General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1 — At a Glance
Albert David is a pharmaceutical company incorporated in 1938, and it makes drugs, tablets and syrups. Companies that old do not usually produce quarters that look like this one.
Sales in the three months to June 2026 were ₹101.34 crore. The same quarter a year earlier brought ₹70.57 crore, a move of 43.6%. Operating profit was ₹10.64 crore, against a negative ₹10.66 crore a year before. Net profit came in at ₹32.00 crore against ₹7.94 crore. That is a variation of 303%. Earnings per share, the profit attached to each share, were ₹56.07 for the quarter.
Inside that profit line sits other income of ₹27.96 crore. The figure is larger than the quarter’s whole operating profit. It is also larger than the operating profit of the previous three quarters added together.
The quarter before this one, to March 2026, carried a net loss of ₹21.43 crore. The full year to March 2026 closed with a net loss of ₹1.49 crore on sales of ₹332.79 crore. The June quarter’s earnings per share were the largest of the last ten quarters.
The market pays ₹20.60 for every ₹1 of yearly profit at this ₹464 crore company. For the industry, the market pays ₹32.20 for every ₹1 of yearly profit.
The corner office has been through a full rotation. One managing director and chief executive left in December 2025. A new whole-time director and chief executive was appointed in June 2026 and ratified at the annual general meeting in August. The head of research and development resigned on 5 August 2026.
2 — Introduction
Albert David Limited was incorporated in 1938, and the Kolkata-based Kothari Group acquired it in 1965. Its first manufacturing facility, in Kolkata, made pharmaceutical formulations: drugs, tablets and syrups. In 1981 it added a unit at Ghaziabad in Uttar Pradesh for intravenous fluids. Those come in glass bottles and in polyethylene bottles made on form-fill-seal machines, which shape, fill and seal a container in one pass. Over time the Ghaziabad site also gained installed capacity for capsules, ointments and ophthalmological products. Kolkata and Ghaziabad are still the entire manufacturing footprint, and both are GMP-certified by national agencies. GMP means good manufacturing practice, the standard that governs how medicine is made.
The registered office is at Gillander House on Netaji Subhas Road in Kolkata. Sales and marketing runs out of Andheri East in Mumbai, with sales depots at Kolkata, Patna and Lucknow. Marketing offices include Mumbai, Kolkata, Lucknow and Patna. AK Kothari, the chairman, is the son of the group’s founder, the late GD Kothari. The wider group holds interests in tea, textiles, pharmaceuticals and chemicals, and also in engineering products and property.
The last eighteen months have been busy at the top. Umesh Manohar Kunte resigned as managing director and chief executive at close of business on 18 December 2025. In March 2026 the international business leader, Thakkar Rushabh Kishorbhai, resigned, with notice ending on 27 March. On 19 June 2026 the board appointed Amit Mahla as additional director and whole-time director and chief executive, for five years. The 87th annual general meeting, on 6 August 2026, passed all seven resolutions, including that appointment and a final dividend of ₹5. The company disclosed the same day that Dr Kuntal Ganguly had resigned as head of research and development, effective 5 August 2026.
CARE Ratings, a credit-rating agency, reaffirmed its long-term bank facility rating at CARE A with a negative outlook on 2 July 2026. It had moved that outlook to negative in June 2025. CARE says the outlook reflects expected continuation of subdued financial performance, with lower operating margins anticipated in the current financial year. CARE adds that it could revise the outlook to stable if the company turns around operations to the desired scale and profitability.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3 — Business Model: WTF Do They Even Do?
Albert David makes medicine, and it makes a great many different medicines. The output covers pharmaceutical formulations, infusion solutions, herbal dosage forms and bulk drugs. The brand list reads like a scrabble bag emptied onto a chemist’s counter. It opens with Placentrex, Evacure, Evaston and Dhup. It carries on through Alamin, Evict, Derek and C3H. Then come Adliv, FBX, Siotone and Sioneuron, before Open Up, Ana-Flam and VerBet close it off.
The first of those names is the biggest. Placentrex is a placenta-based formulation, the only human placenta-based product in India developed through indigenous research. The company is the market leader in that segment and holds a process patent over it. CARE Ratings, a credit-rating agency, puts Placentrex at 26% of revenue in the year to March 2026, against 20% the year before. A house with fourteen-plus brands takes a quarter of its money from one, and that one is derived from human placenta.
The rest of the portfolio splits by dosage form rather than by therapy area. Large volume parenteral, meaning the big intravenous bags, was 27.9% of total revenue in the year to March 2025. That share has sat within a band of 21% to 29% for a decade. Manufactured goods were 75.2% of revenue in the same year, and traded goods made up the balance. Research and development spending was 0.84% of turnover, the highest since the year to March 2016.
Distribution is the other structural asset. Stockists under carrying
