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Forex volatility impacting reported margins
View Risks →Ajanta Pharma Limited — Q2 FY26
Ajanta Pharma delivered a strong Q2 FY26 with consolidated revenue of ₹1,354 crore (+14% YoY) and PAT of ₹260 crore (+20% YoY).
bullish
high
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Ajanta Pharma delivered a strong Q2 FY26 with consolidated revenue of ₹1,354 crore (+14% YoY) and PAT of ₹260 crore (+20% YoY). Growth was led by US generics (+48% YoY to ₹343 crore) benefiting from recent product launches and market share gains. India branded business grew 12% to ₹432 crore, outpacing IPM. EBITDA margin at 24% was impacted by ₹41 crore mark-to-market forex loss; adjusted EBITDA margin was 27%, in line with guidance. Management maintained EBITDA margin guidance of 27%±1% for H2 and expects US growth to sustain at current run-rate. Africa guidance upgraded to double-digit growth for FY26. Key risk: forex volatility could continue to distort reported margins.
अजंता फार्मा ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल आय ₹1,354 करोड़ रही, जो पिछले साल से 14% ज़्यादा है। मुनाफा ₹260 करोड़ हुआ, जो 20% बढ़ा। अमेरिका में जेनेरिक दवाओं की बिक्री 48% बढ़कर ₹343 करोड़ हो गई, क्योंकि नई दवाएँ लॉन्च हुईं और बाजार हिस्सेदारी बढ़ी। भारत में ब्रांडेड दवाओं का कारोबार 12% बढ़कर ₹432 करोड़ हुआ। कंपनी का मुनाफा मार्जिन 24% रहा, लेकिन विदेशी मुद्रा में उतार-चढ़ाव के कारण ₹41 करोड़ का नुकसान हुआ। इसके बिना मार्जिन 27% होता। कंपनी को उम्मीद है कि अमेरिका में बिक्री ऐसे ही चलेगी और अफ्रीका में भी तेज़ी रहेगी। मुख्य जोखिम: विदेशी मुद्रा में बदलाव से मुनाफा प्रभावित हो सकता है।
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Read Transcript →Quarter Snapshot
US Generics Revenue
₹343 cr
+48% YoY
US generics revenue grew 48% YoY to ₹343 crore, driven by full benefit of 5 launches in H2 FY25 and market share gains.
India Business Growth vs IPM
10%
+2pp vs IPM
India branded business grew 10% vs IPM's 8%, outpacing the market by 2 percentage points as per IQVIA MAT Sep 2025.
Employee Cost Growth
₹317 cr
+21% YoY
Employee cost increased 21% YoY due to MR additions in H2 FY25, reflecting investment in field force expansion.
Inventory Days
56 days
-16 days YoY
Inventory days improved to 56 from 72 a year ago, reflecting sustained working capital efficiency efforts.
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Guidance and risk preview
Management reiterated EBITDA margin guidance of 27% ±1% for the remaining two quarters, excluding forex mark-to-market impact.
Mark-to-market forex losses of ₹41 crore in Q2 distorted EBITDA margin; continued volatility could mask underlying margin performance.
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