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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹83 Cr | NDF | +53.7% |
| EBITDA | ₹31 Cr | +93.8% | +63.2% |
| Operating margin | 38.0% | +300 bps | +300 bps |
| PAT | ₹21 Cr | NDF | +61.5% |
| PAT margin | 25.3% | +356 bps | +123 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Channel (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
52NeutralSMA20 -2.6% / mo · MACD + · near 52W high
Technical chart
ANONDITAdaily · 1Y · AUTO+51.8%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 56. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.7% over last month) — short-term momentum negative.
- RSI(14) at 56 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 16% off 52W high · 243% 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 & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 60 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -80.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter holding is 62.4%. Key concern: Only 0 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 71st pctile, median 66 · SME: 87th pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 63.20
- P/B
- 16.32
- EV/EBITDA
- 41.29
- Market Cap
- 2113.00Cr
Profitability
- ROE
- 40.00%
- ROCE
- 43.60%
- 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
- 62.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Consumer, ranked by similarity
Peers
Business-comparable names in Consumer, ranked by similarity
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.