Amkay ProductsShare price, financial results, shareholding and management
- Market cap
- ₹46 cr
- Stock P/E
- 20.0peers 23.6
- Book value
- ₹30.5
- Price to book
- 1.75
- EV / operating profit
- -
- Market cap to sales
- 1.10
- ROCE · FY26
- 12.8%
- ROE · FY26
- 9.2%
- ROE, 3-year average
- 19.7%
- Operating margin · FY26
- 9.2%peers 14.9%
- Sales growth, 3 years
- 14.7%
- Profit growth, 3 years
- 14.2%
- Debt to equity
- 0.15peers 0.10
- Borrowings
- ₹3.9 cr
- Interest cover
- 8.5×
- Cash from business / op. profit
- 31%
- Debtor days
- 43
- Pledged
- 0.00%
- Promoter holding
- 73.44%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 393
- 52-week high / low
- ₹82 / ₹43
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Amkay Products share price chart
Close on 4 Nov 2026 · +0.94% on the day · Vol 8,000
Daily prices to 4 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 4 Nov 2026
- 1 month
- -25.7%
- 3 months
- +11.5%
- 6 months
- -6.1%
- 1 year
- +13.9%
- Traded a day, 20 days
- ₹0.07 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +9% | -31% |
| 3 years, a year | +15% | +14% |
| Latest half, H2 FY26 | -7% | -77% |
About Amkay Products: business, products and customers
Amkay Products makes and supplies everyday medical disposables and home health devices, such as face masks, alcohol swabs, blood lancets and nebulisers, mostly through dealers to hospitals, clinics and homes across India. Its shares trade on BSE SME.
Amkay started in 2008 in a small rented unit at Vasai and now makes more than twenty products at two owned units in the Achhad industrial area of Palghar district, Maharashtra: masks, swabs, caps, aprons, shoe covers, lancets, urine bags, bio bags and similar items. It also has more than ten products, such as diapers, gloves and suction machines, made by others and sold under the Amkay brand.
That mix of making and trading shapes the numbers. Traded goods earn a thinner margin than products made in house, and their share of sales rose sharply in FY26, which the company gives as a main reason profit fell while sales grew. Products go out through a network of dealers across India, hospitals, nursing homes and online marketplaces, so no single customer is large, but the company has to carry a wide stock of items.
Read more about the business
Demand jumped during the pandemic, when face masks and surgeon caps were a big part of sales, and fell back once that passed. Growth since then has come from lancets, gloves, swabs and home care items such as hot water bags and air beds, and the company says it is adding distributors in underserved parts of India.
The offer document names Hemant Surgical Industries and QMS Medical Allied Services as listed companies that make similar products; both supply medical disposables and devices in India.
From the offer document (Red Herring Prospectus, April 2024) and the annual reports for FY25 and FY26.
Read the deeper study ↓In its favour
- It has little debt for its size: debt to equity 0.15.
- The promoters own a large part of the company: 73.44%.
To watch
- Whether the share of lower-margin traded goods keeps rising, after it reached about two fifths of sales in FY26 (Annual report FY26, p.16).
- Stock levels, after inventory turnover fell in FY26 (Annual report FY26, p.23).
- The fix for inventory records kept outside the accounting software, noted by the auditor for FY26 (Annual report FY26, p.64).
- New distributors added in underserved markets, as the Managing Director set out in the FY26 annual report (Annual report FY26, p.11).
- Customers take longer to pay than before: 43 days in FY26, against 31 in FY20.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Amkay Products revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Amkay Products half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 14.37 | 16.70 | 17.84 | 20.55 | 23.01 | 19.02 |
| Expenses | 12.58 | 15.15 | 15.44 | 18.82 | 20.04 | 18.14 |
| Operating profit | 1.79 | 1.54 | 2.39 | 1.73 | 2.97 | 0.87 |
| OPM | 12.5% | 9.2% | 13.4% | 8.4% | 12.9% | 4.6% |
| Interest | 0.24 | 0.28 | 0.18 | 0.14 | 0.25 | 0.18 |
| Depreciation | 0.26 | 0.30 | 0.34 | 0.49 | 0.43 | 0.46 |
| Profit before tax | 1.77 | 1.73 | 2.60 | 1.70 | 2.69 | 0.52 |
| Net profit | 1.30 | 1.33 | 1.82 | 1.51 | 1.97 | 0.34 |
Amkay Products profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 26.41 | 40.63 | 36.47 | 27.86 | 31.07 | 38.39 | 42.03 |
| Expenses | 24.82 | 36.14 | 33.78 | 24.93 | 27.74 | 34.26 | 38.18 |
| Operating profit | 1.59 | 4.49 | 2.69 | 2.93 | 3.33 | 4.13 | 3.85 |
| OPM | 6.0% | 11.1% | 7.4% | 10.5% | 10.7% | 10.8% | 9.2% |
| Other income | 0.04 | 0.10 | 0.29 | 0.46 | 1.25 | 1.32 | 0.67 |
| Interest | 0.47 | 0.24 | 0.41 | 0.47 | 0.52 | 0.32 | 0.43 |
| Depreciation | 0.52 | 0.51 | 0.54 | 0.69 | 0.56 | 0.83 | 0.88 |
| Profit before tax | 0.64 | 3.84 | 2.03 | 2.23 | 3.50 | 4.30 | 3.21 |
| Tax rate | 25.0% | 25.0% | 27.6% | 30.5% | 24.9% | 22.3% | 28.0% |
| Net profit | 0.48 | 2.88 | 1.47 | 1.55 | 2.63 | 3.34 | 2.31 |
| EPS ₹ | 173.29 | 1,040 | 530.69 | 559.57 | 4.13 | 3.96 | 2.67 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Amkay Products profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 11.1% | 7.4% | 10.5% | 10.7% | 10.8% | 9.2% |
| Tax rate | 25.0% | 25.0% | 27.6% | 30.5% | 24.9% | 22.3% | 28.0% |
| ROCE | · | 76.3% | 28.9% | 23.9% | 29.2% | 21.9% | 12.8% |
| ROE | · | 66.6% | 24.2% | 22.8% | 30.3% | 19.6% | 9.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Amkay Products debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Amkay Products balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.28 | 0.28 | 0.28 | 0.28 | 6.36 | 8.66 | 8.66 |
| Reserves | 2.42 | 5.67 | 5.93 | 7.10 | 3.64 | 15.41 | 17.72 |
| Net worth | 2.70 | 5.95 | 6.21 | 7.38 | 10 | 24.07 | 26.38 |
| Borrowings | 1.62 | 0.42 | 4.33 | 4.70 | 5.47 | 2.64 | 3.92 |
| Other liabilities | 2.55 | 7.69 | 5.26 | 2.90 | 2.47 | 3.18 | 3.01 |
| Total liabilities | 6.87 | 14.06 | 15.80 | 14.98 | 17.94 | 29.89 | 33.31 |
| Fixed assets | 0 | 0 | 3.91 | 2.40 | 2.58 | 4.14 | 4.27 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0.12 | 0 |
| Investments | 0 | 0.40 | 2.79 | 3.62 | 2.57 | 6.85 | 6.50 |
| Other assets | 6.87 | 13.66 | 9.10 | 8.96 | 12.79 | 18.78 | 22.54 |
Amkay Products cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | 0 | -0.25 | 0.01 | -0.66 | -0.31 | 1.18 |
| Cash from investing | 0 | 0 | -3.07 | -0.34 | 0.48 | -5.84 | -0.40 |
| Cash from financing | 0 | 0 | 2.59 | 0.31 | 0.24 | 7.58 | 0.86 |
| Net cash flow | 0 | 0 | -0.73 | -0.02 | 0.06 | 1.43 | 1.64 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 31 | 40 | 36 | 48 | 47 | 57 | 43 |
| Inventory days | 5 | 4 | 28 | 47 | 93 | 113 | 125 |
| Days payable | 42 | 83 | 64 | 44 | 34 | 36 | 29 |
| Cash conversion cycle | -6 | -38 | -0 | 51 | 105 | 134 | 139 |
| Working capital days | 11 | -9 | 21 | 54 | 56 | 104 | 96 |
Amkay Products peers and competitors
Listed SME companies in the same industryBy sales, Amkay Products is number 12 of the 15 listed SME companies in healthcare equipment & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Mohini Health & Hygiene | 57 | - | 144 | -16.7 | -1.8% | 0.39 |
| Vaidya Sane Ayurved Laboratories | 177 | 19.7 | 107 | 9 | 14.4% | 0.04 |
| Royal Sense | 39 | 5.5 | 103 | 7 | 11.0% | 0.33 |
| Prevest Denpro | 472 | 23.6 | 72 | 20 | 35.0% | 0.00 |
| Aprameya Engineering | 187 | 36.6 | 55.1 | 5.1 | 19.1% | 0.10 |
| Earkart | 172 | 35.0 | 54 | 4.9 | 15.4% | 0.00 |
| Avience Biomedicals | 149 | 17.0 | 52.5 | 8.8 | 28.4% | 0.92 |
| Amkay Products | 46 | 20.0 | 42 | 2.3 | 9.2% | 0.15 |
| Galaxy Medicare | 29 | 8.4 | 40 | 3.4 | 10.6% | 0.10 |
| KMS Medisurgi | 44 | 175.3 | 12.2 | 0.3 | 7.6% | 0.09 |
| Transpact Enterprises | 4 | 45.7 | 0.2 | 0.1 | 66.7% | 0.11 |
| Median of the 10 others | 103 | 23.6 | 54.6 | 5 | 14.9% | 0.10 |
Amkay Products shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Amkay Products shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 73.43% | 73.43% | 73.44% | 73.44% | 73.43% | 73.43% | 73.44% | 73.44% |
| Foreign investors (FIIs) | 0.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | - |
| Indian institutions (DIIs) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | - |
| Number of shareholders | 606 | 593 | 584 | 548 | 506 | 415 | 394 | 393 |
Amkay Products study: the business from its own documents
Read from 4 of the company's own documentsAmkay Products key facts from the filings
Each figure with the document it comes from
- Traded goods
- ₹17.5 cr
- Trading sales in FY26 out of ₹42.0 cr of revenue, about two fifths; in the nine months to December 2023 trading was about a fifth.Annual report FY26, p.16; Offer document, p.102; our arithmetic
- Biggest product
- 16.1%
- Plastic lancets' share of sales in the nine months to December 2023, the largest single item in a long list.Offer document, p.103
- Face masks then and now
- 31.2% → 6.4%
- Masks' share of sales fell from FY21 to the nine months to December 2023 as pandemic demand faded.Offer document, p.103
- Top ten customers
- 28.8%
- Share of revenue in the nine months to December 2023; the largest single customer was 7.2%.Offer document, p.30
- Exports
- Under 1%
- Almost all sales are in India; small amounts go to Bhutan, Nepal and Qatar.Offer document, p.102
Show 5 more facts
- Stock turns
- 4.9 → 3.2 times
- Inventory turnover fell in FY26 because stock rose faster than the cost of goods sold.Annual report FY26, p.23
- Other income
- ₹0.7 cr
- FY26 other income, about half the ₹1.3 cr of FY25, which added to the fall in profit.Annual report FY26, p.16
- IPO
- 22,92,000 shares
- All new shares; listed on BSE SME on 8 May 2024, with ₹8.0 cr of the money meant for working capital and ₹0.5 cr for machinery.Annual report FY25, p.28; Offer document, p.23
- People
- 123
- Permanent employees at March 2026, up from about 75 in December 2023; contract labour is also used at the plants.Annual report FY26, p.57; Offer document, p.113
- Audit note
- Inventory records
- The auditor said item-wise stock and material records were kept outside the accounting software, so their edit log could not be checked.Annual report FY26, p.64
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Amkay earns its money supplying a long list of low-priced medical disposables and home health devices through dealers, partly made in its own plants and partly bought in.
Its weak spots are thin margins on traded goods, a growing pile of stock and a crowded market where price decides many sales.
WatchCan it set its own prices?Its products are simple and widely made, and the company itself says competitive pricing pressure can squeeze its margins.
AverageHow strong is it against rivals?A wide range under one brand and a national dealer network help, but many organised and unorganised makers offer similar goods.
StrongWho are its customers?Sales are spread over many dealers, hospitals and clinics across India, so losing one buyer would not hurt much.
AverageDoes it need a lot of money?Plants are small and borrowing is low, but a wide product range ties up more money in stock each year.
AverageCan it keep finding new work?It keeps adding products and distributors, and many items are bought again and again, but it has no order book.
WatchDo good and bad years swing a lot?Sales jumped in the pandemic and then fell for two years as mask demand faded, so one product's boom can move the whole company.
Who runs Amkay Products?
Promoters, directors and officers; tap a name for the background
KPKashyap Pravin ModyPromoter, Chairman and Managing Director · holds 30.95%
Founded the company in 2007 and has been a director since incorporation; a Bachelor of Commerce from the University of Bombay with more than 20 years in making medical and surgical equipment. Looks after marketing and production.
Offer document, p.102, p.131 and p.132HKHemanshu Kantilal BataviaPromoter, Whole-time Director and Chief Financial Officer · holds 13.31%
On the board since January 2011; studied to senior secondary level and has over 12 years in the medical and surgical equipment industry. Handles administration, accounts, finance, tax, legal and compliance.
Offer document, p.131 to 132ASAjay Somabhai MehtaNon-Executive Director
A Bachelor of Commerce from the University of Bombay with a diploma in computer programming from the United Kingdom and 25 years in finance and accounts; on the board since June 2023.
Offer document, p.131 to 132GMGaurav MaheshwariIndependent Director
A Chartered Accountant since 2012 with 11 years in tax, audit and financial reporting; a partner in a practising firm. Appointed in August 2023.
Offer document, p.132 to 133AAAnamika AjmeraIndependent Director
A Chartered Accountant with four years in audit at the time of the offer document; a partner in a practising firm. Appointed in August 2023.
Offer document, p.132 to 133Amkay Products latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹19 cr (-7%), net profit ₹0.3 cr (-77%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 73.44%.
Amkay Products announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Reg. 74(5) of SEBI LODR Reg. 2018PDF ↗
- Company UpdateClarification on Price Movement as sought by BSEPDF ↗
- AGM/EGMScrutiniser Report of AGMPDF ↗
- Company UpdateThe Exchange has sought clarification from Amkay Products Ltd on October 01, 2026, with reference to significant movement in price, in order to ensure that inve
- AGM/EGMOutcome of AGMPDF ↗
- Insider Trading / SASTIntimation for closure of Trading WindowPDF ↗
Amkay Products annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Amkay Products share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Amkay Products' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (86,55,640 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY23 (₹559.57) and FY24 (₹4.13) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 13 Oct 2026, from the exchange's daily figures.
Questions people ask about Amkay Products
What does Amkay Products do?
Amkay Products makes and supplies everyday medical disposables and home health devices, such as face masks, alcohol swabs, blood lancets and nebulisers, mostly through dealers to hospitals, clinics and homes across India. Its shares trade on BSE SME.
What is the share price of Amkay Products?
₹53.5 at the close on 4 Nov 2026, from the exchange's daily figures.
What is the market cap of Amkay Products?
₹46 cr at the close on 4 Nov 2026, on 86,55,640 shares.
What is the P/E of Amkay Products?
20.0 times FY26 profit at the close on 4 Nov 2026 (our arithmetic).
What are Amkay Products' revenue and profit?
Revenue ₹42 cr and profit after tax ₹2 cr in FY26.
Who are the promoters of Amkay Products?
Kashyap Pravin Mody, Hemanshu Kantilal Batavia; promoters held 73.44% at 30 June 2026.
What is Amkay Products' website?
www.amkayproducts.com
More SME companies like Amkay Products
Other listed SME companies in healthcare equipment & supplies, the closest in size first, each read from its own documents.
- KMS MedisurgiKMSMEDI · BSE SME · Healthcare Equipment & SuppliesMarket cap ₹44 cr
- Mohini Health & HygieneMHHL · NSE Emerge · Healthcare Equipment & Supplies · listed 2018Market cap ₹49 cr
- Royal SenseROYAL · BSE SME · Healthcare Equipment & SuppliesMarket cap ₹36 cr
- Galaxy MedicareGML · NSE Emerge · Healthcare Equipment & Supplies · listed 2025Market cap ₹27 cr
- Avience BiomedicalsAVIENCE · NSE Emerge · Healthcare Equipment & Supplies · listed 2026Market cap ₹137 cr
- Vaidya Sane Ayurved LaboratoriesMADHAVBAUG · NSE Emerge · Healthcare Equipment & Supplies · listed 2022Market cap ₹143 cr
Every listed SME company in Healthcare Equipment & Supplies →
Built from 3 annual reports, 1 offer document, 6 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.