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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
Crisil BB/Stable/Crisil A4+
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 30 Apr 2025
This rating is over a year old.
View Full ReportValuation
Financials (FY2025)
Source: CRISILInvestment Thesis
Coimbatore-based Ayurvedic pharmaceutical company (est. 1948) with 77+ years of heritage. Manufactures ~400 Ayurvedic formulations from 2 GMP-certified Kerala facilities, distributed through 10,000+ retail outlets and 20,000+ doctor network. Revenue ₹93.1 Cr FY2025 with steady but modest 3% CAGR. Varier family-promoted with notable value investor Porinju Veliyath on the board. Solid heritage Ayurveda brand — growth below sector potential but operationally stable.
Pros
Cons
Business Segments
Ayurvedic pharmaceutical manufacturing (~400 therapeutic formulations)
GMP-certified production facilities in Kerala (2 facilities)
Pan-India distribution through 10,000+ retail outlets
Revenue Model
AVP Coimbatore generates revenue through three streams: (1) sale of Ayurvedic medicines to retail pharmacies, hospitals, and direct customers nationally and internationally; (2) hospital consultation and treatment fees including Panchakarma therapy packages; and (3) educational and training programs through the AVP Research Foundation.
Detailed Analysis
Growth Plans
India's AYUSH Ministry push for global promotion of Ayurveda, creating export market opportunities
Growing medical tourism to India for Panchakarma and Ayurvedic treatments, directly benefiting AVP Hospital
Post-COVID heightened consumer preference for natural and traditional healthcare globally
Industry Tailwinds
India's AYUSH Ministry push for global promotion of Ayurveda, creating export market opportunities
Recent Developments
Comparable Companies
Frequently Asked Questions
About Arya Vaidya Pharmacy (AVP)
The Arya Vaidya Pharmacy (Coimbatore) Limited, popularly known as AVP, is one of India's most respected and heritage-rich Ayurvedic pharmaceutical companies. Incorporated on 25 March 1948 in Coimbatore, Tamil Nadu, the company traces its legacy to over 120 years of Ayurvedic practice rooted in the Coimbatore region. It is registered at 42, Perumal Koil Street, Ramanathapuram, Coimbatore 641045. The company manufactures and markets over 800 Ayurvedic formulations using traditional principles combined with modern pharmaceutical processes. AVP's product portfolio spans traditional classical medicines (arishtas, lehyams, choornas, thailams), herbal skincare (including the popular Bringadi Thailam hair care range), wellness treatments, and therapeutic products targeting stress relief, joint and muscle care, and respiratory health. The company also operates Ayurvedic treatment centres, offering panchakarma and traditional Kerala/Tamil Ayurvedic therapies to domestic and medical tourism clients. For FY2025, AVP reported revenue of ₹93.1 Cr, reflecting a modest 3% 1-year revenue CAGR but a strong 23% EBITDA CAGR — indicating improving profitability margins. The company employs 519 people and has an authorised capital of ₹15 Cr with paid-up capital of ₹10.98 Cr. Borrowings total ₹98.5 Cr from financial institutions including Union Bank of India, State Bank of India (₹25 Cr, August 2022), and HDFC Bank, which are significant relative to the revenue base. CRISIL downgraded AVP's long-term bank facility rating from BB+/Stable to BB/Stable in February 2024, reflecting some credit pressure. The company's board features notable director Porinju Veliyath — the renowned Indian small-cap investor and fund manager — alongside Sivadas Warrier Ramachandran and 8 other directors. In November 2024, AVP launched new initiatives through its Consumer Business Division with an expanded product portfolio. The company reopened its Delhi branch in 2024, signalling geographic expansion ambitions. AGM was held on 29 September 2025.
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Growing medical tourism to India for Panchakarma and Ayurvedic treatments, directly benefiting AVP Hospital
Post-COVID heightened consumer preference for natural and traditional healthcare globally
Industry Headwinds
Raw material supply constraints for authentic classical herbs
Competition from well-funded FMCG players entering the Ayurvedic space
CRISIL downgraded from BB+/Stable to BB/Stable in February 2024 — credit deterioration
Source: CRISIL Rating Report
Borrowings of ₹98.5 Cr exceed annual revenue of ₹93.1 Cr — high leverage
Source: Company Financial Filings
Revenue CAGR of only 3% despite strong Ayurveda sector growth
Source: Company Financial Filings
Classical Ayurvedic medicines require specific medicinal plants; adulteration, over-harvesting, and climate change threaten availability of authentic herbs
Ayurvedic drugs are regulated under the Drugs and Cosmetics Act; evolving quality standards and licensing requirements present compliance risks
FMCG companies (Patanjali, Dabur, Himalaya, Marico) have significantly increased investment in Ayurvedic product lines, creating competition at mass-market price points
As a family-managed enterprise over multiple generations, management succession is a key governance consideration for long-term investors
DABUR · ~85,000 Cr
PE: ~45xx
Unlisted
Unlisted
Unlisted
1948 — Incorporated by Aryavaidyan P.V. Rama Variar in Coimbatore
Built pan-India Ayurvedic network: 20,000+ doctors, 10,000+ retail outlets
Developed ~400 therapeutic Ayurvedic formulations in GMP-certified facilities
Porinju Veliyath (value investor) joined as director — governance enhancement
Varier family (Chandrasekhara Devidas Varier, Krishnadas R. Varier), Founded by Aryavaidyan P.V. Rama Variar