1. At a Glance – Small Cap Pharma With Big Mood Swings
Albert David Ltd is that old-school 1938 pharma veteran that suddenly remembered how to make money in Q3 FY26. Market cap ₹428 crore. Current price ₹750. Stock P/E 44.6. Book value ₹690. ROCE 6.45%. ROE 4.39%. Dividend yield 0.67%. Three-month return? -7.8%.
And then comes the drama:
Sales for Dec 2025 quarter: ₹89.93 crore
Net Profit: ₹15.30 crore
EPS: ₹26.81
Quarterly profit jumped 263% YoY. Yes, you read that right.
But here’s the catch: TTM profit growth is -76%. OPM last year was negative. Earnings include other income of ₹27.2 crore in TTM.
So what is Albert David? A sleeping pharma relic? A turnaround story? Or a quarter-on-quarter roller coaster with placenta-based superpowers?
Let’s dissect this Kolkata-based pharma lab like a slightly sarcastic auditor with a magnifying glass.
2. Introduction – 1938 Se Chal Raha Hai, But Kya Chal Raha Hai?
Founded in 1938, Albert David Ltd is part of the Kolkata-based Kothari Group. This isn’t some new-age startup burning cash on influencer marketing. This is an old-school pharmaceutical company manufacturing formulations, infusion solutions, herbal dosage forms, and bulk drugs.
They collaborate with Indian Institute of Chemical Biology (CSIR) and Calcutta University’s Department of Biotechnology for research outsourcing. So academically connected? Yes. Financially consistent? Hmm.
The company exports to 35 countries including Southeast Asia, Africa, Middle East, Europe, USA and Latin America.
And here’s the interesting twist: 95% of FY23 revenue came from exports. Domestic market? Just 5%.
This is basically an export-heavy pharma mini-global player with a ₹428 crore market cap.
But when a company depends so heavily on exports, you must ask:
- How stable are international contracts?
- How vulnerable are they to currency swings?
- And why is ROE just 4.39%?
Let’s go deeper.
3. Business Model – WTF Do They Even Do?
Albert David manufactures:
- Tablets
- Capsules
- Syrups
- Ointments
- IV fluids (glass & polyethylene bottles)
- Ophthalmological products
FY23 product mix:
- Large Volume Parenteral – 26%
- Small Volume Parenteral – 17%
- Syrup – 20%
- Tablet – 17%
- Capsule – 10%
- Ointment – 8%
This isn’t some niche biotech moonshot company. This is volume-driven formulation business.
And then comes the star
