Ambalal Sarabhai Enterprises Limited (AMBALALSA) share price
₹40.33 on NSE as of 2026-09-11. -2.91% on the day. market cap ₹259 Cr. P/E 21.9. 52-week range ₹30.89 to ₹48.27. Healthcare.
Ambalal Sarabhai FY26: A ₹202 Crore Company Where Other Income Out-Earns the Factory
At a glance
For the year ended March 2026, Ambalal Sarabhai Enterprises reported revenue of ₹202 crore and net profit of ₹17.8 crore — the profit line more than tripling from ₹4.93 crore a year earlier. On its face, a turnaround. Look one row up and the tension appears: operating profit for the year was ₹12 crore, while other income was ₹14.77 crore. The non-operating line earned more than the business did.
The market currently pays roughly 14x earnings here, against a healthcare peer median near 35x. Book value sits at ₹20.7 per share, borrowings at ₹56.5 crore against ₹19.4 crore of cash. Promoters hold 31.36%, the rest is public. No dividend has been paid in over a decade despite recurring profits.
A ₹246 crore company that manufactures both pharmaceuticals and lab instruments, runs eleven subsidiaries and two joint ventures, and books more from other income than operations — that's a lot of moving parts for a company most screens have never surfaced. The rest of this entry takes the parts apart one at a time.
Introduction
Incorporated in 1977 and headquartered in Ahmedabad, Ambalal Sarabhai Enterprises operates as a holding structure. The listed entity does relatively little on its own; the work sits in its subsidiaries and joint ventures — Asence, Synbiotics, Sarabhai Chemicals, Systronics, and diagnostics JV CoSara among them. The consolidated FY26 accounts fold in eleven such entities.
Recent corporate activity has been steady rather than dramatic. In FY25, the NCLT sanctioned a demerger vesting the oncology and profertility divisions of Sarabhai Chemicals into Asence Pharma. Subsidiary Synbiotics received its sixth consecutive USFDA GMP clearance for its Amphotericin B API line in April 2025. And in November 2025, US partner Co-Diagnostics engaged an advisor to pursue a SPAC listing for the CoSara diagnostics JV.
The FY26 numbers were approved by the board on 21 May 2026, with the statutory auditors issuing an unmodified opinion. The same meeting cleared a slate of family director reappointments — a recurring feature of a company still very much run by the Sarabhai family, three generations of whom sit on the board or its subsidiaries.
Business model
Two businesses share one balance sheet, and they have almost nothing to do with each other.
The **Pharmaceuticals** segment — fermentation and synthetic bulk actives, effervescent products, finished dosage forms — ran through subsidiaries like Asence, Synbiotics and Sarabhai Chemicals. In FY26 it brought in ₹110.5 crore of segment revenue, about 55% of the total. Synbiotics is the USFDA-inspected fermentation arm making the antifungal Amphotericin B; Asence supplies formulations to domestic and export markets.
The **Electronics** segment — which reads like it wandered in from a different company entirely — makes analytical and test-and-measuring instruments under Systronics, and distributes Sony broadcast gear through Telerad. It contributed ₹91.8 crore, roughly 45% of revenue. A pharmaceutical company whose second-largest business sells oscilloscopes and video equipment is not a sentence you write often.
The two segments are close to evenly split, which is unusual and slightly awkward: there's no obvious operational synergy between fermenting an antifungal API and reselling Japanese broadcast hardware. Segment results tell a cleaner story than revenue — pharma delivered ₹13.15 crore of segment profit, electronics ₹10.26 crore. Both carry their weight; they just don't carry it together.
The group's real complexity is structural. Value is distributed across a lattice of subsidiaries, joint ventures and associates, and the listed shell consolidates them. Whether that structure concentrates or diffuses accountability is a question the org chart raises and doesn't answer.
Reader question: when a holding company's two halves share nothing but a promoter, is the diversification a strength or just two small companies wearing one ticker?
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Ambalal Sarabhai Enterprises Limited.
Companies in the same industry as Ambalal Sarabhai Enterprises Limited
Pharmaceuticals