Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Aug - Pls find enclosed newspaper publication for transfer of equity shares to IEPF.
Source: Bse
Ajanta Pharma Limited (AJANTPHARM)
Large CapPharma stocks · Large cap · NSE
Ajanta Pharma is an Indian pharmaceutical company with a diversified business model across Branded Generics in Asia/Africa, US Generics, and India. It focuses on chronic therapies and new product launches, aiming for sustainable long-term growth and strong returns on capital.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result30 Jul, 08:08 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
68BullishSMA20 -1.8% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 49
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
AJANTPHARMD candles · FIT view+19.3%Latest close ₹3298.90 on 2026-10-19
Bar
-0.8%
RSI
36
MACD hist
-23.70
52W pos
65%
2026-10-19O ₹3325.90H ₹3387.50L ₹3285.00C ₹3298.90Vol 36,644 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
AJANTPHARMNifty PharmaNifty 500
- AJANTPHARM
- -4.9%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +0.7 pp
Chart stats
19 Oct 2026- From 52W high
- -13.1%
- 52W range position
- 65%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.36x
- Avg traded value
- ₹32.7 Cr
- 20D price channel
- ₹3,269.9 - ₹3,758.9
₹3,796
₹2,380.2 - ₹3,796
₹96.3
Latest completed session
20-session average
24.4% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE58
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +24.8% · PAT +31.0% YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model+19.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence86
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +25% YoY · PAT +31% YoY · +14% QoQ · operating leverage · margin compression
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,626 Cr | +24.8% | +14.3% |
| EBITDA | ₹424 Cr | +20.8% | +27.3% |
| Operating margin | 26.0% | -100 bps | +300 bps |
| PAT | ₹334 Cr | +31.0% | +25.1% |
| PAT margin | 20.5% | +97 bps | +176 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 36.70
- P/B
- 9.23
- EV/EBITDA
- 25.48
- Market Cap
- 41609.00Cr
Profitability
- ROE
- 27.10%
- ROCE
- 34.50%
- ROA
- 18.80%
- Dividend Y
- 0.96%
Growth (CAGR)
- Revenue 5Y
- 14.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.06
- Interest Coverage
- 104.79×
- Altman Z
- 9.07
- Book Value
- 362.00
Cash Flow
- FCF Yield
- 0.24%
- FCF Positive Y
- 12/5
- OCF
- 529.00 Cr
- EPS TTM
- 90.84
Shareholding
- Promoter Hold
- 63.47%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 68%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 1,626+14.3% vs prev
Net Profit
₹ CrLatest: 334+25.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 36.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~1.8% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 13% off 52W high · 38% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
88
RS percentile
Stage 1 Base / Transition
1M return
-7.4%
3M return
-4.9%
6M return
+18.7%
1Y return
+38.1%
RS 1D
0
RS 20D
+2
Sector rank
#1
Industry rank
#3
Stage evidence
- Price is within 1.9% of the 30-week proxy.
- The 30-week proxy changed +2.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 137.9+0.12%
RS vs Nifty 500138
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 58 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation5/30
Growth14/25
Quality19/20
Balance Sheet11/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
58
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
58/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 19.3%.
- Quality contributes 19/20 to the score.
Main drags
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
36.7
PB
9.2
EV/EBITDA
25.5
ROE
27.1%
ROCE
34.5%
FCF Yield
0.2%
Debt/Equity
0.1
MoS
+19.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
58
Previous: 58
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+19.3%
Previous: +19.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
57
57
57
57
58
58
58
58
58
58
58
58
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹860.17
-283.5% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹4,087.8
+19.3% MoS
PEG
2.18
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GLAXO
Large
GlaxoSmithKline Pharmaceuticals Limited
Pharmaceuticals
match 171
60
40.9
45.6%
+12%
UNDERVALUED
EMCURE
Large
Emcure Pharmaceuticals Limited
Pharmaceuticals
match 170
58
33.5
20.1%
+26%
FAIR VALUE
IPCALAB
Large
IPCA Laboratories Limited
Pharmaceuticals
match 165
45
35.4
15.7%
-336%
WATCHLIST
CAPLIPOINT
Large
Caplin Point Laboratories Limited
Pharmaceuticals
match 162
61
26.3
20.9%
+43%
UNDERVALUED
ERIS
Large
Eris Lifesciences Limited
Pharmaceuticals
match 162
55
24.5
18.7%
+47%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:14:08.502Z
Management commentary snapshot
Ajanta Pharma achieved record FY26 revenue of Rs. 5,453 crores (+17% YoY) and net profit of Rs. 1,056 crores (+15% YoY), driven by robust US Generics (+49% YoY) and India business (+14% YoY) performance. EBITDA margin was 26% (27% ex-forex).
The company delivered strong FY26 results, surpassing key financial milestones. While Q4 Asia business faced geopolitical disruptions, management's high-teen revenue growth and stable 27% EBITDA margin guidance for FY27, supported by strategic investments and new launches, suggests continued momentum. USFDA observations for Paithan require monitoring.
Current business mix
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Branded Generics (Asia & Africa)38.0%
US Generics29.0%
India Business30.0%
Africa Institution3.0%
Growth engines
US Generics Performance
positiveRobust 49% growth in FY26 driven by 8 new launches over the past 15 months and increased market share.
India Business Outperformance
positiveIndia business grew 14% in FY26, outperforming the IPM growth of 10%, supported by 26 new product launches.
Africa Branded Generics Expansion
positiveDelivered strong 15% growth in FY26 with 8 new product introductions, supporting continued expansion in the region.
Gynaecology Therapy Area
positiveNew therapy in gynaecology is progressing well and is expected to contribute meaningfully to future growth.
Capacity and execution
FY27 Capex Plan
positiveCapex is expected to increase to around Rs. 400 crores in FY27, including Rs. 150 crores for maintenance and Rs. 250 crores for new capacity expansion at existing sites.
Tailwinds
Diversified Business Model
positiveDiversified business model supports consistent growth even as certain markets experience temporary variations.
New Product Contribution
positiveNew product launches contributed 4.7% to India's 13% growth, significantly higher than the industry's 2.8% contribution.
Streamlined Logistics in Asia
positiveLogistics in Asia have been streamlined, despite increased transit times, with no demand challenge observed.
Headwinds
Geopolitical Disruptions
negativeGeopolitical developments in the Middle East led to significant supply chain disruptions, impacting Asia business dispatches in Q4.
Increased Freight Costs
negativeFreight costs (air and sea) have increased across geographies due to the Middle East conflict, absorbed by the company.
Rising RM-PM Costs
negativeIncreased raw material and packaging material costs are anticipated if the Middle East conflict continues, to be absorbed by the company.
Risk radar
Geopolitical Instability
neutralOngoing Middle East conflict poses risks of continued supply chain disruptions and cost increases (freight, RM-PM).
USFDA Compliance
neutral5 observations at Paithan facility require timely and effective response to FDA to avoid potential future impacts.
Price Erosion in Competitive Markets
neutralUS Generics and Africa Institutional are tender-driven and competitive, with price erosion factored into guidance.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company primarily reports full-year and quarterly results on a year-on-year basis, and the business segments, particularly branded generics, are subject to seasonal and annual strategic planning cycles.
Sector KPIs management disclosed
Revenue Growth (FY26 YoY)
positiveRevenue from operations grew by 21% in Q4 and 17% for the full year FY26, reaching Rs. 5,453 crores.
Net Profit Growth (FY26 YoY)
positiveNet profit crossed Rs. 1,000 crores, growing 15% for the full year FY26 to Rs. 1,056 crores.
India Business Growth (FY26 YoY)
positiveIndia business revenue reached Rs. 1,654 crores, registering a healthy growth of 14% for FY26. Outperformed IPM (13% vs 10%).
US Generics Growth (FY26 YoY)
positiveUS Generics sales reached Rs. 1,557 crores, registering a robust growth of 49% for FY26, driven by 8 new launches.
Management forward view
FY27 Revenue Growth Guidance
positiveManagement is looking at a 'high teen' revenue growth for the overall company in FY27.
FY27 EBITDA Margin Guidance
positiveConfident of maintaining EBITDA margin of 27% (+/-1%) in FY27, while making further market investments.
Field Force Expansion
positivePlanning to add 250-300 MRs in India and 130-150 MRs in Asia/Africa in FY27 to optimize coverage.
Semaglutide Opportunity
positiveFilings for generic semaglutide outside India to start this quarter; commercialization expected in 2 years, meaningful impact in 3-4 years.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Asia Branded Generics Growth | -1% YoY (FY26), -10% YoY (Q4 FY26) | Recovery to high double-digit growth in coming quarters as guided by management. |
| EBITDA Margin | 26% (FY26), 27% ex-forex | Maintenance of 27% (+/-1%) guidance amidst continued investments and potential cost pressures from geopolitical events. |
| USFDA Paithan Facility Status | 5 observations received | Successful submission of response to FDA and confirmation of no impact on filings or existing product supplies. |
| Semaglutide Launch Progress | Filings starting Q1 FY27 | Approval timelines and initial launch progress in various markets, with meaningful revenue impact expected in 3-4 years. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
86Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 100th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
45 docs text-extracted · 6 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
99th percentile
overall median 67 · Pharma: 100th pctile, median 70 · Large: 96th pctile, median 73
Evidence depth
Financial-only
45 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 63.5%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.2%.
- ▸12 years of positive FCF.
Trust risks
- ▸Promoter holding fell 2.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ajanta Pharma Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcript
Announcement under Regulation 30 (LODR)-Earnings Call Transcript 3 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul - Pls find enclosed newspaper publication of financial results for the quarter ended 30.06.2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 20 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Jun - Pls find enclosed newspaper publication of AGM Notice
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.