Albert David Limited ↗

The G.D. Kothari group has diversified business interest in tea, textiles, pharmaceuticals, chemicals, engineering products, property, among others. AK Kothari, Chairman, is the son of Late GD Kothari, the group’s founder. He and Amit Mahla, Managing Director, manage the company’s day-to-day affairs. The company is managed by experienced and qualified professionals, who have relevant experience in the industry. Established market position in placenta-based drugs despite product concentration ris

ADL’s main brand Placentrex, contributed 26% revenue in FY26 (PY: 20%). The company’s placenta-based formulation, Placentrex, is the only human placenta-based product in India developed through indigenous research. The company is the market leader in this segment and has a process patent over Placentrex, which mitigates competition risk. ADL is the autho rised supplier 1Complete definition of ratings assigned are available at www.careratings.com and other CARE Ratings Limited’s publications.

The company has strong presence in the Indian market with wide distribution network. The number of stockists under carrying and forwarding agent (CFA), pan India stood at 2,193 as on March 31, 2026, although moderated from 2,338 as on March 31, 2025. The company has established marketing offices across cities including Mumbai, Kolkata, Lucknow, and Patna with a strong presence in the country’s eastern and northern parts. The company has taken several measures to improve its sales in the last

ADL has a diversified client base with no single customer contributing over 5% of net sales. Customers are major pharmaceuticals distributors in India. Revenue from top five clients diversified and stood at 13% in FY26 against 17% in FY25. The company also has long-standing relations with all major distributors in India. Comfortable capital structure and debt coverage indicators The company’s capital structure remains comfortable with overall gearing at 0.08x as on March 31, 2026,although modera

The company’s capital structure remains comfortable with overall gearing at 0.08x as on March 31, 2026,although moderated from 0.03x as on March 31, 2025. The company has not availed term loans in the last six years. Debt coverage indicators marked by PBILDT/Interest and total debt to gross cash accruals (TD/GCA)stood comfortable at 3.31x and 4.65x respectively in FY26, although moderated from 7.39x and 1.90x respectively in FY25.

Scale of operations marked by TOI stood at ₹333.60 crore in FY26 witnessing y-o-y decline of ~4% owing to muted sales . However, PBILDT marginsexperienced recovery from 1.17% in FY25to 2.88% in FY26 driven by lower employee expenses and lower sales and distribution costs. ADL reported loss of ₹1.49 crore in FY26 against PAT of ₹17.20 crore in FY25, owing to lower profitability. In FY25, the company recognised exceptional non-cash income of ₹18.92 crore arising from fair valuation of

The company imports raw materials, lactose, glass bottles and amino acids, among others, from Finland, China, Austria and European countries and do not hedge its exposure. The company also exports its products to countries including Guyana, Philippines, Myanmar among others. The company does not undertake active hedging of its forex exposure, as it is largely mitigated through natural hedging by offsetting imports against exports.

The pharmaceutical industry is highly regulated in many other countries and requires approvals, licenses, registrations and permissions for business activities. The approval process for a new product registration is complex, lengthy and expensive. The time taken to obtain approval varies from across countries but generally takes from six months to several years from the date of application. CARE Ratings notes that delays or failures in getting approval for new product launch could adversely affe