Aarti Drugs Limited , a Mumbai-based diversified pharmaceutical company, announced its audited financial results for the quarter and financial year ended 31st March 2026. The company delivered a mixed performance in Q4 FY26, with revenue growing 6% year-on-year even as profitability faced headwinds, while the full-year picture showed meaningful improvement in earnings.

Consolidated Financial Performance

The following table presents the key consolidated financial metrics for Q4 FY26, Q4 FY25, Q3 FY26, FY26, and FY25:

For Q4 FY26, revenue stood at Rs. 721.1 crore, up 6% year-on-year from Rs. 678.6 crore in Q4 FY25, and up 20% sequentially from Rs. 602.9 crore in Q3 FY26. EBITDA was broadly flat year-on-year at Rs. 96.6 crore versus Rs. 95.2 crore in Q4 FY25, but surged 72% quarter-on-quarter from Rs. 56.3 crore in Q3 FY26. EBITDA margin stood at 13.4%, a contraction of 60 basis points year-on-year, though it expanded by 410 basis points sequentially. PAT for Q4 FY26 declined 12% year-on-year to Rs. 55.3 crore from Rs. 62.8 crore in Q4 FY25, while rising 36% quarter-on-quarter from Rs. 40.5 crore in Q3 FY26, with PAT margin at 7.7%.

For the full year FY26, revenue grew 7% year-on-year to Rs. 2,567.7 crore from Rs. 2,403.4 crore in FY25. Full-year EBITDA rose 3% to Rs. 311.6 crore, with EBITDA margin at 12.1%, a compression of 50 basis points year-on-year. Notably, full-year PAT improved 16% year-on-year to Rs. 194.9 crore from Rs. 168.2 crore in FY25, with PAT margin expanding 60 basis points to 7.6%.

Segmental Performance

The company's segmental revenue breakdown highlights divergent growth trends across its business verticals:

The API segment, which remains the largest contributor, was flat year-on-year in Q4 FY26 at Rs. 551.0 crore but grew 2% for the full year to Rs. 1,979.4 crore. Formulations delivered strong growth of 42% year-on-year in Q4 FY26 to Rs. 92.0 crore, and 33% for FY26 to Rs. 331.2 crore, with exports contributing 69% to Q4 FY26 formulation revenue. Specialty Chemicals also posted robust growth of 46% year-on-year in Q4 FY26 to Rs. 56.8 crore, and 37% for the full year to Rs. 178.3 crore.

Standalone and Business Mix Highlights

On a standalone basis, revenue for Q4 FY26 stood at Rs. 631.7 crore compared to Rs. 623.0 crore in Q4 FY25, with the standalone business contributing 88% to consolidated revenue. Domestic revenue grew 7% year-on-year while export revenue declined 7% year-on-year, with 63% of standalone revenue derived from the domestic market and 37% from exports. Within the API business, the anti-biotic therapeutic category contributed 37.8%, anti-diabetic 15.0%, anti-protozoal 19.6%, anti-inflammatory 11.9%, antifungal 10.0%, and the rest 5.7% to total API sales. Regulated market contribution increased from 66% in FY25 to 73% in FY26, while exports contribution rose from 35% to 38% over the same period.

Management Commentary

Commenting on the results, Mr. Adhish Patil, CFO & COO, Aarti Drugs Limited, said:

"FY26 marked an important transition year for Aarti Drugs Limited, as the Company progressed through a major investment and commissioning cycle while navigating a challenging industry environment. Despite persistent macroeconomic headwinds, pricing pressure in select API segments, and elevated raw material volatility, our core business delivered a strong sequential recovery during Q4 FY26 supported by operational scale-up of the Sayakha facility, improving export traction and a better product mix."

Mr. Patil noted that the Sayakha facility achieved a milestone run-rate of approximately 1,000 tonnes per month in March 2026, and while temporary ammonia shortages impacted production, the project has entered a more stable operating phase. He also highlighted that pricing trends began stabilizing from September 2025 onwards, with the recovery trajectory strengthening further during Q4 FY26, even as sharp increases in key raw material prices and logistics costs — exacerbated by supply chain disruptions from geopolitical tensions in West Asia — created additional cost pressures. The company was able to partially offset cost inflation through calibrated price increases and improved product mix.

Aarti Drugs Limited has scheduled a Quarterly Earnings Conference Call for investors and analysts on Monday, May 18, 2026, at 11:00 AM IST. The meeting will discuss the company's financial performance for the quarter ended March 31, 2026. The intimation was filed under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Conference Call Details

The earnings call will feature key members of Aarti Drugs' senior leadership. The following table outlines the event schedule:

Participating Management

The following senior officials are scheduled to participate in the conference call:

• Mr. Harshit Savla – Joint Managing Director
• Mr. Harit Shah – Whole Time Director
• Mr. Adhish Patil – Chief Finance Officer & Chief Operating Officer
• Mr. Vishwa Savla – Managing Director, Pinnacle Life Science Private Limited

Dial-In Information

Investors and analysts can join the call using the following dial-in numbers:

For RSVP and further assistance, participants may contact Strategic Growth Advisors Pvt. Ltd. — Mr. Deven Dhruva or Ms. Krisha Shrimankar — at +91 98333 73300 or +91 87797 99281. The regulatory filing was signed by Rushikesh Deole, Company Secretary & Compliance Officer, on May 12, 2026.