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Sustained pricing pressure in agrochemicals and pharma
View Risks →Aarti Drugs Limited — Q3 FY26
Aarti Industries reported Q3 FY26 revenue of ₹2,492 crore (up 11% QoQ) and EBITDA of ₹323 crore (up 11% QoQ), driven by volume growth in MMA and other products.
bullish
high
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Aarti Industries reported Q3 FY26 revenue of ₹2,492 crore (up 11% QoQ) and EBITDA of ₹323 crore (up 11% QoQ), driven by volume growth in MMA and other products. PAT rose 25% QoQ to ₹133 crore, supported by operating leverage and cost initiatives. Exports reached a record 65% of revenue. Management highlighted three macro tailwinds: the India-U.S. trade deal (tariff reduction from ~50% to ~18%), the India-EU FTA, and China's anti-involution policy (e.g., VAT rebate removal on NCB chain). MMA capacity is being debottlenecked to 360 KT by Q4 FY26, and Zone 4 capex of ₹1,600-1,800 crore is nearing completion. Risks include sustained pricing pressure in agrochemicals and potential delays in Zone 4 ramp-up.
आरती इंडस्ट्रीज ने तीसरी तिमाही में 2,492 करोड़ रुपये की कमाई की, जो पिछली तिमाही से 11% ज्यादा है। कंपनी का मुनाफा 133 करोड़ रुपये रहा, जो 25% बढ़ा। यह बढ़त एमएमए और दूसरे उत्पादों की ज्यादा बिक्री और लागत कम करने के प्रयासों से हुई। निर्यात रिकॉर्ड 65% तक पहुंच गया। कंपनी को तीन बड़े फायदे दिख रहे हैं: भारत-अमेरिका व्यापार समझौता (टैरिफ 50% से घटकर 18%), भारत-यूरोप मुक्त व्यापार समझौता, और चीन की नीति (जैसे एनसीबी पर वैट छूट हटाना)। एमएमए क्षमता मार्च तक 360 केटी हो जाएगी। जोन 4 पर 1,600-1,800 करोड़ का खर्च लगभग पूरा है। जोखिम: कीटनाशकों में कीमत दबाव और जोन 4 में देरी।
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MMA Capacity
360 KT
+24% vs prior
Debottlenecking from 290+ KT to 360 KT by end of Q4 FY26.
Export Share
65%
+? pp QoQ
Highest ever export share, driven by resumed US volumes.
US Tariff Differential (India vs China)
18% vs 34%
N/A
India's tariff advantage over China post trade deal; expected to boost volumes and margins.
Zone 4 Capex
₹1,600-1,800 Cr
N/A
Total investment in Zone 4; bulk deployed by FY26 end, with ₹300-400 Cr spillover.
Fast read
Guidance and risk preview
Debottlenecking from 290+ KT to 360 KT, expected to be completed by end of Q4 FY26.
Pricing remains subdued due to persistent dumping from China; recovery depends on China's anti-involution actions.
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