Asston PharmaceuticalsShare price, financial results, shareholding and management
- Market cap
- ₹120 cr
- Stock P/E
- 31.0peers 17.4
- Book value
- ₹45.7
- Price to book
- 3.09
- EV / operating profit
- -
- Market cap to sales
- 4.72
- ROCE · FY26
- 16.8%
- ROE · FY26
- 15.5%
- ROE, 3-year average
- 36.9%
- Operating margin · FY26
- -2.2%peers 17.4%
- Sales growth, 3 years
- 57.3%
- Profit growth, 3 years
- 54.0%
- Debt to equity
- 0.13peers 0.38
- Borrowings
- ₹5.1 cr
- Interest cover
- 8.3×
- Cash from business / op. profit
- 1786%
- Debtor days
- 524
- Pledged
- 0.00%
- Promoter holding
- 50.66%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 661
- 52-week high / low
- ₹153 / ₹60
- 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.
Asston Pharmaceuticals share price chart
Close on 6 Nov 2026 · +1.66% on the day · Vol 18,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +43.8%
- 3 months
- +77.1%
- 6 months
- +76.5%
- 1 year
- +76.4%
- Traded a day, 20 days
- ₹0.51 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +2% | +1% |
| 3 years, a year | +57% | +54% |
| Latest half, H2 FY26 | +11% | -75% |
About Asston Pharmaceuticals: business, products and customers
Asston Pharmaceuticals sells low-cost generic medicines such as tablets, capsules and syrups, mostly to pharmacies and importers in West Africa, and also makes some health supplements. Its shares trade on BSE SME.
The company was set up in Navi Mumbai in 2019 to have medicines made for export. It sells tablets, capsules, oral liquids, creams and powder sachets under its own Asston brands, mainly painkillers, deworming tablets, oral rehydration salts and vitamins, to pharmacies and importers in Sierra Leone, Mali and other West African countries, with a small trade in Maharashtra and Gujarat. In April 2024 it acquired Ferron Lifecare, a nutraceutical maker promoted by its own promoters, at Ambernath, which got drug approval in December 2024 to make tablets.
The business model shapes the numbers. Most products have been made by outside contract manufacturers to the company's formulas, with the company supplying raw materials and packing, so it needs little plant but earns a trading-style margin and depends on a few makers. Export buyers pay slowly, so money owed by customers is large against sales, and in FY26 a large other income line, rather than sales, carried most of the profit while revenue from operations was almost flat.
Read more about the business
What is new: a second plant, Unit II at Additional Ambernath, began commercial production on 21 January 2026, partly paid for by the July 2025 issue, and can make both medicines and supplements. The offer document names no listed rivals; it describes a crowded generic market with low entry barriers where price decides most orders. The Chief Financial Officer and Company Secretary both changed in October 2025, and three new directors joined between October 2025 and March 2026.
From the offer document (DRHP) and the annual reports for FY25 and FY26.
Read the deeper study ↓In its favour
- Sales have grown very fast: 57% a year over three years.
- It has little debt for its size: debt to equity 0.13.
To watch
- How much Unit II, which started production on 21 January 2026, adds to sales (Annual Report 2026, p.28).
- Whether other income stays as large as in FY26 or profit has to come from sales again (Annual Report 2026, p.11).
- Sales spread beyond Sierra Leone and the top ten buyers (Offer document, p.159 and p.161).
- The new auditor, Panchal S K & Associates, appointed after the earlier auditor resigned in January 2026 (Annual Report 2026, p.22).
- Customers take longer to pay than before: 524 days in FY26, against 243 in FY22.
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.
Asston Pharmaceuticals revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
Asston Pharmaceuticals half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 15.97 | 9.07 | 15.42 | 10.05 |
| Expenses | 13.71 | 5.89 | 13.19 | 12.85 |
| Operating profit | 2.26 | 3.18 | 2.23 | -2.80 |
| OPM | 14.2% | 35.1% | 14.5% | -27.8% |
| Interest | 0.42 | 0.53 | 0.28 | 0.36 |
| Depreciation | 0.02 | 0.02 | 0.07 | 0.25 |
| Profit before tax | 2.46 | 2.56 | 0.02 | 1.22 |
| Net profit | 1.90 | 1.95 | 0.03 | 0.48 |
Asston Pharmaceuticals profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 9.60 | 6.54 | 16.03 | 25.04 | 25.47 |
| Expenses | 9.96 | 5.02 | 12.21 | 19.60 | 26.03 |
| Operating profit | -0.36 | 1.52 | 3.82 | 5.44 | -0.57 |
| OPM | -3.8% | 23.2% | 23.8% | 21.7% | -2.2% |
| Other income | 0.96 | 0.65 | 0.25 | 0.57 | 6.12 |
| Interest | 0.43 | 0.72 | 0.76 | 0.95 | 0.63 |
| Depreciation | 0.01 | 0.04 | 0.06 | 0.04 | 0.32 |
| Profit before tax | 0.16 | 1.41 | 3.25 | 5.02 | 4.59 |
| Tax rate | 31.3% | 24.8% | 25.2% | 23.3% | 15.7% |
| Net profit | 0.11 | 1.06 | 2.43 | 3.85 | 3.87 |
| EPS ₹ | 1.57 | 15.14 | 31 | 6.14 | · |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share is left blank where the source shows zero against a profit.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Asston Pharmaceuticals profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. Its costs were more than its sales. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | -3.8% | 23.2% | 23.8% | 21.7% | -2.2% |
| Tax rate | 31.3% | 24.8% | 25.2% | 23.3% | 15.7% |
| ROCE | · | 37.1% | 37.8% | 37.0% | 16.8% |
| ROE | · | 72.6% | 53.0% | 42.3% | 15.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Asston Pharmaceuticals debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Asston Pharmaceuticals balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.70 | 0.70 | 0.78 | 6.27 | 8.51 |
| Reserves | 0.23 | 1.29 | 6.40 | 4.76 | 30.35 |
| Net worth | 0.93 | 1.99 | 7.18 | 11.03 | 38.86 |
| Borrowings | 3.31 | 5.24 | 6.82 | 7.26 | 5.10 |
| Other liabilities | 5.25 | 6.46 | 6.70 | 9.83 | 7.69 |
| Total liabilities | 9.49 | 13.69 | 20.70 | 28.12 | 51.65 |
| Fixed assets | 0.92 | 1.13 | 0.97 | 0.96 | 10.69 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 8.57 | 12.56 | 19.73 | 27.16 | 40.96 |
Asston Pharmaceuticals cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | -1.19 | -0.32 | -3.97 | -0.03 | -10.18 |
| Cash from investing | 0 | -0.91 | -0.01 | 0.73 | -9.91 |
| Cash from financing | 1.29 | 1.21 | 3.86 | -0.51 | 21.18 |
| Net cash flow | 0.10 | -0.02 | -0.12 | 0.19 | 1.09 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 243 | 481 | 381 | 358 | 524 |
| Inventory days | 27 | 204 | 54 | 19 | 16 |
| Days payable | 247 | 755 | 218 | 157 | 121 |
| Cash conversion cycle | 24 | -70 | 217 | 220 | 419 |
| Working capital days | -12 | 44 | 163 | 177 | 434 |
Asston Pharmaceuticals peers and competitors
Listed SME companies in the same industryBy sales, Asston Pharmaceuticals is number 31 of the 34 listed SME companies in pharmaceuticals & biotechnology.
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 |
|---|---|---|---|---|---|---|
| Aptus Pharma | 779 | 168.7 | 46.6 | 4.6 | 16.0% | 0.31 |
| Bio Medica Laboratories | 205 | 17.4 | 43.1 | 11.8 | 45.6% | 1.51 |
| Himalaya Nutravedics India | 127 | 17.1 | 43.1 | 7.4 | 18.8% | 0.31 |
| Amwill Health Care | 89 | 8.0 | 43 | 11 | 30.0% | 0.00 |
| Vilin Bio Med | 79 | 41.1 | 42.3 | 1.9 | 7.6% | 0.01 |
| Accretion Nutraveda | 214 | 42.1 | 33.6 | 5.1 | 20.5% | 0.12 |
| Goldline Pharmaceutical | 30 | 7.4 | 31.2 | 4.1 | 22.7% | 0.88 |
| Cian Healthcare | 67 | - | 28 | -23 | -24.0% | 3.22 |
| Asston Pharmaceuticals | 120 | 31.0 | 25.5 | 3.9 | -2.2% | 0.13 |
| Medicamen Organics | 39 | - | 22.6 | -4 | -16.6% | 0.50 |
| Fabino Enterprises | 4 | - | 20.8 | -0.6 | -9.9% | 0.44 |
| Median of the 10 others | 84 | 17.4 | 37.9 | 4.4 | 17.4% | 0.38 |
Asston Pharmaceuticals 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 is about the same.
Asston Pharmaceuticals 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 25 | Mar 26 | Apr 26 | Jun 26 | |
|---|---|---|---|---|
| Promoters | 50.66% | 50.66% | 50.66% | 50.66% |
| Foreign investors (FIIs) | 6.04% | 1.91% | 0.00% | - |
| Number of shareholders | 751 | 687 | 661 | 661 |
Asston Pharmaceuticals study: the business from its own documents
Read from 4 of the company's own documentsAsston Pharmaceuticals key facts from the filings
Each figure with the document it comes from
- Revenue from operations
- ₹25.5 cr
- FY26 sales, up from ₹25.0 cr in FY25: almost flat.Annual Report 2026, p.11
- Other income
- ₹6.1 cr
- Other income in FY26, against ₹0.57 cr a year earlier, larger than the year's profit before tax of ₹4.6 cr.Annual Report 2026, p.11
- Profit after tax
- ₹3.9 cr
- FY26 profit, level with FY25; profit before tax fell from ₹5.0 cr.Annual Report 2026, p.11
- Export earnings
- ₹24.1 cr
- Foreign exchange earned in FY26, most of the year's sales.Annual Report 2026, p.28
- Sierra Leone
- 65.50%
- Share of sales from one country in April to November 2024; Mali gave 18.69% and India 15.80%.Offer document, p.159
Show 5 more facts
- Top ten customers
- 94.39%
- Share of sales from ten buyers in April to November 2024; the largest alone gave 24.59%.Offer document, p.161
- Registered brands
- 147
- Product registrations, 142 of them in Sierra Leone and 4 in Ghana; filings made for 10 products in Cambodia.Offer document, p.151 and p.162
- Tablet capacity
- 8 to 9 crore a month
- Tablets the Ambernath plant can make each month, with average output of 5 to 6 crore at the time of the offer document.Offer document, p.150
- Unit II
- 21 Jan 2026
- Date the second plant at Additional Ambernath started commercial production, for medicines and supplements.Annual Report 2026, p.28
- IPO
- ₹27.6 cr
- Raised at ₹123 a share and listed on BSE on 16 July 2025; the auditor says the money went to the stated purposes.Annual Report 2026, p.12 and p.55
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has not given guidance on sales or profit. It says it will now focus on using more of the capacity at Unit II, which began production in January 2026, adding products and supplements, and looking for existing and new export markets. The offer document set out plans to enter Laos and Vietnam and more African markets such as Zambia and Nigeria, but gives no dates.
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.
The company earns a margin on cheap generic medicines, mostly made by others to its formulas and shipped to a few buyers in West Africa.
Its weak spots are that one small country and a handful of buyers bring in most sales, buyers pay slowly, and the latest year's profit came mainly from other income.
WatchCan it set its own prices?No. It sells unbranded and low-cost generics into price-sensitive markets where many makers can offer the same medicines.
WatchHow strong is it against rivals?Its edge is product registrations in Sierra Leone and its formula know-how, but anyone can hire contract manufacturers and export.
WatchWho are its customers?A small group of importers and pharmacies, mostly in Sierra Leone, with no long-term contracts.
WatchDoes it need a lot of money?Not much for plant, but a lot for money owed by slow-paying export buyers.
AverageCan it keep finding new work?It has many registered brands and a new plant, but orders come one purchase order at a time and planned new markets have no dates.
WatchDo good and bad years swing a lot?Yes. With sales tied to a few buyers in a few countries, the mix of countries and buyers has changed sharply from year to year.
Who runs Asston Pharmaceuticals?
Promoters, directors and officers; tap a name for the background
DADr. Ashish Narayan SakalkarPromoter and Managing Director
MSc in Industrial Chemistry (2001) from NMU Jalgaon, PhD from JJT University and a diploma in regulatory affairs from the University of Delhi; earlier worked in quality assurance and regulation in a bioequivalence department. A director since April 2019 and Managing Director since September 2024, in charge of overall operations, expansion, customers and supplier negotiation.
Offer document, p.189; Annual Report 2026, p.92SJSaili Jayaram MorePromoter, Whole Time Director and Chief Executive Officer
BSc from the University of Bombay (1990) with a diploma in materials management; over 20 years of experience, earlier Deputy General Manager in supply chain procurement at USV Limited. A director since incorporation in 2019, Whole Time Director and Chief Executive Officer since October 2024.
Offer document, p.189SCSachin Chandrakant BadakhPromoter and Non-Executive Director
Bachelor of Pharmacy from the University of Mumbai and a diploma in pharmacy, with over 10 years in the pharmaceutical industry preparing product dossiers and regulatory compliance plans. A director since May 2024.
Offer document, p.189; Annual Report 2026, p.92RKRishabh Kumar JainIndependent Director
B.Com from Ch. Charan Singh University, Meerut (2017) and a member of the Institute of Company Secretaries of India, practising in corporate and securities law; chairs the audit committee.
Offer document, p.189; Annual Report 2026, p.17VEVijaya E ShahpurkarIndependent Director
B.Com from Goa University (2000) with over 15 years of experience in accounts.
Offer document, p.189Asston Pharmaceuticals 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 ₹10.1 cr (+11%), net profit ₹0.5 cr (-75%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 50.66%.
Asston Pharmaceuticals announcements
9 on record, latest first; each opens the filing on the exchange
- Company UpdateCompliance Certificate under Reg. 74(5) of SEBI (DP) Regulation 2018PDF ↗
- Company UpdateChange in registered office addressPDF ↗
- Board MeetingOutcome of the Board held on 13th October, 2026PDF ↗
- Board MeetingAsston Pharmaceuticals Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 13/10/2026 ,inter alia, to consider and appPDF ↗
- Company UpdateChange in ManagementPDF ↗
- Company UpdateAppointment of Statutory Auditor of the CompanyPDF ↗
- AGM/EGMScrutinizer ReportPDF ↗
- AGM/EGMOutcome of 7th Annual General MeetingPDF ↗
- Insider Trading / SASTTrading Window ClosurePDF ↗
Asston Pharmaceuticals annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Asston Pharmaceuticals 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 Asston Pharmaceuticals' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !For H1FY26 the exchange filing's profit lines do not add up as read, so the figures shown are from the results page instead.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (85,12,360 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 FY24 (₹31.00) and FY25 (₹6.14) 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, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Asston Pharmaceuticals
What does Asston Pharmaceuticals do?
Asston Pharmaceuticals sells low-cost generic medicines such as tablets, capsules and syrups, mostly to pharmacies and importers in West Africa, and also makes some health supplements. Its shares trade on BSE SME.
What is the share price of Asston Pharmaceuticals?
₹141 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Asston Pharmaceuticals?
₹120 cr at the close on 6 Nov 2026, on 85,12,360 shares.
What is the P/E of Asston Pharmaceuticals?
31.0 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Asston Pharmaceuticals' revenue and profit?
Revenue ₹25 cr and profit after tax ₹4 cr in FY26.
Who are the promoters of Asston Pharmaceuticals?
Dr. Ashish Narayan Sakalkar, Saili Jayaram More, Sachin Chandrakant Badakh; promoters held 50.66% at 30 June 2026.
What is Asston Pharmaceuticals' website?
www.asstonpharmaceuticals.com
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Built from 3 annual reports, 1 offer document, 9 exchange announcements, 4 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.