1. At a Glance

Founded in 1893, Amrutanjan has been relieving India’s headaches for over a century — and shareholders’ headaches for most of that time too. From ayurvedic balm to women’s hygiene and even packaged juice (yes, really), the company is debt-free, dividend-paying, and steady… but with growth speed somewhere between “monsoon traffic” and “government file clearance.”

2. Introduction

Amrutanjan is basically the Reliance Jio of the 19th century — when it launched, it disrupted a pain balm market that barely existed. The brand has outlived colonial rule, multiple recessions, and more cricket captains than you can count.

Today, it plays in three categories:

1. Pain Management:Ayurvedic balms, sprays.
2. Women’s Hygiene:Sanitary products, hygiene kits.
3. Beverages:Packaged fruit drinks.

That last one is like McDonald’s selling cement — diversification or distraction? Depends on your patience.

3. Business Model – WTF Do They Even Do?

Revenue streams:

• Pain management products (~60% of sales).
• Women’s hygiene (~20%).
• Beverages (~20%).

Distribution:

• Modern Trade leadership in Head Category (41.1% volume share in CY19).
• Strong retail network across India.

Roast note: The balm business is cash-rich, but the beverage arm feels like the corporate equivalent of buying a treadmill and using it as a clothes hanger.

4. Financials Overview

FY25 Annual:

• Revenue:₹452 Cr (+7% YoY)
• EBITDA:₹58 Cr (~13% margin)
• PAT:₹51 Cr (+13% YoY)
• EPS:₹17.58
• P/E:35.4x
• Debt: ~₹2 Cr (basically zero).

Q1 FY26:

• Revenue: ₹94.05 Cr (+12.3% YoY)
• PAT: ₹8.31 Cr (+79.9% YoY — low base effect).