Anuh Pharma Limited (ANUHPHR) share price
₹94.86 on NSE as of 2026-09-11. +4.00% on the day. market cap ₹951 Cr. P/E 21.5. 52-week range ₹67.00 to ₹96.74. Healthcare.
What the company does
Anuh Pharma Limited, a part of the SK Group of Companies, is a medium -sized player in the API/bulk drugs industry, manufacturing products such as erythromycin and its salts and higher macrolides like azithromycin, roxithromycin, pyrazinamide and chloramphenicol. As per the company, it is the largest producer of erythromycin salts in India and among the top five producers in the world. It is also the largest producer of pyrazinamide in the world. APL’s manufacturing facility at Boisar and Thane (Maharashtra), has an annual production capacity of 2,200 MT (1,600 MT APIs and 800 MT intermediates). The company also has an R&D centre at Mahape, Navi Mumbai.
Filed by ICRA, page 5.
Anuh Pharma Q1 FY27: Revenue Up 3.93% to ₹193.81 Cr, PAT Up 37.63%, and 491 MT Out of a Tarapur Plant
At a glance
Anuh Pharma reported revenue from operations of ₹193.81 crore for the quarter ended 30 June 2026, up 3.93% from ₹186.48 crore a year earlier, and down 4.11% from ₹202.12 crore in the March 2026 quarter. Profit after tax came in at ₹11.42 crore against ₹8.30 crore in Q1 FY26, a rise of 37.63%. EPS was ₹1.14 versus ₹0.83.
So the top line moved roughly the width of a rounding error while the bottom line put on a third of itself — an arithmetic pattern that happens when the costs, not the customers, do the heavy lifting.
Company-reported EBITDA was ₹19.36 crore at a 9.99% margin, against ₹13.68 crore and 7.34% in the year-ago quarter. Production was 491 MT versus 411 MT, up 19.46%. Other income was ₹3.08 crore, which reads pleasantly ordinary only if you have not seen the March 2026 quarter, where Other Income was negative ₹1.25 crore — a line item achieving the rare feat of income that costs money, explained in the notes as a mark-to-market loss on investments of ₹189.77 lakh.
Interest cost for the quarter was ₹0.35 lakh. Not crore. Lakh. The finance-cost line at Anuh has the energy of a man paying for chai in coins.
The company held its 66th AGM on 12 August 2026, where shareholders approved a ₹1.50 dividend and a set of reappointments. Sixty-six AGMs is a long time to keep booking the hall.
Introduction
Anuh Pharma Limited was incorporated in 1960 and began manufacturing active pharmaceutical ingredients in 1989, starting with erythromycin salts at a capacity of 150 MTPA. As of FY26, capacity stands at 2,400 MTPA. That is a sixteen-fold expansion executed over thirty-seven years, which in an industry addicted to announcing transformational leaps every eighteen months qualifies as an act of geological patience.
The company is part of the ₹8.5 billion SK Group, which employs approximately 2,200 people across pharmaceutical formulations manufacturing, trading, distribution and logistics, primarily for large MNC brands.
The journey the company narrates is essentially a list of regulatory certificates, which is what an API company's autobiography looks like. Capacity doubled to 300 MTPA in 1995. WHO-GMP arrived in 2002. A new plot in 2006 took output capacity to 600 MTPA. In 2010, COS and EU/GMP approvals landed for erythromycin, erythromycin ethyl succinate and pyrazinamide. In 2012 the company acquired the R&D assets of Invent Pharma of Spain and received DSIR approval. COFEPRIS Mexico approvals followed in 2014 and 2015, a UK MHRA DMF approval for erythromycin stearate in 2017, and in 2019 both a WHO pre-qualification for pyrazinamide and sulphadoxine and a USFDA inspection passed with zero 483 observations.
The recent stretch has been busier. In 2023 came CEPs from EDQM for sulphadoxine, azithromycin and gliclazide, with capacity to 1,800 MTPA. In 2024, WHO pre-qualification for isoniazid, CEPs for allopurinol and ambroxol HCL, capacity to 2,200 MTPA, and a listing on the NSE — the shares began trading there from 20 December 2024, sixty-four years after incorporation, at which point the rush was presumably no longer a concern. In 2025, capacity moved to 2,400 MTPA and a CEP arrived for sulfadimethoxine. In 2026, a USFDA inspection was completed with zero 483 observations, WHO pre-qualification came through for amodiaquine hydrochloride on 4 May 2026, and the company was awarded an EcoVadis Bronze Medal.
A 1:1 bonus issue was approved by postal ballot during the quarter ended 30 September 2025, with 5,01,12,000 bonus shares allotted on 16 July 2025 out of general reserves.
Business model
Anuh makes bulk drugs. Specifically, it makes the actual molecule inside the tablet — the part nobody markets, nobody names in an advertisement, and nobody thanks. The pretty box, the brand, the doctor's sample bag: all downstream. Anuh's product is powder in a drum with a certificate attached, and the certificate is worth more than the drum.
The portfolio spans twelve therapeutic categories. Macrolides is the anchor — erythromycin base, estolate, propionate, ethyl succinate, phosphate, stearate and the 11,12 carbonate — which is seven ways to be erythromycin, a level of commitment to a single molecule that most companies reserve for their logo. Higher macrolides means azithromycin. Corticosteroids runs fifteen products deep, from beclomethasone dipropionate to methyl prednisolone, all of which sound like the same word being conjugated. Anti-TB is pyrazinamide and isoniazid; anti-malarial is sulfadoxine, pyrimethamine and amodiaquine; anti-diabetic is gliclazide, vildagliptin and dapagliflozin. There is one quinolone (moxifloxacin), one antihistamine (bilastine), one anti-gout (allopurinol) and one anti-asthmatic (acebrophylline) — categories staffed by a single molecule each, like departments where one person answers the phone.
The company describes itself as one of the largest manufacturers of macrolides and anti-TB products in India, and lists market leadership in erythromycin salts, pyrazinamide, sulfadoxine, ambroxol HCL, gliclazide, clobetasol propionate and betamethasone dipropionate.
FY26 revenue mix by product: erythromycin 31.4%, higher macrolides 14.3%, other items 14.3%, sulphadoxine 13%, corticosteroids 10.7%, pyrazinamide 5.5%, chloramphenicol 4.4%, ambroxol HCL 3.5%, gliclazide 2.7%. "Other Items" sharing a podium spot with higher macrolides is the balance sheet's way of saying it contains multitudes.
Business mix in FY26 was domestic 54% and export 46%, with 360 marketing partners across 72+ countries. Export sales by geography for Q1 FY27: Asia 35.7%, Europe 29.6%, Africa 27.9%, North America 4.2%, Latin America 2.6%. Manufacturing runs from Tarapur, Maharashtra — 11,400 sq. metres, 9 API blocks, 2 intermediate blocks, 2,400 MTPA — with an R&D centre at Mahape, Navi Mumbai across 10,000 sq. ft and 16 scientists. The Tarapur site runs a Zero Liquid Discharge effluent system treating 100% of generated pollution, a phrase that does more for a European customer audit than any brochure.
Products under development: vonoprazon fumarate, pretomanid, edoxaban tosylate and bisoprolol fumarate.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Anuh Pharma Limited.
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