NSE: AJANTPHARM · BSE: 532331
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India Branded Generics, US Generics, Africa Branded Generics, Asia Branded Generics. Diversified generic pharma across multiple geographies, with both branded and unbranded exposure and ongoing capacity expansion.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,341 | 3,743 | 4,209 | 4,648 | 5,453 |
| EBITDA (ex other income) | 929 | 783 | 1,172 | 1,260 | 1,395 |
| margin % | 27.8 | 20.9 | 27.8 | 27.1 | 25.6 |
| Owners' profit | 0 | 0 | 817 | 920 | 1,056 |
| EPS, as reported (₹) | 82.45 | 45.89 | 64.82 | 73.56 | 84.53 |
| ROE % · ROCE % | 21.8 · 27.0 | 17.4 · 21.2 | 22.9 · 30.0 | 24.3 · 30.1 | 23.3 · 29.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 |
| Cash from operations | 562 | 792 | 785 | 1,157 | 529 |
| Capex | (149) | (174) | (152) | (318) | (365) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,187 | 1,146 | 1,170 | 1,303 | 1,354 | 1,375 | 1,422 | 1,626 |
| Profit before tax | 290 | 307 | 269 | 331 | 341 | 359 | 347 | 447 |
| Net profit | 216 | 233 | 225 | 255 | 260 | 274 | 267 | 334 |
| EPS (₹) | 17.27 | 18.60 | 18.00 | 20.44 | 20.83 | 21.91 | 21.35 | 26.75 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.1 | 30.8 | 100 of 158 | 37% |
| P/B | 9.6 | 3.1 | 145 of 163 | 11% |
| ROCE | 29.1 | 10.8 | 10 of 183 | 95% |
| ROE | 23.3 | 9.8 | 14 of 166 | 92% |
| Debt / Equity | 0.1 | 0.2 | 66 of 166 | 61% |
| EBITDA margin | 30.4 | 17.5 | 33 of 165 | 81% |
| Revenue growth | 24.8 | 16.3 | 60 of 161 | 63% |
| Profit growth | 30.9 | 30.9 | 81 of 158 | 49% |
| Market cap | 43434 | 806 | 17 of 181 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Promoter pledges 30,000 Ajanta Pharma shares as top-up call | ownership changes | high | — | — |
| 15 Oct 2026 · Ajanta Pharma Q2 FY27 earnings call on 30 October 2026 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board meeting on 30 Oct 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 7 Oct 2026 · Routine quarterly compliance certificate for dematerialised securities | compliance | minimal | — | — |
| 6 Oct 2026 · Ajanta Pharma promoter creates pledge on 4.6 lakh shares | ownership changes | high | — | — |
| 1 Oct 2026 · Additional pledge of 26.21 lakh Ajanta Pharma shares by promoter group | ownership changes | high | — | — |
| 30 Sept 2026 · Ajanta Pharma submits Sustainability Report for FY26 | general | low | — | — |
| 28 Sept 2026 · Ajanta Pharma promoter releases pledge on 98,185 shares | ownership changes | medium | — | — |
| 25 Sept 2026 · Trading Window closed from 1 Oct till Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · Promoter Aayush Agrawal releases pledge on 17.36 lakh Ajanta Pharma shares | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.