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Ajanta Pharma Q2 FY27 results: net profit up 49.2% to ₹388.14 crore, revenue up 32.5%
Ajanta Pharma Limited reported consolidated Q2 FY27 revenue of ₹1,794 crore for the July–September 2026 quarter, up 32.5% from ₹1,354 crore a year earlier, with a net profit of ₹388.14 crore against ₹260.19 crore. EBITDA rose to ₹547.56 crore and the margin widened to 30.5% from 24.2%, while basic EPS increased to ₹31.07.
Key points
- Consolidated revenue was ₹1,794 crore in Q2 FY27, up 32.5% from ₹1,354 crore in Q2 FY26 and 10.3% from ₹1,626 crore in Q1 FY27.
- EBITDA rose to ₹547.56 crore from ₹327.83 crore a year earlier, with the margin widening by 6.3 percentage points to 30.5%.
- Net profit was ₹388.14 crore in Q2 FY27, up 49.2% from ₹260.19 crore in Q2 FY26, and basic EPS rose to ₹31.07 from ₹20.83.
- For H1 FY27, revenue was ₹3,420.12 crore against ₹2,656.38 crore and profit after tax was ₹722.36 crore against ₹515.53 crore.
- Total assets rose to ₹6,425.27 crore as of 30 September 2026 from ₹6,154.84 crore, while borrowings fell to ₹104.3 crore from ₹211.99 crore.
How did Ajanta Pharma perform in Q2 FY27?
Ajanta Pharma reported consolidated revenue of ₹1,794 crore for Q2 FY27, the July–September 2026 quarter, against ₹1,354 crore in Q2 FY26 and ₹1,626 crore in Q1 FY27. EBITDA was ₹547.56 crore, up from ₹327.83 crore a year earlier and ₹423.58 crore in the previous quarter, with the margin at 30.5% against 24.2% and 26.1% respectively.
Profit before tax was ₹535.15 crore, up from ₹340.81 crore a year earlier and ₹446.80 crore in Q1 FY27. After tax of ₹147.01 crore, the company reported a net profit of ₹388.14 crore, against ₹260.19 crore a year earlier and ₹334.22 crore in the previous quarter. Basic EPS was ₹31.07, against ₹20.83 and ₹26.75 respectively. On a standalone basis, revenue was ₹1,725.07 crore and profit after tax was ₹379.89 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,794 | 1,626 | 1,354 | +32.5% | +10.3% |
| Other income | 37.39 | 70.90 | 59.34 | −37.0% | −47.3% |
| Total expenses | 1,296 | 1,250 | 1,072 | +20.9% | +3.7% |
| EBITDA | 547.56 | 423.58 | 327.83 | +67.0% | +29.3% |
| EBITDA margin | 30.5% | 26.1% | 24.2% | +6.3 pp | +4.4 pp |
| Profit before tax | 535.15 | 446.80 | 340.81 | +57.0% | +19.8% |
| Tax | 147.01 | 112.58 | 80.62 | +82.3% | +30.6% |
| Net profit | 388.14 | 334.22 | 260.19 | +49.2% | +16.1% |
| EPS (₹) | 31.07 | 26.75 | 20.83 | +49.2% | +16.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Ajanta Pharma's costs and profit?
Total expenses were ₹1,296 crore in Q2 FY27, up ₹224.14 crore or 20.9% from ₹1,072 crore a year earlier. Cost of materials was the largest increase at ₹131.37 crore or 60.4%, while employee cost rose ₹66.68 crore or 21.0% and other expenses rose ₹85.72 crore or 21.9%. Depreciation increased ₹4.59 crore or 10.7% to ₹47.56 crore, while finance costs fell ₹1.15 crore or 33.9% to ₹2.24 crore.
Other income fell to ₹37.39 crore from ₹59.34 crore a year earlier, a decline of ₹21.95 crore or 37.0%. Tax was ₹147.01 crore against ₹80.62 crore, up ₹66.39 crore or 82.3%. There was no exceptional item in the quarter. Against the previous quarter, other expenses were lower by ₹15.62 crore, other income was lower by ₹33.51 crore and tax was higher by ₹34.43 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 348.97 | 217.60 | +131.37 | +60.4% |
| Employee cost | 383.69 | 317.01 | +66.68 | +21.0% |
| Finance costs | 2.24 | 3.39 | −1.15 | −33.9% |
| Depreciation | 47.56 | 42.97 | +4.59 | +10.7% |
| Other expenses | 477.80 | 392.08 | +85.72 | +21.9% |
| Total expenses | 1,296 | 1,072 | +224.14 | +20.9% |
| Other income | 37.39 | 59.34 | −21.95 | −37.0% |
| Tax | 147.01 | 80.62 | +66.39 | +82.3% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, revenue was ₹3,420.12 crore against ₹2,656.38 crore in H1 FY26, an increase of ₹763.74 crore or 28.8%. Total income was ₹3,528.41 crore against ₹2,742.05 crore, and profit before tax was ₹981.95 crore against ₹671.94 crore.
Profit after tax for the first half was ₹722.36 crore, up from ₹515.53 crore in H1 FY26, an increase of ₹206.83 crore or 40.1%. EPS rose to ₹57.81 from ₹41.27. The company reported ROCE of 41% and RONW of 31% for the period in its press release.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,420 | 2,656 | +28.8% |
| Profit before tax | 981.95 | 671.94 | +46.1% |
| Net profit | 722.36 | 515.53 | +40.1% |
| EPS (₹) | 57.81 | 41.27 | +40.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets stood at ₹6,425.27 crore as of 30 September 2026, against ₹6,154.84 crore as of 31 March 2026, while total equity rose to ₹4,858.27 crore from ₹4,527.09 crore. Borrowings fell to ₹104.3 crore from ₹211.99 crore and cash was ₹90.18 crore against ₹103.26 crore. Inventories were ₹966.58 crore, trade receivables ₹1,863.6 crore and trade payables ₹571.24 crore.
Operating cash flow for H1 FY27 was ₹749.52 crore, against ₹283.94 crore in H1 FY26. Investing cash flow was an outflow of ₹249.12 crore compared with an outflow of ₹548.94 crore a year earlier, and financing cash flow was an outflow of ₹514.71 crore against an inflow of ₹181.51 crore. Capital expenditure was ₹259.03 crore, up from ₹173.47 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,425 | 6,155 |
| Total equity | 4,858 | 4,527 |
| Borrowings | 104.30 | 211.99 |
| Cash and equivalents | 90.18 | 103.26 |
| Inventories | 966.58 | 938.54 |
| Trade receivables | 1,864 | 1,854 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 749.52 | 283.94 |
| Cash from investing | −249.12 | −548.94 |
| Cash from financing | −514.71 | 181.51 |
| Capital expenditure | 259.03 | 173.47 |
Source: Company's results filing (XBRL).
How has Ajanta Pharma done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters, and profit after tax has also risen in each of the last eight quarters. Revenue moved from ₹1,146.13 crore in Q3 FY25 to ₹1,794.16 crore in Q2 FY27, while net profit moved from ₹232.88 crore to ₹388.14 crore over the same period.
The EBITDA margin bottomed at 23.5% in Q4 FY26 and reached 30.5% in Q2 FY27, after 27.8% in Q3 FY26 and 26.1% in Q1 FY27. Revenue in the latest quarter was above the ₹1,421.64 crore recorded in Q4 FY26, and net profit was above the ₹266.7 crore in that quarter.
What did Ajanta Pharma's management say?
The company said in its press release that as per IQVIA MAT September 2026, its India branded generic performance exceeded IPM growth by 27%, with new launches exceeding IPM by 70% and volumes exceeding IPM by 18%. It reported 52 commercialised ANDAs, 17 awaiting US FDA approval and 5 with tentative approval as of the end of H1 FY27. The company said R&D expense was ₹72 crore in Q2 FY27 and ₹138 crore in H1 FY27, at 4% of revenue.
The earnings call was held on 30 October 2026 at 16:00 hrs IST, and the written transcript was uploaded to the company's website on 4 November 2026. The filing did not set out guidance, and no guidance change was reported. The company's press release set out segment growth, including India branded generics of 16% in Q2 FY27, Asia at 18%, Africa at 41%, US Generic at 41% and Africa Institution at 259%.
How did Ajanta Pharma shares react?
The filing appeared while the market was open. From the price when it appeared, the stock was up 0.7% after 5 minutes, 1.8% after 15 minutes and 1.7% after 30 minutes. On the reaction day it closed flat from the previous close of ₹3,462.4, and by the next day's close it was down 2.0% from that pre-results close.
The Pharmaceuticals industry's other stocks had a median move of -0.8% on the reaction day and -0.7% by the next day's close, giving the stock an excess sector return of 0.8 percentage points on the day and -1.3 percentage points by the next day's close. On earlier results days, the reaction-day moves were 1.0% on 30 July 2026, 0.0% on 5 May 2026, 2.9% on 30 January 2026 and 2.6% on 3 November 2025.
| After the filing | Stock | Pharmaceuticals median |
|---|---|---|
| 5 minutes | +0.7% | |
| 15 minutes | +1.8% | |
| 30 minutes | +1.7% | |
| Reaction day | −0.0% | −0.8% |
| Next day | −2.0% | −0.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 30 July 2026 | +1.0% |
| 5 May 2026 | +0.0% |
| 30 January 2026 | +2.9% |
| 3 November 2025 | +2.6% |
| 28 July 2025 | −1.4% |
| 30 April 2025 | −2.9% |
| 30 January 2025 | +0.6% |
| 28 October 2024 | −0.2% |
Source: MarketPing price-reaction measurement.
How did other Pharmaceuticals companies do?
Sixty Pharmaceuticals companies that have filed for this quarter were compared with Ajanta Pharma. Their median revenue growth was 18.9%. Forty-four of them grew slower than Ajanta Pharma and 16 grew faster than it.
Of the 54 peers for which profit was compared, 38 reported higher profit. Ajanta Pharma's revenue growth of 32.5% was above the peer median of 18.9%.
| Ajanta Pharma revenue growth (YoY) | +32.5% |
|---|---|
| Median of 60 other Pharmaceuticals companies | +18.9% |
| Companies with slower revenue growth than Ajanta Pharma | 44 of 60 |
| Companies with faster revenue growth than Ajanta Pharma | 16 of 60 |
| Companies whose net profit rose | 38 of 54 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Ajanta Pharma's revenue in Q2 FY27?
Revenue from operations was ₹1,794 crore, up 32.5% from ₹1,354 crore in Q2 FY26 (consolidated).
Did Ajanta Pharma make a profit in Q2 FY27?
Yes. Net profit was ₹388.14 crore, against a net profit of ₹260.19 crore in Q2 FY26.
What was Ajanta Pharma's EPS in Q2 FY27?
Basic earnings per share were ₹31.07, against ₹20.83 in Q2 FY26.
How did Ajanta Pharma shares react to the Q2 FY27 results?
On the reaction day the stock moved −0.0% from the previous close; the median Pharmaceuticals stock moved −0.8%.
When did Ajanta Pharma announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Considering And Approving Unaudited Financial Results For Q2 FY 2027 (BSE, 15 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For The Quarter And Half Year Ended 30.09.2026. (BSE, 30 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended 30.09.2026. (BSE, 30 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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