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View Risks →Aarti Pharmalabs Limited — Q1 FY26
Aarti Pharmalabs reported Q1 FY26 consolidated revenue of ₹386 crore, down ~30% YoY due to Ganesh Polychem deconsolidation and a planned shutdown.
neutral
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Aarti Pharmalabs reported Q1 FY26 consolidated revenue of ₹386 crore, down ~30% YoY due to Ganesh Polychem deconsolidation and a planned shutdown. However, EBITDA margin expanded to 24.6% (+720bps YoY) driven by a favorable product mix shift toward regulated and beverage markets. Standalone EBITDA grew 14% YoY to ₹95 crore, while PAT rose 9% to ₹51 crore. Management maintained its 12-15% standalone EBITDA growth guidance for FY26, supported by CDMO pipeline strength and brownfield capacity additions. The CDMO segment targets 35-40% growth this year, with a long-term aspiration of ₹800-1,000 crore revenue in 3-4 years. Key risks include lumpy CDMO revenue recognition and potential US tariff policy changes, though current pharma exemptions provide near-term comfort.
आरती फार्मालैब्स ने Q1 FY26 में ₹386 करोड़ का राजस्व दर्ज किया, जो पिछले साल से लगभग 30% कम है। इसकी वजह गणेश पॉलीकेम का अलग होना और प्लान्ड शटडाउन है। लेकिन कंपनी का मुनाफा मार्जिन (EBITDA) बढ़कर 24.6% हो गया, क्योंकि उन्होंने रेगुलेटेड और बेवरेज मार्केट पर फोकस किया। स्टैंडअलोन EBITDA 14% बढ़कर ₹95 करोड़ और PAT 9% बढ़कर ₹51 करोड़ हुआ। कंपनी ने FY26 में 12-15% EBITDA ग्रोथ का अनुमान बनाए रखा है, जो CDMO (दवा बनाने की सेवा) और नई क्षमता बढ़ाने से मिलेगा। CDMO से इस साल 35-40% ग्रोथ की उम्मीद है, और 3-4 साल में ₹800-1,000 करोड़ राजस्व का लक्ष्य है। जोखिम में CDMO की अनियमित कमाई और अमेरिकी टैरिफ बदलाव शामिल हैं, लेकिन फिलहाल दवाओं पर छूट से राहत है।
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CDMO Revenue Growth Guidance
35-40%
N/A
Management guided 35-40% YoY growth in CDMO segment for FY26, driven by a strong order book and new capacities.
Zanthin Derivative Capacity Expansion
5,000 to 9,000 MT
+80%
Brownfield expansion from 5,000 to 9,000 MT per annum, commissioning in H2 FY26 in phases.
Active CDMO Projects
60
+9% QoQ
Active projects increased from 55 to 60 QoQ, with 33 in commercial stage and 27 under development.
US Sales Exposure
8-10%
N/A
US sales constitute 8-10% of total revenue; pharma products are exempt from current US tariffs.
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Guidance and risk preview
Management reiterated standalone EBITDA growth guidance of 12-15% for FY26, supported by margin expansion and CDMO ramp-up.
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