Amrutanjan Health Care Ltd Q2FY26: The 132-Year-Old Balm Boss Rubs Out Competition With 18% Profit Surge and a Re.1 Dividend Massage
1. At a Glance
If your dadi ever said “thoda Amrutanjan laga le, sab theek ho jaayega,” she wasn’t joking. This 132-year-old homegrown painkiller brand just proved that legacy still sells — with a pinch of ayurveda and a dash of marketing swagger.
Amrutanjan Health Care Ltd (AHCL), with a market cap of ₹2,104 crore, is trading around ₹728 a share. The company reported revenue of ₹118 crore and a net profit of ₹14 crore for Q2FY26, marking a 7.08% rise in sales and an 18.3% jump in profit year-on-year. The stock’s P/E stands at 37.1x, slightly above the industry median of 32.4x, signaling that the market values nostalgia almost as much as pain relief.
ROCE at 22.4%, ROE at 16.5%, and a dividend yield of 0.65% show this company is still applying the balm effectively to shareholders’ nerves. With near-zero debt (₹1.94 crore) and current ratio of 3.69, Amrutanjan’s balance sheet is tighter than your jaw during a cricket final.
To top it all, the company just declared a Re.1 per share interim dividend, rubbing salt — or balm — into competitors’ wounds.
2. Introduction
Imagine surviving three centuries, three pandemics, multiple FMCG revolutions, and still being on top of India’s pain relief game. That’s Amrutanjan Health Care for you — the grand old warrior of Indian OTC medicine. Founded in 1893, when the British were still ruling and balms were sold in glass jars, Amrutanjan has reinvented itself more times than Bollywood’s item songs.
From the evergreen green balm to the millennial-friendly roll-ons, from cold inhalers to sanitary pads (Comfy), and even a sporty electrolyte drink (Electro+), this company seems determined to occupy every shelf in your neighborhood medical store. If you have a headache, period cramps, or post-gym dehydration — Amrutanjan’s got something to rub, sip, or stick.
What makes it even more fun? The third-generation promoters still run the show. That’s right — while most legacy brands get swallowed by conglomerates, this family-owned brand has resisted MNC takeovers and stayed Indian to the core.
Yet, despite its heritage charm, Amrutanjan is not resting on its laurels. It’s now eyeing a bold ₹1,000 crore revenue target by FY28 — nearly doubling its FY25 top line. For a company whose balm still smells like your childhood, that’s some serious ambition.
3. Business Model – WTF Do They Even Do?
If you thought Amrutanjan only made that tiny yellow-green balm your grandma kept in her saree corner, buckle up. The company has evolved into a three-segment OTC beast:
OTC Products (90% of FY24 revenue) – This is where the magic lies. Within OTC, the Head Category (balms and roll-ons) dominates, where Amrutanjan enjoys a 41% market share in Modern Trade and 73% share in roll-ons. Basically, they own your forehead. The Body Category deals with pain roll-ons and patches (for back and muscle relief), while the Congestion Category offers inhalers and drinks for cough and cold — the kind your mom forces on you when you sneeze twice.
Women’s Hygiene (28% of OTC revenue) – The Comfy brand has quietly become a serious contender in the sanitary pad market, with distribution across 3.5 lakh outlets.
Beverages (10% of FY24 revenue) – Their Electro+ energy drink caters to sports and fitness consumers. Ruturaj Gaikwad endorses it, proving that even CSK players need electrolytes after long innings.
To sum up: they make pain balms, period pads, and post-match energy drinks — covering the holy trinity of Indian suffering.
4. Financials Overview
Metric
Latest Qtr (Sep FY26)
Same Qtr Last Year (Sep FY25)
Previous Qtr (Jun FY26)
YoY %
QoQ %
Revenue (₹ Cr)
118
110
94
7.08%
25.5%
EBITDA (₹ Cr)*
17
14
8
21.4%
112.5%
PAT (₹ Cr)
14
12
8
18.3%
75.0%
EPS (₹)
4.83
4.08
2.87
18.3%
68.3%
*EBITDA approximated from operating profit data.
Commentary: Margins are back to the sweet 14% zone, thanks to better cost control and a touch of price discipline. The company basically did what every Indian household does — increased MRP a bit while calling it “value addition.” The result? Profits up, headaches down.
5. Valuation Discussion – Fair Value Range
Method 1: P/E Based
FY26E EPS (annualized) = ₹4.83 × 4 = ₹19.3
Industry P/E range = 30x – 40x → Fair Value Range = ₹580 – ₹770 per share
Method 2: EV/EBITDA Based
EV/EBITDA = 24.3x
Assuming normalized EV/EBITDA band of 18x–26x for consumer OTC → Fair Value Range = ₹640 – ₹820
Method 3: DCF (Educational Approximation) Assume 10% revenue CAGR till FY28 and terminal growth of 4%, cost of capital 11%. → DCF Value ≈ ₹700–₹760
🎯 Educational Fair Value Range: ₹580 – ₹820 per share (For educational purposes only; not investment advice.)
6. What’s Cooking – News, Triggers, Drama
Let’s talk about the recent masala:
Dividend Massage: In November 2025, AHCL declared a Re.1 interim dividend for FY26 — a sweet signal to long-term shareholders that profits are being shared, not just inhaled.
GST Drama: A GST appellate order demanded ₹1.17 crore plus interest/penalty, but AHCL is appealing. Basically, the taxman said “apply balm to my heart,” and AHCL said “see you in court.”
Product Launch: The company launched Comfy Slimfit XXL 310mm Night Pads in October 2025 — because India’s nights are long, and comfort shouldn’t sleep.
Big Capex Move: In May 2024, the company approved a ₹123 crore sanitary pad plant with a capacity of 1,200 pads per minute. If that’s not scaling up, what is?
Old Scandal, Clean Exit: A whistleblower investigation in 2023 concluded with no material impact. The auditors said, “Minor findings, no stress.” The company’s governance got a mini massage too.
7. Balance Sheet
(₹ Cr)
Mar FY23
Mar FY24
Sep FY25
Total Assets
362
367
432
Net Worth (Equity + Reserves)
291
289
342
Borrowings
1
2
2
Other Liabilities
70
77
88
Total Liabilities
362
367
432
💬 Commentary:
Borrowings are just ₹2 crore — literally couch change for an FMCG.
