Scans

Tools

Home

Charts

Watchlist

Products

Aptus Pharma Ltd

APPL

BSE

₹482.10+2.00%19 Oct 2026

Reports

Trading

Aptus Pharma Ltd

APPL

BSE

₹482.10

+2.00%

19 Oct 2026

SOICxStockScans Reports

Ask AI

Trading

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹827Cr

Close Price

₹482.10

Industry

Trading

Price To Earnings

157.55

Price To Sales

17.75

Revenue

₹47Cr

Rev Gr TTM

Revenue Growth TTM

89.64%

PAT Gr TTM

PAT Growth TTM

49.03%

Upcoming Results on

20 Oct 2026

Standalone

Numbers

Percentage

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	10	15	14	32
Growth YoY Revenue Growth YoY%			47.3	117.6
Expenses ExpensesCr	8	12	11	28
Operating Profit Operating ProfitCr	2	3	3	5
OPM OPM%	20.3	19.4	20.4	14.0
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0
Depreciation DepreciationCr	0	0	0	0
PBT PBTCr	2	3	3	4
Tax TaxCr	0	1	1	1
PAT PATCr	1	2	2	3
Growth YoY PAT Growth YoY%			33.6	60.3
NPM NPM%	13.4	12.1	12.2	8.9
EPS EPS₹	0.0	0.0	1.4	1.7

Quarter	Sep 2024	Mar 2025	Sep 2025	Mar 2026
Revenue RevenueCr	10	15	14	32
Growth YoY Revenue Growth YoY%			47.3	117.6
Expenses ExpensesCr	8	12	11	28
Operating Profit Operating ProfitCr	2	3	3	5
OPM OPM%	20.3	19.4	20.4	14.0
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	0
Depreciation DepreciationCr	0	0	0	0
PBT PBTCr	2	3	3	4
Tax TaxCr	0	1	1	1
PAT PATCr	1	2	2	3
Growth YoY PAT Growth YoY%			33.6	60.3
NPM NPM%	13.4	12.1	12.2	8.9
EPS EPS₹	0.0	0.0	1.4	1.7

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	14	18	25	47
Growth Revenue Growth%		28.5	37.5	89.7
Expenses ExpensesCr	13	16	20	39
Operating Profit Operating ProfitCr	1	2	5	7
OPM OPM%	4.5	8.7	19.7	16.0
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	1
Depreciation DepreciationCr	0	0	0	0
PBT PBTCr	0	1	4	6
Tax TaxCr	0	0	1	2
PAT PATCr	0	1	3	5
Growth PAT Growth%		310.8	288.4	49.0
NPM NPM%	1.4	4.5	12.6	9.9
EPS EPS₹	1.3	5.3	6.4	3.1

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	14	18	25	47
Growth Revenue Growth%		28.5	37.5	89.7
Expenses ExpensesCr	13	16	20	39
Operating Profit Operating ProfitCr	1	2	5	7
OPM OPM%	4.5	8.7	19.7	16.0
Other Income Other IncomeCr	0	0	0	0
Interest Expense Interest ExpenseCr	0	0	0	1
Depreciation DepreciationCr	0	0	0	0
PBT PBTCr	0	1	4	6
Tax TaxCr	0	0	1	2
PAT PATCr	0	1	3	5
Growth PAT Growth%		310.8	288.4	49.0
NPM NPM%	1.4	4.5	12.6	9.9
EPS EPS₹	1.3	5.3	6.4	3.1

Standalone

Numbers

Percentage

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	5	7
Reserves ReservesCr	1	1	2	16
Current Liabilities Current LiabilitiesCr	3	4	12	19
Non Current Liabilities Non Current LiabilitiesCr	2	4	3	1
Total Liabilities Total LiabilitiesCr	6	10	22	44
Current Assets Current AssetsCr	6	8	20	35
Non Current Assets Non Current AssetsCr	1	2	2	8
Total Assets Total AssetsCr	6	10	22	44

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	5	7
Reserves ReservesCr	1	1	2	16
Current Liabilities Current LiabilitiesCr	3	4	12	19
Non Current Liabilities Non Current LiabilitiesCr	2	4	3	1
Total Liabilities Total LiabilitiesCr	6	10	22	44
Current Assets Current AssetsCr	6	8	20	35
Non Current Assets Non Current AssetsCr	1	2	2	8
Total Assets Total AssetsCr	6	10	22	44

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-2	-2	-6
Investing Cash Flow Investing Cash FlowCr	0	0	-1	-6
Financing Cash Flow Financing Cash FlowCr	1	3	7	8
Net Cash Flow Net Cash FlowCr	0	0	4	-4
Free Cash Flow Free Cash FlowCr	-1	-3	-2	-8
CFO To PAT CFO To PAT%	-93.0	-272.5	-59.3	-121.3
CFO To EBITDA CFO To EBITDA%	-29.2	-140.6	-37.9	-75.2

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-2	-2	-6
Investing Cash Flow Investing Cash FlowCr	0	0	-1	-6
Financing Cash Flow Financing Cash FlowCr	1	3	7	8
Net Cash Flow Net Cash FlowCr	0	0	4	-4
Free Cash Flow Free Cash FlowCr	-1	-3	-2	-8
CFO To PAT CFO To PAT%	-93.0	-272.5	-59.3	-121.3
CFO To EBITDA CFO To EBITDA%	-29.2	-140.6	-37.9	-75.2

Standalone

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				240	827
Price To Earnings Price To Earnings				51.9	157.6
Price To Sales Price To Sales				5.1	17.8
Price To Book Price To Book				10.3	35.4
EV To EBITDA EV To EBITDA				33.0
Profitability Ratios Profitability Ratios
GPM GPM%	42.2	46.3	62.2	53.2	53.2
OPM OPM%	4.5	8.7	19.7	16.0	16.0
NPM NPM%	1.4	4.5	12.6	9.9	9.9
ROCE ROCE%	13.8	19.2	26.9	23.5	23.5
ROE ROE%	20.1	45.2	44.5	19.8	19.8
ROA ROA%	3.1	8.0	14.1	10.6	10.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr				240	827
Price To Earnings Price To Earnings				51.9	157.6
Price To Sales Price To Sales				5.1	17.8
Price To Book Price To Book				10.3	35.4
EV To EBITDA EV To EBITDA				33.0
Profitability Ratios Profitability Ratios
GPM GPM%	42.2	46.3	62.2	53.2	53.2
OPM OPM%	4.5	8.7	19.7	16.0	16.0
NPM NPM%	1.4	4.5	12.6	9.9	9.9
ROCE ROCE%	13.8	19.2	26.9	23.5	23.5
ROE ROE%	20.1	45.2	44.5	19.8	19.8
ROA ROA%	3.1	8.0	14.1	10.6	10.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SUDARSHAN	HEXATRADEX	MAXGROW	APPL	PATELRMART	VIESL	SHAHFOOD
Market CapitalizationMkt CapCr	874	864	829	827	804	800	781
Close PriceClose₹	35.00	156.39	207.50	482.10	240.75	322.00	334.95
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	33.33		1.28	157.55	18.49	12.02	237.55
Price To SalesPS	1.19	188.64	0.03	17.75	0.68	1.32	196.22
RevenueRevenueCr	732	5	26,261	47	1,175	607	4
Revenue Growth TTMRev Gr TTM%	32.9%	0.4%	316.3%	89.6%	42.3%	36.9%
PAT Growth TTMPAT Gr TTM%	24.3%	70.3%	490.4%	49.0%	59.7%	93.8%

	SUDARSHAN	HEXATRADEX	MAXGROW	APPL	PATELRMART	VIESL	SHAHFOOD
Market CapitalizationMkt CapCr	874	864	829	827	804	800	781
Close PriceClose₹	35.00	156.39	207.50	482.10	240.75	322.00	334.95
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	33.33		1.28	157.55	18.49	12.02	237.55
Price To SalesPS	1.19	188.64	0.03	17.75	0.68	1.32	196.22
RevenueRevenueCr	732	5	26,261	47	1,175	607	4
Revenue Growth TTMRev Gr TTM%	32.9%	0.4%	316.3%	89.6%	42.3%	36.9%
PAT Growth TTMPAT Gr TTM%	24.3%	70.3%	490.4%	49.0%	59.7%	93.8%