Aarti Pharmalabs Ltd.

AARTIPHARMNSEHealthcarePharmaceuticals & DrugsSmall Cap

₹691.8

▲ 5.06%

Composite

The company is an, internationally recognised manufacturer of Active Pharmaceutical Ingredients (API), pharmaceutical intermediates, New Chemical Entities (NCE), and xanthine derivatives situated in India. In order to build a sustainable future, it integrates process chemistry proficiency (recipe focus) with scale-up engineering proficiency (asset utilisation).

www.aartipharmalabs.comSector: HealthcareIndustry: Pharmaceuticals & Drugs

Q-DITS fundamental score

53Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

Key metrics

MCap

₹6.3K Cr

TTM PE

35.9x

Industry PE

38.2x

TTM EPS

₹19.27

Book Value

₹234.35

Face Value

₹5

Div Yield

0.51%

PEG

-12.08x

3.4x

ROE

14.5%

ROCE

17.6%

EBITDA mgn

22.4%

D/E

0.2

Int. Cover

14.4x

Curr. Ratio

2.01x

EPS

₹30.06

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	-14%	-2.2%	—	—
EBITDA	-20.8%	2.6%	—	—
Net Profit	-35.1%	-3%	—	—

Score snapshot

Piotroski

7/9

Altman Z

1.81

Quality

69.7

Growth

28.4

Valuation

Earn. Qual

56.1

PEAD

SURGE

Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 5 years

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Metric	2021	2022	2023	2024	2025	Trend
›RevenueCr	0	1,200	1,945	1,853	2,115	↑
›EBITDACr	0	209	344	391	474	↑
›EBITDA margin	—	17.5%	17.7%	21.1%	22.4%	↑
›Net profitCr	0	122	193	217	272	↑
›PAT margin	—	10.2%	9.9%	11.7%	12.9%	↑
›EPS₹	₹-0.18	₹4,890.04	₹21.35	₹23.93	₹30.06	↑
›Revenue growth	—	—	62.1%	-4.8%	14.2%	↑
›PAT growth	0%	0%	58.3%	12.1%	25.6%	↑
›ROE	-2%	18.2%	13.3%	13.1%	14.5%	↑
›ROCE	-1.9%	19.4%	16.1%	16.7%	17.6%	↑
›ROA	-1.8%	12%	9%	9%	9.9%	↑
›P/E	0x	0x	12.9x	18.2x	24.9x	↑
›P/B	0x	0x	1.6x	2.2x	3.4x	↑
›D/E	0.1	0.3	0.1	0.2	0.2	↑
›Current ratio	11.4x	1.8x	1.9x	1.9x	2x	↑
›Interest cover	—	14x	13.4x	18.5x	14.4x	↓

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	449	506	555	458	538	564	386	418	432	583	↑
›Rev growth YoY	-4.9%	4.3%	21.2%	4.1%	19.9%	11.5%	-30.5%	-8.7%	-19.6%	3.3%	↑
›EBITDACr	96	118	96	94	129	143	95	75	102	113	↑
›EBITDA margin	21.3%	23.2%	17.4%	20.5%	23.9%	25.4%	24.7%	17.9%	23.7%	19.4%	↓
›Net profitCr	53	65	55	55	74	88	51	29	43	56	↑
›PAT growth YoY	10.6%	52.2%	17.7%	5.4%	40.2%	35.4%	-7.5%	-47.7%	-41.8%	-37%	↑
›EPS₹	₹5.82	₹7.2	₹6.12	₹6.03	₹8.16	₹9.75	₹5.46	₹3.08	₹5.29	₹6.74	↑

Balance sheet — last 6 years (₹ Cr)

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Metric	2021	2022	2023	2024	2025	2026	Trend
›Shareholders' equityCr	0	1,386	1,558	1,757	1,990	2,125	↑
›ReservesCr	-0	1,341	1,513	1,712	1,943	2,079	↑
›Total borrowingsCr	0	0	0	0	0	0	—
›InvestmentsCr	0	42	104	137	121	0	↓
›Total assetsCr	0	1,389	1,565	1,780	2,121	3,482	↑
›Current assetsCr	0	1,028	1,163	1,346	1,322	1,397	↑
›Current liabilitiesCr	0	581	601	694	657	938	↑
›Trade payablesCr	0	215	340	378	278	335	↑
›Gross blockCr	0	1,225	1,431	1,609	1,796	1,336	↓

Cash flow statement (₹ Cr)

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Metric	2022	2023	2024	2025	2026	Trend
›Operating CF (CFO)Cr	-44	250	216	332	262	↓
›Investing CF (CFI)Cr	-139	-158	-215	-414	-431	↓
›Financing CF (CFF)Cr	260	-163	10	65	171	↑
›Net cash changeCr	78	-71	12	-17	2	↑
›Closing cashCr	83	12	24	7	9	↑

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)69.7

Growth (25%)28.4

Valuation (20%)45

Piotroski (15%)78

Earnings Quality (10%)56.1

Momentum (5%)—

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

Piotroski F-Score

7/9

✓ROA positiveROA 9.93%

✓CFO positiveCFO ₹261.93 Cr

✓ROA improving8.99% → 9.93%

✗CFO > PAT (low accruals)CFO 261.93 vs PAT 272.4

✗Leverage decreasedD/E 0.15 → 0.2

✓Liquidity improvedCR 1.94 → 2.01

✓No share dilutionEPS 23.93 → 30.06

✓Margin improvedEBITDA mgn 21.1% → 22.43%

✓Asset turnover upAsset TO 0.77 → 0.77

Altman Z-Scoregrey

1.81

0.132

0.597

0.111

0.61

0.607

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

Quality

69.7/100

ROE

14.5%

ROCE

17.6%

Margin

12.9%

Debt

0.2

Int. cover

14.4x

Growth

28.4/100

Revenue 3Y

-2.2%

Profit 3Y

-3%

EPS

25.6%

Valuation

45/100

24.9x

3.4x

EV/EBITDA

15.1x

vs universe median: PE 23.47x · PB 2.95x · EV 14.02x

Earnings quality

56.1/100

CFO₹262 Cr

PAT₹272 Cr

Accrual ratio0.003

CFO/PAT0.96x

PEAD · SURGE

0 / 0

Revenue SUE0.22

EPS SUE0.23

Latest quarter2026-03

Rev growth YoY3.3%

Shareholding pattern

Promoter43.1%

FII/FPI8.4%

DII7.4%

Public56.9%

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	46.5%	46.5%	46.1%	44.7%	44.3%	43.7%	42.9%	43.1%	43.1%	↓
›FII / FPI	8.3%	7.1%	7.4%	8.6%	7.4%	7.3%	8%	7.7%	8.4%	↑
›DII	10%	11.5%	11.4%	10.4%	7.5%	7.8%	7%	7.7%	7.4%	↓
›Public / Retail	53.5%	53.5%	53.9%	55.3%	55.7%	56.3%	57.1%	56.9%	56.9%	↑
›Promoter pledge	0%	0%	0%	0%	0%	0%	0%	0%	11%	↑

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Sun Pharmaceutical Industries Ltd.	4,40,794	58,462	11,565	38.4x	5.3x	16.2	19.9	0.03
Divi's Laboratories Ltd.	1,78,956	10,560	2,568	69.7x	10.7x	15.4	20.5	0
Torrent Pharmaceuticals Ltd.	1,49,820	13,980	2,138	69.3x	17.9x	26.8	19.3	1.76
Cipla Ltd.	1,09,370	28,163	3,870	28.2x	3.2x	11.8	16	0.01
Lupin Ltd.	1,07,537	27,958	5,355	20.2x	4.8x	21.1	22	0.3
Zydus Lifesciences Ltd.	1,06,823	27,148	5,026	21.2x	4x	21.1	26.1	0.13
Dr. Reddy's Laboratories Ltd.	1,06,133	33,700	4,144	25.3x	2.8x	18.6	23.3	0.14