TTKHLTCARE - TTK Healthcare

📊 NSE: TTKHLTCARE 🏢 Diversified - Medium / Small 📅 Last Updated: 12/14/2025 14:34

💰 Financial Performance

Revenue Growth by Segment

Overall revenue grew 6.5% YoY to INR 801.5 Cr in FY2025 from INR 752.8 Cr in FY2024. Growth was reported across all divisions including Animal Welfare, Consumer Products, Food Products, Protective and Medical Devices. Q1 FY2026 revenue stood at INR 226.4 Cr.

Geographic Revenue Split

Not disclosed in available documents; however, the company maintains a wide distribution network across India.

Profitability Margins

Operating profit margins remained low at 4.5% in FY2025 (compared to 4.4% in FY2023) due to the distribution-heavy nature of the business. Margins significantly declined to 1.2% in Q1 FY2026 from 5.0% in Q1 FY2024, primarily due to higher sales promotion and branding expenses.

EBITDA Margin

EBITDA margin (OPBDIT/OI) was 4.5% in FY2025, up from 3.6% in FY2022 (excluding human pharma). The decline to 1.2% in Q1 FY2026 reflects a 380 bps YoY contraction due to competitive intensity.

Capital Expenditure

The company has planned maintenance capital expenditure of INR 10.0-12.0 Cr per annum for the FY2026-FY2028 period, to be funded through internal accruals.

Credit Rating & Borrowing

Long-term rating is [ICRA]A+ (Stable) as of September 2025. Short-term rating is [ICRA]A1+. Borrowing costs are minimal as the company is net-debt negative with only INR 22.6 Cr in working capital borrowings against INR 927.0 Cr in cash as of June 2025.

⚙️ Operational Drivers

Raw Materials

Not specifically disclosed, but the company operates an outsourcing model for most products except for Food Products, Medical, and Protective devices.

Capacity Expansion

Currently operates 6 manufacturing units. No major capacity expansion plans were disclosed beyond maintenance capex of INR 10-12 Cr per annum.

Raw Material Costs

Not disclosed as a specific percentage of revenue; however, the company's ability to pass on cost inflation is noted as a risk mitigation factor.

Logistics & Distribution

Not disclosed as a specific percentage; however, the 'distribution nature' of the business is cited as the primary reason for low operating margins (4.5%).

📈 Strategic Growth

Expected Growth Rate

6.50%

Growth Strategy

Growth will be driven by scaling up revenues to gain operating leverage, cost-optimization measures, and the potential deployment of the INR 802.8 Cr cash surplus from the human pharma divestment for future expansion or acquisitions.

Products & Services

Contraceptives, Woodward's Gripe Water, cosmetics, medical devices, home-care products, and ready-to-fry papads.

Brand Portfolio

TTK, Woodward's, TTK Healthcare.

Market Share & Ranking

Maintains a 'healthy market share' in key segments like contraceptives and gripe water, though specific percentages are not disclosed.

Strategic Alliances

Holds a 26% equity stake in BSV Pharma Private Limited following the divestment of its human pharma division.

🌍 External Factors

Industry Trends

The FMCG industry is shifting toward organically grown input materials, carbon neutrality, and stricter regulations regarding the usage of plastics in packaging.

Competitive Landscape

Faces intense competition from both large organized players and unorganized local manufacturers across all product segments.

Competitive Moat

Durable advantages include strong brand equity in niche categories (Gripe Water, Contraceptives), a well-entrenched pan-India distribution network, and the reputation of the TT Krishnamachari Group.

Consumer Behavior

Increasing health consciousness among consumers is impacting demand for certain traditional product categories.

⚖️ Regulatory & Governance

Industry Regulations

Subject to manufacturing standards for medical and protective devices, and environmental regulations for FMCG waste management.

Environmental Compliance

Exposed to evolving environmental norms regarding manufacturing residual discharge and restrictions on plastic packaging usage.

Legal Contingencies

No significant pending court cases or case values were disclosed in the auditor's report for FY2025.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the lack of clarity regarding the deployment of the INR 802.8 Cr cash surplus, which could significantly impact the company's future scale and rating.