AMRUTANJAN - Amrutanjan Healt

📊 NSE: AMRUTANJAN 🏢 Pharmaceuticals - Indian - Formulations 📅 Last Updated: 12/13/2025 18:18

💰 Financial Performance

Revenue Growth by Segment

In FY2025, the OTC segment grew 5.41% to INR 290.03 Cr, the Comfy segment grew 17.77% to INR 123.96 Cr, and the Beverages segment declined 8.88% to INR 36.43 Cr. For H1 FY2026, total Net Sales reached INR 211.75 Cr, a 9.35% YoY increase.

Geographic Revenue Split

Not disclosed in available documents, though the company identifies 'P3' markets as areas with currently low penetration and high competition.

Profitability Margins

Operating profit margin improved from 10.86% in FY2024 to 11.44% in FY2025. Net profit margin increased from 10.68% to 11.25% over the same period. For H1 FY2026, Profit After Tax (PAT) grew 35.71% YoY to INR 22.27 Cr.

EBITDA Margin

EBITDA margin for FY2025 was 12.88%, up from 12.30% in FY2024, representing an absolute EBITDA of INR 58.20 Cr, a 12.33% YoY growth.

Capital Expenditure

The company is developing a state-of-the-art manufacturing plant for sanitary napkins in Hyderabad to meet anticipated market demand and ensure long-term scalability. Specific INR Cr values for the project were not disclosed.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company reported negligible interest costs of INR 0.22 Cr in FY2025, suggesting a debt-free or low-leverage status.

⚙️ Operational Drivers

Raw Materials

Key raw materials include menthol, chemicals, and packaging materials. In FY2025, cost of materials consumed was INR 223.21 Cr, representing 49.40% of net sales.

Capacity Expansion

The company is currently expanding capacity by setting up a dedicated manufacturing plant for Comfy sanitary napkins in Hyderabad to transition from a private-label partnership to in-house production.

Raw Material Costs

Raw material costs represented 49.40% of net sales in FY2025. In H1 FY2026, raw material prices were reported as higher than H1 FY2025, while packing material prices were lower.

📈 Strategic Growth

Expected Growth Rate

9.35%

Growth Strategy

Growth will be driven by the new Hyderabad manufacturing plant for Comfy to scale women's hygiene revenue, which already crossed INR 130 Cr in FY2025. The company is also targeting 'P3' markets for deeper penetration, expanding D2C and e-commerce channels, and launching new products like Electro Plus in the beverages category.

Products & Services

Pain management balms and roll-ons, Comfy sanitary napkins, Fruitnik fruit juices, and Electro Plus electrolyte drinks.

Brand Portfolio

Amrutanjan, Comfy, Fruitnik, Electro Plus.

New Products/Services

New product launches include Electro Plus in the beverages segment. The Comfy brand is expected to contribute significantly following the commencement of the new Hyderabad plant.

Market Expansion

Expansion plans focus on 'P3' markets where penetration is currently low and scaling up distribution through new super stockists and sub-stockists.

Market Share & Ranking

Not disclosed in available documents, but the company notes that 62% of its revenue is derived from the Head and Body pain management categories.

Strategic Alliances

The company previously utilized a successful private label partnership for Comfy sanitary napkins, which is now being transitioned to in-house manufacturing.

🌍 External Factors

Industry Trends

The health and wellness market in India is growing, with a shift toward specialized hygiene and electrolyte products. Amrutanjan is positioning itself by diversifying from its core pain balm into women's hygiene and functional beverages.

Competitive Landscape

Faces strong competition in rural and P3 markets from both national and local players in the OTC and hygiene segments.

Competitive Moat

The company's moat is built on the strong brand equity of 'Amrutanjan' in the pain management sector, where it holds a dominant position in the Head and Body categories (62% of revenue). This brand recall is sustainable due to long-term consumer trust and a growing distribution network.

Macro Economic Sensitivity

Highly sensitive to monsoon performance, which affects raw material input costs, and major political or economic changes in India.

Consumer Behavior

Evolving consumer needs are driving demand for specialized products in the hygiene and wellness categories, prompting the company to launch new variants and functional drinks.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to changes in regulatory compliances and manufacturing standards, which the company identifies as a potential threat to its business plans.

Taxation Policy Impact

The effective tax rate for FY2025 was approximately 26.47%, with tax expenses of INR 18.30 Cr on a PBT of INR 69.13 Cr.

⚠️ Risk Analysis

Key Uncertainties

Key risks include monsoon failure (impacting input costs), low penetration in P3 markets, and volatility in packaging material prices which could impact margins by 5-10%.