AARTI DRUGS LIMITED (AARTIDRUGS): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹499.75 latest close · +29.3% over the last 90 sessions

₹499.75 month-end · +17.6% over 12 months

₹499.75 month-end · +2.5% over 3 years

₹499.75 month-end · +239.4% since Jan '19

52-week range ₹318.95 to ₹534.00 · 1-year volatility 34.9%

Was the rally earned?

1 year3 years5 years

+18%share price, 1 yearMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 20.5x to 23.9x); per-share earnings added 1 point.
The share count barely moved.

Net profit growth+1 ptsNet profit rose about 1%, which lifts the price.

P/E change+16 ptsThe P/E rose from 20.5x to 23.9x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

+3%share price, 3 yearsRoughly flat

The share price was roughly flat over 3 years (+3%).
The share count barely moved.

Net profit growth+14 ptsNet profit rose about 15%, which lifts the price.

P/E change-13 ptsThe P/E fell from 27.2x to 23.9x, which lowers the price.

Share count change+1 ptsShare count was little changed. More shares would count against the price.

-1%share price, 5 yearsRoughly flat

The share price was roughly flat over 5 years (-1%).
The share count barely moved.

Net profit growth-38 ptsNet profit fell about 32%, which lowers the price.

P/E change+35 ptsThe P/E rose from 16.8x to 23.9x, which lifts the price.

Share count change+2 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with SUN PHARMACEUTICAL INDUSTRIES

How rough has the ride been?

Maximum drawdown-68.7%not yet recovered

1-year volatility34.9%annualised

Beta vs sector index0.903-year daily, correlation 0.37

Volume spikes6last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-68.7% (2020-10 peak to 2023-03 low, not yet recovered)

-39.6% (2020-02 peak to 2020-03 low, recovered 2020-05)

-35.0% (2019-03 peak to 2019-09 low, recovered 2020-02)

Most recent volume spikes

2026-11-09: 159.6x the 50-day median, price +11.1% that day

2026-11-04: 21.9x the 50-day median, price -2.3% that day

2026-11-02: 5.4x the 50-day median, price +4.3% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

23.9xP/E todayWithin its usual range

Against its own history62nd percentile

CheapestMedian 20.8xDearest

Usual range 14.7x to 38.2x since 2019-01.

Against Health Technology23.9x vs 37.0x

This company

23.9x

Sector median

37.0x

36% below the Health Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianHealth Technology median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Health Technology is valued

Where does it rank among Health Technology peers?

Each cell is the company's percentile rank among its Health Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE40th▼ 3 pts vs a year ago
Op. margin40th▲ 3 pts vs a year ago
Revenue growth47th▲ 22 pts vs a year ago
EPS growth42nd▼ 24 pts vs a year ago
Debt/equity ↓36th▲ 8 pts vs a year ago
Cash cycle ↓61st▲ 6 pts vs a year ago
P/E ↓71st▼ 7 pts vs a year ago
12M momentum62nd▲ 4 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Health Technology sector page Watch it move against Health Technology in the Observatory

What is the price implying?

~18%annual earnings growth implied by the priceAbove delivered growth

At normalised P/E (five-year average earnings) of 25.1x, a holder earning 12%/yr needs earnings to grow about 17.6%/yr for 10 years, then trade at 15x.

Delivered11.8%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+5.9 ptsimplied minus delivered

Rank408thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	19.2%	20.2%	21.3%
15x	16.6%	17.6%	18.7%
20x	13.3%	14.3%	15.4%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 17.6%/yr

Looking back

Jan 2020Price implied 13%/yr; EPS has since grown 12%/yr (7.0 yrs)
Jan 2021Price implied 30%/yr; EPS has since grown 6%/yr (6.0 yrs)
Jan 2022Price implied 22%/yr; EPS has since grown −7%/yr (5.0 yrs)

Past comparisons cover only companies listed today (survivorship bias) and say nothing about future outcomes.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Health Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹499.75
P/E: 23.9x
ROCE: 12.0%
Market Cap: ₹4563 cr
Revenue (TTM): ₹2678 cr
P/S: 1.7x
P/B: 2.9x
ROE: 12.3%
Operating Margin: 14.0%
Debt / Equity: 0.4x
Promoter Holding: 54.4%
12M Momentum: 17.6%

52-week range

₹318.95₹534.00

84% of the way from its 52-week low to its high

Price risk

1Y volatility

34.9%

Beta vs sector

1-year daily

1.05

Balance sheet & cash

Interest cover

operating profit ÷ interest

7.8x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.60x

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 7checks within range1 near a threshold

Other income reliance0%Within range

Other income as a share of pre-tax profit (trailing twelve months): 0.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.60xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.60x (cash from operations ₹858 cr, net profit ₹535 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow3 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 3. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+3 daysWithin range

Debtor days are above the median of the previous three fiscal years by 3 days (118 vs 115). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress20% of fixed assetsWithin range

Capital work-in-progress is 20% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+15 days / 2 yrsWithin range

Days payable changed by +15 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, DIIs added 5.0 pts; promoters trimmed 4.1 pts; FIIs trimmed 0.8 pts.
The number of shareholders fell from 1.7 lakh to 1.4 lakh (-14%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters58.6%54.4%-4.1 pts

FIIs2.3%1.5%-0.8 pts

DIIs5.3%10.3%+5.0 pts

Public and others33.8%33.8%0.0 pts

Number of shareholders

1.4 lakhshareholders-14% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+5.9%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like AARTI DRUGS LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −19% to +29% vs the market, against −4% for all non-financial companies in the same months.
The gap against the base rate (+9.7%, 80% range −4.2% to +14.9%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 1 beyond the range shown, drawn at the edge

Similar setups' median

+5.9%

All companies' median

−3.8%

Beat the market

54% vs 46%

50 past situations · 50 companies · 32 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
CEATLTD Consumer Durables	Mar 2020	13x	13%	−29%	−30%	+9%
VTL Process Industries	Jul 2021	27x	8%	+187%	0%	−26%
TCI Transportation	May 2021	26x	14%	+210%	0%	+44%
MAHSEAMLES Non-Energy Minerals	Feb 2022	35x	9%	+81%	−11%	+20%
DCMSHRIRAM Process Industries	Jun 2025	32x	11%	+23%	−7%	−19%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
HUHTAMAKI Process Industries	Nov 2020	27x	—	+25%	−1%	−49%
FSL Commercial Services	Jul 2024	37x	16%	+89%	0%	+33%
GANECOS Process Industries	Feb 2023	31x	12%	+42%	−8%	−19%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: P/S, 12-month momentum and revenue growth. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to AARTI DRUGS LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

JUBILANT INGREVIAJUBLINGREA

Process Industries

74%similar

revenue growthoperating margin

SOMANY CERAMICSSOMANYCERA

Producer Manufacturing

72%similar

promoter holdingrevenue

JK LAKSHMI CEMENTJKLAKSHMI

Non-Energy Minerals

66%similar

operating marginROCE

KIRLOSKAR FERROUS INDUSTRIES LKIRLFER

Non-Energy Minerals

66%similar

ROCEmarket cap

NILKAMALNILKAMAL

Consumer Durables

65%similar

P/EROCE

INNOVA CAPTABINNOVACAP

Health Technology

64%similar

debt/equitymarket cap

GRANULES INDIAGRANULES

Health Technology

50%similar

EPS growthdebt/equity

AARTI PHARMALABSAARTIPHARM

Health Technology

49%similar

debt/equityEPS growth

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Oct '22

2026
NovPriceVolume reached 159.6x its 50-day median on 2026-11-09; price +11.1% that day.
SepPeer rankSlipped to the 3rd quartile of Health Technology on EPS growth (from the 2nd quartile).
AugPriceVolume reached 9.6x its 50-day median on 2026-08-11; price +4.0% that day.
JunPeer rankMoved into the 3rd quartile of Health Technology on operating margin (from the bottom quartile).
MarValuationP/E fell below the 10th percentile of its own history to date (14.4x).
MarPeer rankSlipped to the bottom quartile of Health Technology on operating margin (from the 3rd quartile).
FebPriceVolume reached 7.8x its 50-day median on 2026-02-04; price -5.0% that day.
2025
DecPeer rankMoved into the top quartile of Health Technology on EPS growth (from the 2nd quartile).

Show 22 earlier events

2025
NovPriceVolume reached 11.4x its 50-day median on 2025-11-10; price +5.9% that day.
SepResultsYear-on-year EPS growth turned positive.
SepPeer rankMoved into the 2nd quartile of Health Technology on EPS growth (from the 3rd quartile).
JulPriceVolume reached 34.3x its 50-day median on 2025-07-15; price +10.3% that day.
JunPeer rankSlipped to the 3rd quartile of Health Technology on ROCE (from the 2nd quartile).
MayPriceVolume reached 49.2x its 50-day median on 2025-05-07; price +20.0% that day.
MarPeer rankMoved into the 3rd quartile of Health Technology on operating margin (from the bottom quartile).
JanPriceVolume reached 5.8x its 50-day median on 2025-01-06; price +1.8% that day.
2024
DecPeer rankSlipped to the bottom quartile of Health Technology on operating margin (from the 3rd quartile).
DecPriceVolume reached 12.3x its 50-day median on 2024-12-24; price +12.4% that day.
SepResultsYear-on-year EPS growth turned negative.
AugPriceVolume reached 32.2x its 50-day median on 2024-08-26; price +7.2% that day.
JunResultsYear-on-year EPS growth turned positive.
MayPriceVolume reached 14.9x its 50-day median on 2024-05-28; price +2.7% that day.
2023
DecPriceVolume reached 15.6x its 50-day median on 2023-12-19; price +5.0% that day.
JulPriceVolume reached 62.8x its 50-day median on 2023-07-24; price +18.6% that day.
JunResultsRevenue (TTM) reached a new high of ₹2,716 cr.
JunPeer rankMoved into the 3rd quartile of Health Technology on EPS growth (from the bottom quartile).
AprPriceVolume reached 39.6x its 50-day median on 2023-04-06; price +8.4% that day.
MarPriceFell 69% from the Oct 2020 peak to the Mar 2023 low.
MarPriceVolume reached 158.6x its 50-day median on 2023-03-21; price +4.0% that day.
2022
OctPriceVolume reached 6.6x its 50-day median on 2022-10-06; price +5.0% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	23.9x	₹2678 cr	12.3%	12.0%	0.4x
2026-10	20.8x	₹2678 cr	12.3%	12.0%	0.4x
2026-09	20.6x	₹2678 cr	12.3%	12.0%	0.4x
2026-08	19.3x	₹2566 cr	12.6%	12.0%	0.4x
2026-07	19.8x	₹2566 cr	12.6%	12.0%	0.4x
2026-06	17.7x	₹2566 cr	12.6%	12.0%	0.4x
2026-05	17.1x	₹2523 cr	14.8%	13.0%	0.4x
2026-04	17.0x	₹2523 cr	14.8%	13.0%	0.4x
2026-03	14.4x	₹2523 cr	14.8%	13.0%	0.4x
2026-02	16.8x	₹2478 cr	14.5%	13.0%	0.4x
2026-01	17.5x	₹2478 cr	14.5%	13.0%	0.4x
2025-12	18.9x	₹2478 cr	14.5%	13.0%	0.4x
2025-11	20.5x	₹2423 cr	13.8%	13.0%	0.4x
2025-10	23.7x	₹2423 cr	13.8%	13.0%	0.4x
2025-09	23.5x	₹2423 cr	13.8%	13.0%	0.4x
2025-08	25.5x	₹2387 cr	12.3%	13.0%	0.4x
2025-07	27.5x	₹2387 cr	12.3%	13.0%	0.4x
2025-06	24.9x	₹2387 cr	12.3%	13.0%	0.4x
2025-05	26.6x	₹2330 cr	11.9%	15.0%	0.4x
2025-04	20.9x	₹2330 cr	11.9%	15.0%	0.4x
2025-03	20.4x	₹2330 cr	11.9%	15.0%	0.4x
2025-02	21.2x	₹2379 cr	11.9%	15.0%	0.4x
2025-01	24.4x	₹2379 cr	11.9%	15.0%	0.4x
2024-12	27.7x	₹2379 cr	11.9%	15.0%	0.4x
2024-11	27.0x	₹2423 cr	12.2%	15.0%	0.4x
2024-10	28.4x	₹2423 cr	12.2%	15.0%	0.4x
2024-09	30.1x	₹2423 cr	12.2%	15.0%	0.4x
2024-08	31.3x	₹2529 cr	13.4%	15.0%	0.4x
2024-07	27.4x	₹2529 cr	13.4%	15.0%	0.4x
2024-06	27.1x	₹2529 cr	13.4%	15.0%	0.4x
2024-05	26.6x	₹2716 cr	13.9%	15.0%	0.5x
2024-04	28.1x	₹2716 cr	13.9%	15.0%	0.5x
2024-03	24.2x	₹2716 cr	13.9%	15.0%	0.5x
2024-02	27.7x	₹2716 cr	13.9%	15.0%	0.5x
2024-01	29.3x	₹2716 cr	13.9%	15.0%	0.5x
2023-12	27.2x	₹2716 cr	13.9%	15.0%	0.5x
2023-11	27.2x	₹2716 cr	13.9%	15.0%	0.5x
2023-10	26.1x	₹2716 cr	13.9%	15.0%	0.5x
2023-09	30.2x	₹2716 cr	13.9%	15.0%	0.5x
2023-08	31.9x	₹2716 cr	13.9%	15.0%	0.5x
2023-07	33.1x	₹2716 cr	13.9%	15.0%	0.5x
2023-06	25.9x	₹2716 cr	13.9%	15.0%	0.5x
2023-05	19.7x	₹2489 cr	19.8%	21.0%	0.5x
2023-04	19.0x	₹2489 cr	19.8%	21.0%	0.5x
2023-03	15.3x	₹2489 cr	19.8%	21.0%	0.5x
2023-02	16.5x	₹2489 cr	19.8%	21.0%	0.5x
2023-01	18.1x	₹2489 cr	19.8%	21.0%	0.5x
2022-12	20.8x	₹2489 cr	19.8%	21.0%	0.5x
2022-11	20.5x	₹2489 cr	19.8%	21.0%	0.5x
2022-10	21.6x	₹2489 cr	19.8%	21.0%	0.5x
2022-09	21.2x	₹2489 cr	19.8%	21.0%	0.5x
2022-08	19.5x	₹2489 cr	19.8%	21.0%	0.5x
2022-07	18.9x	₹2489 cr	19.8%	21.0%	0.5x
2022-06	18.2x	₹2489 cr	19.8%	21.0%	0.5x
2022-05	14.1x	₹2155 cr	30.7%	34.0%	0.4x
2022-04	15.3x	₹2155 cr	30.7%	34.0%	0.4x
2022-03	14.3x	₹2155 cr	30.7%	34.0%	0.4x
2022-02	15.1x	₹2155 cr	30.7%	34.0%	0.4x
2022-01	16.7x	₹2155 cr	30.7%	34.0%	0.4x
2021-12	18.1x	₹2155 cr	30.7%	34.0%	0.4x

Older months are in the live observatory.

Methodology and data notes