Standalone EBITDA growth of 12-15% for FY26
Management reiterated standalone EBITDA growth guidance of 12-15% for FY26, supported by margin expansion and CDMO ramp-up.
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Aarti Pharmalabs · forward-looking guidance across the available source record.
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margins
CDMO revenue growth of 35-40% in FY26
CDMO segment expected to grow 35-40% YoY in FY26, driven by a strong order book and new capacities at Atali.
Zanthin derivative capacity expansion to 9,000 MT by H2 FY26
Brownfield expansion from 5,000 to 9,000 MT per annum will be commissioned in phases during H2 FY26.
Atali greenfield plant commercial production by end of Q2 FY26
Mechanical completion of Phase 1 at Atali is done; commercial production will commence towards end of Q2 FY26, with full ramp-up by end of FY26.
FY26 EBITDA flat to marginal growth
Management expects FY26 EBITDA to be largely in line with last year with only marginal growth, revised down from earlier expectations due to Atali delays and API softness.
CDMO revenue guidance for FY26 maintained
Management is confident of meeting the CDMO revenue guidance for FY26, though exceeding the target is now difficult due to project delays.
Zanthin expansion mechanical completion by March 2026
The Zanthin expansion is on track for mechanical completion by end of March 2026, with incremental capacity available from Q1 FY27.
Atali plant resolution by Q4 FY26
Startup hiccups at Atali are expected to be resolved by end of Q4 FY26, with corrective actions in place.
Revenue and EBITDA growth of 15-18% over next 3-4 years
Management targets 15-18% CAGR in both revenue and EBITDA for the medium term, driven by capacity ramp-up and CDMO growth.
CDMO segment to grow 40-50% in FY27
CDMO/CMO business expected to lead growth with projected sales growth of 40-50% in FY27.
Capex of ~₹400 crore in FY27
Similar level of capital spending as FY26, allocated to xanthine expansion, Atali phase completion, debottlenecking, and R&D.
Xanthine capacity expansion to 9,000 MTPA
Incremental capacity from 6,000 to 9,000 MTPA will be available by end of Q1 FY27, with gradual ramp-up.