35	₹8.60	₹9.62	₹15.14	₹30.09	₹22.12	₹17.97	₹18.56	₹18.35	₹21.36
As stated that year	₹33.40	₹34.41	₹38.48	₹60.57	₹30.09	₹22.12	₹17.97	₹18.56	₹18.35	₹21.36
	₹8.35	₹8.60	₹9.62	₹15.14	₹30.09	₹22.12	₹17.97	₹18.56	₹18.35	₹21.36
As stated that year	₹33.40	₹34.41	₹38.48	₹60.57	₹30.09	₹22.12	₹17.97	₹18.56	₹18.35	₹21.36
	₹0.25	₹0.25	₹0.25	₹0.50	₹2.50	₹1.00	₹1.00	₹1.00	₹1.00	₹2.00
As declared that year	₹1.00	₹1.00	₹1.00	₹2.00	₹2.50	₹1.00	₹1.00	₹1.00	₹1.00	₹2.00
	–	–	₹57.62	₹70.01	₹98.01	₹111.92	₹128.77	₹139.39	₹149.99	₹169.70
On that year's share count	–	–	₹230.47	₹280.04	₹98.01	₹111.92	₹128.77	₹139.39	₹149.99	₹169.70
Dividend payout	3.0%	2.9%	2.6%	3.3%	8.3%	4.5%	5.6%	5.4%	5.4%	9.4%
Shareholder yield	–	–	–	–	0.4%	2.1%	0.3%	–	2.6%	0.6%
Market cap at the year end (₹ crore)	1,374	1,207	1,503	1,170	6,471	3,973	3,128	3,993	3,106	2,918

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. Shareholder yield is left blank for the year to Mar 2024: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Ratios

Consolidated, years to March.Aarti Drugs PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 16 May	Mar 2020Filed 18 May	Mar 2021Filed 17 May	Mar 2022Filed 10 May	Mar 2023Filed 2 May	Mar 2024Filed 6 May	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue growth	5.2%	5.3%	23.6%	15.7%	19.3%	15.5%	9.1%	−6.9%	−5.6%	7.5%
Operating profit growth	8.0%	4.7%	4.5%	26.3%	66.9%	−24.6%	−7.2%	3.6%	−9.3%	7.7%
Net profit growth	17.2%	2.2%	9.1%	57.5%	98.3%	−26.9%	−18.8%	3.1%	−2.0%	16.0%
Earnings per share growth	–	3.0%	11.8%	57.4%	98.7%	−26.5%	−18.8%	3.3%	−1.1%	16.4%
	–	–	16.5%	23.6%	35.8%	21.0%	14.9%	13.9%	12.7%	13.4%
	–	–	–	7.1 pts	12.2 pts	−14.8 pts	−6.1 pts	−1.1 pts	−1.2 pts	0.7 pts
From the net margin	–	–	–	6.0 pts	15.7 pts	−13.1 pts	−5.4 pts	1.6 pts	0.5 pts	1.0 pts
From asset turnover	–	–	–	2.6 pts	3.3 pts	−0.6 pts	−1.0 pts	−1.9 pts	−1.2 pts	0.0 pts
From borrowing	–	–	–	−1.4 pts	−6.8 pts	−1.0 pts	0.3 pts	−0.8 pts	−0.5 pts	−0.3 pts
Return on capital employed	–	–	16.2%	21.5%	31.8%	17.7%	14.2%	14.4%	11.7%	11.4%
Cash conversion	–	–	–	–	55.2%	34.0%	80.7%	209.2%	145.5%	130.1%
Interest cover	4.2	4.5	4.1	6.3	16.9	13.5	7.7	7.9	6.4	7.2
Debt to equity	–	–	0.87	0.52	0.33	0.52	0.51	0.44	0.45	0.37
Receivable days	–	–	107	99	94	110	116	102	115	118
Inventory days	–	–	85	101	115	114	100	106	112	111
Payable days	–	–	84	102	91	101	93	93	98	108
Cash conversion cycle, days	–	–	109	97	118	122	123	115	128	121
Working capital days	–	–	105	86	103	122	128	116	126	122
Asset turnover	–	–	1.07	1.19	1.29	1.25	1.17	1.04	0.95	0.95
Assets per rupee of net worth	–	–	2.69	2.54	2.13	2.04	2.08	1.96	1.89	1.85
Sales per rupee of plant	–	–	2.51	2.81	3.27	3.63	4.02	3.13	2.79	2.40
Capital spending to depreciation	–	–	–	–	0.00	2.87	3.27	4.40	3.18	2.59
Plant being built, % of plant in use	–	–	5.3%	1.9%	2.9%	11.2%	31.1%	27.9%	38.6%	20.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 7.2%
Cash from operations against operating profit: 82.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.5%	3.5%	−1.9%
Profit growth, yearly rate	11.0%	−7.0%	5.4%
Return on equity, average	–	15.2%	13.3%
Return on capital employed, average	–	13.9%	12.5%
Operating margin, average	14.1%	12.2%	12.2%
Net margin, average	7.6%	7.2%	7.1%
Asset turnover, average	–	1.07	0.98
Cash conversion cycle, days, average	–	122	121
Interest cover, average	7.9	8.5	7.2
Debt to equity, average	–	0.46	0.42

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,061	857	254
Cash from investing	−875	−562	−173
Cash from financing	−187	−296	−77
Capital spending	885	577	173
Dividends paid	55	37	18
Shares bought back	–	–	0
Shares issued for cash	0	0	0
Borrowings raised	–	302	43
Borrowings repaid	194	194	70

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	5	4	6	6	8
Altman Z-scorePublished threshold 1.81	–	–	3.09	3.13	7.47	4.44	3.91	4.43	3.72	3.54
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.86	−1.22	−1.86	−2.94	−2.52	−2.64
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	11.80	14.30	8.47	1.50	3.52	4.26
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.55	1.04	1.46	1.60
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.14	−5.68	19.57	6.19	−11.63	12.22	3.01
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	20.72	15.48	−1.11	−13.66	5.27	5.42	−1.19
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.23	−0.05	0.74	0.26	0.73	−0.61	1.23
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.18	0.29	1.00	5.25	1.22	3.18	0.77
Effective tax ratePublished threshold 17.16 per cent	29.82	33.90	31.50	23.69	24.01	24.06	25.79	27.15	20.62	7.57
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−6.82	−0.83	0.65	−5.41	5.62

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
24 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]A1+Review, Re-affirm		1,085
24 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AA-Review, Re-affirm	Stable	65
24 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Proposed limits	[ICRA]AA-Review, Re-affirm	Stable	49.67
24 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AA-Review, Re-affirm	Stable	253.13
28 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA-Review, Re-affirm	Stable	253.13
28 Jan 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		1,325

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.