AJANTA PHARMA LIMITED

Makes branded and unbranded generic medicines in India, the United States, Africa and Asia across cardiology, ophthalmology, dermatology and pain therapy. In FY26, India branded generics and US generics were the two largest revenue contributors, while Africa branded generics grew strongly and Asia branded generics dipped modestly due to Middle East supply-chain disruption. The India business sells through a field force and outpaced industry growth in Q1 FY27, with gains spread across cardio, ophthalmology, dermatology and pain. In the US, the company files abbreviated new drug applications (ANDAs) for the generics market, and its Paithan manufacturing facility received a Voluntary Action Indicated classification from the US FDA in 2026, confirming acceptable compliance. The company is expanding manufacturing capacity at Pithampur to support future launches. In FY26, other operating expenses and employee costs were the largest cost lines at 29% and 23.7% of revenue respectively, with materials at 16.8%, reflecting the field-force-intensive branded-generics model.