Ajanta Pharma Ltd(AJANTPHARM)

NSE: AJANTPHARMBSE: 532331

₹ 3,300+0.90%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 41,236 crNext results: 30 Oct 2026Website: www.ajantapharma.comUpdated: 24 Oct 2026

About

Ajanta Pharma is an Indian specialty pharmaceutical company that develops, manufactures and markets branded generics in India and emerging markets, and generic formulations in the US. In FY26, the company crossed Rs. 5,453 cr in revenue and Rs. 1,056 cr in net profit, achieving milestones it highlighted as significant. It is ranked 24th in the Indian pharmaceutical market by IQVIA MAT March 2026.^[1][2]

Business segments

India branded generics contributed Rs. 1,654 cr in FY26 (+14% YoY), rising to Rs. 509 cr in Q1 FY27 (+24% YoY); the segment sells prescription brands across multiple therapy areas through a field force.^[1][3]
US generics contributed Rs. 1,557 cr in FY26 (+49% YoY) and Rs. 487 cr in Q1 FY27 (+57% YoY), making it 30% of total Q1 FY27 revenue; growth driven by new ANDA launches and market-share gains.^[1][3]
Asia branded generics contributed Rs. 1,175 cr in FY26 (-1% YoY) and fell to Rs. 255 cr in Q1 FY27 (-16% YoY) due to Middle East supply chain disruptions blocking dispatch routes.^[1][3]
Africa branded generics contributed Rs. 861 cr in FY26 (+15% YoY) and Rs. 295 cr in Q1 FY27 (+30% YoY), with expanded field force becoming productive.^[1][3]
Africa institutional (primarily antimalarials sold to aid agencies) contributed Rs. 70 cr in Q1 FY27 (+83% YoY), representing 4% of total Q1 FY27 revenue.^[3]

Key operating numbers

India IQVIA MAT June 2026: Ajanta grew 15% vs IPM 11%; volume growth 40% higher than IPM; new-launch contribution 75% above market.^[3]
India field force productivity (PCPM): Rs. 4.5 lakhs/month in Q1 FY27, up from Rs. 3.7 lakh/month in FY26 and Rs. 3.6 lakhs/month in 9M FY26.^[3][1][4]
Gross margin: 80% in Q1 FY27 (+100 bps vs Q4 FY26); 78% for FY26.^[3][1]
Adjusted EBITDA margin (excluding forex MTM): 28% in Q1 FY27; 28% in Q3 FY26; full-year FY26 reported EBITDA margin 26% (27% adjusted for Rs. 103 cr MTM forex loss).^[3][4][1]
R&D spend: ~4% of revenue in Q1 FY27; 5% of revenue in FY26, Q3 FY26, and Q2 FY26.^[3][1][4][5]
ROCE 33% and RONW 25% as of March 2026; ROCE 34% for 9M FY26.^[1][4]

US generics ANDA pipeline

As of 9M FY26: 49 ANDAs commercialised, 19 awaiting USFDA approval, 6 tentative approvals; 3 filed and 3 launched in 9M FY26.^[4]
As of H1 FY26: 50 ANDAs commercialised, 22 awaiting USFDA approval; 2 filed and 2 approved in H1 FY26.^[5]
2 new US product launches in Q1 FY27; FY27 ANDA filing target revised down to 5 - 7 (from prior 8 - 12 per year).^[3]
Paithan plant received 5 USFDA 483 observations in Q4 FY26.^[1]

Operations and manufacturing

A new liquid manufacturing line at the Pithampur plant was commissioned in Q3 FY26, adding depreciation from that quarter.^[4]
India field force stood at ~3,750 MRs at end-FY26, after adding 300 MRs during FY26.^[1]

Customers and distribution

India: ranked 24th in IPM by IQVIA MAT March 2026, up from 26th the prior year.^[1]
India growth mix in FY26: volume 3.6%, price 4.8%, new products 4.7%; 26 new products launched including 5 first-in-country.^[1]
Africa institutional business sells antimalarials to international aid agencies; revenue is subject to aid-agency procurement cycles.^[5]
Asia supply chain disrupted by Middle East conflict rerouting shipments; management is actively working on alternate routes.^[3][1]

Expansion and capex

FY27 capex guided at ~Rs. 400 cr: Rs. 100 cr maintenance + Rs. 300 cr capacity expansion at Pithampur for the emerging markets business.^[3]
New geographies - new Asian markets, Middle East, Latin America - under product selection and regulatory filing; revenue contribution expected in 3 - 5 years.^[3]
At least one new therapeutic segment to be added in international markets in FY27.^[4]

GLP-1 and pipeline

Exclusive/semi-exclusive tie-up with Biocon for semaglutide (GLP-1) covering 26 emerging markets (23 exclusive, 3 semi-exclusive); Biocon supplies finished product and dossier, Ajanta files and commercialises under its own brand.^[4]
Dossier filings for semaglutide in 26 emerging markets were to begin in Q1 FY27; commercialisation expected ~3 years after filing (approximately FY29 - 30).^[1][4]
Gynaecology therapy (entered ~1.5 years before Q4 FY26) is tracking ahead of internal expectations; management plans to add MRs to the gynaecology team in FY27.^[1]

Recent developments

Board approved an interim dividend of Rs. 32 per share (face value Rs. 2), totalling approximately Rs. 400 cr, declared in Q1 FY27.^[3]
Company confirmed active pursuit of acquisitions with over Rs. 1,000 cr earmarked, restricted exclusively to the pharma sector.^[4]
FY27 effective tax rate expected to rise to ~26% from 23% in FY26, as one plant exits its tax-exemption period.^[1]
Asia branded generics FY27 full-year guidance revised down to mid-teens to high-teens from prior high-double-digit, due to continued Middle East geopolitical supply disruption.^[3]

Market Cap

₹41,236 Cr

High / Low

₹3,797 / 2,382

Stock P/E

36.3

Price / Book

9.1

Book Value

₹362

EPS

₹84.5

No. of Shares

12.49 Cr

ROCE

32.4%

ROE

25.4%

OPM

24.8%

Debt / Equity

0.05

Sales

₹5,453 Cr

Net Profit

₹1,056 Cr

Promoter holding

63.5%

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