1. At a Glance
A company that started making balm in 1893 is still trying to heal headaches — except now the headaches include sales stagnation, shrinking promoter holding, and the curse of competing against FMCG giants who have deeper wallets than Amrutanjan has balm jars. While the brand can boast a No.1 slot in Modern Trade with 41% share in the head category, the bigger question is: can a ₹2,000 Cr company really sniff its way to a ₹1,000 Cr revenue goal by FY28? Or is this just vapour rub for investors?
2. Introduction
Picture this: your great-grandfather’s go-to balm for migraines is still around, but now it comes with glossy ads featuring cricketers sweating Electro+ on the golf course. Amrutanjan Health Care Ltd (AHCL) is the quintessential “heritage FMCG” — a brand older than your ancestors’ pension records, still hawking roll-ons, balms, and cough inhalers, but with side quests in sanitary napkins (Comfy) and packaged drinks (Electro+).
This is the same company that ruled your grandmother’s medicine cabinet, but in 2025 it’s up against Dabur, HUL, Zydus Wellness, and a dozen startups selling fancy pain patches with QR codes. Their strategy? Spray money on ads, upgrade plants, and hope rural India buys into their sanitary pad “Comfy” instead of Whisper.
Their numbers scream cautious optimism: revenues at ₹462 Cr in FY25, PAT ₹55 Cr, debt near-zero, and OPM steady at 13–14%. Sounds good until you see five-year sales CAGR at a slow 11.6% — that’s like running a marathon with Vicks on your chest.
The management is betting ₹123 Cr capex on a new sanitary napkin plant. Combine that with Project M5K (a distribution drive that sounds like a BMW model), and the company is clearly shifting from “balm uncle” to “FMCG player.” But can this transformation stick, or will Comfy and Electro+ remain side hustles that dilute the balm empire? Let’s investigate.
3. Business Model (WTF Do They Even Do?)
At its core, AHCL is anOTC pharma + hygiene + beverages mashup:
- OTC Pain Management (90% of revenue)
- Head category: balms, roll-ons (73% share in roll-ons).
- Body category: pain patches, sprays, and other “ouch-be-gone” items.
- Congestion category: inhalers, syrups, and cold relief.
- Women’s Hygiene (Comfy sanitary napkins, ~28% of OTC revenue).
- Beverages (Electro+, ~10% of revenue)— pitched as India’s answer to Gatorade, with golfers and Ruturaj Gaikwad as ambassadors.
The balm legacy keeps the lights on, while Comfy is the real growth bet. Electro+? Well, let’s just say competing against Pepsi’s Gatorade and Dabur’s Glucose+ is like sending a 19th-century monk to fight in the IPL.
Theirdistribution armyspans 12 lakh outlets (pain products) and 3.5 lakh outlets (Comfy). “Project M5K” aims to expand deeper into Tier-III towns and villages —
because apparently even rural headaches need heritage solutions.
4. Financials Overview
Here’s how the latest quarterly showdown looks (Q1 FY26 vs YoY & QoQ):
| Metric | Latest Qtr (Jun’25) | YoY Qtr (Jun’24) | Prev Qtr (Mar’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹94.0 Cr | ₹83.7 Cr | ₹135.4 Cr | 12.3% | -30.6% |
| EBITDA | ₹8.4 Cr | ₹3.6 Cr | ₹17.7 Cr | 137% | -52.3% |
| PAT | ₹8.3 Cr | ₹4.6 Cr | ₹15.2 Cr | 79.9% | -45.3% |
| EPS (₹) | 2.87 | 1.60 | 5.25 | 79.9% | -45.3% |
Commentary:
- YoY looks heroic — PAT nearly doubled, like an underdog film.
- QoQ looks tragic — revenue fell 30%, profits halved. Clearly, this company’s quarterly performance is as stable as a drunk golfer with Electro+ in hand.
- Annualised EPS = ₹2.87 × 4 = ₹11.5 → at CMP ₹710, that’s a P/E of 61.7. Expensive for a balm, cheaper than Botox.
5. Valuation (Fair Value RANGE Only)
Let’s crunch some numbers (for educational pain relief only):
- P/E Method:EPS (TTM) = ₹18.9. Apply industry P/E range 25–35 → FV = ₹472 – ₹662.
- EV/EBITDA Method:EV = ₹1,968 Cr. EBITDA FY25 = ₹63 Cr. EV/EBITDA = 31. Apply fair 18–22x → FV = ₹1,134 – ₹1,386 Cr → per share ~₹392 – ₹480.
- DCF (ballpark):Assume 10% revenue CAGR till FY28 (goal ₹1,000 Cr is fantasy). PAT CAGR 12%. Discount rate 12%. FV range = ₹500 – ₹650.
👉Final Fair Value Range:₹390 – ₹660(for educational purposes only, not advice).
6. What’s Cooking – News, Triggers, Drama
- Capex Madness:₹123 Cr for a new sanitary napkin plant. Promoters clearly think Comfy can challenge Whisper & Stayfree. Bold or delusional? Time will tell.
- Oral Care Foray:Stop Pain Dental Gel — because why stop at headaches when you can target
