1. At a Glance
Born in 1893, Amrutanjan is your grandmother’s go-to balm turned FMCG underdog. With 120+ years in pain management, it now sells wellness balms, hygiene products, and fruit juices—yes, really. Despite legacy charm and profitability, growth rates are slower than a cold compress in December.
2. Introduction with Hook
If Parle-G is India’s biscuit nostalgia, Amrutanjan is its balm balm. Founded when the British still ruled, this company has survived pandemics, liberalization, and millennials ignoring balms for instant sprays. But today’s Amrutanjan isn’t just about sore backs—it’s flirting with everything from sanitary pads to fruity drinks.
- Market Cap: ₹2,079 Cr
- FY25 Revenue: ₹452 Cr
- FY25 PAT: ₹51 Cr
- FY25 OPM: 13%
- Stock P/E: 41
Is it defensive FMCG gold, or a half-dead legacy coasting on old commercials?
3. Business Model (WTF Do They Even Do?)
Three-legged stool:
- Pain Management (Balm + Roll-on): Still the poster boy—Amrutanjan Strong, Back Pain Roll-On, Headache Balm.
- Woman Hygiene: Be.You sanitary pads & cramp roll-ons—riding the D2C wellness wave.
- Beverages: Frustratingly out-of-place fruit juice drinks (Fruitnik), which confuse both investors and customers.
Revenue Mix (Estimated):
- Pain Relief: ~60%
- Hygiene: ~15%
- Beverages: ~25%
Juices are high volume but low margin, while balms are steady earners. Diversification strategy or midlife crisis? You decide.
4. Financials Overview
Revenue & Profit (₹ Cr)
| Year | Revenue | Net Profit | OPM | EPS |
|---|---|---|---|---|
| FY21 | 333 | 61 | 22% | 20.93 |
| FY22 | 406 | 67 | 20% | 22.99 |
| FY23 | 380 | 40 | 12% | 13.63 |
| FY24 | 421 | 45 | 12% | 15.55 |
| FY25 | 452 | 51 | 13% | 17.58 |
- Sales CAGR (5Y): 12%
- PAT CAGR (5Y): 15%
- FY25 EPS: ₹17.58
Flatline sales with minor profit rebound. The balm might be strong, but growth? Meh.
5. Valuation
Amrutanjan trades at P/E ~41x, which is high for low-growth FMCG.
Valuation Methods:
- DCF (base): ₹580–₹640 (low terminal growth)
- Earnings Multiple (20–25x): ₹351–₹439
- Bullish FMCG Multiple (35–40x): ₹615–₹704
- Brand Premium + Zero Debt kicker: ₹700–₹750
Fair Value Range:
₹580 – ₹700
Stock is priced for perfection. One whiff of slowdown or juice margin disaster and valuations could spill.
6. What’s Cooking – News, Triggers, Drama
- Capex alert: ₹123 Cr approved for a new plant (May 2024).
- Buyback: ₹28.8 Cr buyback in July 2023.
- Whistleblower probe (2023): Deloitte + PKF found “minor” issues, company shrugged.
- Sustainability Report (Oct 2023): First BRSR filed. Woke now.
Upcoming Triggers:
- Ramp-up in Be.You product adoption
- Margin improvement in non-pain segments
- New plant becoming operational
- Institutional coverage / re-rating
7. Balance Sheet
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Equity Capital | ₹3 Cr | ₹3 Cr | ₹3 Cr |
| Reserves | ₹288 Cr | ₹286 Cr | ₹324 Cr |
| Borrowings | ₹1 Cr | ₹2 Cr | ₹2 Cr |
| Total Liabilities | ₹362 Cr | ₹367 Cr | ₹421 Cr |
| Fixed Assets | ₹49 Cr | ₹50 Cr | ₹49 Cr |
| Other Assets | ₹307 Cr | ₹315 Cr | ₹356 Cr |
Key Points:
- Practically debt-free
- Cash-rich and capex-ready
- Strong reserves
- Balance sheet looks healthier than a yoga teacher on spirulina
8. Cash Flow – Sab Number Game Hai
| Year | CFO | CFI | CFF | Net Cash |
|---|---|---|---|---|
| FY23 | ₹20 Cr | ₹-2 Cr | ₹-15 Cr | ₹3 Cr |
| FY24 | ₹28 Cr | ₹19 Cr | ₹-48 Cr | ₹-1 Cr |
| FY25 | ₹51 Cr | ₹-31 Cr | ₹-13 Cr | ₹6 Cr |
Insights:
- Steady CFO recovery
- ₹31 Cr used for investments in FY25—likely linked to capex
- Shareholder payouts from CFF (buyback, dividends)
- Overall cash story is clean. Transparent like its balm bottle.
9. Ratios – Sexy or Stressy?
| Ratio | FY23 | FY24 | FY25 |
|---|---|---|---|
| ROE | 13.6% | 15.5% | 17.6% |
| ROCE | 19% | 21% | 22% |
| OPM | 12% | 12% | 13% |
| Cash Conversion Cycle | -6 | -5 | -23 |
| Working Capital Days | 117 | 173 | 100 |
Conclusion:
- ROCE & ROE uptrend = confidence restored
- CCC going negative = baller move in working capital management
- Margins steady but not explosive
10. P&L Breakdown – Show Me the Money
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Sales | ₹380 Cr | ₹421 Cr | ₹452 Cr |
| Expenses | ₹335 Cr | ₹369 Cr | ₹394 Cr |
| OPM (%) | 12% | 12% | 13% |
| Net Profit | ₹40 Cr | ₹45 Cr | ₹51 Cr |
| EPS | ₹13.63 | ₹15.55 | ₹17.58 |
Revenue growing like a yoga pose: slow and steady. Profits are climbing back thanks to cost controls and pricing power.
11. Peer Comparison
| Company | CMP (₹) | P/E | ROE (%) | OPM (%) | Mcap (₹Cr) |
|---|---|---|---|---|---|
| Amrutanjan | 719 | 41 | 16.5 | 13 | 2,079 |
| Sun Pharma | 1,682 | 35 | 16.9 | 29 | 4,03,591 |
| Zydus Life | 968 | 21 | 21.3 | 30 | 97,448 |
| Cipla | 1,484 | 23 | 17.8 | 25.8 | 1,19,860 |
| Mankind Pharma | 2,696 | 56 | 16.8 | 24.7 | 1,11,305 |
Takeaway:
Amrutanjan trades at a premium P/E but lacks scale. Smaller cap, less R&D, but better asset-light play.
12. Miscellaneous – Shareholding, Promoters, Gossip
| Shareholder Type | Mar 2024 | Mar 2025 |
|---|---|---|
| Promoters | 50.58% | 46.52% |
| FIIs | 1.55% | 2.30% |
| DIIs | 7.32% | 11.41% |
| Public | 40.47% | 39.75% |
- Promoters reducing stake gradually
- DIIs increasing = good sign
- 50,000+ retail shareholders still holding onto their balm nostalgia
13. EduInvesting Verdict™
Amrutanjan is a rare FMCG with century-old brand equity, clean books, steady ROCE, and a trusted product. But diversification into juices and slow top-line growth dampen the excitement. The ₹123 Cr capex and Be.You expansion need to deliver punch—or risk becoming a cautionary D2C tale.
This one is for the patient, dividend-loving, nostalgia-ridden investor who likes their stocks like their medicine: slow but effective.
Metadata
Written by EduInvesting | 14 July 2025
Tags: FMCG, Healthcare, Ayurvedic, Amrutanjan, Dividend Stocks, Smallcap, D2C, Buyback, Nostalgia Stocks
