Summary
Amanta Healthcare Limited - Q3 FY26 Earnings Call Summary Wednesday, February 11, 2026 3:00 P.M.
Event Participants
Executives Bhavesh Patel - Chairman and Managing Director, Paras Mehta - Chief Financial Officer
Analysts Aniket Nikumb (ABN Capital), Dhairya Trivedi (DJT Investments), Madhur Rathi (Counter Cyclical Investments), Neelam Punjabi (Perpetuity Ventures), Rahil S (Sapphire Capital), Saket Kapoor (Kapoor & Company), Vilina Jain (Perpetuity Ventures)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue (Quarter) | ₹75 crores | +9.8% YoY; Driven by steady demand and volume-led expansion in core portfolio. |
| Revenue (9M FY26) | ₹211 crores | +4.0% YoY; Underscores resilience of operating model despite capacity constraints. |
| EBITDA (Quarter) | ₹15 crores | ~21% margin; Reflects effective cost control and improved overhead absorption. |
| EBITDA (9M FY26) | ₹45 crores | +6.1% YoY; Margin expanded +42 bps to 21.3%. |
| Net Profit (Quarter) | ₹5 crores | +8.1% YoY; Margin at 6.2% of revenue. |
| Net Profit (9M FY26) | ₹9 crores | +51.0% YoY; Margin expanded +139 bps YoY despite impact of one-time IPO expenses. |
| Total Debt (Dec-25) | ~₹170 crores | Comprises ₹120 crores long-term and ~₹50 crores working capital; Coupon rates reduced by 250-400 bps. |
Geographic & Segment Commentary
- LVP (Large Volume Parenterals): Contributes 40% of revenue via the proprietary “SteriPort” two-port IV system. The company holds a 30-35% market share in this niche; product allows sterilization at 125°C compared to industry standard 109°C, eliminating fungal contamination risks.
- SVP (Small Volume Parenterals): Represents 20% of revenue, focusing on high-margin exports and respiratory care. Segment operates at near-peak utilization; currently the #2 Indian player in respiratory respules after Cipla.
- International Markets: SVP segment is primarily export-focused (Africa, South Asia, Europe); future growth dependent on regulatory approvals for new product variations.
Company-Specific & Strategic Commentary
- SteriPort Capacity Expansion: Doubling capacity from 6.6 crore to ~12 crore bottles/year with an investment of ₹90 crores. Commercial production is slated for April 2026, with an incremental revenue potential of ₹120 crores.
- SVP Expansion: Increasing capacity from 21 crore to 31 crore units/year, targeting high-value respules and nasal drops. Expected to go live by January 2027 with incremental revenue of ~₹30 crores at full scale.
- Energy Efficiency: Commissioning a 10.8 MW captive solar power plant by Q1 FY27. Project is expected to generate annual EBITDA-level cost savings of ₹9 crores.
- Product Value Chain: Transitioning from low-value diluents to high-value formulations like preservative-free single-dose ophthalmics for the European market.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Revenue | ~₹400 crores (FY27) | Primarily driven by SteriPort expansion; represents ~33% YoY growth. |
| EBITDA Margin | 24% - 25% (FY27) | Expansion of 300-400 bps expected from operating leverage and solar savings. |
| Debt Reduction | ₹35 - ₹40 crores p.a. | Repayment to be funded via internal accruals from expanded capacity. |
| Capital Expenditure | Minimal (Post-FY27) | Future growth to be sweat from assets; value creation expected to outpace capex demand. |
Risks & Constraints
| Risk | Context |
|---|---|
| Regulatory Approvals | SVP expansion relies on filing variations for different international markets; approvals can take 6–18 months. |
| Inventory Build-up | Management expects to run new lines at full capacity from Day 1, which may lead to temporary inventory accumulation for 3-6 months. |
| Concentration Risk | Significant portion of growth depends on the continued market shift to the higher-priced SteriPort system over legacy IV containers. |
Q&A Highlights
Expansion Timeline & Commercialization
- Question: What is the current status of the SteriPort capex? (Aniket Nikumb)
- Answer: Equipment installation is underway; dry trials start mid-March 2026. April 2026 will see commercialization, with full-scale sales liquidation expected by October 2026 (Bhavesh Patel).
Cost of Capital & Debt
- Question: How has the finance cost changed post-IPO? (Vilina Jain/Saket Kapoor)
- Answer: Coupon rates dropped by 250-400 bps after early redemption of high-cost preference shares. Blended rate is currently ~10.1%, with new working capital at 8.5% (Paras Mehta).
Market Competition
- Question: Who are the closest competitors for SteriPort? (Madhur Rathi)
- Answer: Major players include Otsuka, Fresenius, B. Braun, and Aculife. Amanta’s differentiator is the use of random Copolymer Polypropylene (withstand 125°C) versus competitors’ Polyethylene (109°C) (Bhavesh Patel).
Financial Outlook
- Question: What is the expected top line for FY27? (Rahil S)
- Answer: Aiming for ₹400 crores without factoring in the full impact of the SVP expansion, which commissions in late FY27 (Bhavesh Patel).
Key Takeaway
Amanta Healthcare delivered a stable Q3 FY26, with 9M PAT rising 51% YoY to ₹9 crores as the company transitions from an investment phase to structural profitability. The core strategy centers on doubling the SteriPort IV fluid capacity and expanding the SVP respules line, which together are projected to drive revenues toward ₹400 crores in FY27. Management highlighted a significant competitive moat in its SteriPort system due to superior heat-resistance and drug compatibility. While debt remains at ₹170 crores, the commissioning of a 10.8 MW solar plant and incremental cash flows from expanded capacity are expected to fund annual repayments of ₹35-40 crores. Investors should monitor the ramp-up of the new SteriPort line in Q1 FY27 and the timing of regulatory approvals for new export formulations in the SVP segment.
Want more insights like this?
Subscribe to get deep dives delivered to your inbox.
More Earnings Summaries
Explore more Q3 FY26 earnings call analyses: