AARTIPHARM / Q3-FY26 / claim-ledger

Audit the questions that mattered.

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

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NegativeQ3-FY26 · 2026-02-10Back to quarter ↗

Questions audited

12

Answered directly

71%

Numeric claims

1

Consistency

contradicted

Question ledger

What was answered, and how?

Ahmed Madha · Unifi Capital

evasive

CDMO commercial projects increased from 33 to 40; does this give visibility for FY27 growth?

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.

Ahmed Madha · Unifi Capital

partial

Any new API launches for next year or rely on existing portfolio?

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.

Ahmed Madha · Unifi Capital

partial

Will FY27 API revenue consolidate and grow from FY26 base?

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

Ahmed Madha · Unifi Capital

direct

What operational challenges at Atali and will they be resolved by Q4?

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

Rahul Jane · Credence Wealth

direct

Impact of consignment in transit: cost 30cr, revenue 49cr; how accounted?

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.

Rahul Jane · Credence Wealth

partial

What incremental costs at Atali and expected ramp-up?

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

Rahul Jane · Credence Wealth

direct

Zanthin ramp-up with mechanical completion; capacity utilization outlook?

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.

Ankit Gupta · Bamboo Capital

direct

CDMO pipeline: why total molecules stagnant at 55-60 despite commercial jump?

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.

Ankit Gupta · Bamboo Capital

partial

When will new commercial molecules (28 to 40) contribute meaningful revenue?

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.

Ankit Gupta · Bamboo Capital

partial

API revenue run rate: when will it return to 200cr quarterly?

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.

Madhara · FIL

direct

Zanthine current capacity and volume run rate clarification?

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.

Shika Ma · Time and Tide Advisers

direct

Are gross margins sustainable? What drove other expense increase?

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.