Anlon Healthcare Limited (AHCL) share price

₹26.78 on NSE as of 2026-10-08. -4.97% on the day. market cap ₹1,423 Cr. P/E 4.8. 52-week range ₹10.82 to ₹36.39. Healthcare.

Anlon Healthcare Q1 FY27: Revenue Triples to ₹87.56 Cr While Operating Margin Halves to 17.8%

At a glance

Anlon Healthcare makes the chemistry that goes inside medicines, rather than the medicines themselves. Two figures from the same release on 30 July 2026 move in opposite directions.

Revenue for the three months to June 2026 was ₹87.56 crore. A year earlier the same quarter brought in ₹33.30 crore, a rise of 163%. Operating margin measures profit from the core trade before interest and tax are counted. That margin slipped from 18.74% to 17.80% over the same twelve months. It had touched 34.51% in the three months to December 2025. Operating profit itself rose from ₹6.24 crore to ₹15.59 crore.

Anlon bought three companies over the two most recent financial years. In the year to March 2026 it took 67.48% of Apiqo Organics for ₹5.40 crore. It also took 56.67% of Bizotic Lifescience, paying ₹3.79 crore. In the following year it acquired 63.98% of Remember India Health Links for ₹5.38 crore. The consolidated accounts, which add the subsidiaries in, now carry all three. Standalone revenue for the quarter, meaning the parent company alone, was ₹30.98 crore. The auditor's note records ₹57.07 crore of subsidiary revenue before consolidation adjustments. The same note puts the subsidiaries' net profit at ₹3.48 crore.

Sales for the year to March 2026 were ₹172 crore. Profit after tax attributable to owners was ₹6.66 crore in the June quarter. The comparable figure a year earlier was ₹3.55 crore. The three months to March 2026 produced ₹10.50 crore. The balance sheet grew from ₹181 crore to ₹374 crore over twelve months. Inventory doubled over the same period, and operating cash flow for the year was negative ₹79.44 crore.

Introduction

Anlon Healthcare Limited was incorporated in 2013 and works out of Rajkot in Gujarat. It makes pharmaceutical intermediates, the high-purity starting materials that go into active ingredients. It also makes the active ingredients themselves, the part of a medicine that does the work. Customers turn them into tablets, capsules, ointments and syrups, among other finished forms. Nutraceuticals, personal care products and veterinary formulations account for the rest of the output. A third line develops complex molecules to a customer's own specification, known as contract manufacturing.

The company became a public limited company and took its present name in 2024. It listed on the NSE and the BSE on 3 September 2025. The share sale raised ₹121.03 crore, earmarked across four main uses. Those were manufacturing capex of ₹30.72 crore and term-loan repayment of ₹5 crore. Working capital took ₹43.15 crore, with the remainder for offer expenses and general purposes. The auditor's certificate for June 2026 records the full ₹121.03 crore as deployed. It notes ₹13.20 lakh of general-purpose money spent on ordinary business expenses.

The twelve months since listing have been busy in the corporate-actions sense. In March 2026 the board proposed splitting each share into five, taking face value to ₹2. The board also proposed raising authorised capital to ₹110 crore and a one-for-one bonus issue. A bonus issue hands existing holders extra shares without asking them for payment. Members voted by postal ballot between 10 March and 8 April 2026. The bonus was allotted on 27 April, creating 26.57 crore new shares. Paid-up capital reached ₹106.30 crore, against ₹53.15 crore at the earlier face value.

Bizotic Lifescience became a subsidiary on 20 March 2026, and Apiqo Organics had been completed earlier. Remember India Health Links was agreed on 16 April and completed on 8 May 2026. On 30 July the board authorised a share swap covering the rest of both holdings. It would take the residual 32.52% of Apiqo and 43.33% of Bizotic. Fresh equity would be issued on a preferential basis, for consideration other than cash, turning both into wholly owned subsidiaries.

In February 2026 the chief financial officer resigned and Naimish Bhatt was appointed. Independent director Shailesh Thakkar resigned in the same month and Kishan Raja was appointed.

Business model

Anlon sells three core active ingredients across five therapeutic areas. The catalogue runs to 65 commercialised products. Another 28 sit at pilot stage and 49 are still in lab testing. The headline molecules are Loxoprofen Sodium Dihydrate, Ketoprofen and Dexketoprofen Trometamol. All three are NSAIDs, a family of painkillers that also bring down inflammation. The company's own materials place it among the few Indian makers of loxoprofen sodium dihydrate. Management said on the June call that two or three players make Ketoprofen in India. Management put the global count for those molecules at five or six. Making the chemistry that stops backs aching is a steady trade while backs keep aching.

The intermediates side sells Ketonitrile and 3-(1-cyanoethyl)benzoic acid, both starting materials for Ketoprofen. Loxoprofen Acid sits there too, alongside Guaiacol Glycidyl Ether, which feeds into Ranolazine. L-Carnitine Tartrate, a diet supplement, sits in the nutraceutical bucket with nineteen other products.

The revenue mix inverted between the two most recent financial years. In the year to March 2025, active ingredients were 58.13% of sales and intermediates 35.70%. In the year to March 2026 those shares were 26.37% and 71.24% respectively. Nutraceuticals fell from 6.16% to 1.93% over the same pair of years.

Anlon sells into 15 countries and has filed 21 drug master files. Such a file is a dossier telling a regulator how an ingredient is made. Approvals are in hand in Brazil, Japan and China, with filings underway in the US and Europe. In the year to March 2025, 96.76% of sales came from India, Gujarat alone 30.96%. Exports supplied three per cent of revenue over that period. Management's stated aim for the year to March 2027 is roughly 60% from exports.

The contract development arm is working on three molecules for two global innovator companies. One has completed validation supply, with commercial supplies targeted from the three months to December 2026. The other two are expected to enter validation in the three months to September 2026. Commercialisation for those two is targeted for the March 2027 quarter or the June 2027 quarter.

Installed capacity moved from 400 tonnes a year to between 1,400 and 1,600 tonnes after the acquisitions. The company's disclosures put utilisation of that capacity at 62.37%.

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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