India IPM ranking
24th
+2 ranks YoY
Improved from 26th last year; among top 5 in IPM covered market.
AJANTAPHARMA
Healthcare
15 May 2026
Ajanta Pharma Ltd — Q4 FY26
Ajanta Pharma delivered a strong Q4 FY26 with revenue of ₹1,422 crore (+21% YoY) and PAT of ₹267 crore (+18% YoY).
✓ Verified against BSE filing
2-Min Summary
Ajanta Pharma delivered a strong Q4 FY26 with revenue of ₹1,422 crore (+21% YoY) and PAT of ₹267 crore (+18% YoY). Full-year revenue surpassed ₹5,000 crore for the first time, driven by stellar US generics growth (+56% YoY in Q4) and robust India branded business (+14% FY26). EBITDA margin at 23% was impacted by mark-to-market forex losses of ₹42 crore; adjusted margins remain healthy. Management guided for FY27 revenue growth of 16-18% and EBITDA margin of 27% ±1%, factoring in Middle East supply chain disruptions and higher freight costs. Key growth drivers include high double-digit growth in Asia and Africa branded generics, mid-single-digit US growth, and continued India outperformance. Risk: Prolonged Middle East conflict could further inflate logistics costs and pressure margins.
Key Numbers
US generics revenue (Q4)
₹505 crore
+56% YoY
Driven by 8 new launches in 15 months and seasonal flu product demand.
India field force
3,750 MRs
+300 YoY
Added ~300 medical representatives in FY26; targeting 250-300 more in FY27.
India new product contribution to growth
4.7%
+1.9pp vs IPM
Out of 13.1% India growth; industry new product contribution is 2.8%.
Management Guidance
Revenue growth 16-18% for FY27
Overall company revenue expected to grow 16-18% in FY27, driven by high double-digit growth in Asia and Africa branded generics, mid-single-digit US growth, and India outperformance.
revenueEBITDA 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.
marginsCapex of ~₹400 crore in FY27
Capital expenditure expected to increase to around ₹400 crore, including ₹150 crore maintenance and ₹250 crore for capacity expansion.
capexEffective tax rate ~26-26.5% in FY27
Tax rate expected to increase as one manufacturing facility transitions out of exemption period.
otherKey Risks
Middle East supply chain disruption
Geopolitical tensions have increased freight costs and transit times; if prolonged, could impact Asia business recovery and margins.
high · management_commentaryUS FDA observations at Paithan plant
Five observations received; while management expects no immediate impact, any escalation could affect filings or existing product supplies.
medium · analyst_questionPrice erosion in US generics and Africa institutional
Both markets are tender-driven and competitive; management factors erosion into guidance but unexpected acceleration could pressure margins.
medium · analyst_questionPromoter share pledging by non-executive brothers
Two promoter brothers have increased borrowing against shares for their own businesses, though no pledge on Ajanta shares; could raise governance concerns.
low · analyst_questionNotable Quotes
Our revenue from operations grew by 21%. While margins grew by 18%. Reflecting strong operating performance alongside continued investments to support future growth.
We are looking at a mid single digit growth for the US business considering that for the whole year we have delivered a extremely robust growth of 49%.
Our new product contribution within that is 4.7% out of 13%. As against the industry which stands at 2.8% out of 10%.