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Swing Capital

Aarti Drugs Ltd

NSE: AARTIDRUGS BSE: 524348Pharma

Established in the year 1984 and a part of $1000 million Aarti Group of Industries, Aarti Drugs Ltd. (ADL) is engaged into manufacturing and selling Active Pharmaceutical Ingredients (API's), Pharma Intermediates, Specialty Chemicals as well as Formulations. [1]

₹360
52W: ₹319 — ₹575
PE 19.4 · Book ₹154 · +134% vs book
Market Cap₹3,284 Cr
Stock P/E19.4Price to Earnings
ROCE11.6%Return on Capital
ROE12.7%Return on Equity
Div. Yield0.54%Face Value ₹10

Weaknesses

  • −The company has delivered a poor sales growth of 3.37% over past five years.
  • −Tax rate seems low
  • −Company has a low return on equity of 12.7% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Dividend payout has been low at 4.09% of profits over last 3 years
  • −Promoter holding has decreased over last 3 years: -4.55%

Shareholding Pattern

Promoters55.03%
FIIs1.57%
DIIs10.22%
Public33.19%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters55.67%55.64%▼0.055.38%▼0.355.48%▲0.155.23%▼0.354.72%▼0.555.03%▲0.355.03%
FIIs2.95%2.5%▼0.52.28%▼0.22.25%▼0.02.26%▲0.02.68%▲0.42.15%▼0.51.57%▼0.6
DIIs7.35%7.83%▲0.58.77%▲0.99.7%▲0.99.94%▲0.29.9%▼0.010.12%▲0.210.22%▲0.1
Public34.01%34.01%33.58%▼0.432.57%▼1.032.58%▲0.032.7%▲0.132.71%▲0.033.19%▲0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales538560493543515623521579529632
Expenses478490439484454534457504486552
Operating Profit60695460608964754279
OPM %11%12%11%11%12%14%12%13%8%13%
Net Profit32362730396149423445
EPS ₹3.443.932.933.334.226.745.334.583.714.93

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,260Cr, up 4% YoY. OPM at 12%.

Debt Position

Borrowings at ₹421Cr. Debt-to-equity ratio: 0.32x. Healthy balance sheet.

Capex Cycle

CWIP at ₹106Cr (11% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 10.22% (+5.50pp change). FIIs: 1.57% (-0.40pp change). Promoters hold 55.03%.

Margin & Efficiency

ROCE declining from 21% (Mar 2015) to 12% (Mar 2026). Working capital days: 80.

Valuation

PE 19.4x with 11.6% ROCE. Price is 134% above book value of ₹154. Dividend yield: 0.54%.

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