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Aarti Drugs Margin Trend — Quarter by Quarter

Aarti Drugs's EBITDA margin moved from 12.9% in Q2 FY26 to 13.4% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2613.4%—
Q3 FY269.3%-180 bps
Q2 FY2612.9%+150 bps

What management said about ebitda margin

G

Q4 FY26 · EBITDA margin target of 13.5-14% for FY27

Targeting EBITDA margins between 13.5% and 14% for FY27, assuming stable crude prices; without war, target was 14-14.5%.

G

Q3 FY26 · EBITDA margin recovery to 12-13% near-term, 14-15% steady-state

Management targets EBITDA margin of 12-13% in the near term and 14-15% at steady state, driven by backward integration, export mix, and formulation ramp-up.

G

Q2 FY26 · 15% EBITDA margin target by end of FY27

Targeting 15% EBITDA margin on a consolidated basis by H2 FY27, driven by ramp-up of new plants and cost efficiencies.