Amrutanjan Health Care Ltd – Equity Research Note Company Snapshot - Consumer health & wellness company with OTC pain management legacy. - Expanding into F&B beverages and women's hygiene. - Revenue mix: OTC Pain ~55-60%, Beverages ~30-35%, Hygiene ~8-10%. - India-focused (~95%+ revenue), debt-free, promoter holding ~39-40%. Business Model - High gross margins 55-60% from branded OTC products. - TTM EBITDA margin ~15-17% due to growth investments. - Asset-light model with pan-India distribution network. - Fixed cost leverage from advertising and sales infrastructure. Growth Drivers - Double-digit revenue CAGR targeted. - OTC portfolio extensions (sprays, roll-ons). - Comfy hygiene scale-up via distribution and digital. - Fruitnik relaunch and SKU optimisation. - Margin recovery post ad-spend stabilisation. Competitive Edge - Strong 2/3 in OTC pain relief vs Iodex, Moov. - 130+ year brand trust, strong chemist penetration. - High recall in South & East India markets. Financial Snapshot (TTM/FY26) - Revenue CAGR ~10-12%, ROCE ~22-25%. - Net debt nil, positive FCF post ad-spend. - Current valuation: EV/EBITDA ~22-24x, P/E ~30-32x. Scenario Analysis (FY27E) - Base: 11% revenue growth, 18% EBITDA margin → 12-15% upside. - Bull: 14% growth, 21% margin → 30-35% upside. - Bear: 7% growth, 15% margin → 18-22% downside. Investment View - Steady consumer health compounder with high ROCE. - Re-rating needs EBITDA >20% and Comfy scale. - Suitable for long-term, low-volatility portfolios.