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Product Diversification and Innovation: A Strong Foundation for Growth

Current Market Price-: 713 Rs.

Amrutanjan Healthcare is a 100% debt free company with a history of over more than 120 years in the maufacturing of Ayurvedic balm for pain management. Today the company is run by the third generation of promoters who have taken company to the new levels by diversifying the products In the segments like pain management, women’s hygiene, and packaged fruit juice drink.

Incorporated in 1893, Amrutanjan Healthcare has over 127 years of experience in over the counter (OTC) pain relief products. Amrutanjan Pain Balm (Yellow Balm) is the flagship brand of the company apart from other range of pain management products such as aromatic balms and roll-ons for headaches, creams and roll-ons for body aches, joint/ muscle sprays, for congestion relief cold rubs, nasal inhalers, lozenzes and cough syrups.

Company has approached the US FDA for approval and clearance to sell its new drugs in US. During the year 1996-1997 AHCL introduced a new product called ‘Cold Snap Gel’ and also a mint called ‘tingle. 

Amrutanjan also has an agreement with a company in Philadelphia, US, to supply custom-made chemicals for exotic applications like the genetic manipulation of biological matter. It has introduced some new range of products like Pep Pill, Amrutanjan gripe water sans alcohol, Amrutanjan Maha Strong, etc. Plans are afoot to introduce analgesic and antipyretic tablets.

In recent times Company has taken efforts to increase the export of fine chemicals & also taking major efforts to give full thrust to existing products. Amrutanjan also has been modernising its OTC business and expanding its export of fine chemicals which reflects to turnover & net Profit of the Company.

During 2000-2001 company introduced ‘Diakyur’ for the treatment of Diabetes which has been very well established by the customers. 

Lately The company’s R & D has been engaged in the development of neutraceuticals.

Company has two subsidiary companies viz. Amrutanjan Drugs & Chemicals Ltd having holding stake 99.80% & Amrutanjan Finance Ltd, having holding stake is 57.26%.

One of the subsidiaries of the Amrutanjan Healthcare, Amrutanjan Pharmaessence Private Limited has been amalgamated/merged in to Amrutanjan Healthcare reason being : Post amalgamation/merger it is expected that there would be better Integration of operations, Simplification in the group structures,  Elimination of multiple entities within the group, as well as Optimal utilization of resources leading to better administration and cost reduction.

Amrutanjan Pharmaessence Private Limited was engaged in business of manufactures of and dealers in chemicals including drugs as active Pharmaceutical Ingredients and as drug products, heavy or fine, industrial or chemical manufacturing, pharmaceutical, medical, physical, mineralogical, metallurgical or biological and other compounds, organic and/or inorganic, all kinds of acids, alkalis, sodas, salts and ashes.


Pain Management

Under Pain management company sells various different products such as 

  • Pain Balm
  • Strong Pain Balm
  • New Maha Strong Pain Balm

Since 1893 Amrutanjan Pain Balm has grown to become a household brand across all social cultures of India. It is one of the most trusted brands* in India. Amrutanjan Pain Balmis the classic headache & cold remedy for over 125 years and has been kicking out stress induced headaches for over 4 generations.

Other Products under Pain Management are

  • Roll on
  • Advanced Back Pain + Roll-On
  • Advanced Back Pain +Lotion
  • Advanced Joint Muscle + Spray – Muscle Pain

This are some of the fanciest product from Amrutanjan. Convenient to carry in your pocket or handbag with multiple design options, it starts working in just 30 secs to give instant and long lasting relief , Higher concentrated, more effective and longer lasting are some of the features of this products.

What is Diclofenac?

Diclofenac name is derived from its chemical name 2-(2,6-dichloranilino) phenylacetic acid. Diclofenac is a non-steroidal anti-inflammatory drug (NSAID)taken to reduce inflammation and is an analgesic for reducing pain in certain conditions.

Amrutanjan provides the following body pain products using powerful Ayurvedic ingredients and without Diclofenac. It is 100% natural and Ayurveda has no side effects.

Under congestion Management Amrutanjan Healthcare’s product portfolio includes

  • Relief Cold Rub
  • Relief Nasal Inhaler
  • Relief Cough Syrup
  • Relief Swas Mint


In FY11, Amrutanjan forayed into beverages with the launch of Fruitnik. Fruitnik juice drinks are filled with the goodness of natural fruits which comes in two flavours namely Apple which gives minerals & vitamins while Mango is a great source of vitamin A, B & E.

Women’s Hygiene

In 2013, Amrutanjan entered the women’s hygiene segment by introducing Comfy – a sanitary napkin brand thereby providing with much needed diversification from traditional pain management products. 

The Company has outsourced the manufacturing of women’s hygiene products to a Good Manufacturing Practice (GMP) certified unit owned by a Strategic European Partner. The product is targeted at 1st time cloth users and has 80% better absorption than the leading brands. 

Besides, it helped to re-brand the company as a wellness brand.

  • Comfy Snug Fit
  • Comfy Snug Fit XL
  • Comfy Snug Fit ULTRA XL

Comfy Snug Fit sanitary napkin is 80% more absorbent. The napkins are long and supported by anti-leak system to provide maximum protection, while bigger wings prevent any leakage. Amrutanjan Comfy SNUG FIT features 100% imported pulp from North America, making it softer, safer product for all women to use.

Newest Product Launches

Amrutanjan Pain Patch 

Amrutanjan Advanced Pain Relief + Patch is India’s first Hydrogel patch which gives you up to 8 hours of targeted pain relief. With a unique ‘Hot Action’ Heat Therapy formula and Transdermal technology, its 100% ayurvedic active ingredient penetrates swiftly to reach the affected muscle and relieve the pain 

Hand Sanitizer 

Considering the rising needs of products in the health and hygiene segment, we have relaunched No Germs Hand Sanitizer during the year which has become an essential part of the household list. Amrutanjan’s No Germs Hand Sanitizer is highly effective in destroying 99.9% of germs. It keeps your hands clean and provides much needed protection with a pleasant lemon fragrance. It requires no water in usage. 

Key Features and Benefits: 

  • Alcohol based gel which kills 99.9% of germs instantly
  • Handy to use and easy to carry
  • Glycerine keeps the skin moisturized

Company’s reach

Company’s products are available in more than 1.06 million outlets including chemists, supermarkets and kirana stores with direct distribution reach to 250,000 outlets and 4,510 towns. Company has a vision to appoint distributors/sub-distributors in West and Northern India. The Company has 3 manufacturing facilities, all in India and has its presence in 21 countries with major exports to the African market (accounting for 69.3% of total exports).

Inorganic Expansion via acquisition

In FY11, the Company diversified its business and entered into beverages market by acquiring Chennai-based Siva’s Soft Drink Pvt. Ltd. for Rs.26.20 crore under the brand name of ‘Fruitnik’. However, they were unable to scale it up meaningfully due to lack of distribution channels. The Company has also launched Electro+ ORS under this brand and leveraged their core channel strength – the chemists. 

The company continues to focus on building a distribution that targets a vision of appointing 5000 distributors and sub-distributors. In FY20, it has appointed 974 distributors and sub-distributors and has improved its direct coverage from 3953 to 4510 towns.

The company has tried to strike a chord between wholesale and direct distribution routes to penetrate deeper as well as in a cost-effective manner. From the highs of 50%, the wholesale contribution is currently at 30% which the company feels is a healthy level. 


Amrutanjan has also been investing in digitization in a big way. The products of the company are available currently online at Amazon, Pharmeasy, Netmeds, Apollo, and other consumer sites. Despite being in existence for more than 127 years, the company has just 3% contribution of OTC sales from North and 13% from Western India and there is still significant scope for expansion.

Company’s sales from the E-Com channel have almost tripled in 2020-21 registering sales of Rs.4.42 crores. Sales in this channel has grown month-on-month, indicating an encouraging offtake for its products. Its contribution to the overall business has doubled from 0.5% to 1.2%. With the growing thrust on E-Commerce, company is aiming for 2.6% contribution from this channel in the coming year from the existing chains and through expansion across chains. 


Company’s exports sales nearly touched Rs 7.0 crores, which is the highest in the last 8 years despite challenging conditions due to COVID. Africa continues to be our largest contributing region at 77% and it witnessed a growth of 70.9% in FY 20-21 over the previous year. The contribution from the Middle East also increased during FY 20-21 to 11% from 8% in the previous year. The Head segment is the largest contributor to the overall export business at 50% followed by body business at 36%. 

Other Initiatives taken by the company

Amrutanjan e-commerce web store is nearing its India launch to step- up our vision of going global. We have invested in developing an exclusive Amrutanjan e-commerce digital platform to directly serve our customers and deliver the freedom to purchase from the comfort of their homes. The new webstore will refresh our digital presence and build our brand identity. 

Comfy Mobile App is a new offering for the Indian Women, also planned for quick launch. The mobile application, will extend our e- commerce platform to enable women using mobiles to protect their privacy by online purchase of Comfy sanitary and other Amrutanjan products. Additionally, the app will help to record and track their menstrual cycles along with their other health conditions like pain history, mood swings etc. 


Results for Qtr ended June 2022

  • Net Sales at Rs 78 crore in June 2021 up 39% from Rs. 47 crore in June 2020.
  • Quarterly Net Profit at Rs. 12 crore in June 2021 up 100% from Rs. 6 crore in June 2020.
  • EBITDA stands at Rs. 15 crore in June 2021 up 87% from Rs.8 crore in June 2020.
  • Amrutanjan Heal EPS has increased to Rs. 12 in June 2021 from Rs. 6 in June 2020.

Standalone Results for Qtr ended March 2021

  • Net Sales at Rs 94.02 crore in March 2021 up 58.56% from Rs. 59.29 crore in March 2020.
  • Quarterly Net Profit at Rs. 10.23 crore in March 2021 up 29.61% from Rs. 7.89 crore in March 2020.
  • EBITDA stands at Rs. 15.07 crore in March 2021 up 28.47% from Rs. 11.73 crore in March 2020.
  • Amrutanjan Heal EPS has increased to Rs. 3.50 in March 2021 from Rs. 2.70 in March 2020.

For the Year Ended March 2021

  • Top line growth of 27.29% (FY21: 367.78 crs vs FY20: 288.92 crs) 
  • OTC segment growth of 30.33% (FY21: 346.75 crs vs FY20: 266.05 crs) 
  • Headache pain management segment growth of 32.69% (FY21: 247.78 crs vs FY20: 186.73 crs) 
  • Comfy sanitary napkin brand growth of 35.93% (FY21: 54.36 crs vs FY20: 39.99 crs) 
  • MT channel growth of 25.29% (FY21: 31.55 crs vs FY20: 25.18 crs) 
  • E commerce channel registered sales of 4.43 crs (grown from 0.5% to 1.2% of total sales) 
  • Total distribution reach increased from10.81L outlets to 11.48L outlets (IQVIA data) 
  • Net profit growth of 143.98% (FY21: 61.19 crs vs FY20: 25.08 crs) 
  • Chemist channel was not shut down during lock downs helping the business 
  • Amrutanjan retains #1 market share in MT channel (Headache segment; IQVIA data).

Sectorial Outlook

Pain management

The OTC business of your company has grown by 30.3% over the previous year and has achieved gross sales of Rs.346.75 crores this year. The General Trade (GT) format continues to be the top contributor at 87% of the overall turnover. With our continued focus on E-Com, the contribution from this channel has increased from 0.6% to 1.3% and our efforts to further expand this channel will continue in the coming years as well. 

The pandemic has resulted in lifestyle changes including work from home and long working hours. Working population is required to spend extended time in front of the computer without much physical exercise and it has led to an increase in the incidences of headaches, back pain, body pain, etc. Also, more people have started using balms for steam inhalation and there is an increase in the frequency of usage for ailments such as headaches. The above change in consumer habits has contributed to the increase in demand for pain products particularly head range.  Pain management products have a strong brand recall and he acceptance of new products has increased well among customers as well. 

Women’s Hygiene

Between FY15 and FY20, sales from Comfy have grown at 93% CAGR and has immense growth in the offing considering that it only accounts for 2% volume market share while top 3 players (Whisper, Stayfree & Sofy) account for 70% market. It has however done exceedingly well in terms of market share in E. UP and Orissa (13-14% market share). Overall, even for the industry as a whole penetration of sanitary napkins in India is at 20% (in 2020) compared to >80% in Indonesia and 60% in Thailand and 90-95% in developed nations, hence growth would come naturally as penetration increases. The industry has certainly grown in leaps and bounds in India with growing awareness as the penetration has improved from 11% in 2011 to 20% in 2020. Woman Hygiene which accounted for 0.23% of turnover in FY13 now contributes 15.3% and the contribution to sales has improved yoy every year. 


Amrutanjan Healthcare Ltd is a completely debt free company having cash balance of over 139 crores highest ever. Company currently is being managed by third generation of promoters who are determined to take the company to new levels. With a rich history and over 127 years of experience in over the counter (OTC) pain relief products company has diversified into various different products thereby decreasing its dependance on a single line of product. For long, Amrutanjan had been among India’s 100 most trusted brands and ranks No 1 in Modern Trade in Head Category with a volume market share of 41% and a Value market share of 43.3%. With the Indian FMCG and specially healthcare market poised for an unprecedented growth company is taking every possible step to be a part of the growth via various innovative initiatives take by the company. Management has been very judicious in allocating  capital over the last decade and those efforts of the management have made to scale up profitable businesses. Also management simultaneously has not hesitated in closing down the segments which have been unyielding thereby translating into an improving RoCE. FMCG businesses will always command premium valuations as compared to the companies from other sectors.

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