Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹138Cr
Rev Gr TTM
Revenue Growth TTM
-39.74%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

THRIVE
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -45.6 | -11.7 | -50.7 | -59.4 | -68.6 | -79.4 | -85.2 | -45.7 | -19.5 | -55.2 | 68.2 | -87.3 |
| 5 | 5 | 2 | 2 | 2 | 1 | 0 | 1 | 1 | 1 | 1 | 0 |
Operating Profit Operating ProfitCr |
| -89.7 | -44.9 | -45.0 | -39.7 | -139.0 | -25.4 | -68.2 | -6.3 | -24.2 | -80.0 | -100.0 | -250.0 |
Other Income Other IncomeCr | 0 | 0 | -8 | 1 | 4 | 0 | 0 | 0 | -3 | 0 | 0 | 1 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| -3 | -2 | -9 | 0 | 3 | 0 | 0 | 0 | -3 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|
Growth YoY PAT Growth YoY% | -8.7 | 32.9 | -517.0 | 94.1 | 168.8 | 97.4 | 98.5 | -28.6 | -249.0 | -600.0 | -200.0 | 288.9 |
| -110.3 | -47.7 | -633.6 | -12.1 | 241.5 | -6.0 | -63.6 | -28.6 | -447.0 | -93.3 | -113.5 | 425.0 |
| -6.2 | -3.3 | -20.2 | -0.3 | 4.3 | -0.1 | -0.3 | -0.4 | -6.3 | -0.3 | -0.4 | 0.4 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 15.4 | -1.7 | 10.7 | 35.6 | 95.9 | -30.5 | -9.4 | -44.7 | -67.6 | -35.3 |
| 7 | 8 | 7 | 9 | 13 | 20 | 20 | 21 | 10 | 3 | 2 |
Operating Profit Operating ProfitCr |
| -17.1 | -20.1 | -12.1 | -17.6 | -31.5 | -5.6 | -47.5 | -70.4 | -55.5 | -23.6 | -68.8 |
Other Income Other IncomeCr | 0 | 2 | 0 | 0 | 1 | 4 | 0 | 0 | 5 | -2 | -2 |
Interest Expense Interest ExpenseCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation DepreciationCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| -1 | 1 | -1 | -1 | -3 | 3 | -7 | -9 | -3 | -3 | -3 |
| 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 |
|
| | 131.5 | -449.0 | -40.7 | -109.4 | 152.4 | -563.7 | -31.4 | 55.9 | 21.3 | -4.5 |
| -15.2 | 4.2 | -14.7 | -18.7 | -28.9 | 7.7 | -51.6 | -74.8 | -59.8 | -145.2 | -234.8 |
| -3.1 | 0.8 | -5.6 | -4.6 | -8.9 | 3.2 | -14.8 | -19.5 | -8.6 | -6.8 | -6.7 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 3 | 3 | 3 | 4 | 4 | 5 | 5 | 5 | 5 | 5 | 10 |
| 0 | 3 | 1 | 2 | 4 | 9 | 16 | 11 | 6 | 4 | 21 |
Current Liabilities Current LiabilitiesCr | 4 | 4 | 2 | 3 | 11 | 8 | 6 | 10 | 3 | 1 | 1 |
Non Current Liabilities Non Current LiabilitiesCr | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 3 | 3 | 4 | 4 | 9 | 10 | 14 | 10 | 4 | 1 | 2 |
Non Current Assets Non Current AssetsCr | 3 | 6 | 3 | 5 | 8 | 9 | 10 | 10 | 4 | 2 | 23 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 9 | -4 | -1 | -4 | -7 | -9 | -7 | 1 | 0 |
Investing Cash Flow Investing Cash FlowCr | -3 | 4 | -3 | 3 | 4 | -1 | 0 | 0 | 0 |
Financing Cash Flow Financing Cash FlowCr | 0 | 0 | 3 | 1 | 3 | 13 | 0 | 0 | 0 |
|
Free Cash Flow Free Cash FlowCr | 5 | 0 | -2 | -4 | -6 | -10 | -7 | 1 | 0 |
| 3,400.1 | 363.4 | 41.2 | 128.9 | -471.9 | 124.3 | 74.2 | -21.7 | -5.5 |
CFO To EBITDA CFO To EBITDA% | -701.4 | 441.6 | 43.8 | 118.3 | 650.6 | 134.9 | 78.9 | -23.4 | -33.7 |
| Financial Year | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 3 | 6 | 11 | 13 | 13 | 40 | 35 | 22 | 15 | 31 |
Price To Earnings Price To Earnings | 0.0 | 20.1 | 0.0 | 0.0 | 0.0 | 27.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 0.6 | 0.8 | 1.7 | 1.8 | 1.3 | 2.1 | 2.6 | 1.8 | 2.2 | 14.4 |
Price To Book Price To Book | 1.4 | 1.0 | 3.0 | 2.3 | 1.6 | 3.0 | 1.7 | 1.5 | 1.4 | 3.5 |
| -5.2 | -3.8 | -13.5 | -9.6 | -3.8 | -36.3 | -4.7 | -2.6 | -4.0 | -61.2 |
Profitability Ratios Profitability Ratios |
| 28.5 | 33.1 | 27.4 | 27.1 | 26.3 | 34.4 | 27.4 | 21.2 | -2.9 | 30.1 |
| -17.1 | -20.1 | -12.1 | -17.6 | -31.5 | -5.6 | -47.5 | -70.4 | -55.5 | -23.6 |
| -15.2 | 4.2 | -14.7 | -18.7 | -28.9 | 7.7 | -51.6 | -74.8 | -59.8 | -145.2 |
| -22.0 | 15.5 | -19.9 | -23.7 | -34.0 | 21.0 | -31.3 | -58.5 | -27.4 | -34.1 |
| -37.1 | 5.1 | -25.5 | -24.8 | -36.4 | 11.1 | -33.4 | -59.8 | -36.4 | -34.9 |
| -14.3 | 2.9 | -15.5 | -15.6 | -16.8 | 7.8 | -28.9 | -47.7 | -49.6 | -85.4 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
#### **Overview**
Ador Multi Products Limited (AMPL), established in 1986, is a prominent India-based contract manufacturer in the personal care sector and a key player in India’s evolving clean beauty and sustainable personal care ecosystem. As part of the 115-year-old Ador Group, AMPL has transformed from a traditional manufacturer of skincare and grooming products into a diversified, vertically integrated business focused on **contract manufacturing as a service (MaaS)**, **brand development**, and **direct-to-consumer (D2C) platform building**.
With a manufacturing facility in Puducherry and over 40 years of operational legacy, AMPL serves leading national and international brands while simultaneously building its own portfolio of high-growth D2C brands. The company is currently undergoing a strategic transformation under new management and fresh capital infusion, aiming to expand into **real estate development** as a parallel growth and financial resilience lever.
---
#### **Core Business Segments & Strategic Focus**
##### **1. Contract Manufacturing & Third-Party Services**
AMPL is a **market leader in hand sanitizers**, attributed to one of India’s largest alcohol production capacities. It provides end-to-end manufacturing services for:
- Hand sanitizers
- Hand wash
- Skincare (serums, face wash, moisturizers)
- Talcum powder
- Hair care
- Body care
It operates a fully **ISO-certified facility in Puducherry** with dual production lines (liquids/creams and talcum powder) and holds key regulatory licenses: **Ayurvedic, Ayush, cosmetic, pharmaceutical, and alcohol manufacturing permits**, ensuring compliance across diverse product categories.
**Key Capabilities:**
- Flexible minimum order quantities (MOQs) ideal for startups and agile brands
- Packaging options: bottles, tubes, drums (up to 50L)
- Enhanced automation, including a dedicated **tube filling line** for serums and gels
- In-house **R&D, formulation**, and **testing labs** (under development for clinical validation)
- Digital library of **5,000+ plug-and-play formulations**
- Full supply chain management, including import of niche raw materials
**Client Base:**
- **Established FMCG Brands**: Himalaya Drug Company, Wipro, TTK, Argus, VLCC
- **Emerging D2C Brands**: Baypure, Cocomo, Inde Wild
- **Global/D2C Clients**: Unilever, international skincare brands in incubation
---
##### **2. Own & Partnered Brands – Building a "House of Brands"**
AMPL is strategically pivoting toward higher-margin branded businesses through **acquisitions**, **joint ventures**, and **exclusive brand partnerships**. It manages and owns stakes in several subsidiaries and brands, aiming to create a scalable **"House of Brands"** model.
**Subsidiary & Key Entity:**
- **1908 E-Ventures Pvt. Ltd.** – A subsidiary and sister concern, founded in 2016, which operates:
- **Sublime Life (www.sublimelife.in)**: India’s largest **clean and sustainable beauty platform**, recognized as the **only plastic-neutral-certified** e-commerce site in the sector.
- Hosts **150–200+ global and domestic brands**, including Martiderm (Spain), Faith in Nature (UK), Cowshed (UK), and K-beauty labels.
- Strong digital presence with **~70,000 Instagram followers**, live shopping, influencer marketing, and a **cosmetologist-led consultation service**.
- Raised $2M in 2022 from **Roots Ventures** and prominent HNIs to scale operations.
**Brand Portfolio (Owned, Joint Venture, & Exclusive Partnerships):**
| Brand | Type | Details |
|------|------|--------|
| **Coccoon** | Acquired | Youth-focused skincare/haircare brand (launched 2017); paraben-free, clinically tested; 18+ SKUs, expansion plans for 30+ new launches. |
| **Santic** | Acquired | D2C home cleaning & hygiene brand; 25+ products, with monthly new SKU rollout strategy. |
| **Anatomicals Ador India Pvt. Ltd.** (JV) | Joint Venture with Anatomicals UK | Manufactures and distributes locally; sells via Shopify, expanding to marketplaces and retail. MoU signed for export to USA & Middle East. |
| **23 Yards** | Joint Venture | With cricket legend **Ravi Shastri**; men’s grooming brand with digital and offline expansion plans. |
| **Be the Solution** | In-house | Hand and seat sanitizers; launched during pandemic to meet hygiene demand. |
| **Booth & Berkeley** | In-house | Amazon-exclusive men’s grooming line. |
| **Influence** | In-house | Part of D2C portfolio; targeted at youth and influencer communities. |
AMPL’s brand strategy is centered on **clean ingredients, sustainability, digital-first reach, and clinical efficacy**, aligned with rising consumer preference for ethical and transparent beauty.
---
##### **3. D2C & E-Commerce Platform (Sublime Life Ecosystem)**
The **Sublime Life platform** is a critical growth engine, combining **branded product retail**, **platform-as-a-service for emerging brands**, and **content monetization (Sublime Stories)**. It averages **200+ orders per day**, with an AOV of ~₹1,250 and has served **150,000+ customers**.
The platform supports:
- **End-to-end brand acceleration**: From concept to market (R&D, manufacturing, testing, packaging, distribution, marketing)
- **E-commerce fulfillment** and influencer campaigns
- **Offline presence**: First **experiential store opened in Gurgaon** (2022)
- **Live shopping, podcast series, and digital content**
The company plans to grow the platform to **4,000+ products** and **200+ brands** within the next three years.
---
##### **4. Strategic Partnerships & Expansion**
- **Exclusive International Tie-Ups**: Martiderm (Spain), Faith in Nature, Cowshed (UK), and upcoming launch of a French brand.
- **Sustainability Collaborations**: With **Mend Packaging** (eco-friendly packaging) and **Climes** (carbon-neutral impact).
- **Technology & Infrastructure**: Partnering with Amazon India for brand distribution and e-commerce expansion.
---
#### **Financial & Operational Highlights**
- **Revenue (Jul 2025 Review Period)**: ₹217.97 lakhs (down from ₹515.14 lakhs YoY) – attributed to reduced sanitizer demand post-pandemic and raw material supply disruptions.
- **Previous Revenue (FY23)**: ₹588.75 lakhs (down from ₹720.81 lakhs) due to similar macro headwinds.
- **D2C Contribution**: Accounted for **50% of revenue in FY22**, indicating strong traction in branded operations.
- **Cost Optimization**: Shifted to a **single, high-capacity Puducherry factory**, improving productivity and reducing overheads.
- **Margin Strategy**: Reduced marketing spend on legacy brands; focused on high-margin contract manufacturing and owned brands.
---
#### **Leadership & Management Transformation**
- **New Management & Investor Influx**: A restructured leadership team backed by fresh capital is driving strategic renewal, including **diversification into real estate**.
- **Mr. Vinay Kumar Singh (Appointed May 2025)**:
- Former **Founding MD of NCRTC**, led India’s first **Regional Rapid Transit System (Namo Bharat)**.
- Bringing large-scale **infrastructure and project execution expertise** to lead AMPL’s **luxury real estate ventures**.
- Strategic intent: Use real estate to **generate stable cash flows**, support long-term growth, and de-risk the business.
---
#### **Competitive Strengths**
- Fully **integrated value chain** (R&D, manufacturing, testing, supply chain, e-commerce)
- Strong **B2B client relationships** and **repeat business** from FMCG leaders
- **Agile manufacturing model** supporting startups and global brands
- **Strategic shift to D2C and premium clean beauty** with high-margin potential
- **Scalable infrastructure** and compliance certifications
- **Geographical advantage** of Puducherry facility for South Indian and export logistics