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Ajanta Pharma Margin Trend — Quarter by Quarter

Ajanta Pharma's EBITDA margin moved from 24.0% in Q2 FY26 to 23.0% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2623.0%-900 bps
Q3 FY2628.0%—
Q2 FY2624.0%-900 bps

What management said about ebitda margin

G

Q4 FY26 · EBITDA margin ~27% ±1% for FY27

Management guided EBITDA margin of 27% with a variation of plus/minus 1%, factoring in investments, higher freight costs, and R&D spending.

G

Q3 FY26 · FY26 EBITDA margin guidance of 27%±1%

Management reiterated EBITDA margin guidance of 27%±1% for the full year, excluding forex mark-to-market impact.

G

Q3 FY26 · FY26 gross margin guidance of 78%±1%

Gross margin expected to remain around 78%±1% for the full year.

G

Q2 FY26 · EBITDA margin guidance of 27% ±1% for H2 FY26

Management reiterated EBITDA margin guidance of 27% ±1% for the remaining two quarters, excluding forex mark-to-market impact.