Aarti Drugs Limited · NSE:AARTIDRUGS
Aarti Drugs — H1 FY27 Earnings Presentation
43 slides from Aarti Drugs's earnings presentation, Nov 3, 2026
Slide 1: Stock exchange filing cover letter
Ref: ADL/SE/2026-27/59 November 3, 2026 To, To, Listing/ Compliance Department Listing/ Compliance Department BSE Limited National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, “Exchange Plaza”, Plot No. C/1, Dalal Street, G Block Bandra - Kurla Complex, Mumbai – 400 001 Bandra (East),
Slide 2: Investor Presentation November 2026
Investor Presentation November 2026 Aarti Drugs Limited A Stronger Foundation. A Better Future.
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Aarti Drugs Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securitie
Slide 4: Table of Contents
01 Q2 & H1 FY27 Business & Financial Highlights 04 02 Company & Business Overview 12 Table of Contents 03 Industry Overview 25 04 Key Strengths & Growth Drivers 28 05 Historical Financial Performance 36 3
Slide 5: Q2 & H1 FY27 Business & Financial Highlights
Q2 & H1 FY27 Business & Financial Highlights
Slide 6: Q2 & H1 FY27 Consolidated Financial Highlights
Q2 & H1 FY27 Consolidated Financial Highlights Total Revenue1 EBITDA & EBITDA Margin1 PAT & PAT Margin1 12.9% 16.6% 6.9% 10.0% +27% +63% +83% 829 138 83 653 84 45 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 (Rs. Crs.) Total Revenue1 EBITDA & EBITDA Margin1 PAT & PAT Margin1 12.8% 15.3% 8.0% 8.7%
Slide 7: Q2 & H1 FY27 Segmental Highlights
Q2 & H1 FY27 Segmental Highlights Segmental Revenue Therapeutic-wise Revenue 15.7% 8.7% 14.8% 18.2% Anti-biotic 2.4% API Formulation Anti-protozoal Speciality Chemicals Anti-inflammatory 18.1% 9.3% Q2 FY27 Intermediates & Others Q2 FY27 Anti-diabetic 5.6% Anti-fungal Others 73.2% 34.1% 14.1% 10.1% 1
Slide 8: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement Particulars (Rs. Crs.) Q2 FY27 Q2 FY26 YoY Q1 FY27 QoQ H1 FY27 H1 FY26 YoY Net Revenue from Operations 826.2 652.8 27% 702.8 18% 1,529.0 1,243.3 23% Other Income 2.5 0.1 0.8 3.4 0.4 Total Revenue 828.8 652.9 27% 703.6 18% 1,532.4 1,243.7 23% COGS 499.1 408.3 427.
Slide 9: Consolidated Balance Sheet
Consolidated Balance Sheet Equities & Liabilities (Rs. Crs.) Sep-26 Mar-26 Assets (Rs. Crs.) Sep-26 Mar-26 Equity Non Current assets Equity Share capital 91.3 91.3 Property, Plant and Equipment 1,096.1 1,068.3 Other Equity 1,590.3 1,457.6 Capital work in progress 235.5 213.8 Non Controlling Interest
Slide 10: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement Particulars (Rs. Crore) Sep-26 Sep-25 Net Profit before Tax and Extraordinary items 178.5 111.5 Adjustments for: Non-Cash Items / Other Investment or Financial Items 55.9 49.6 Operating profit before working capital changes 234.4 161.1 Changes in working capital -140
Slide 11: Management Commentary
Management Commentary Commenting on the results, Mr. Adhish Patil, Managing Director, of Aarti Drugs Limited said, “Q2 FY27 has been a landmark quarter for Aarti Drugs. We achieved our highest-ever revenue from operations of Rs. 829 crore and reported our highest-ever quarterly EBITDA of Rs. 138 cro
Slide 12: Consistent Volume Growth in the past 5 Years
Consistent Volume Growth in the past 5 Years Pricing Growth/(Degrowth) Volume Growth 11% Consistent volume 10% growth over the years 7% 7% 5% 10% 5% -3% -13 -18% Continuous fall in prices FY2022 FY2023 FY2024 FY2025 FY2026 leading to lower ASPs ✓ Revenue growth was impacted post Covid, primarily ✓ H
Slide 13: Company & Business Overview
Company & Business Overview
Slide 14: Leadership in API Manufacturing
Leadership in API Manufacturing Over a decade, API manufacturing has transitioned towards highly regulated, specialized business 14 6,876 1 Largest producer of Nimesulide in the world Manufacturing Facilities MT/Monthly Capacity 2 Largest producer of Ketoconazole in the world 80+ 50+ 3 Largest produ
Slide 15: Diversified Presence across Segments
Diversified Presence across Segments Presence Across APIs, Formulation, Specialty Chemicals, Intermediates Segments Active Pharmaceuticals Ingredients (API) Formulations Specialty Chemicals, Intermediates & Others ✓ Diversified into formulations in 2014 via wholly ✓ Backward integrated to supply int
Slide 16: Diversified Product & Client Mix
Diversified Product & Client Mix Presence across Segments, Geographies, API Therapies & Customers to ensure Growth and Risk Minimization ▪ Domestic-Export mix at 62% for FY26 ▪ API business contributes 77% of sales in FY26 Geographic ▪ Presence across 100+ countries Segmental ▪ Focus on increasing c
Slide 17: Journey
Journey 2024 Forayed into the personal care segment with the commissioning of a greenfield project for 2021 dermatology products at Tarapur Surpassed a consolidated turnover of 2025 Rs. 2,000 Crores Capex for Greenfield project Pinnacle Life Science Private Limited at Sayakha, Gujarat & surpassed a
Slide 18: Manufacturing Footprint
Manufacturing Footprint Baddi Pinnacle Plant Formulation Plant WHO-GMP ✓ The capacity of Multi- Sarigam-1 purpose plant ranges from kilograms to multi tons levels WHO-GMP Sarigam-2 ✓ Long term experience of WHO-GMP/ Multi-step synthesis and COFEPRIS/CEP fractionations at high temperatures Sayakha WH
Slide 19: Diversified Geographic Presence
Diversified Geographic Presence North America Europe 11% 15% 12% 12% FY25 FY26 FY25 FY26 Russia Egypt Asia Latin America China Türkiye 52% 49% 14% 12% Bangladesh FY25 FY26 FY25 FY26 Switzerland Mexico UAE Nigeria Market Segmentation Africa 27% 11% 12% Brazil FY25 FY26 FY26 Top 10 Export Destinations
Slide 20: Our Esteemed Clientele
/ Our Esteemed Clientele Aarti Drugs Ltd. | aw INTAS) (©) Abbott (@ LABORATE indoco INTAS) ALKEM @ Cipla Mankindill 7 9S Weary mn WO fankindll> Kopran SUN Zyd Alemb: H PIN 7 torrent dus lembic. 8 lorrery Cadila et ‘ev LUPIN 4 PHARMA Pfizer, SANOFI 19
Slide 21: Our Vision & Mission
Our Vision & Mission To be the Preferred Global Supplier of Bulk Drugs by: To achieve global market ✓ Ensuring consistent quality, timely leadership by: delivery, and competitive pricing ✓ Driving product growth and ✓ Offering customized, customer- innovation centric solutions ✓ Fostering a winning
Slide 22: Key Executive Management
Key Executive Management Shri Chandrakant V. Gogri Shri Prakash M. Patil Shri Rashesh C. Gogri Chairman Emeritus Management/ Technical Consultant Chairman, Managing Director • Served as Chairman, MD & CEO of Aarti Drugs • One of the Founder Promoters of the Company • Has over 54 years of experience
Slide 23: Independent Directors
Independent Directors Shri Ankit V. Paleja Smt. Neha R. Gada Shri Sandeep M. Joshi Independent Director Independent Director Independent Director • A qualified lawyer with 19 years of legal experience • Chartered Accountant and certified Insolvency Professional • Holds a Chemistry degree from Mumbai
Slide 24: ESG Initiatives
ESG Initiatives E • Zero Liquid Discharge (ZLD) • Carbon Footprint Reduction • Eco-friendly Packaging • Efficient Utilities & Green Technologies Environment S • Healthcare Initiatives • Woman Empowerment • Fair Trade Practices • Gender Diversity Social G • Stakeholder Responsibility • Risk Managemen
Slide 25: Awards and Accolades
Awards and Accolades 1991 2001 2005-06 2009 2012 CHEMEXCIL CHEMEXCIL Outstanding Performance in AVAYA GLOBAL CHEMEXCIL CHEMEXCIL Outstanding Performance Export, Organization of CONNECT Outstanding Performance Outstanding Performance in Export Pharmaceutical Product, Customer Responsiveness in Export
Slide 26: Industry Overview
Industry Overview
Slide 27: Indian Pharmaceutical Industry
Indian Pharmaceutical Industry Indian Pharmaceutical Market Value India’s Contribution to global India produces (in USD Bn) 20% generic drug exports 60,000+ generics +7.5% 425 drugs across 60 API market (third largest therapeutic +17.8% 125 8% share globally) categories and 55 supplies 500+ APIs 202
Slide 28: Multiple Triggers will lead to high Growth Momentum
Multiple Triggers will lead to high Growth Momentum ▪ Rising domestic population ▪ 100% FDI in the pharmaceutical sector under Robust ▪ Higher Insurance Coverage penetration automatic route Increased Domestic Investments Demand ▪ Increased government spending on hospitals and healthcare ▪ Artificial
Slide 29: Key Strengths & Growth Drivers
Key Strengths & Growth Drivers
Slide 30: Unique Competitive Position
Unique Competitive Position Long-term relationship; repeat Economies of Scale Good Purchasing Power business from customers 4 decades of experience Strong International Superior Quality Client Diversification presence Less regional dependence Process Phase-Wise Capex to Known brand in improvement R&
Slide 31: Aarti Drugs is well poised to overcome industry challenges
Aarti Drugs is well poised to overcome industry challenges Specialized player in the highly challenging Pharmaceutical Industry Aarti Drug’s Core Competencies Industry’s Unique Challenges ✓ Demonstrated manufacturing excellence for 4 decades ✓ High R&D costs ✓ R&D focused, driven by continuous impro
Slide 32: Growth Strategies
Growth Strategies Strategic pivot to scaling Regulated Market Sales through expansion of Formulations and Oncology Product Portfolio ₹200 Crore Investment Premium Pricing and ✓ Aarti Drugs manufactures APIs but also has a formulation business (via Pinnacle Life Sciences) that makes oral solid dosage
Slide 33: Growth Strategies
Growth Strategies Capacity Expansion and Backward Integration leading to improved Asset turns Commencement of Operations Anti-diabetic Antiprotozoals Anti-inflammatory o Operationalized two greenfield facilities o Current capacity: ~1,400 TPM o Enhancing the position in the o Targeting highly regula
Slide 34: Product Pipeline
Product Pipeline As of 31-Mar-26 API Finished Dosages Product Under Development Product Under Development Product Under Development: LATAM & : New Age Molecules For Emerging Markets Anti Fungal regulated Markets 1 2 Anti-Diabetic Anti Diabetic 1 2 Anti-Protozol 7 Anti Inflammatory 1 4 Carboxylation
Slide 35: Strong R&D thrust on continuous innovation
Strong R&D thrust on continuous innovation • Supports manufacturing facilities at Tarapur and Sarigam on API process development 2 • Pilot plant used for kilo scale manufacturing R&D Center at Tarapur Doctorates • Recognized by Department by Science and Industrial Research (DSIR) Government of India
Slide 36: Robust Balance Sheet
Robust Balance Sheet Net Operating Cashflow Debt to Equity Profile (in Rs. Crore) (in Rs. Crore) 359 1,600 1,549 0.6 0.52 0.51 1,400 0.44 1,369 0.44 1,282 0.37 0.4 1,193 245 254 1,200 1,036 0.2 1,000 0.0 800 134 609 605 -0.2 600 538 564 566 -0.4 70 400 200 -0.6 0 -0.8 FY22 FY23 FY24 FY25 FY26 FY22 F
Slide 37: Historical Financial Performance
Historical Financial Performance
Slide 38: Historical Consolidated Performance
Historical Consolidated Performance Total Revenue EBITDA & EBITDA Margin PAT & PAT Margin Earnings Per Share (in Rs. Crore) (in Rs. Crore) (in Rs. Crore) (in Rs.) 13.7% 11.3% 12.7% 12.6% 12.1% 8.2% 6.1% 6.8% 7.0% 7,6% 2,718 341 205 22.1 21.4 2,500 2,533 2,568 308 321 312 195 2,403 303 172 18.0 18.6
Slide 39: Historical Profit & Loss Statement
Historical Profit & Loss Statement Particulars (Rs. Crore) FY26 FY25 FY24 FY23 FY22 Net Revenue from Operations 2,565.3 2,387.0 2,528.6 2,716.1 2,488.6 Other Income 2.4 16.4 4.0 2.2 11.3 COGS 1,618.7 1,542.1 1,677.7 1,888.5 1,688.8 Gross Profit 949.0 861.3 854.9 829.8 811.1 Gross Margin (%) 37.0% 36
Slide 40: Consolidated Balance Sheet
Consolidated Balance Sheet Equities & Liabilities (Rs. Crore) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Assets (Rs. crores) Mar-26 Mar-25 Mar-24 Mar-23 Mar-22 Equity Non Current assets Equity Share capital 91.3 91.3 91.9 92.6 92.6 Property, Plant and Equipment 1,068.3 856.3 808.2 673.2 685.7 Other Equity 1
Slide 41: Consolidated Cash Flow statement
Consolidated Cash Flow statement Particulars (Rs. Crore) FY26 FY25 FY24 FY23 FY22 Net Profit before Tax and Extraordinary items 210.9 211.8 235.5 224.2 270.0 Adjustments for: Non-Cash Items / Other Investment or Financial Items 102.8 84.3 83.0 85.2 70.4 Operating profit before working capital change
Slide 42: Rewarding Shareholders over time
Rewarding Shareholders over time Distributed ~Rs. 69.48 Crore as Distribution Policy Dividend over last 7 years Considering various financial Distributed ~ Rs. 278 Crore in parameters, the Company may form of dividend & buyback of shares over last 7 years elect to distribute ~15% to 30% Distributed
Slide 43: Thank You
Thank You Company: Aarti Drugs Limited CIN: L37060MH1984PLC055433 Mr. Rushikesh Deole [email protected] / +91 22 24048199 www.aartidrugs.co.in Investor Relations: Strategic Growth Advisors (SGA) CIN: U74140MH2010PTC204285 Mr. Deven Dhruva / Ms. Krisha Shrimankar [email protected]