Aarti Drugs Ltd.

AARTIDRUGSNSEHealthcarePharmaceuticals & DrugsSmall Cap

₹369.9

▲ 0.58%

—

Composite

Aarti Drugs (ADL), incorporated in 1984, is engaged in the business of manufacturing generic bulk actives, advanced intermediates and specialty chemicals. The company is part of $265 million Aarti Group of Industries.

www.aartidrugs.comSector: HealthcareIndustry: Pharmaceuticals & Drugs

Q-DITS fundamental score

—Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹3.4K Cr

TTM PE

17.4x

Industry PE

37.7x

TTM EPS

₹21.36

Book Value

₹169.7

Face Value

₹10

Div Yield

0.54%

PEG

3.21x

2.3x

ROE

12.7%

ROCE

13.1%

EBITDA mgn

12.8%

D/E

0.45

Int. Cover

6.4x

Curr. Ratio

1.6x

EPS

₹18.42

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	7.5%	-1.9%	3.6%	7.6%
EBITDA	7.7%	0.4%	-6.7%	5.8%
Net Profit	15.9%	5.4%	-7%	11%

Score snapshot

Piotroski

3/9

Altman Z

1.93

Quality

51.2

Growth

Valuation

—

Earn. Qual

87.7

PEAD

SURGE

Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend
›RevenueCr	1,140	1,195	1,244	1,561	1,806	2,155	2,489	2,716	2,529	2,387	↓
›EBITDACr	180	194	203	217	271	445	344	312	325	307	↓
›EBITDA margin	14.6%	15.1%	16.1%	13.7%	14.8%	20.7%	13.8%	11.5%	12.9%	12.8%	↓
›Net profitCr	69	82	82	90	141	280	205	166	172	168	↓
›PAT margin	5.6%	6.4%	6.5%	5.7%	7.8%	13%	8.2%	6.1%	6.8%	7%	↑
›EPS₹	₹7.09	₹8.57	₹8.73	₹9.51	₹15.17	₹30.09	₹22.14	₹17.96	₹18.65	₹18.42	↓
›Revenue growth	3.9%	4.9%	4.1%	25.5%	15.7%	19.3%	15.5%	9.1%	-6.9%	-5.6%	↑
›PAT growth	-11%	19%	0.6%	9%	57.5%	98.3%	-26.9%	-18.8%	3.1%	-2%	↓
›ROE	20.7%	21.6%	19.2%	18%	23.6%	35.8%	21%	14.9%	13.9%	12.7%	↓
›ROCE	17.9%	18.1%	17.3%	17%	21.4%	34.5%	20.7%	15.5%	15%	13.1%	↓
›ROA	6.5%	7.1%	6.4%	6.3%	9.3%	16.8%	10.3%	7.2%	7.1%	6.7%	↓
›P/E	4x	4.2x	3.6x	4.2x	2.1x	23.1x	19.4x	18.8x	23.3x	18.4x	↓
›P/B	3.1x	3.4x	2.6x	2.8x	1.8x	7.1x	3.8x	2.6x	3.1x	2.3x	↓
›D/E	1.4	1.2	1.2	0.9	0.6	0.4	0.5	0.5	0.4	0.4	↑
›Current ratio	1.1x	1.2x	1.2x	1.3x	1.4x	1.8x	1.5x	1.6x	1.7x	1.6x	↓
›Interest cover	3x	3.9x	4.2x	4x	6x	15.1x	12.3x	7x	7.2x	6.4x	↓

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03	Trend
›RevenueCr	606	620	555	598	557	677	591	653	602	720	↑
›Rev growth YoY	-8.7%	-16.5%	-16%	-6.7%	-8.1%	9.2%	6.3%	9.1%	8.1%	6.4%	↓
›EBITDACr	70	86	65	67	62	93	74	84	55	96	↑
›EBITDA margin	11.6%	13.8%	11.7%	11.2%	11.1%	13.8%	12.5%	12.9%	9.1%	13.3%	↑
›Net profitCr	37	47	33	35	37	63	54	45	41	55	↑
›PAT growth YoY	0.1%	-15.8%	-30.6%	-11.7%	1%	32.7%	62.2%	29.2%	9.3%	-12%	↓
›EPS₹	₹3.99	₹5.15	₹3.62	₹3.84	₹4.06	₹6.89	₹5.91	₹4.96	₹4.44	₹6.05	↑

Balance sheet — last 10 years (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	Trend
›Shareholders' equityCr	400	455	543	652	913	1,036	1,192	1,282	1,369	1,549	↑
›ReservesCr	376	432	520	629	820	944	1,100	1,190	1,278	1,458	↑
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0	—
›InvestmentsCr	24	22	14	16	25	48	43	40	40	0	↓
›Total assetsCr	625	687	775	873	1,094	1,195	1,401	1,561	1,659	2,815	↑
›Current assetsCr	571	737	784	899	1,057	1,393	1,492	1,321	1,338	1,468	↑
›Current liabilitiesCr	494	622	591	623	595	940	949	796	837	922	↑
›Trade payablesCr	197	259	243	330	330	469	480	425	416	478	↑
›Gross blockCr	848	909	970	1,031	1,101	1,169	1,202	1,388	1,496	1,068	↓

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	Trend
›Operating CF (CFO)Cr	175	70	143	251	155	70	133	359	245	254	↑
›Investing CF (CFI)Cr	-107	-74	-62	-33	-72	-150	-164	-224	-165	-173	↓
›Financing CF (CFF)Cr	-68	4	-80	-215	-81	92	17	-136	-82	-77	↑
›Net cash changeCr	-0	0	1	2	2	13	-14	-1	-2	3	↑
›Closing cashCr	3	3	5	7	9	22	8	7	5	7	↑

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

—

Quality (25%)51.2

Growth (25%)6

Valuation (20%)—

Piotroski (15%)33

Earnings Quality (10%)87.7

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

3/9

✓ROA positiveROA 6.71%

✓CFO positiveCFO ₹253.54 Cr

✗ROA improving7.07% → 6.71%

✓CFO > PAT (low accruals)CFO 253.54 vs PAT 168.1

✗Leverage decreasedD/E 0.44 → 0.45

✗Liquidity improvedCR 1.66 → 1.6

✗No share dilutionEPS 18.65 → 18.42

✗Margin improvedEBITDA mgn 12.85% → 12.84%

✗Asset turnover upAsset TO 1.04 → 0.95

Altman Z-Scoregrey

1.93

0.194

0.518

0.089

0.55

0.848

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

51.2/100

ROE

12.7%

ROCE

13.1%

Margin

Debt

0.4

Int. cover

6.4x

Growth

6/100

Revenue 3Y

-1.9%

Profit 3Y

5.4%

EPS

-1.2%

Valuation

N/A

—

EV/EBITDA

—

Earnings quality

87.7/100

CFO₹254 Cr

PAT₹168 Cr

Accrual ratio-0.03

CFO/PAT1.51x

PEAD · SURGE

+2 / +1

Revenue SUE0.89

EPS SUE1.26

Latest quarter2026-03

Rev growth YoY6.4%

Shareholding pattern

Promoter55%

FII/FPI1.6%

DII10.2%

Public45%

Tap any row to see its trend

Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03	Trend
›Promoter	57.1%	55.7%	55.6%	55.4%	55.5%	55.2%	54.7%	55%	55%	—
›FII / FPI	2.6%	3%	2.5%	2.3%	2.3%	2.3%	2.7%	2.2%	1.6%	↓
›DII	6%	7.4%	7.8%	8.8%	9.7%	9.9%	9.9%	10.1%	10.2%	↑
›Public / Retail	42.9%	44.3%	44.4%	44.6%	44.5%	44.8%	45.3%	45%	45%	—
›Promoter pledge	0%	0%	0%	0%	0%	0%	0%	0%	2.5%	↑

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Sun Pharmaceutical Industries Ltd.	4,30,513	58,462	11,565	37.5x	5.2x	16.2	19.9	0.03
Divi's Laboratories Ltd.	1,76,570	10,560	2,568	68.8x	10.5x	15.4	20.5	0
Torrent Pharmaceuticals Ltd.	1,54,670	13,980	2,138	71.5x	18.4x	26.8	19.3	1.76
Cipla Ltd.	1,11,725	28,163	3,870	28.8x	3.3x	11.8	16	0.01
Zydus Lifesciences Ltd.	1,11,254	27,148	5,026	22.1x	4.1x	21.1	26.1	0.13
Dr. Reddy's Laboratories Ltd.	1,06,424	33,700	4,144	25.4x	2.8x	18.6	23.3	0.14
Lupin Ltd.	1,03,975	27,958	5,355	19.5x	4.6x	21.1	22	0.3