Scans

Tools

Home

Charts

Watchlist

Products

Ambalal Sarabhai Enterprises Ltd

AMBALALSA

NSE

₹38.51+1.91%19 Oct 2026

Reports

Trading

Ambalal Sarabhai Enterprises Ltd

AMBALALSA

NSE

₹38.51

+1.91%

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.

Ambalal Sarabhai Enterprises is a holding company that doesn’t make anything itself - it builds focused subsidiary businesses, each with its own factory and market, and then steps back. It began as a single Indian pharmaceutical house and has since spun out a web of eight subsidiaries and two joint ventures, all following the same playbook: isolate a niche, give it dedicated manufacturing, and push for regulated export markets. That recurring approach - demerge, focus, and chase global regulatory approvals - explains everything from its fermentation-based antifungal plant to its newest molecular diagnostics factory.

Business segments

Three engines at different stages - a pharmaceuticals platform built on fermentation and oncology APIs, a diagnostics joint venture scaling from PCR kits to rapid cards, and an electronics subsidiary that makes lab instruments and distributes broadcast gear - each housed in its own dedicated entity.

1. Pharmaceuticals: where the group’s manufacturing depth and export licences live

A cluster of five subsidiary factories makes everything from fermentation-based antifungals to oncology APIs and effervescent tablets, with the most valuable products sold into regulated US and European markets.

The only Indian maker of a critical antifungal - Synbiotics Limited operates a USFDA-inspected fermentation plant that manufactures Amphotericin B API, and it is the sole producer of this drug in India; during the post-Covid mucormycosis crisis it ramped up capacity to meet national demand.
Oncology APIs from a freshly demerged plant - Asence Pharma Private Limited, a subsidiary of the Company, commenced its new oncology and synthetic API plant at Ranoli, Vadodara, on June 8, 2023, which is set up to meet domestic and international regulatory standards.
An international front-end with over 100 registrations - Asence Inc., the group’s US subsidiary, markets finished dosage forms and APIs worldwide and is developing novel products for Europe and the US using the group’s Indian factories, giving the manufacturing subsidiaries a direct pipeline to regulated markets.
Effervescent tablets from a USFDA-approved joint venture - Vovantis Laboratories runs a recently built, USFDA-approved facility at Ranoli that makes effervescent dosage forms for global sale, with the USA as its priority market.
Domestic generics, veterinary products, and Vitamin C - three smaller subsidiaries fill out the portfolio: Suvik Hitek manufactures generics and veterinary formulations for India, Sarabhai M Chemicals makes Vitamin C coated products at Ranoli, and Sarabhai Chemicals markets specialty oncology and women’s healthcare brands across India while pivoting toward online OTC retailing after the demerger.

2. Diagnostics: a joint venture that prints money from PCR and rapid tests

CoSara Diagnostics holds exclusive Indian manufacturing rights to its US partner’s entire molecular test menu, and it is now building its own raw-material supply to escape dependence on imported primers.

Exclusive licence from a US biotech - the joint venture with Co-Diagnostics Inc. gives CoSara the sole right to manufacture and sell the American partner’s full infectious-disease PCR kit range in India, effectively a protected franchise.
More than fifteen molecular tests already on the market - its joint venture CoSara Diagnostics Pvt. Ltd. produces PCR kits at its plant in Ranoli, Gujarat, sold across India under the SARAQ™ brand, covering COVID-19, Chikungunya, Dengue (all four serotypes), and Hepatitis C viral load, with the HCV kit being its 14th CDSCO-approved product.
A rapid-test card range added in 2023 - under the Saragene™ and Saraplex™ brands, CoSara now sells lateral-flow card tests for HIV (with differential detection of types 1 and 2), Hepatitis B and C, Syphilis, Malaria, Dengue, and Typhoid, giving it a presence in the faster, lower-cost segment.
Backward integration into primers - in December 2024 it opened an OligoNucleotides synthesis facility at Ranoli to manufacture its patented CoPrimer chemistry in-house, reducing reliance on expensive imported primers and probes and paving the way to build a portable PCR point-of-care device for TB and HPV screening.
Gates Foundation-funded pipeline - Co-Diagnostics Inc. has received grants from the Bill & Melinda Gates Foundation for TB and HPV tests on a portable PCR platform, and CoSara expects to extend its partnership to cover R&D and future manufacturing of those products at its Indian plant.

3. Electronics: lab instruments and broadcast distribution under one roof

Systronics India makes analytical instruments for Indian labs and classrooms, while its Telerad division acts as a legacy distributor of Sony and other professional broadcast brands - two steady, domestically focused cash streams.

A domestic manufacturer of lab instruments - the Systronics division produces analytical and test-and-measurement instruments at its Naroda, Ahmedabad plant, selling to educational institutions, industrial labs, and research centres across India, with new products launched regularly.
Sony’s oldest Indian representative - the Telerad division distributes professional broadcast, video, and audio equipment from Sony and other international brands such as Roland, Sennheiser, and Haivision to India’s media and broadcasting sector, a relationship built over decades.

Group structure and partners

Every operating business sits in its own subsidiary or joint venture, and the group has repeatedly used demergers to isolate high-potential divisions - the parent company itself carries out no production.

Eight subsidiaries, two joint ventures, one associate - the operating entities span pharmaceuticals, diagnostics, electronics, and a container associate, with the parent ASE functioning purely as a listed holding company.
The oncology demerger created a pure-play API company - in October 2024 the NCLT sanctioned the split of Sarabhai Chemicals’ oncology and pro-fertility division into Asence Pharma, leaving the former to focus on domestic OTC retailing while Asence Pharma pursues regulated export markets from its dedicated Ranoli plant.
Synbiotics was pushed down into a step-down subsidiary - in 2021 ASE transferred its 99.99% stake in Synbiotics to Asence Pharma, paid for partly with preference shares and partly with a long-dated payable, so that the fermentation business now sits deeper in the group structure under the international pharma arm.
CoSara’s US partner is exploring a SPAC - Co-Diagnostics Inc. engaged Maxim Group in late 2025 to pursue a SPAC transaction or similar strategic alternative for CoSara, signalling a potential liquidity event for the diagnostics joint venture.

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

₹298Cr

Close Price

₹38.95

Industry

Trading

Price To Earnings

22.91

Price To Sales

1.45

Revenue

₹206Cr

Rev Gr TTM

Revenue Growth TTM

4.94%

PAT Gr TTM

PAT Growth TTM

5.94%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	40	43	54	41	45	46	65	40	44	52	65	44
Growth YoY Revenue Growth YoY%	-14.6	21.9	22.3	12.7	11.7	6.6	19.3	-0.9	-0.6	13.1	1.1	8.0
Expenses ExpensesCr	39	41	49	40	42	47	59	39	44	48	60	39
Operating Profit Operating ProfitCr	1	3	6	1	3	-1	5	1	1	4	6	5
OPM OPM%	2.6	5.8	10.5	2.1	5.7	-1.5	8.3	3.7	1.1	7.8	8.7	10.4
Other Income Other IncomeCr	3	2	4	2	3	6	-5	8	1	2	3	2
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	0	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	2	8	1	3	3	-2	8	0	4	6	5
Tax TaxCr	1	1	-1	1	0	1	-2	0	1	1	0	1
PAT PATCr	1	1	9	0	3	2	0	8	-1	4	7	4
Growth YoY PAT Growth YoY%	5.9	-55.8	58.0	107.2	142.6	67.7	-103.0	2,248.6	-121.4	63.2	2,507.4	-51.6
NPM NPM%	2.7	3.1	16.6	0.9	5.9	4.8	-0.4	20.4	-1.3	7.0	9.9	9.1
EPS EPS₹	0.1	0.1	1.2	0.1	0.3	0.3	0.0	1.1	-0.1	0.4	0.8	0.5

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	40	43	54	41	45	46	65	40	44	52	65	44
Growth YoY Revenue Growth YoY%	-14.6	21.9	22.3	12.7	11.7	6.6	19.3	-0.9	-0.6	13.1	1.1	8.0
Expenses ExpensesCr	39	41	49	40	42	47	59	39	44	48	60	39
Operating Profit Operating ProfitCr	1	3	6	1	3	-1	5	1	1	4	6	5
OPM OPM%	2.6	5.8	10.5	2.1	5.7	-1.5	8.3	3.7	1.1	7.8	8.7	10.4
Other Income Other IncomeCr	3	2	4	2	3	6	-5	8	1	2	3	2
Interest Expense Interest ExpenseCr	1	1	1	1	1	1	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	0	1	1	1	1	1	1	1	1	1
PBT PBTCr	2	2	8	1	3	3	-2	8	0	4	6	5
Tax TaxCr	1	1	-1	1	0	1	-2	0	1	1	0	1
PAT PATCr	1	1	9	0	3	2	0	8	-1	4	7	4
Growth YoY PAT Growth YoY%	5.9	-55.8	58.0	107.2	142.6	67.7	-103.0	2,248.6	-121.4	63.2	2,507.4	-51.6
NPM NPM%	2.7	3.1	16.6	0.9	5.9	4.8	-0.4	20.4	-1.3	7.0	9.9	9.1
EPS EPS₹	0.1	0.1	1.2	0.1	0.3	0.3	0.0	1.1	-0.1	0.4	0.8	0.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	132	134	125	152	134	164	197	170	174	196	202	206
Growth Revenue Growth%	6.0	1.4	-6.6	21.5	-12.1	22.6	20.2	-13.4	1.9	13.0	3.1	4.9
Expenses ExpensesCr	145	145	137	146	136	165	172	162	167	188	191	191
Operating Profit Operating ProfitCr	-13	-11	-12	6	-2	-2	25	9	6	8	12	15
OPM OPM%	-9.6	-8.3	-9.4	3.9	-1.6	-1.1	12.7	5.0	3.6	4.1	5.8	7.2
Other Income Other IncomeCr	95	7	25	8	23	40	33	12	8	5	15	9
Interest Expense Interest ExpenseCr	4	5	3	3	3	3	2	2	4	4	4	4
Depreciation DepreciationCr	17	4	2	2	3	2	2	3	4	4	4	4
PBT PBTCr	62	-14	8	8	15	33	54	15	7	5	19	15
Tax TaxCr	14	5	7	4	1	3	7	4	1	0	1	2
PAT PATCr	48	-18	1	4	14	29	47	11	6	5	18	14
Growth PAT Growth%	815.5	-137.8	107.0	233.2	231.1	108.8	60.9	-75.8	-50.4	-13.2	261.0	5.9
NPM NPM%	36.5	-13.6	1.0	2.8	10.5	17.9	24.0	6.7	3.3	2.5	8.8	6.6
EPS EPS₹	6.3	-2.4	0.2	0.6	1.8	3.8	6.2	1.4	0.7	0.6	2.3	1.7

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	132	134	125	152	134	164	197	170	174	196	202	206
Growth Revenue Growth%	6.0	1.4	-6.6	21.5	-12.1	22.6	20.2	-13.4	1.9	13.0	3.1	4.9
Expenses ExpensesCr	145	145	137	146	136	165	172	162	167	188	191	191
Operating Profit Operating ProfitCr	-13	-11	-12	6	-2	-2	25	9	6	8	12	15
OPM OPM%	-9.6	-8.3	-9.4	3.9	-1.6	-1.1	12.7	5.0	3.6	4.1	5.8	7.2
Other Income Other IncomeCr	95	7	25	8	23	40	33	12	8	5	15	9
Interest Expense Interest ExpenseCr	4	5	3	3	3	3	2	2	4	4	4	4
Depreciation DepreciationCr	17	4	2	2	3	2	2	3	4	4	4	4
PBT PBTCr	62	-14	8	8	15	33	54	15	7	5	19	15
Tax TaxCr	14	5	7	4	1	3	7	4	1	0	1	2
PAT PATCr	48	-18	1	4	14	29	47	11	6	5	18	14
Growth PAT Growth%	815.5	-137.8	107.0	233.2	231.1	108.8	60.9	-75.8	-50.4	-13.2	261.0	5.9
NPM NPM%	36.5	-13.6	1.0	2.8	10.5	17.9	24.0	6.7	3.3	2.5	8.8	6.6
EPS EPS₹	6.3	-2.4	0.2	0.6	1.8	3.8	6.2	1.4	0.7	0.6	2.3	1.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	77	77	77	77	77	77	77	77	77	77	77
Reserves ReservesCr	-38	-51	-50	-46	-32	-3	43	54	60	63	82
Current Liabilities Current LiabilitiesCr	129	124	155	171	133	129	105	103	102	121	99
Non Current Liabilities Non Current LiabilitiesCr	13	14	18	13	8	8	5	12	11	11	24
Total Liabilities Total LiabilitiesCr	180	164	200	214	186	210	231	246	250	272	281
Current Assets Current AssetsCr	89	73	114	116	104	121	120	111	119	119	125
Non Current Assets Non Current AssetsCr	92	90	87	98	82	89	110	135	131	153	156
Total Assets Total AssetsCr	180	164	200	214	186	210	231	246	250	272	281

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	77	77	77	77	77	77	77	77	77	77	77
Reserves ReservesCr	-38	-51	-50	-46	-32	-3	43	54	60	63	82
Current Liabilities Current LiabilitiesCr	129	124	155	171	133	129	105	103	102	121	99
Non Current Liabilities Non Current LiabilitiesCr	13	14	18	13	8	8	5	12	11	11	24
Total Liabilities Total LiabilitiesCr	180	164	200	214	186	210	231	246	250	272	281
Current Assets Current AssetsCr	89	73	114	116	104	121	120	111	119	119	125
Non Current Assets Non Current AssetsCr	92	90	87	98	82	89	110	135	131	153	156
Total Assets Total AssetsCr	180	164	200	214	186	210	231	246	250	272	281

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-75	5	-7	19	-7	-2	11	6	9	-18	13
Investing Cash Flow Investing Cash FlowCr	80	-3	18	-9	17	10	5	-17	-5	13	-10
Financing Cash Flow Financing Cash FlowCr	-3	-6	-2	-6	-14	-6	-19	9	-3	-2	-2
Net Cash Flow Net Cash FlowCr	2	-4	8	3	-4	2	-3	-2	1	-6	1
Free Cash Flow Free Cash FlowCr	12	1	8	9	-10	7	16	-15	6	-20	9
CFO To PAT CFO To PAT%	-155.6	-29.6	-580.1	442.8	-48.9	-7.8	24.3	50.0	156.4	-357.3	75.3
CFO To EBITDA CFO To EBITDA%	590.9	-48.5	62.7	321.9	313.9	128.4	46.1	66.8	140.6	-218.1	113.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-75	5	-7	19	-7	-2	11	6	9	-18	13
Investing Cash Flow Investing Cash FlowCr	80	-3	18	-9	17	10	5	-17	-5	13	-10
Financing Cash Flow Financing Cash FlowCr	-3	-6	-2	-6	-14	-6	-19	9	-3	-2	-2
Net Cash Flow Net Cash FlowCr	2	-4	8	3	-4	2	-3	-2	1	-6	1
Free Cash Flow Free Cash FlowCr	12	1	8	9	-10	7	16	-15	6	-20	9
CFO To PAT CFO To PAT%	-155.6	-29.6	-580.1	442.8	-48.9	-7.8	24.3	50.0	156.4	-357.3	75.3
CFO To EBITDA CFO To EBITDA%	590.9	-48.5	62.7	321.9	313.9	128.4	46.1	66.8	140.6	-218.1	113.9

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	51	95	82	110	146	135	267	157	349	269	186	298
Price To Earnings Price To Earnings	1.1		62.6	26.0	10.4	4.6	5.7	13.8	61.5	54.8	10.5	22.9
Price To Sales Price To Sales	0.4	0.7	0.7	0.7	1.1	0.8	1.4	0.9	2.0	1.4	0.9	1.4
Price To Book Price To Book	1.3	3.8	3.1	3.6	3.3	1.8	2.2	1.2	2.6	1.9	1.2	1.9
EV To EBITDA EV To EBITDA	-6.3	-10.6	-8.6	21.2	-70.0	-73.6	10.7	20.3	57.2	38.1	19.0	22.0
Profitability Ratios Profitability Ratios
GPM GPM%	36.7	36.4	37.0	35.4	34.2	32.5	35.5	31.8	32.8	32.2	32.5	32.5
OPM OPM%	-9.6	-8.3	-9.4	3.9	-1.6	-1.1	12.7	5.0	3.6	4.1	5.8	7.2
NPM NPM%	36.5	-13.6	1.0	2.8	10.5	17.9	24.0	6.7	3.3	2.5	8.8	6.6
ROCE ROCE%	78.4	-13.6	16.7	16.8	24.8	34.9	38.1	10.0	5.7	4.8	10.5	10.5
ROE ROE%	124.5	-72.4	4.8	13.9	31.4	39.7	39.4	8.7	4.2	3.5	11.2	11.2
ROA ROA%	26.7	-11.1	0.6	2.0	7.5	14.0	20.5	4.7	2.3	1.8	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	51	95	82	110	146	135	267	157	349	269	186	298
Price To Earnings Price To Earnings	1.1		62.6	26.0	10.4	4.6	5.7	13.8	61.5	54.8	10.5	22.9
Price To Sales Price To Sales	0.4	0.7	0.7	0.7	1.1	0.8	1.4	0.9	2.0	1.4	0.9	1.4
Price To Book Price To Book	1.3	3.8	3.1	3.6	3.3	1.8	2.2	1.2	2.6	1.9	1.2	1.9
EV To EBITDA EV To EBITDA	-6.3	-10.6	-8.6	21.2	-70.0	-73.6	10.7	20.3	57.2	38.1	19.0	22.0
Profitability Ratios Profitability Ratios
GPM GPM%	36.7	36.4	37.0	35.4	34.2	32.5	35.5	31.8	32.8	32.2	32.5	32.5
OPM OPM%	-9.6	-8.3	-9.4	3.9	-1.6	-1.1	12.7	5.0	3.6	4.1	5.8	7.2
NPM NPM%	36.5	-13.6	1.0	2.8	10.5	17.9	24.0	6.7	3.3	2.5	8.8	6.6
ROCE ROCE%	78.4	-13.6	16.7	16.8	24.8	34.9	38.1	10.0	5.7	4.8	10.5	10.5
ROE ROE%	124.5	-72.4	4.8	13.9	31.4	39.7	39.4	8.7	4.2	3.5	11.2	11.2
ROA ROA%	26.7	-11.1	0.6	2.0	7.5	14.0	20.5	4.7	2.3	1.8	6.3	6.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	NURECA	SILKFLEX	BRANDMAN	AMBALALSA	CHEMKART	COMFINTE	HALDER
Market CapitalizationMkt CapCr	303	302	302	298	297	297	294
Close PriceClose₹	317.10	260.00	163.50	38.95	245.70	9.28	236.29
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	73.74	24.88	10.17	22.91	14.15		9.11
Price To SalesPS	1.98	2.74	1.86	1.45	1.38	1.90	0.40
RevenueRevenueCr	153	110	162	206	215	156	730
Revenue Growth TTMRev Gr TTM%	23.9%			4.9%	5.7%	15.7%	-6.6%
PAT Growth TTMPAT Gr TTM%				5.9%	-19.8%	-68.6%	66.2%

	NURECA	SILKFLEX	BRANDMAN	AMBALALSA	CHEMKART	COMFINTE	HALDER
Market CapitalizationMkt CapCr	303	302	302	298	297	297	294
Close PriceClose₹	317.10	260.00	163.50	38.95	245.70	9.28	236.29
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	73.74	24.88	10.17	22.91	14.15		9.11
Price To SalesPS	1.98	2.74	1.86	1.45	1.38	1.90	0.40
RevenueRevenueCr	153	110	162	206	215	156	730
Revenue Growth TTMRev Gr TTM%	23.9%			4.9%	5.7%	15.7%	-6.6%
PAT Growth TTMPAT Gr TTM%				5.9%	-19.8%	-68.6%	66.2%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26