Aptus Pharma Limited reported a sharp acceleration in top-line growth for the fiscal year ended March 31, 2026, with revenue from operations rising 89.7% year-on-year to ₹46.57 crore. The company, listed on the BSE SME platform, attributed the surge to its diversified portfolio of over 250 formulations and an expanding distribution network spanning more than 25,000 retailers.

aptus pharma delivered net profit after tax (PAT) of ₹4.62 crore for FY26, up 49.0% from ₹3.10 crore in the previous year. Earnings per share stood at ₹7.78, compared to ₹6.37 in FY25. The second half of the fiscal year saw particularly strong momentum, with H2 revenue jumping 117.5% to ₹32.20 crore against ₹14.80 crore in H2 FY25.

Financial Performance

The company’s asset-light business model, which relies on contract manufacturing through WHO-GMP-certified partners, allowed it to scale operations without heavy capital expenditure. However, this rapid expansion came with margin compression.

Gross profit grew 62.4% to ₹25.20 crore but declined as a percentage of revenue from 63.2% in FY25 to 54.1% in FY26. Operating expenses rose significantly, with employee benefits increasing by 45.9% to ₹5.21 crore and other expenses surging 76.8% to ₹12.55 crore, reflecting investments in sales force and market penetration.

What the Numbers Show

The divergence between revenue growth and profitability metrics highlights the cost of scaling for Aptus Pharma. While revenue nearly doubled, operating expenses grew at a faster rate than gross profit, leading to a contraction in both EBITDA and PAT margins. Specifically, other expenses alone accounted for approximately 50% of the gross profit in FY26, indicating that a significant portion of operational gains was absorbed by selling, general, and administrative costs during this expansion phase.

Balance Sheet & Liquidity

Total assets more than doubled to ₹43.53 crore from ₹21.92 crore in FY25, driven primarily by a rise in current assets. Trade receivables surged 232.6% to ₹18.76 crore, while inventories increased 92.2% to ₹13.57 crore. This aggressive build-up in working capital components outpaced the growth in cash reserves, which fell to ₹1.03 crore from ₹5.21 crore a year earlier.

On the liabilities side, shareholders’ funds expanded to ₹23.35 crore, supported by retained earnings. Long-term borrowings decreased to ₹0.52 crore from ₹2.62 crore, while short-term borrowings remained relatively stable at ₹6.66 crore.

Strategic Outlook

Aptus Pharma outlined a roadmap for pan-India presence by March 2029 and global expansion into Asia, Latin America, and Africa by March 2028. The company also plans to transition toward integrated manufacturing, targeting 20% own-manufacturing capacity by 2028 to strengthen quality control and supply chain efficiency.

Aptus Pharma Limited's board has approved a proposal to raise funds aggregating up to ₹51 crore for the expansion of its business operations. The decision was taken during a board meeting held on June 12, 2026, at the corporate office in Rajkot, Gujarat. The fund-raising mix includes preferential allotment of securities up to ₹35 crore, debt finance or borrowings up to ₹10 crore, and internal accruals of ₹6 crore.

The preferential allotment will be undertaken in accordance with the Companies Act, 2013, and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The board has authorized and delegated authority to Managing Director Tejas Hathi to identify, evaluate, and negotiate with prospective investors. He is also tasked with conducting due diligence and finalizing the details of proposed allottees for placing the matter before the board for final approval.

The board clarified that the resolutions passed are enabling in nature, establishing the maximum ceiling for fund raising. Specific details, including the issue price, number of securities, identity of allottees, and the record date, have not been finalized yet. These material particulars will be deliberated upon and approved at a subsequent board meeting.

The implementation of the preferential allotment is subject to necessary approvals, including a special resolution from shareholders. The company will make a comprehensive disclosure to the stock exchanges in accordance with SEBI LODR Regulations once the board finalizes the specific terms at a later stage.