Aarti Pharmalabs Limited · NSE:AARTIPHARM
Aarti Pharmalabs — Q3 FY2026 Earnings Presentation
30 slides from Aarti Pharmalabs's earnings presentation, Feb 10, 2026
Slide 1: Cover letter to stock exchanges: Results Presentation
February 10, 2026 To, To, Listing/ Compliance Department Listing/ Compliance Department BSE LTD. National Stock Exchange of Phiroze Jeejeebhoy Towers, India Limited Dalal Street, “Exchange Plaza”, Plot No. C/1, Mumbai - 400 001 G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 SCRIP CODE:
Slide 2: Investor Presentation February 2026
INVESTOR PRESENTATION February 2026
Slide 3: Snapshot
SNAPSHOT 25 Years of Pharmaceutical Excellence 220+ Products 500+ Global Clients State-of-the-art 3 R&D facilities 62 Patents Filed 50+ Export Countries Manufacturing 7 Units 59 US DMF 2,300+ Employees 3 USFDA Units 44 CEP Global 15-20% Market Share 0.26x Net Debt/Equity AA- Credit rating in Xanthin
Slide 4: Company Overview
1 COMPANY OVERVIEW 2 BUSINESS OVERVIEW 3 STRATEGIC OVERVIEW 4 FINANCIAL OVERVIEW Aarti Pharmalabs Limited
Slide 5: Company Overview
COMPANY OVERVIEW STANDALONE REVENUE (INR Mn) • Aarti Pharmalabs Limited (APL) is part of the Aarti group – a diversified chemical conglomerate with & EBITDA MARGINS (%) group turnover of INR 130+ bn (FY25) 17,714 • Globally recognized manufacturer of generic API, Xanthine derivatives and a leading p
Slide 6: Key Milestones
KEY MILESTONES • 2024 Started 21 MW solar power project at Akola, Maharashtra • Expansion of semi-commercial production block at Vapi 2022 • Expanded block for CSD in Vapi and API in Tarapur units • Acquired land at Atali for future growth 12 • Successfully demerged the pharmaceutical business of Aa
Slide 7: Geographical Presence
GEOGRAPHICAL PRESENCE Atali Vapi - Unit II Tarapur - Unit III, IV, V, VI Dombivli - Unit I Gujarat Mumbai Maharashtra LOCATION MANUFACTURING UNITS CERTIFICATIONS & AUDIT DATE Dombivali Unit - I (API, Intermediates, CDMO) USFDA - Jun 2022 Unit - II (API, Intermediates, CDMO) Vapi USFDA - Sep 2009, Au
Slide 8: Manufacturing Capabilities
MANUFACTURING CAPABILITIES END TO END CAPABILITIES UNDER ONE UMBRELLA Hydrogenation facilities from lab-scale to 25 years of experience in pharmaceuticals manufacturing scale (0.1-10 KL reactors) manufacturing for global clients Impeccable regulatory track record and facilities Cryogenic reactors op
Slide 9: Research & Development
RESEARCH & DEVELOPMENT 3 40+70+ 3 State of the art Products developed and R&D Centers at manufactured on kilo-lab Maharashtra & Gujarat scale in FY25 25+ 5% 70+ 3 21 3 New products R&D Spend (as a PhDs launched at plant scale percent of API+Int & in FY25 CDMO sales ) in FY25 116 3 42 Cr70+ 3 60 70+
Slide 10: Business Overview
1 COMPANY OVERVIEW 2 BUSINESS OVERVIEW 3 STRATEGIC OVERVIEW 4 FINANCIAL OVERVIEW Aarti Pharmalabs Limited
Slide 11: Xanthine Derivatives & Allied Products
XANTHINE DERIVATIVES & ALLIED PRODUCTS • Largest Indian manufacturer of Xanthine Derivatives, including Caffeine (largest capacity in India), SALES QUANTITY SPLIT (9M-FY26) Theophylline Anhydrous, Aminophylline, Etophylline, and Theophylline • Non-Chinese dependent and fully backward integrated manu
Slide 12: API & Intermediates
API & INTERMEDIATES • Specialized player in the development and manufacturing of HPAPIs, catering to the demand for critical drugs used in oncology, corticosteroids, and cytotoxic medicines. MARKET SEGMENTATION (9M-FY26) • Backward integrated for most APIs, with control over entire production value
Slide 13: CDMO & CMO
CDMO & CMO • Amongst leading small molecule CDMO/CMO players in India, working with big pharma, innovators CDMO Sales (INR Cr) and biotech companies. • Offering end to end services including process development and manufacturing of KSMs, RSMs, Intermediates & GMP APIs for small molecule NCEs, from e
Slide 14: Segmental Share & Quarterly Highlights
SEGMENTAL SHARE & QUARTERLY HIGHLIGHTS QUARTERLY REVENUE BREAK-UP QUARTERLY HIGHLIGHTS Q3-FY26 • Xanthine expansion project is progressing as planned. Mechanical completion is expected by Mar’26. 43.5% 44.1% • Within CDMO / CMO business, Rs. 49 cr worth of 48.9% goods were in transit as of 31-Dec-25
Slide 15: Strategic Overview
1 COMPANY OVERVIEW 2 BUSINESS OVERVIEW 3 STRATEGIC OVERVIEW 4 FINANCIAL OVERVIEW Aarti Pharmalabs Limited
Slide 16: Capital Expenditure Outlook
CAPITAL EXPENDITURE OUTLOOK Greenfield Capex – Atali Project (Gujarat) Brownfield Capex – Tarapur (Maharashtra) Estimated Investment INR 400 crores Estimated Investment INR 150 crores Capacity ~450 KL (Phase 1) Installed Capacity 9,000 MTPA Land Acquired 80 acres Current Utilization Almost 100% Time
Slide 17: Future Outlook
FUTURE OUTLOOK FY25 FY26E Growth Drivers No. of 6 7 Strong pipeline of new products in API & Intermediates business Sites Reactor 1,100+kL 1,500+kL Greenfield Atali Site to boost Intermediates and CDMO/CMO business Capacity* CDMO 208 Cr 30 - 40% Growth Expand on-ground global sales presence in the U
Slide 18: Financial Overview
1 COMPANY OVERVIEW 2 BUSINESS OVERVIEW 3 STRATEGIC OVERVIEW 4 FINANCIAL OVERVIEW Aarti Pharmalabs Limited
Slide 19: Quarterly Standalone Income Statement
QUARTERLY STANDALONE INCOME STATEMENT PARTICULARS (INR Mn) Q3-FY26 Q2-FY26 Q-o-Q Q3-FY25 Y-O-Y Operational Revenue 4,253 4,173 1.9% 4,709 (9.7)% Operating Expenses 3,223 3,432 (6.1)% 3,559 (9.4)% EBITDA 1,030 741 39.0% 1,150 (10.4)% EBITDA Margin (%) 24.22% 17.76% 646 Bps 24.42% (20) Bps Depreciatio
Slide 20: YTD Standalone Income Statement
YTD STANDALONE INCOME STATEMENT PARTICULARS (INR Mn) 9M-FY26 9M-FY25 Y-O-Y Operational Revenue 12,179 12,417 (1.9)% Operating Expenses 9,459 9,584 (1.3)% EBITDA 2,720 2,833 (4.0)% EBITDA Margin (%) 22.33% 22.82% (49) Bps Depreciation and Amortisation 761 582 30.8% Finance costs 300 193 55.4% Other I
Slide 21: Annual Standalone Income Statement
ANNUAL STANDALONE INCOME STATEMENT PARTICULARS (INR Mn) 9M-FY26 FY25 FY24 FY23 Operational Revenue 12,179 17,714 15,021 15,112 Operating Expenses 9,459 13,449 11,560 12,028 EBITDA 2,720 4,265 3,461 3,084 EBITDA Margin (%) 22.33% 24.08% 23.04% 20.41% Depreciation and Amortisation 761 791 660 558 Fina
Slide 22: Quarterly Consolidated Income Statement
QUARTERLY CONSOLIDATED INCOME STATEMENT PARTICULARS (INR Mn) Q3-FY26* Q2-FY26* Q-o-Q Q3-FY25 Y-O-Y Operational Revenue 4,323 4,183 3.3% 5,378 (19.6)% Operating Expenses 3,300 3,436 (4.0)% 4,092 (19.4)% EBITDA 1,023 747 36.9% 1,286 (20.5)% EBITDA Margin (%) 23.66% 17.86% 580 Bps 23.91% (25) Bps Depre
Slide 23: YTD Consolidated Income Statement
YTD CONSOLIDATED INCOME STATEMENT PARTICULARS (INR Mn) 9M-FY26* 9M-FY25 Y-O-Y Operational Revenue 12,368 15,513 (20.3)% Operating Expenses 9,645 12,325 (21.7)% EBITDA 2,723 3,188 (14.6)% EBITDA Margin (%) 22.02% 20.55% 147 Bps Depreciation and Amortisation 762 641 18.9% Finance costs 300 203 47.8% O
Slide 24: Annual Consolidated Income Statement
ANNUAL CONSOLIDATED INCOME STATEMENT PARTICULARS (INR Mn) 9M-FY26* FY25 FY24 FY23 Operational Revenue 12,368 21,151 18,526 19,542 Operating Expenses 9,645 16,507 14,666 16,031 EBITDA 2,723 4,644 3,860 3,421 EBITDA Margin (%) 22.02% 21.96% 20.84% 17.59% Depreciation and Amortisation 762 869 732 625 F
Slide 25: Historical Standalone Balance Sheet
HISTORICAL STANDALONE BALANCE SHEET ASSETS (INR Mn) FY24 FY25 H1-FY26 EQUITY & LIABILITIES (INR Mn) FY24 FY25 H1-FY26 Assets Equity & Liabilities Non-current assets Equity share capital 453 453 453 Property, plant and equipment 9,160 10,135 13,330 Equity Share Capital Pending allotment - - - Capital
Slide 26: Historical Consolidated Balance Sheet
HISTORICAL CONSOLIDATED BALANCE SHEET ASSETS (INR Mn) FY24 FY25 H1-FY26 EQUITY & LIABILITIES (INR Mn) FY24 FY25 H1-FY26 Non-current assets Equity share capital 453 453 453 Property, plant and equipment 9,942 10,887 13,330 Equity Share Capital Pending Capital work-in-progress 785 3,066 1,605 allotmen
Slide 27: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS OPERATIONAL INCOME (INR Mn) EBITDA (INR Mn) & EBITDA MARGINS PAT (INR Mn) & PAT MARGINS (%) (%) 21,151 19,452 4,644 18,526 2,724 3,860 3,421 2,169 1,935 12,368 2,723 1,254 21.96% 22.02% 20.84% 17.59% 11.71% 12.88% 10.14% 9.95% FY23 FY24 FY25 9M-FY26* FY23 FY24 FY25
Slide 28: Capital Market Information
CAPITAL MARKET INFORMATION SHARE PRICE UP TO 31st December, 2025 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Aarti Sensex PRICE DATA (AS ON 31st December 2025) INR SHAREHOLDING PATTERN (AS ON 31st December, 2025
Slide 29: Disclaimer
DISCLAIMER Aarti Pharmalabs Limited No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all event
Slide 30: Thank You
THANK YOU AARTI PHARMALABS LIMITED