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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 67/100Rev +25% YoY · PAT +31% YoY · +14% QoQ · operating leverage · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
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.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
61BullishSMA20 +3.9% / mo · MACD − · sector +2.2pp vs Nifty (3M)
Technical chart
AJANTPHARMdaily · 1Y · AUTO+16.5%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 44. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~3.8% over last month) — short-term momentum positive.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 9% off 52W high · 49% 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.
Relative Strength & Trend Stage
- Price is 10.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.7%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 57 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 15.2%.
- Quality contributes 19/20 to the score.
Main drags
- Valuation is weaker at 4/30; 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.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
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.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: 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.
High Trust Lite: Promoter holding is 63.5%. Key concern: Promoter holding fell 2.8%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Pharma: 100th pctile, median 70 · Large: 97th pctile, median 73
43 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 38.20
- P/B
- 9.57
- EV/EBITDA
- 26.51
- Market Cap
- 43296.00Cr
Profitability
- ROE
- 27.10%
- ROCE
- 34.50%
- ROA
- 18.80%
- Dividend Y
- 0.92%
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
- 0.23%
- FCF Positive Y
- 12/5
- OCF
- 529.00 Cr
- EPS TTM
- 90.84
Shareholding
- Promoter Hold
- 63.49%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 77%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Pharma, ranked by similarity
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.