Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
Anondita Medicare Ltd. (ANONDITA)
SME CapConsumer stocks · SME cap · NSE
Anondita Medicare Ltd. manufactures male condoms under its flagship brand, Cobra, and other sexual wellness products like gloves, pregnancy kits, and emergency contraceptive pills. The company also manufactures for well-known Indian brands and recently completed an IPO. It is expanding manufacturing capacity and shifting focus to international markets.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:56 pm ISTDetails
Quote19 Oct, 05:56 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result24 May, 12:46 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 -3.0% / mo · MACD − · sector -3.7pp vs Nifty 500 (3M)
Stock trend: 46
Sector RS: 36
Sector 3M: -9.3% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ANONDITAD candles · FIT view-15.3%Latest close ₹1007.45 on 2026-10-19
Bar
-7.1%
RSI
41
MACD hist
-5.07
52W pos
65%
2026-10-19O ₹1085.00H ₹1090.00L ₹990.00C ₹1007.45Vol 78,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ANONDITANifty Consumer DurablesNifty 500
- ANONDITA
- -9.5%
- Nifty 500
- -5.6%
- Nifty Consumer Durables
- -9.7%
- Vs Nifty 500
- -3.9 pp
Chart stats
19 Oct 2026- From 52W high
- -23.4%
- 52W range position
- 69%
- ATR (14)
- 5.8%
- Volume vs 20D
- 0.99x
- Avg traded value
- ₹8.4 Cr
- 20D price channel
- ₹981 - ₹1,183
₹1,316
₹323.8 - ₹1,316
₹58.5
Latest completed session
20-session average
48.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE59
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model-71.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence72
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹83 Cr | NDF | +53.7% |
| EBITDA | ₹31 Cr | NDF | +63.2% |
| Operating margin | 38.0% | NDF | +300 bps |
| PAT | ₹21 Cr | NDF | +61.5% |
| PAT margin | 25.3% | NDF | +123 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 61.00
- P/B
- 15.76
- EV/EBITDA
- 39.90
- Market Cap
- 2041.00Cr
Profitability
- ROE
- 40.20%
- ROCE
- 43.80%
- ROA
- 18.38%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 77.92%
- EPS 5Y
- 112.50%
- Revenue 3Y
- 77.92%
- EPS 3Y
- 112.50%
Balance Sheet
- Debt/Equity
- 0.26
- Interest Coverage
- 12.75×
- Altman Z
- 8.74
- Book Value
- 68.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 11.00 Cr
- EPS TTM
- 17.61
Shareholding
- Promoter Hold
- 44.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 73%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 137+77.9% vs prev
Net Profit
₹ CrLatest: 34.0+112.5% vs prev
Return on Equity
%Latest: 26.4-39.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
NeutralTrend is undirectional — long-term uptrend intact. RSI 41.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 41 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 23% off 52W high · 128% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 59 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth24/25
Quality20/20
Balance Sheet9/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
59
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
59/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Growth contributes 24/25 to the score.
Main drags
- Fair-value margin of safety is negative at -71.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
61.0
PB
15.8
EV/EBITDA
39.9
ROE
40.2%
ROCE
43.8%
FCF Yield
—
Debt/Equity
0.3
MoS
-71.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
59
Previous: 59
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-71.8%
Previous: -71.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
60
60
60
60
60
60
59
59
59
59
59
59
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹164.14
-513.8% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹586.41
-71.8% MoS
PEG
0.54
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
OSELDEVICE
SME
Osel Devices Ltd.
Medical Devices
match 143
60
21.1
18.7%
+53%
UNDERVALUED
VILINBIO
SME
VILIN BIO MED LTD.
Medical Devices
match 138
31
44.6
7.5%
+7%
OVERVALUED
POLYMED
Large
Poly Medicure Limited
Medical Devices
match 124
32
50.1
9.0%
-11%
WATCHLIST
INFLUX
SME
Influx Healthtech Ltd.
Medical Devices
match 112
27
31.8
19.0%
-296%
OVERVALUED
TARSONS
Small
Tarsons Products Limited
Medical Devices
match 112
21
151.0
2.4%
-7966%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-20T03:38:39.398Z
Management commentary snapshot
ANONDITA reports strong FY26 performance with revenue up 78.48% YoY to INR137.42 Cr and PAT up 107% YoY to INR34.30 Cr, driven by capacity expansion and H2 sales.
The company delivered robust FY26 results, significantly increasing capacity and achieving strong revenue and profit growth. Strategic shift towards international markets and female condom manufacturing presents substantial future growth avenues, though working capital management and UN certification remain areas to monitor. Management's aggressive revenue targets for female condoms and overall growth are ambitious but supported by unique market positioning.
Current business mix
Revenue by Channel (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Government Business42.0%
Own Brand Business58.0%
Growth engines
International Market Expansion
Achieved MDSAP certification (Brazil, South Africa, Canada, U.S., Australia) and SABS audit. World's first to register in Brazil for female latex and non-latex condoms.
Female Condom Manufacturing
Successfully completed trial production of female condoms using patented machines. Global market estimated at 700M-1.5B pieces annually with limited suppliers.
Own Brand 'Cobra' Growth
Focusing on 8 states with plans to introduce new variants like spiral and non-latex male condoms to attract customers and penetrate the market.
In-house Machine Fabrication
Patented in-house manufacturing machines enable faster, cheaper capacity expansion and higher margins compared to competitors relying on foreign suppliers.
Capacity and execution
Male Condom Capacity
Increased from approximately 562 million to 806 million condoms annually by the end of FY26.
Female Condom Capacity
Current capacity is 5 million pieces (2.5M latex, 2.5M non-latex). Plans to increase to 120 million latex and 120 million non-latex pieces.
Expanded Capacity Utilization
Initial utilization of the expanded male condom capacity is expected to be around 75%.
Capex for Future Capacity
INR24 crores spent out of INR62 crores capex, expanding capacity by 307 million. Remaining WIP will add 250 million capacity, expected to generate INR325 crores turnover.
Tailwinds
Global Demand-Supply Gap for Female Condoms
Estimated global market of 700 million to 1.5 billion pieces annually, with very few manufacturers catering to the demand.
International Certifications & Registrations
MDSAP, SABS, and Brazil registration for female condoms open significant export opportunities in high-margin markets.
In-house Manufacturing & Packaging
Patented machines and in-house lamination/packaging reduce operational costs, improve margins, and decrease reliance on external suppliers.
Eco-friendly Production
Production lines do not depend on electricity, using a very price-conservative, competitive, economical energy source, leading to cost savings.
Headwinds
Working Capital Management
Operating cash flow conversion ratio was 31% in FY26 due to high H2 government sales with a minimum 120-day realization period.
UN/WHO Certification Delay
Application is in the pipeline due to bifurcation between UN and WHO, though an early hearing is scheduled for June 16-17.
Risk radar
Trade Receivables Growth
Trade receivables grew by INR25 crores in FY26, primarily from government sales booked in the last quarter with long payment cycles.
Inventory Growth
Inventory increased by over INR7 crores in FY26, potentially tying up capital.
Domestic Brand Competition
Entering the domestic brand market requires competing with established players like Durex and Manforce, necessitating initial credit and advertising spend.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial to assess the impact of significant capacity expansion and overall annual growth. QoQ is relevant for H2FY26 performance, which saw a sharp increase due to government budget cycles and new capacity utilization, indicating sequential momentum.
Sector KPIs management disclosed
Volume Growth (Male Condoms)
Manufacturing capacity increased from 562 million to 806 million condoms annually by end of FY26.
Gross Margin
Gross profit margin improved from 50% to 56% in FY26, driven by higher margins in own brands, maximized capacity utilization, and reduced cost of consumption.
Channel Mix (FY26)
Government business accounted for 42% of turnover, while own brand business contributed 58%.
Distribution Expansion (Cobra Brand)
Cobra brand entered 8 states (Rajasthan, Maharashtra, Karnataka, UP, Assam, Bihar, Jharkhand, West Bengal, Odisha) with 26 SS, 195 distributors, and 4,569 retailers.
Management forward view
Revenue Target
Management aims to achieve INR1000 crores revenue within the next 2 years.
Female Condom Revenue & Profit
Expects INR330 crores revenue and INR150 crores profit from female condoms alone in FY27 by capturing 25% of orders due to limited competition.
Shift to International Markets
Focus is shifting to international markets for better payment terms (advances/LCs) and higher margins, which will improve cash flows.
Government Business Mix
Government business will be confined to 40-45% of total revenue, with only a 5-10% growth expected, to prioritize higher-margin segments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Female Condom Capacity Ramp-up | 5 million pieces (2.5M latex, 2.5M non-latex) | Increase to 120 million latex and 120 million non-latex pieces as planned. |
| South Africa PO Execution | PO pending after SABS approval for 5-year supply | Confirmation of the 250 million pieces order for the current year. |
| UN Certification | Application in pipeline, early hearing June 16-17 | Successful UN inspection by July, opening up global tender opportunities. |
| Cash Flow Improvement | Operating cash flow conversion ratio of 31% in FY26 | Improvement in cash conversion with increased export sales and better payment terms. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
72Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 69th percentile of the scored universe and 71st percentile within Consumer. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
69th percentile
overall median 67 · Consumer: 71st pctile, median 66 · SME: 87th pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 62.4%.
- ▸Promoter pledge is zero.
- ▸ROCE is 43.6%.
Trust risks
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Anondita Medicare Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 2 June 2026 - Released transcript of May 27 H2/FY26 earnings call; FY26 revenue Rs137.42 crore, PAT Rs34.30 crore.
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Investor presentationMar 2026
Mar 2026 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.