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
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
42%Questions answered5Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
What was the sales impact of the plant shutdown?
Asked by Rahul Jan, Gradians Wealth
Management provided a specific numeric range for the impact.
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Question
So what is the impact in terms of sales with regards to this plan shutdown?
Management (Russell)
The plan shutdown sales impact would be around 15 to 20 cr rupes.
Partial answer
Medium priority
Why did intermediate sales decline from 170 to 150 cr?
Asked by Rahul Jan, Gradians Wealth
Explained inventory and shipping but did not quantify the impact on sales.
no specific volume impact givenblamed shipping space
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Question
So this quarter is down to around 155 crores. So do we read anything into this?
Management (Russell)
No. If you see uh in this quarter we have had uh higher inventory because you know the shipments uh were little impacted towards the end of the quarter due to unavailability of uh shipping space...
Evasive
High priority
How will gross margins trend going forward?
Asked by Rahul Jan, Gradians Wealth
Did not provide any quantitative outlook for future margins.
no forward guidanceattributed to product mix
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Question
So typically now how do we look at the gross margins going ahead...
Management (Russell)
I think in terms of margin of course you know this year was a higher margin uh because you know this inventory had an impact... product mix that we have played and which has yielded in better margins.
Partial answer
High priority
How will you achieve 12-15% EBITDA growth given flattish Q1?
Asked by Rahul Jan, Gradians Wealth
Pointed to standalone growth but did not address the implied 15-20% needed in remaining quarters.
no specific plan for next three quartersmentioned non-linearity
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Question
what gives us this confidence that we will achieve this AIA growth.
Management (Russell)
the AIA guidance that we had given was on the standalone basis. this time anyway we have a standalone basis AITA increase of almost 14% YI...
Answered
Medium priority
Excluding plant shutdown, any impact of pricing/volume/seasonality?
Asked by Ajas Lakhani, Unifi AMC
Clearly denied any other impacts and explained the mix shift.
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Question
just wanted to understand that X of that uh has there been any impact of pricing, volume, seasonality if you can expand?
Management (Russell)
No, there have been no impact on uh any of these things. Basically, uh as we have disclosed the product uh sales mix...
Partial answer
Medium priority
When will Ganesh Polym break even and contribute to bottom line?
Asked by Ajas Lakhani, Unifi AMC
Did not give a clear timeline for break-even or bottom-line contribution.
no specific break-even timelinementioned past EBITDA but not current
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Question
And uh sir in Ganesh when do we expect to break even? When will it start contributing to the bottom line and what are the key challenges today we are facing?
Management (Russell)
No, in Ganesh Polym last year we we had a good AITA uh of around uh uh 60 crores and and uh this year uh you know we took a shutdown... post that I think we have restarted our plant in July and I think the current quarter we will uh reach to normaly of volume and demand
Evasive
High priority
Can API segment still grow 10-15% in FY26 after Q1?
Asked by Ankit Gupta, Bamboo Capital
Did not confirm the growth rate, only said 'we will be able to grow'.
no commitment to 10-15%blamed seasonality and shipping
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Question
do you think we can still grow at least 10 15% on the base of almost 770 cr of API in FI25 for this year financial year 26.
Management (Russell)
Yeah. Yeah. See uh what has happened is that last uh year last quarter we push lot of sales... I think there's some seasonality also to it. ... as I have mentioned we will be able to grow this business.
Answered
High priority
What is the growth outlook for Zanthin segment over 2-3 years?
Asked by Ankit Gupta, Bamboo Capital
Provided a specific revenue target of 1,000 cr+ for the segment.
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Question
So how do you see this uh you know zen segment panning out for us over the next uh two years 26 and 27...
Management (Russell)
Overall I think 2 years down the line we are looking at 1,000 cr plus stop line for this segment...
Evasive
High priority
Will CDMO continue to grow 30-40% in FY27-28?
Asked by Ankit Gupta, Bamboo Capital
Did not confirm 30-40% growth beyond current year; gave a vague aspirational target.
no specific growth rate commitmentdeferred to long-term target
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Question
do we do we see you know this segment continuing to grow at at least you know 30 40 or even higher growth rates with new capacities at Ali coming in...
Management (Russell)
in three four years we want all segments to grow up to 100 million or thousand cr... it depends on a year and how the approvals come...
Partial answer
Medium priority
Will revenue from new Atali site be incremental?
Asked by Danil Desai, Turtle Capital
Did not clarify whether revenue is incremental or just a shift; said 'increase in both'.
did not directly answer incremental vs shiftvague about top-line increase
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Question
So when we say that we will move some of the uh existing uh products or production uh from existing site to new site uh so does it mean that the revenue generated from new site will not be incremental uh in nature?
Management (Russell)
Now overall uh you know we have uh multiple sites which ultimately feed into the CDMO business as well as the intermediate business and I think you will see a increase in both top line.
Evasive
High priority
Why is peak Zanthin revenue only 1,000 cr with 80% capacity addition?
Asked by Mada, Fidelity
Did not provide a clear peak revenue estimate; said 'it can be anything'.
no specific revenue potential givendepends on approvals
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Question
why will the peak revenues be only thousand crores like it can be higher right...
Management (Russell)
So it all depends on how the approvals are coming through. ... So it can be anything. Yeah.
Declined
Medium priority
What are segment-level margins and company margin outlook?
Asked by Shuba Magarval, Burman Capital
Explicitly declined to provide quantitative segment margins.
refused to give segment marginsonly qualitative ranking
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Question
So can you give us some quantitative uh context over the segment level margin across the three segment...
Management (Russell)
I think we are not giving the segmental uh margins but as I mentioned in past the margin profile in CDMO CMO is the highest...
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margins at highest level around 57% | 57% | 24.6% | Overstated vs filing |
| Ganesh Polym last year EBITDA 60 cr | ₹60 cr | ₹95 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.