Anlon Healthcare Limited (AHCL) share price
₹19.57 on NSE as of 2026-09-11. +11.57% on the day. market cap ₹1,040 Cr. P/E 3.5. 52-week range ₹9.22 to ₹19.57. Healthcare.
Anlon Healthcare Q1 FY27: Revenue Triples to ₹87.56 Cr While Operating Margin Halves to 17.8%
At a glance
Two numbers arrived in the same press release on July 30, and they are pointing in opposite directions like a badly assembled compass. Revenue for the June 2026 quarter came in at ₹87.56 crore against ₹33.30 crore a year earlier — a 163% jump. Operating margin over the same stretch went from 18.74% to 17.80%, having touched 34.51% in December 2025 along the way. Operating profit itself: ₹6.24 crore then, ₹15.59 crore now.
The arithmetic of that is not mysterious once you know where the extra revenue came from. Anlon spent FY26 buying companies — Apiqo Organics (67.48%, ₹5.40 crore), Bizotic Lifescience (56.67%, ₹3.79 crore) — and then bought another one in FY27, taking 63.98% of Remember India Health Links for ₹5.38 crore. The consolidated top line now includes all of them. Standalone revenue for the same quarter was ₹30.98 crore. The subsidiaries, per the auditor's note, contributed ₹57.07 crore of revenue before consolidation adjustments and ₹3.48 crore of net profit.
So a company that reported ₹172 crore of FY26 sales is now running at a quarterly rate that annualises well past it, with a profit pool that hasn't scaled at the same speed. PAT attributable to owners was ₹6.66 crore, against ₹3.55 crore a year ago and ₹10.50 crore in the March quarter.
Meanwhile the balance sheet grew from ₹181 crore to ₹374 crore in twelve months, inventory doubled, and operating cash flow for FY26 was negative ₹79.44 crore. There is also a credit rating in the file that management would rather discuss than have quoted. We'll get there.
Introduction
Anlon Healthcare Limited was incorporated in 2013 and is based in Rajkot, Gujarat. It manufactures pharmaceutical intermediates — high-purity starting materials that go into APIs — and the APIs themselves, which then become tablets, capsules, ointments, syrups, nutraceuticals, personal care products and veterinary formulations. A third leg, custom manufacturing and CDMO, develops complex molecules to customer specification.
The company converted to a public limited company and took its current name in 2024, and listed on the NSE and BSE on September 3, 2025. The IPO raised ₹121.03 crore, earmarked across manufacturing capex (₹30.72 crore), term-loan repayment (₹5 crore), working capital (₹43.15 crore), offer expenses and general corporate purposes. As of the June 2026 certificate, the auditor recorded that the full ₹121.03 crore had been deployed, with ₹13.20 lakh of general-corporate-purpose spend on ordinary business expenses.
The twelve months since listing have been busy in the corporate-actions sense. In March 2026 the board proposed a 1:5 stock split taking face value to ₹2, an increase in authorised capital to ₹110 crore, and a 1:1 bonus issue — all put to a postal ballot voted between March 10 and April 8, 2026. The bonus was allotted on April 27: 26.57 crore shares, taking paid-up capital to ₹106.30 crore. Consolidated paid-up equity share capital in the June quarter statement shows ₹106.30 crore at ₹2 face value, against ₹53.15 crore at ₹10 previously.
Then the acquisitions. Bizotic Lifescience became a subsidiary on March 20, 2026. Apiqo Organics was completed earlier. Remember India Health Links was agreed on April 16 and completed May 8, 2026. And on July 30, alongside the Q1 numbers, the board authorised a share-swap arrangement to acquire the residual 32.52% of Apiqo and 43.33% of Bizotic — issuing fresh equity on a preferential basis, for consideration other than cash — to convert both into wholly owned subsidiaries.
Also in February 2026: the CFO resigned and Naimish Bhatt was appointed; independent director Shailesh Thakkar resigned and Kishan Raja was appointed.
Business model
Three core APIs, five therapeutic areas, and a portfolio of 65 commercialised products with 28 more in pilot and 49 in lab testing. The headline molecules are Loxoprofen Sodium Dihydrate, Ketoprofen and Dexketoprofen Trometamol — all NSAIDs, all for pain and inflammation. Anlon is, per the company's own materials, among the few Indian manufacturers of loxoprofen sodium dihydrate. Management put a number on the moat during the June call: two or three players for Ketoprofen and Dexketoprofen in India, five or six globally.
Being one of a handful of people in the world who make the stuff that makes your back stop hurting is a decent position, provided everyone's back keeps hurting. So far, encouragingly, it does.
The intermediates side sells things like Ketonitrile and 3-(1-cyanoethyl)benzoic acid — key starting materials for Ketoprofen synthesis — plus Loxoprofen Acid and Guaiacol Glycidyl Ether, which feeds into Ranolazine. There is also L-Carnitine Tartrate, a diet supplement, which sits in the nutraceutical bucket alongside nineteen other products.
The revenue mix has done something strange. In FY25, APIs were 58.13% of sales and intermediates 35.70%. In FY26 those flipped: APIs 26.37%, intermediates 71.24%, nutraceuticals down from 6.16% to 1.93%. The company sells to 15 countries and has filed 21 Drug Master Files, with approvals in Brazil, Japan and China, and filings underway in the US and Europe. In FY25, 96.76% of sales came from India. Gujarat alone was 30.96%.
A company with DMFs across the EU, Russia, Japan, South Korea, Iran, Jordan and Pakistan, deriving three per cent of revenue from exports, is a company with a very well-stamped passport and a strong preference for staying home. Management's stated aim for FY27 is roughly 60% export contribution — a distance to be travelled in twelve months.
The CDMO arm is developing three molecules for two global innovator companies. One has completed validation supply, with commercial supplies targeted from Q3 FY27. The other two are expected to enter validation in Q2 FY27, with commercialisation targeted for Q4 FY27 or Q1 FY28.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Anlon Healthcare Limited.
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