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Aarti Drugs Ltd (AARTIDRUGS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524348 NSE: AARTIDRUGS Pharmaceuticals & Drugs | Small Cap | Aarti Drugs Share Price
₹433.10 -2.45 (-0.56%)
As on 22-Sep'26 13:33
Aarti Drugs Ltd (AARTIDRUGS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 524348 NSE: AARTIDRUGS Pharmaceuticals & Drugs | Small Cap | Aarti Drugs Share Price
₹433.10 -2.45 (-0.56%)
As on 22-Sep'26 13:33
Key Metrics
Valuation Multiples
Market Cap
₹3,975 Cr.
Current Price
₹433.1
52-Week Low / High
₹319 / 534
TTM EPS
₹21
TTM Sales
₹2,678 Cr.
Book Value per Share
₹175.2
P/E Ratio
20.79
Lower than its 5-year historical median
Industry PE
55.1
Price to Book (P/B)
2.49
Lower than its 5-year historical median
Price to Sales (P/S)
1.48
Lower than its 5-year historical median
EV/EBITDA
13.51
Lower than its 5-year historical median
Dividend Yield
0.46%
Profitability Efficiency
Return on Equity (ROE)
13.36%
Outperforms industry median
Return on Capital Employed (ROCE)
12.04%
Outperforms industry median
Return on Assets (ROA)
7.23%
Operating Profit Margin
12.2%
Net Profit Margin
7.6%
Gross Profit Margin
10.8%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
3.99%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
7.43%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
15.97%
Asset Quality
Promoter Holding
54.43%
Pledged shares (%) of Promoter's holding (%)
2.50%
Reserves
₹1,508 Cr.
Equity
₹91.3 Cr.
Face Value
₹10
All Time Low / High
₹0.57 / 1025.00
Check Before You Invest
Quality
Very GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Aarti Drugs Ltd a good quality company?
Aarti Drugs Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Aarti Drugs Ltd performance compare with that of its Peers?
Revenue growth of Aarti Drugs Ltd vs industry peers?
Aarti Drugs Ltd revenue CAGR is 3.55%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Aarti Drugs Ltd?
Promoters hold 54.43% of the Aarti Drugs Ltd, with 2.50% of their stake pledged, indicating low pledge risk.
Stock return of Aarti Drugs Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 11.9% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Aarti Drugs Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 17.7% | 16.6% | 17.4% | 21.3% | 33.4% | 20.8% | 15.4% | 13.7% | 13.5% | 11.7% | - |
| Value Creation Index ⓘ | 0.3 | 0.2 | 0.2 | 0.5 | 1.5 | 0.5 | 0.1 | 0.0 | 0.0 | -0.2 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,089 | 1,140 | 1,454 | 1,635 | 1,915 | 2,251 | 2,498 | 2,267 | 2,174 | 2,260 | 2,367 |
| Sales YoY Gr. | - | 4.8% | 27.5% | 12.4% | 17.1% | 17.6% | 11% | -9.3% | -4.1% | 4% | - |
| Adj EPS ⓘ | 7.9 | 7.8 | 9 | 13.9 | 27.4 | 21.1 | 16.5 | 15.5 | 17.2 | 18.5 | 18.8 |
| YoY Gr. | - | -1.5% | 15.3% | 55.3% | 96.8% | -23.2% | -21.7% | -6.3% | 11.5% | 7.5% | - |
| BVPS (₹) ⓘ | 40.6 | 45.9 | 55 | 66.7 | 92.2 | 105 | 120.3 | 127.8 | 137.1 | 153.9 | 159.5 |
| Adj Net Profit ⓘ | 75.3 | 73.4 | 84.6 | 130 | 255 | 195 | 153 | 142 | 157 | 169 | 171 |
| Cash Flow from Ops. ⓘ | 174 | 61.9 | 147 | 196 | 154 | 39.9 | 162 | 337 | 220 | 254 | - |
| Debt/CF from Ops. ⓘ | 2.6 | 8.4 | 3.2 | 1.9 | 2.1 | 12.9 | 3.3 | 1.4 | 2.3 | 1.7 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 8.5% | 3.4% | -3.3% | 4% | ||||
| Adj EPS ⓘ | 9.9% | -7.5% | 4% | 7.5% | ||||
| BVPSⓘ | 16% | 10.8% | 8.6% | 12.3% | ||||
| Share Price | 11.8% | -7% | -7.8% | -16.8% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 20.4 | 17.9 | 17.8 | 22.8 | 34.5 | 21.3 | 14.7 | 12.4 | 13 | 12.7 | 12 |
| Op. Profit Mgn % ⓘ | 16.6 | 16.2 | 13.9 | 15.2 | 21.1 | 14.3 | 11.5 | 11.9 | 12.2 | 11.6 | 12.2 |
| Net Profit Mgn % ⓘ | 6.9 | 6.4 | 5.8 | 7.9 | 13.3 | 8.7 | 6.1 | 6.3 | 7.2 | 7.5 | 7.2 |
| Debt to Equity ⓘ | 1.2 | 1.2 | 0.9 | 0.6 | 0.4 | 0.5 | 0.5 | 0.4 | 0.4 | 0.3 | - |
| Working Cap Days ⓘ | 166 | 195 | 180 | 174 | 170 | 183 | 195 | 206 | 200 | 195 | 86 |
| Cash Conv. Cycle ⓘ | 82 | 99 | 92 | 92 | 87 | 105 | 113 | 118 | 112 | 110 | 37 |
Valuation of Aarti Drugs - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.47 | 2.50 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,195 | 1,244 | 1,561 | 1,806 | 2,155 | 2,489 | 2,716 | 2,529 | 2,387 | 2,565 |
| Operating Expenses ⓘ + | 1,005 | 1,042 | 1,350 | 1,541 | 1,714 | 2,156 | 2,407 | 2,208 | 2,097 | 2,254 |
| Operating Profit ⓘ | 190 | 202 | 211 | 266 | 440 | 333 | 309 | 321 | 290 | 312 |
| Operating Profit Margin (%) | 15.9% | 16.2% | 13.5% | 14.7% | 20.4% | 13.4% | 11.4% | 12.7% | 12.2% | 12.2% |
| Other Income ⓘ + | 4 | 1 | 2 | 1 | 5 | 11 | 2 | 4 | 16 | 2 |
| Interest ⓘ | 40 | 38 | 44 | 37 | 26 | 24 | 37 | 38 | 39 | 36 |
| Depreciation ⓘ | 38 | 40 | 43 | 49 | 50 | 50 | 50 | 51 | 56 | 67 |
| Profit Before Tax ⓘ | 116 | 125 | 131 | 185 | 369 | 270 | 224 | 236 | 212 | 211 |
| Tax ⓘ | 34 | 42 | 41 | 44 | 89 | 65 | 58 | 64 | 44 | 16 |
| Profit After Tax | 82 | 82 | 90 | 141 | 280 | 205 | 166 | 172 | 168 | 195 |
| PAT Margin (%) | 6.8% | 6.6% | 5.8% | 7.8% | 13.0% | 8.2% | 6.1% | 6.8% | 7.0% | 7.6% |
| Adjusted EPS (₹) | 8.6 | 8.7 | 9.5 | 15.2 | 30.1 | 22.1 | 18.0 | 18.7 | 18.4 | 21.4 |
| Dividend Payout Ratio (%) | 2.90% | 2.90% | 2.60% | 3.30% | 8.30% | 4.50% | 5.60% | 5.40% | 5.40% | 9.40% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 400 | 455 | 543 | 652 | 913 | 1,036 | 1,192 | 1,282 | 1,369 | 1,549 | |
| Debt + | 446 | 508 | 471 | 338 | 305 | 495 | 565 | 490 | 556 | 505 | |
| Minority Interest | 0 | 0 | 0 | -0 | -0 | -0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 197 | 259 | 243 | 330 | 330 | 469 | 480 | 425 | 416 | 478 | |
| Others Liabilities ⓘ | 148 | 167 | 198 | 256 | 218 | 208 | 183 | 235 | 233 | 283 | |
| Total Liabilities ⓘ | 1,191 | 1,389 | 1,455 | 1,577 | 1,766 | 2,208 | 2,421 | 2,432 | 2,575 | 2,815 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 581 | 602 | 625 | 644 | 665 | 690 | 676 | 811 | 866 | 1,086 | |
| CWIP ⓘ | 14 | 28 | 33 | 12 | 19 | 77 | 210 | 261 | 330 | 214 | |
| Investments ⓘ | 12 | 11 | 12 | 13 | 17 | 19 | 19 | 20 | 22 | 27 | |
| Inventories | 210 | 278 | 247 | 325 | 415 | 526 | 516 | 486 | 473 | 491 | |
| Trade Receivables | 297 | 375 | 459 | 489 | 555 | 750 | 865 | 705 | 751 | 830 | |
| Cash Equivalents | 4 | 4 | 6 | 8 | 10 | 22 | 9 | 9 | 8 | 9 | |
| Others Assets ⓘ | 73 | 90 | 75 | 85 | 84 | 124 | 126 | 141 | 124 | 158 | |
| Total Assets ⓘ | 1,191 | 1,389 | 1,455 | 1,577 | 1,766 | 2,208 | 2,421 | 2,432 | 2,575 | 2,815 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 175 | 70 | 143 | 251 | 155 | 70 | 133 | 359 | 245 | 254 |
| Cash Flow From Investing Activity ⓘ + | -107 | -74 | -62 | -33 | -72 | -150 | -164 | -224 | -165 | -173 |
| Cash Flow From Financing Activity ⓘ + | -68 | 4 | -80 | -215 | -81 | 92 | 17 | -136 | -82 | -77 |
| Net Cash Flow ⓘ | -0 | 0 | 1 | 2 | 2 | 13 | -14 | -1 | -2 | 3 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 21.6 | 19.24 | 17.97 | 23.65 | 35.81 | 21.03 | 14.93 | 13.87 | 12.68 | 13.36 |
| ROCE (%) | 18.14 | 17.31 | 17.01 | 21.39 | 34.52 | 20.75 | 15.49 | 15.01 | 13.11 | 12.04 |
| Asset Turnover Ratio | 1.12 | 0.98 | 1.1 | 1.19 | 1.29 | 1.25 | 1.17 | 1.04 | 0.95 | 0.95 |
| PAT to CFO Conversion(x) | 2.13 | 0.85 | 1.59 | 1.78 | 0.55 | 0.34 | 0.8 | 2.09 | 1.46 | 1.3 |
| Working Capital Days | ||||||||||
| Receivable Days | 89.10 | 97.10 | 97.50 | 95.70 | 88.40 | 95.70 | 108.50 | 113.30 | 111.30 | 112.50 |
| Inventory Days | 55 | 70.50 | 61.40 | 57.80 | 62.70 | 69 | 70 | 72.30 | 73.30 | 68.60 |
| Payable Days | 93.60 | 112.70 | 90.30 | 92.60 | 95.30 | 90.30 | 95.50 | 103 | 104.70 | 105.70 |
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Aarti Drugs Ltd FAQs
The current trading price of Aarti Drugs on 22-Sep-2026 13:33 is ₹433.1.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Sep-2026 the market cap of Aarti Drugs stood at ₹3,975.3 Cr
The latest P/E ratio of Aarti Drugs as of 21-Sep-2026 is 23.19.
The latest P/B ratio of Aarti Drugs as of 21-Sep-2026 is 2.73.
The 52-week high of Aarti Drugs is ₹533.6 and the 52-week low is ₹318.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Aarti Drugs is ₹2,367 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Aarti Drugs Ltd is a good quality company.
The key valuation ratios of Aarti Drugs Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Aarti Drugs Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Aarti Drugs Ltd
Aarti Drugs Ltd. was established in the year 1984 and forms part of $900 Million Aarti Group of Industries with robust R&D Division at Tarapur, Maharashtra Industrial Development Corporation (MIDC) in close vicinity to manufacturing locations.
Over the years, the Company has been able to carve a niche for itself and is looking forward to expand the volumes. With the government initiative to encourage private health insurance schemes, consumer spending on medicines is expected to increase, which will spur growth in the generic sector in the domestic market.
The manufacturing-units of Aarti Drugs Ltd. are GMP certified. The Company is also in the process of acquiring an ISO 9002 compliance for all its units and one of the units has already been approved.
The Company aims at becoming the first choice of this expanding market through better products, ensuring quality and timely delivery.
Business area of the company
The company is engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs), Pharma Intermediates, Specialty Chemicals and also produces Formulations with its wholly-owned subsidiary - Pinnacle Life Science Private Limited.
Products under APIs includes Ciprofloxacin Hydrochloride, Metronidazole, Metformin HCL, Ketoconazole, Ofloxacin etc. whereas Specialty Chemicals includes Benzene Sulphonyl Chloride, Methyl Nicotinate etc.
Awards and accolades
- 1991-1992: Outstanding Performance in Export from Chemexcil
- 2001: Best Vendor from Organization of Pharmaceutical Product
- 2005: Customer Responsiveness from Avaya Global Connect
- 2013: Business Partner of the year from Abbott
- 2014: Appreciation as business partner from Abbott
- 2014: Certificate of Recognition - Star Export House from Government of India (Ministry of Commerce and Industry)
- 2015: Business Partner of the year from Abbott
- 2006: Customer Responsiveness from Avaya Global Connect
- 2016: Business Partner of the year from Abbott
- 2016: Outstanding Performance in Export from Pharmexcil
- 2017: Business Partner of the year from Abbott
- 2017: Outstanding Performance Latin American Export from Pharmexcil
- 2018: Business Partner of the year from Abbott
Milestones
- 1984: Incorporation
- 1993: Listed On BSE Limited
- 1996: Amalgamation of Rupal Chemical Industries Limited, Rashesh Chemicals & Pharmaceuticals Limited, Manjarati Chemicals Private Limited, Manjarati Plastisizer Private Limited, Effective Chemicals Private Limited, Star Aluminium Industries Limited and Avez Wire
- 1998: Turnover of Rs 100 crore
- 2003: Listed On National Stock Exchange of India Limited
- 2008: Approval of USFDA Plant
- 2011: Turnover of Rs 500 crore
- 2014: Turnover of Rs 1000 crore 100% holdings in Pinnacle Life Science Pvt. Ltd.
- 2015: Aarti Drugs Limited -PBT More than Rs 100 crore
- 2017: Rs 100 crore Turnover Pinnacle Life Science Pvt. Ltd. Pinnacle Life Science (Sikkim) Plant ready for operations
- 2019: Turnover of Rs 1500 crore
- 2020: Crossed Rs 2000 crore consolidated turnover and Rs 200 crore formulation turnover
- 2020: Crossed PAT amounted Rs 200 crore
- 2022: Consolidated revenue Rs 2500 crore
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