- **Aptus Pharma is a pharmaceutical company that operates an asset‑light model** - it designs, brands and distributes medicines made by others, keeping its capital free for sales and marketing. Founded in Ahmedabad in 2010 with just 11 products, it has grown into a business that fills over 50,000 prescriptions a day through more than 25,000 retail outlets, all while deliberately avoiding heavy investment in manufacturing plants. That same asset-light logic - outsource production, build brands, push deeper into distribution - recurs across everything it does, from its core prescription business to its newer consumer and export ventures. # Business segments Three engines at different stages - a prescription-brand machine that generates the core revenue, a consumer wellness push building retail shelf presence, and an early-stage export arm targeting unregulated markets - all running on a shared outsourced manufacturing backbone. ## 1. Prescription branded formulations: the engine that writes the prescriptions **A field force calls on over 10,000 doctors to generate prescriptions for more than 250 branded medicines, which then flow through 200-plus distributors to retail chemists - the company earns when the prescription is written, not when the pill is pressed.** - **Asset-light manufacturing model** - every product is made by WHO-GMP certified contract manufacturers under loan-licence or purchase-order arrangements, so the company avoids tying up capital in plant and machinery and instead spends on promotion and distribution. - **Coverage across therapy areas** - the portfolio spans more than 15 therapeutic segments, from anti-infectives and gastro-intestinal medicines to cardiac, diabetic and neuropsychiatric treatments, which means a single sales call can address multiple patient needs. - **Organised by doctor speciality** - the Pioneer Division handles broad acute and chronic therapies, while APTUS CD CARE focuses exclusively on cardio-diabetic doctors, and a planned APTUS Mindcare division will target psychiatrists and neurologists, so each sales team speaks the clinician's language. - **Newer specialties added as bolt-ons** - entry into urology in late 2025 brought Silodosin and Tamsulosin ranges to over 150 specialist distributors, and a February 2026 push into life-saving injectables and ICU care opened the hospital channel, broadening the prescriber base beyond the clinic. - **Working-capital heavy by design** - the company holds about 90 to 120 days of inventory and takes roughly 94 days to collect from distributors, a natural consequence of stocking chemist shelves and offering trade credit to win shelf space in a crowded market. ## 2. Over-the-counter and consumer wellness: building brands patients ask for by name **A dedicated wellness division markets sunscreens, hair oils, pain relievers and personal-care products directly through retail pharmacy channels, turning the chemist counter into a consumer touchpoint.** - **Brands that reach beyond the prescription pad** - flagship names include Kerava in skin care, Shirovita in hair care, and Timglo in sexual wellness, creating consumer pull that complements the company's doctor-driven Rx business. - **Shelf-space expansion in the home market** - a December 2025 push in Gujarat is widening the portfolio into hygiene, pain relief and oral care, backed by a larger field force placing products in a substantially bigger number of medical stores. - **Ayurvedic and baby-care entries** - the launch of Shirovita Hair Oil, an Ayurvedic product, and a brand-building takeover of the Baby Care Room at Rajkot Hirasar Airport signal an intent to capture the natural-products and mother-and-child segments. - **Same outsourced model, different partners** - contract manufacturers such as Vimson Derma produce the OTC range, so the consumer division inherits the parent's asset-light cost structure without needing its own production lines. ## 3. Exports and global business: planting flags in unregulated markets **APTUS Global targets countries across Latin America, Africa and Asia where regulatory barriers are lower, using a proposed dedicated subsidiary to separate export operations from the domestic engine.** - **Three-continent footprint** - target markets span Argentina to Peru in Latin America, Angola to Uganda in Africa, and the UAE to Nepal in Asia, with Nepal limited to cosmeceutical and nutraceutical products, giving the company a wide but selective geographic spread. - **Subsidiary structure in the works** - the company proposes to incorporate a wholly owned export subsidiary that will handle all overseas operations, isolating the different risk and compliance profile of international trade from the domestic branded-formulations business. - **Longer-term vision for semi-regulated countries** - the strategic roadmap through 2030 points toward unregulated and semi-regulated markets, where brand recognition and distribution reach can be built without the cost and complexity of full regulated-market registration. # Asset-light outsourced manufacturing and quality systems **Every tablet, capsule and cream is produced by third-party manufacturers, while the company owns the brand, the quality specification and the distribution - a model that turns fixed costs into variable ones.** - **Two formal, many informal manufacturing ties** - the company holds loan-licence agreements with two WHO-cGMP certified units in Gujarat and places purchase orders with more than nine other facilities, with the top five contract manufacturers supplying roughly 78% of total purchases. - **Quality control without owning a lab** - three NABL-accredited associate labs and a quality-assurance system that spans raw-material sourcing to finished-product delivery, using techniques like HPLC, ensure the company's specifications are met even though production happens elsewhere. - **Centralised warehouse as the hub** - finished goods flow into a rented 17,721-square-foot depot in Ahmedabad, from which the entire domestic distribution network is served, keeping logistics simple and inventory visible. - **First step toward own manufacturing** - the company plans to set up a wholly owned subsidiary for nutraceutical and cosmeceutical production in Ahmedabad, a selective move into making rather than just marketing, but limited to segments where formulation complexity is lower. # Group structure and partners **A promoter-led public company listed on the BSE SME platform, with a leadership team that combines pharmaceutical industry experience and a structure designed to ring-fence new ventures in separate subsidiaries.** - **Promoter-operators at the helm** - Managing Director Tejash Hathi, CEO Ghanshyam Pansuriya and CFO Kapil Chandarana are all promoters, meaning strategic decisions sit with a group that has both ownership and operational skin in the game. - **Subsidiaries for new bets** - the proposed export subsidiary and the planned nutraceutical manufacturing subsidiary each isolate a distinct activity, protecting the core branded-formulations business from the different risk profiles of international trade and production. - **Established manufacturing partners** - prescription brands are produced by names such as Akums, Logos Pharma, Mascot, Alps and Hetero, while OTC products rely on partners like Vimson Derma, giving the company access to capacity and regulatory approvals it does not need to build itself.