MarketFriction

Aarey Drugs & Pharmaceuticals Ltd

NSE AAREYDRUGS · BSE 524412 · Pharmaceuticals
₹103.85 +1.10%
NSE close2026-10-01
52 week range50.31 - 103.99
Market cap₹310 Cr.
P/E74.2
ASM long-term Price band 5% Delivery 64.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales57.8376.48210.35126.91105.14133.79108.10102.2184.1696.43189.4744.63
Expenses55.9973.78211.79125.73101.42131.59112.31100.5081.5297.94185.1343.31
Operating Profit1.842.70-1.441.183.722.20-4.211.712.64-1.514.341.32
OPM %3.18%3.53%-0.68%0.93%3.54%1.64%-3.89%1.67%3.14%-1.57%2.29%2.96%
Other Income0.840.295.141.580.020.687.541.550.794.18-0.431.72
Interest0.410.470.400.960.490.581.301.041.260.921.781.67
Depreciation1.271.061.150.471.510.900.410.490.690.830.850.85
Profit before tax1.001.462.151.331.741.401.621.731.480.921.280.52
Tax %-22.00%30.14%-0.47%6.77%8.62%48.57%71.60%20.81%31.08%38.04%-21.88%-98.08%
Net Profit1.231.022.151.241.600.720.471.371.020.571.561.02
EPS in Rs0.480.400.770.440.570.250.170.480.360.200.550.36
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales246396349354298348493419396474472415
Expenses245386342347294344481411391471465408
Operating Profit11088351184377
OPM %0.4%2.4%2.2%2.2%1.1%1.3%2.3%1.8%1.1%0.6%1.5%1.6%
Other Income3334773371066
Interest242222234556
Depreciation111111222233
Profit before tax2889781065654
Tax %29%31%25%27%20%21%35%37%12%34%27%
Net Profit156767745444
EPS in Rs0.773.022.642.802.482.782.581.491.671.421.401.47
Dividend Payout %0%0%0%4%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth7%6%4%-8%
Compounded Profit Growth12%-9%2%0%
Stock Price CAGR10%23%27%24%
Return on Equity5%4%3%3%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital171718232323232525282828
Reserves192031576369758892105110122
Borrowings11151031618181438313550
Other Liabilities69748386438411611713613911797
Total Liabilities115125142170146194233245291303291297
Fixed Assets6812121212141414131626
CWIP000000000000
Investments000000000122
Other Assets109117130157133181218230277289272269
Total Assets115125142170146194233245291303291297
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity361-201350-1-31010
Cash from Investing Activity-2-3-5-1-1-1-3-30-2-6-12
Cash from Financing Activity-2-2423-2-2-2216-42
Net Cash Flow-11-12-300-011-0-0
Free Cash Flow13-4-21-123-2-2-45-2
CFO/OP239%560%28%-232%37%135%154%36%13%-37%421%164%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days11410875100109118170101165170103100
Inventory Days735162321201126333633
Days Payable11710871844098120861151238166
Cash Conversion Cycle539329242692676805868
Working Capital Days4940346977999168891068990
ROCE %7%7%22%14%12%8%9%10%6%6%6%6%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Aug 2026
Promoters50.04%45.28%45.28%45.44%44.80%44.80%44.80%44.80%39.05%37.71%37.71%42.79%
FIIs3.83%3.40%3.40%2.75%2.34%2.34%1.97%1.13%3.86%4.18%4.81%4.41%
DIIs0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%1.62%1.62%1.49%
Public46.12%51.31%51.32%51.81%52.86%52.86%53.23%54.07%57.09%56.49%55.87%51.31%
No. of Shareholders15,26916,84316,17916,67616,28816,25715,79614,89714,06314,18813,47813,480

Fundamentals

Market Cap₹ 310 Cr.
Current Price₹ 99.9
Stock P/E74.2
Book Value₹ 53.0
ROCE5.58 %
ROE2.75 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)-8%
Compounded Profit Growth (TTM)0%
Standalone figures.
Valuation
Market capRs 322 Cr
Enterprise valueRs 370 Cr
P/E (TTM)77.14x
Price to book2.14x
Price to sales0.78x
EV / EBITDA28.37x
EV / EBIT37.67x
EV / sales0.89x
Price to cash flow31.73x
Earnings yield1.30%
P/E, 3-year average24.94x
P/B, 3-year average0.81x
P/E, 5-year average20.53x
P/B, 5-year average0.76x
Profitability
Operating margin (excl. other income)1.52%
Operating margin (incl. other income)2.81%
EBITDA margin3.15%
Pre-tax margin1.01%
Net profit margin1.01%
Net margin, latest quarter2.29%
ROE2.75%
ROCE5.58%
ROA1.35%
ROE, 3-year average3.15%
ROCE, 3-year average6.02%
ROA, 3-year average1.43%
ROE, 5-year average3.78%
ROCE, 5-year average6.84%
ROA, 5-year average1.68%
ROIC (approx.)3.63%
Tax rate26.57%
Other income / net worth4.06%
Growth
Sales growth (latest year)-0.35%
Profit growth (latest year)-1.24%
Sales CAGR, 3 years4.08%
Sales CAGR, 5 years6.27%
Profit CAGR, 3 years1.74%
Profit CAGR, 5 years-9.42%
Sales growth QoQ-76.44%
Profit growth QoQ-34.62%
Sales growth YoY (latest quarter)-56.34%
Profit growth YoY (latest quarter)-25.55%
Per share
EPS (TTM)Rs 1.35
EPS (latest quarter)Rs 0.33
EPS, 3-year averageRs 1.54
EPS, 5-year averageRs 1.79
Book value per shareRs 48.56
Sales per shareRs 133.87
Cash flow per shareRs 3.27
Free cash flow per shareRs -0.65
Efficiency
Asset turnover1.59x
Fixed asset turnover18.32x
Inventory turnover10.94x
Inventory days33 days
Debtor days100 days
Debtors turnover3.64x
Creditor days66 days
Cash conversion cycle68 days
Working capital days90 days
Leverage
Total debtRs 50 Cr
Cash and bankRs 1 Cr
Net debtRs 49 Cr
Debt to equity0.33x
Net debt / EBITDA3.72x
Interest coverage1.75x
Owners' fund to total sources50.60%
Debt to assets16.81%
Cash flow
Cash from Operating Activity (latest year)Rs 10 Cr
Cash from Investing Activity (latest year)Rs -12 Cr
Cash from Financing Activity (latest year)Rs 2 Cr
Net Cash Flow (latest year)Rs -0 Cr
Free cash flow (latest year)Rs -2 Cr
FCFE (approx.: FCF + change in debt)Rs 13 Cr
Cash from ops / profit, 5 years0.67x
Sales to cash flow46.58x
Statement figures
Net sales (TTM)Rs 415 Cr
Net sales (latest year)Rs 472 Cr
Sales (latest quarter)Rs 45 Cr
Operating profit excl. other income (latest year)Rs 7 Cr
Operating profit (latest quarter)Rs 1 Cr
Other income (TTM)Rs 6 Cr
EBITDA (TTM)Rs 13 Cr
PBDT (TTM)Rs 7 Cr
Profit before tax (TTM)Rs 4 Cr
Tax (latest year)Rs 1 Cr
Net profit (TTM)Rs 4 Cr
Net profit (latest year)Rs 4 Cr
Net profit (latest quarter)Rs 1 Cr
Depreciation (TTM)Rs 3 Cr
Depreciation (latest quarter)Rs 1 Cr
Interest (TTM)Rs 6 Cr
Cost of goods sold (latest year)Rs 454 Cr
Total expenditure (latest year)Rs 465 Cr
Total income (latest year)Rs 478 Cr
Share capitalRs 28 Cr
ReservesRs 122 Cr
Shareholders' fundsRs 150 Cr
Total assetsRs 297 Cr
Net blockRs 26 Cr
InvestmentsRs 2 Cr
ReceivablesRs 130 Cr
InventoryRs 42 Cr
Other liabilitiesRs 97 Cr
Shares outstanding (crore)3.10
Ownership
Promoter holding42.79% (-2.01 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 70.9 is at the 98th percentile of its own 9.4-year range (median 18.7, low 5.8, high 75.6).
P/B 1.96 is at the 88th percentile (median 1.08).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodAAREYDRUGSNifty 50Difference
1 week+3.6%-2.8% +6.4 pts
1 month+12.3%-6.8% +19.1 pts
3 months+22.4%-7.6% +30.0 pts
6 months+104.6%+0.4% +104.2 pts
1 year+37.2%-9.9% +47.1 pts
2 years+52.0%-13.6% +65.5 pts
3 years+114.1%+14.2% +99.9 pts
5 years+186.1%+27.9% +158.2 pts

Red flags

F-score 5 of 8
explainDebt up, profit down Borrowings up 43% while net profit fell in 2026
lookProfit leans on other income Other income was 113% of pre-tax profit in 2026
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹45 Cr -56.3% vs Jun 2025. Net profit ₹1 Cr -25.5%.

Activity

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DateClientSideQtyPrice
2026-09-30Arya Ravi ManiramBUY144,423100.01
Ex-dateActionFactor
2024-09-23Annual General Meeting
2023-08-29Annual General Meeting
2022-09-22Annual General Meeting
2021-09-02 Annual General Meeting
DateTypeWhat it says
2026-09-30Shareholder meetingProceedings of Annual General Meeting held on September 30, 2026
2026-09-30Board meeting outcomeOutcome of Board Meeting held on August 06, 2026.
2026-09-30Board meeting outcomeOutcome of Board Meeting held on September 30, 2026.
2026-09-11General UpdatesThe AGM Intimation letter that has been sent to the Shareholders under Regulation 36(1)(b) of the SEBI Listing Regulations, 2015
2026-09-08Shareholder meetingNotice of Annual General Meeting to be held on September 30, 2026
2026-09-08Updates.Aarey Drugs & Pharmaceuticals Limited has informed the Exchange regarding Intimation of Book Closure/ E-Voting period for the 36th Annual General Mee...
2026-09-05Board meeting outcomeOutcome of Board Meeting held on September 05, 2026.
2026-08-14Board meeting outcomeAarey Drugs & Pharmaceuticals Limited has submitted to the Exchange, the unaudited financial results for the period ended Jun 30, 2026.
2026-08-06Board meeting outcomeOutcome of Board Meeting held on August 06, 2026.
2026-07-06Disclosure under SEBI TakeovNimit Rajesh Ghatalia has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substan...
2026-07-01Disclosure under SEBI TakeovNimit Rajesh Ghatalia has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substan...
2026-05-30Board meeting outcomeAarey Drugs & Pharmaceuticals Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-05-11Reply to Clarification- FinaThe Exchange had sought clarification from Aarey Drugs & Pharmaceuticals Limited for the quarter ended 31-Dec-2025 with respect to Regulation 33 of th...
2026-03-12Clarification - Financial ReThe Exchange has sought clarification from Aarey Drugs & Pharmaceuticals Limited for the quarter ended 31-Dec-2025 with respect to Regulation 33 of th...
2026-02-12UpdatesBoard Comments on fine levied by the Exchange.
2026-02-11Board meeting outcomeAarey Drugs & Pharmaceuticals Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
2025-11-13Board meeting outcomeAarey Drugs & Pharmaceuticals Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03