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1 — At a Glance
A pharmaceutical company incorporated in 1938 does not usually produce quarters that look like this. Albert David reported June 2026 quarter sales of ₹101.34 crore against ₹70.57 crore a year earlier, a 43.6% move. Operating profit came in at ₹10.64 crore versus a negative ₹10.66 crore in the June 2025 quarter. Net profit was ₹32.00 crore against ₹7.94 crore, a 303% variation. EPS for the quarter was ₹56.07.
Sitting inside that profit line is other income of ₹27.96 crore — a number larger than the entire operating profit, and larger than the operating profit of the last three quarters added together.
The quarter before this one, March 2026, carried a net loss of ₹21.43 crore. The full year FY26 closed at a net loss of ₹1.49 crore on sales of ₹332.79 crore. So a company that ended March in the red opened the new financial year with its largest quarterly EPS in the last ten quarters, and the swing sits across two lines at once.
The market currently applies a P/E of 20.6 to a ₹464 crore company. The industry P/E is 32.2.
Meanwhile, the corner office has been through a full rotation: one MD and CEO out in December 2025, a new whole-time director and CEO appointed in June 2026 and ratified at the AGM in August. The Head of R&D resigned on 5 August 2026. All of which happened around a quarter that, on the headline, looks like the best in years. The lines beneath the headline are where the rest of this entry goes.
2 — Introduction
Albert David Limited was incorporated in 1938 and acquired by the Kolkata-based Kothari Group in 1965. Its first manufacturing facility, in Kolkata, made pharmaceutical formulations — drugs, tablets, syrups. In 1981 it added a unit at Ghaziabad, Uttar Pradesh, for intravenous fluids in glass bottles and in polyethylene bottles on form-fill-seal technology, and over time installed capacity there for capsules, ointments and ophthalmological products. Those two plants — Kolkata and Ghaziabad — are still the manufacturing footprint, both GMP-certified by national agencies.
The registered office is at Gillander House on Netaji Subhas Road, Kolkata. Sales and marketing runs out of Andheri East in Mumbai, with sales depots at Kolkata, Patna and Lucknow, and marketing offices that include Mumbai, Kolkata, Lucknow and Patna. AK Kothari, Chairman, is the son of the group’s founder, the late GD Kothari; the wider group holds interests in tea, textiles, pharmaceuticals, chemicals, engineering products and property.
The last eighteen months have been busy at the top. Umesh Manohar Kunte resigned as Managing Director and CEO effective close of business on 18 December 2025. In March 2026, International Business Leader Thakkar Rushabh Kishorbhai resigned, notice period ending 27 March. On 19 June 2026 the board appointed Amit Mahla as Additional Director and Whole-time Director & CEO for five years; the 87th AGM on 6 August 2026 passed all seven resolutions, including the CEO appointment and a ₹5 final dividend. On the same day, the company disclosed that Dr. Kuntal Ganguly had resigned as Head–R&D, effective 5 August 2026.
CARE Ratings reaffirmed its long-term bank facility rating at CARE A with a Negative outlook on 2 July 2026, having moved the outlook to Negative in June 2025. CARE’s note on the outlook is that it reflects expected continuation of subdued financial performance, with lower operating margins anticipated in the current fiscal year, and that it could be revised to stable if the company turns around operations to the desired scale and profitability.
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3 — Business Model: WTF Do They Even Do?
Albert David makes medicine, and it makes rather a lot of different medicines. Pharmaceutical formulations, infusion solutions, herbal dosage forms, bulk drugs. The brand list reads like a scrabble bag emptied onto a chemist’s counter: Placentrex, Evacure, Evaston, Dhup, Alamin, Evict, Derek, C3H, Adliv, FBX, Siotone, Sioneuron, Open Up, Ana-Flam, VerBet.
The one that matters most is the first one. 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. Per CARE, Placentrex contributed 26% of revenue in FY26, against 20% the previous year. A company with fourteen-plus brands earns a quarter of its money from one of them, and that one is derived from human placenta. There is no polite way to make this sound like a normal FMCG mix, so we will simply leave it stated.
The rest of the portfolio splits across dosage forms rather than therapy areas. Large Volume Parenteral — the big IV bags — was 27.9% of total revenue in FY25, having sat in a 21%–29% band for a decade. Manufactured goods were 75.2% of revenue in FY25; the balance is traded goods. R&D expenditure was 0.84% of turnover in FY25, which is the highest it has been since FY16.
Distribution is the other structural asset. The number of stockists under carrying and forwarding agents, pan-India, stood at 2,193 as on 31 March 2026, moderated from 2,338 a year earlier. Per CARE, the company has increased its sales force and stepped up marketing and distribution spend to build presence in southern and western India, and
