AARTIDRUGS / Q2-FY26 / claim-ledger

Audit the questions that mattered.

Aarti Drugs · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ2-FY26 · 2025-11-06Back to quarter ↗

Questions audited

Answered directly

67%

Numeric claims

Consistency

mixed

Question ledger

What was answered, and how?

Rahan · Tineta Asset Managers

partial

Key R&D products for commercialization in next 14 months and revenue contribution.

We will be commercializing first product in US this quarter, balutmide, and anti-diabetic products in Europe/UK in 6-9 months. These should give additional top line of 70 to 70 crores.

Rahan · Tineta Asset Managers

partial

Recovery trends in domestic API market, especially antibiotics.

In antibiotic category we did face issues. Q3 is lean, hope from Q4 onwards slight pick up in domestic demand.

Rahan · Tineta Asset Managers

partial

Margin guidance for going forward.

On standalone basis we slightly crossed 13%. Pre-COVID we did 15-16%. We have drivers to take consolidated margins back to 15%. It will take time, sequentially we hope to see improvements.

Dangi · Ratmatra Investment Management LLP

direct

Pricing bottom and volume growth in API this quarter.

Domestic volume was flat, slight degrowth of couple percent. Export had more than 30% volume growth. Overall 9.33% volume growth in API segment this quarter.

Dangi · Ratmatra Investment Management LLP

evasive

Timeline to reach pre-COVID margin levels.

Standalone margin just crossed 13%. We are absorbing losses in salicylic acid and new plant. Confident sequential improvement, ultimate target 15-16%.

Candace Pereira · Nat Capital

partial

Other income range for second half and tax rate guidance.

Cannot comment on other income now. For full year it should be steady. Tax rate will continue around 25% inclusive. Expecting some refunds in Q3/Q4.

Candace Pereira · Nat Capital

partial

Overall revenue guidance for FY26.

We targeted early teens volume growth. This quarter we made around 6% value growth. For H2 we aim high single-digit value growth.

Sanel Jane · Abed Capital

direct

Capacity and capex for backward integration, asset turn.

Total methylamine plant capacity 60 TPD, scalable to 80 TPD. Spent around 200 crores each for both greenfield projects. Asset turn in phase one will be 1 to 1.5.

Sanel Jane · Abed Capital

direct

Captive vs external sale split for new capacity.

Main idea is captive consumption but side chain products will be sold. Ballpark 50-50%.

Jam Gilani · Swan Investments

partial

Revenue growth guidance for FY26 and FY27, whether 15% CAGR still valid.

Negative rate variance is behind us. For FY27 we can try to hit mid-teens volume growth. Key challenge is salicylic acid ramp-up. If all goes well, 15-20% growth next year.

Jam Gilani · Swan Investments

direct

Year by which 15-16% margin guidance can be achieved.

If we achieve all volumes in FY27 as promised, towards end of FY27 we should start hitting run rate of 15%. That is internal target.

AM Loda · Sati Consultants

direct

Capex plans for FY26 and FY27, and debt reduction strategy.

For FY26, incurred ~100 cr in H1, estimate 150-200 cr total. For FY27 similar investment. Debt to equity ratio 0.33 standalone, 0.39 consolidated. Total debt 571 cr. Target debt/equity 0.4 to 0.7.