Aarti Pharmalabs Limited — Q3 FY26
Aarti Pharmalabs reported Q3 FY26 revenue of ₹5,425 crore, up 15% YoY, but EBITDA fell to ₹103 crore (down 10% YoY) and PAT dropped to ₹44 crore (down 41% YoY), reflecting margi...
bearish
high
✓ 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.
71%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
CDMO commercial projects increased from 33 to 40; does this give visibility for FY27 growth?
Asked by Ahmed Madha, Unifi Capital
Management deferred guidance to a future budgeting exercise without providing any specifics.
deferred to next monthno number given
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Question
if I look at the CDMO business the number of projects the commercial has gone from 33 to 40 in last 9 months. Does that give you any visibility for FI27 growth?
Management (not named)
I think we will be able to give that guidance of CDMO CMO growth post our budgeting exercise which we will do in next month.
Partial answer
High priority
Any new API launches for next year or rely on existing portfolio?
Asked by Ahmed Madha, Unifi Capital
Confirmed new launches but gave no specific names or revenue impact.
no specific namesno timeline
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Question
for the new launches on the diabetics side, the glyphosins and the enco side are do we have any new launches in the pipeline or for the next year we have to rely on the existing portfolio?
Management (not named)
we have new launches. Definitely we are validating couple of or quite few APIs on Hong Kongo side and also improving our manufacturing processes on diabetic sites.
Partial answer
High priority
Will FY27 API revenue consolidate and grow from FY26 base?
Asked by Ahmed Madha, Unifi Capital
Qualitative optimism but no specific growth numbers provided.
no quantitative growth estimate
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Question
does that mean fi 2627 this year obviously we'll have deg growth but fi 2627 do we consolidate or we can grow from that base.
Management (not named)
in 2026 we have few launches like a pixab banan and few other anti-cancer products that are getting launched in 2026. So with those launches we will see 2026 to be a better year 2026 27 to be a better year overall in terms of API
Answered
High priority
What operational challenges at Atali and will they be resolved by Q4?
Asked by Ahmed Madha, Unifi Capital
Explained the nature of challenges and confirmed resolution timeline.
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Question
on Atali you spoke about the operational challenges. Can you just elaborate a bit what sort of issues we are facing and when we say the resolved by Q4
Management (not named)
we were trying to validate several products there and in the validation there were certain challenges that the company faced at a taliside because of the newer staff and newer nature of the plant. Those issues are getting settled
Answered
High priority
Impact of consignment in transit: cost 30cr, revenue 49cr; how accounted?
Asked by Rahul Jane, Credence Wealth
Clearly explained the revenue and PBT impact and accounting treatment.
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Question
impact of this consignment which is in transit where roughly we have cost to the extent of 30 crores and 49 crores could have been the revenue value. So just to understand what exactly is the impact on the numbers
Management (not named)
if we had been able to book the revenue in quarter three then our top line would have been higher by that amount 49 crores and the PBT would have been higher by 19 crores.
Partial answer
Medium priority
What incremental costs at Atali and expected ramp-up?
Asked by Rahul Jane, Credence Wealth
Provided capex numbers but not the incremental opex asked.
no opex breakdown given
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Question
with regards to the atali apex what kind of cost incremental cost we have incurred with regards to this atalicex underway till now and what is the further cost expected
Management (not named)
we have done the capitalization of around 300 crores and the total project outlay is around 450 crores. So that balance certain second phase is getting completed
Answered
High priority
Zanthin ramp-up with mechanical completion; capacity utilization outlook?
Asked by Rahul Jane, Credence Wealth
Provided current and future capacity numbers and utilization target.
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Question
with regards to zanthin ramp up so how do we see the zanthin ramp up over say next year with this mechanical cap completion.
Management (not named)
we are currently running at around 500 tons per month capacity and slowly ramping it up. With the new capacities we are adding close to 300 tons per month additional capacity.
Answered
Medium priority
CDMO pipeline: why total molecules stagnant at 55-60 despite commercial jump?
Asked by Ankit Gupta, Bamboo Capital
Explained dynamic nature of pipeline and focus on commercial projects.
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Question
the molecules that we have been working on has remained in the range of around 55 to 60 over the past six to seven quarters. So if you can elaborate how do you see this pipeline increasing
Management (not named)
the overall list that we are maintaining is a dynamic list of 60 projects. So we are reducing the number of projects which are not getting through as an approval.
Partial answer
High priority
When will new commercial molecules (28 to 40) contribute meaningful revenue?
Asked by Ankit Gupta, Bamboo Capital
Indicated Q4 exports but no quantification of revenue contribution.
no specific timelinedeferred to data
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Question
when do we see other commercial molecules which have increased from 28 to 40 contributing to our revenues and scaling up to 5 10 million kind of thing
Management (not named)
in the last quarter we'll have bulk of exports also happening which will have these newer commercialized products getting exported. So you will see that in the data.
Partial answer
High priority
API revenue run rate: when will it return to 200cr quarterly?
Asked by Ankit Gupta, Bamboo Capital
Acknowledged target but gave no precise timing for recovery.
no specific quartervague timeline
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Question
last year in second half we had touched almost a quarterly run rate of 200 K. this year we have been in the range of 150 to 160. Next year should we be looking at going back to that 770 780 cr kind of run rate
Management (not named)
the first milestone is as you rightly mentioned quarterly 200 and then the next milestone will be higher than that quarterly. That will happen across next few quarters. I think it will take a couple of more quarters to come to that.
Answered
Medium priority
Zanthine current capacity and volume run rate clarification?
Asked by Madhara, FIL
Clearly explained current run rate and upcoming capacity addition.
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Question
we had 5,000 tons capacity and you said you're running at 500 metric tons per month. So what is the current installed capacity and volume run rate at Zantine today?
Management (not named)
currently we are at 500 metric tons per month because that's what we are operating at. The new site that is 300 tons per month that is getting installed mechanical completion by end of this financial year.
Answered
Medium priority
Are gross margins sustainable? What drove other expense increase?
Asked by Shika Ma, Time and Tide Advisers
Addressed both margin sustainability and expense drivers with specifics.
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Question
this quarter we've seen superior gross margin. So is this something we can maintain going forward? And along with that on our other expense side there is a significant rise.
Management (not named)
quarter to quarter the gross margins will vary a little but if you see 9 months it's basically trending at the same level. The increase in other expenses is contributed by the Atali site and one more site taken on rent.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| CDMO sales in first three quarters total 120-130cr | ₹130 cr | ₹432 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.