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Dolat Capital Report
Aarti Drugs Ltd.'s Q1 FY54 sales came in-line with our estimates, while Ebitda and profit after tax came below estimates on higher other expenses.
The company's capex guidance for FY25 stands at Rs 2 billion, which will be funded through internal accruals and term loans. Ebitda margin guidance to be around 13-14% in H2 FY25.
We downward revise our FY25E/FY26E earnings per share estimates by -9.4%/- 1.3%, assuming lower-than-expected active pharma ingredient sales due to continued negative rate variance.
Maintain ‘Accumulate' rating with revised target price of Rs 536 (earlier Rs 542) at 16 times FY26E price/earning.
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