External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Aarti Drugs Limited is a leading Indian pharmaceutical and chemical company that makes bulk raw materials for medicines.</li><li>Established in 1984, Aarti Drugs Limited supplies essential pharmaceutical ingredients to leading drug manufacturers across more than 100 countries, rather than selling medicines directly to consumers.</li><li>The company operates advanced manufacturing facilities and research centres across India, producing essential pharmaceutical ingredients used in medicines for pain relief, infections, diabetes, and other health conditions. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Drugs Limited is a leading Indian pharmaceutical and chemical company that makes bulk raw materials for medicines.Established in 1984, Aarti Drugs Limited supplies essential pharmaceutical ingredients to leading drug manufacturers across more than 100 countries, rather than selling medicines directly to consumers.The company operates advanced manufacturing facilities and research centres across India, producing essential pharmaceutical ingredients used in medicines for pain relief, infections, diabetes, and other health conditions. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week: Aarti Drugs Ltd - 10th October, 2026

Thematic (Sector/Industry)

<ul><li>Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0% YoY and 3.6% QoQ to Rs 40,903 Cr.</li><li>However, EBITDA is estimated to decline 10% YoY but rise 6.3% QoQ to Rs 8,308 Cr, while adjusted PAT is likely to decline 19.6% YoY but moderately rise by 4.2% sequentially to Rs 4,331 Cr.</li><li>According to IQVIA data, chronic care segments such as cardiovascular and antidiabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical Market. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0% YoY and 3.6% QoQ to Rs 40,903 Cr.However, EBITDA is estimated to decline 10% YoY but rise 6.3% QoQ to Rs 8,308 Cr, while adjusted PAT is likely to decline 19.6% YoY but moderately rise by 4.2% sequentially to Rs 4,331 Cr.According to IQVIA data, chronic care segments such as cardiovascular and antidiabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical Market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharma and Healthcare - Q2FY27E: Result Preview

<ul><li>Profitability Improved by Middle East Conflict: Reported revenue grew 19% YoY to Rs 703 Cr, surpassing our estimates.</li><li>Operational profits also exceeded expectations, supported by the commissioning of the Sayakha facility and higher product prices.</li><li>Management, however, expects a volume-led recovery going forward, driven by backward integration and the ramp-up of new facilities. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Profitability Improved by Middle East Conflict: Reported revenue grew 19% YoY to Rs 703 Cr, surpassing our estimates.Operational profits also exceeded expectations, supported by the commissioning of the Sayakha facility and higher product prices.Management, however, expects a volume-led recovery going forward, driven by backward integration and the ramp-up of new facilities. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Drugs Ltd - Operational Tailwinds to Provide Better FY27

<ul><li>Profitability Impacted by Headwinds: Reported revenue grew 8.1% YoY to Rs 602 Cr, in line with estimates.</li><li>However, operational profits missed expectations as lower utilisation levels and temporary shutdowns compressed margins to a multi-quarter low of 9.1%.</li><li>Management, however, guides to a volume-led recovery from Jan’26, driven by backward integration and ramp-up of new facilities</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Profitability Impacted by Headwinds: Reported revenue grew 8.1% YoY to Rs 602 Cr, in line with estimates.However, operational profits missed expectations as lower utilisation levels and temporary shutdowns compressed margins to a multi-quarter low of 9.1%.Management, however, guides to a volume-led recovery from Jan’26, driven by backward integration and ramp-up of new facilitiesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Drugs Ltd - Operational Headwinds Cloud Q3FY26

<ul><li>Uptick in Revenue and Profitability: Revenue, EBITDA, and Adjusted PAT increased by 9.1%, 25.7%, and 29.2% YoY, respectively, driven by strong demand in API, especially in the export market, leading to overall volume growth of 9% and negative variance of ~2%.</li><li>Encouraging Segment-wise Performance: The Formulations business saw a significant jump of 25% annually, while the API reported muted growth of 6.4%.</li><li>The company is now focused on expanding into more international markets. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uptick in Revenue and Profitability: Revenue, EBITDA, and Adjusted PAT increased by 9.1%, 25.7%, and 29.2% YoY, respectively, driven by strong demand in API, especially in the export market, leading to overall volume growth of 9% and negative variance of ~2%.Encouraging Segment-wise Performance: The Formulations business saw a significant jump of 25% annually, while the API reported muted growth of 6.4%.The company is now focused on expanding into more international markets. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance

India

Aarti Drugs is a prominent Indian pharmaceutical company specializing in the manufacturing of Active Pharmaceutical Ingredients (APIs), pharmaceutical intermediates, and specialty chemicals. It produces over 50 API molecules and 80+ finished products for various therapeutic segments, including anti-protozoals, anti-inflammatory, antibiotics, and antidiabetics, serving both domestic and international markets. The company was founded in 1984 and is headquartered in Mumbai, Maharashtra, India.

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Aarti Drugs (ARTD IN)

Pick of the Week: Aarti Drugs Ltd - 10th October, 2026

Established in 1984, Aarti Drugs Limited supplies essential pharmaceutical ingredients to leading drug manufacturers across more than 100 countries...

Axis Direct

Pharma and Healthcare - Q2FY27E: Result Preview

We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0%...

Axis Direct

Aarti Drugs Ltd - Operational Tailwinds to Provide Better FY27

Operational profits also exceeded expectations, supported by the commissioning of the Sayakha facility and higher product prices.

Axis Direct

Aarti Drugs Ltd - Operational Headwinds Cloud Q3FY26

Management, however, guides to a volume-led recovery from Jan’26, driven by backward integration and ramp-up of new facilities

Axis Direct

Aarti Drugs Ltd - Capacity Ramp-Up and Margin Gains Fuel Performance

Encouraging Segment-wise Performance: The Formulations business saw a significant jump of 25% annually, while the API reported muted growth of 6.4%.

Axis Direct

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