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).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
ACPMS in domestic business and generic semaglutide opportunity outside India.
Asked by Sedat Nandhi, CWC
Answered semaglutide timeline but deferred ACPMS to later in call.
no specific ACPMS number given initiallysemaglutide timeline vague
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Question
if you could share your ACPMS in the domestic business. Second if you could give some color in terms of how are you looking at the generic semaglutide opportunity primarily from what I understand you looking at this outside India
Yogesh Shakarwal (Management)
outside of India we are going to start filing this quarter and normally the approvals takes somewhere between one and a half years to two years
Answered
Medium priority
Average ACPM for mature reps and steady state.
Asked by Sedat Nandhi, CWC
Provided a clear numeric range for steady state PCPM.
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Question
given the significant additions to the pay force what's the average ACPM and how much is that higher by maybe that gives a sense of how that steady state looks like.
Yogesh Shakarwal (Management)
I think four to four and a half lakh is the steady state PCPM we are looking for.
Partial answer
High priority
Impact of Middle East conflict on costs and pass-through.
Asked by Anish Burmal, Varia
Acknowledged cost increases but gave no specific numbers and said impact not yet felt.
no quantification of cost increasedeferred impact to future quarters
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Question
your comments on the impact on the business because of the ongoing Middle East conflict and how you are managing the cost in your domestic business versus the international business.
Yogesh Shakarwal (Management)
the rates have increased both air and sea across geography. It is not only restricted to the Middle East supplies. Since last quarter we had inventory with us we did not see the impact of the same in the quarter.
Evasive
Medium priority
Whether freight cost increases are passed to customers.
Asked by Anish Burmal, Varia
Response was cryptic and did not clarify pass-through ability.
unclear acronymno explanation
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Question
the freight and insurance cost increase that you are witnessing right now are you able to pass it on to your customers or are you partly absorbing it in your P&L?
Yogesh Shakarwal (Management)
it is absorbed by DNR.
Partial answer
High priority
Why margin guidance is lower at 27% despite growth.
Asked by Tushar Manuan, Motila Losa
Explained reasons qualitatively but did not quantify the impact on margin.
no quantification of investment impactvague on R&D increase
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Question
Q4 relatively weaker quarter traditionally just trying to understand why the housing guidance is lower at 27% for that's my first question given that we will have decent growth across the geography
Yogesh Shakarwal (Management)
we are investing in terms of addition across the market all that investment is going on. So that investment also is something which is charged to P&L we are also proposing to increase the filing across the market. So that also will increase the R&D cost a little bit.
Answered
Medium priority
Number of MRs to add in India and Asia Africa.
Asked by Tushar Manuan, Motila Losa
Provided specific ranges for MR additions in both regions.
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Question
how many you intend to add in India for ...
Yogesh Shakarwal (Management)
we are looking at an addition of 250 to 300. This is a very broad ballpark working. ... we are intending to add MR in Asia also again five to 6%. So you can imagine about 130 150 people will be added there as well.
Partial answer
Medium priority
Inventory days for US market.
Asked by Tushar Manuan, Motila Losa
Refused to break out US inventory but provided overall company inventory days.
declined to give US-specific numbergave overall inventory
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Question
how much would have been the inventory days for US market
Yogesh Shakarwal (Management)
we don't give out such a break up of the inventories market wise so broadly not specific but in general how much inventory we carry for years. ... normally we carry about 3 months inventory.
Evasive
High priority
Reason for India business slowdown in Q4 and outlook.
Asked by Abdul Kadir Puranwall, ICICI Securities
Dismissed the slowdown as an anomaly without providing a clear cause.
blamed 'unexplicable reasons'no concrete explanation
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Question
this quarter as compared to the first 9 months we have seen some bit of a slowdown in the India business where the growth has been 9 and a half%. So if you could help us understand any market leading factors or know we expect to bounce back from this current growthful level in the coming quarters.
Yogesh Shakarwal (Management)
if you look at the annualized performance we have call it 14% growth which is significantly higher than the IPM growth rate. This one quarter has been an aggression due to unexplicable kind of reasons. However, if I correlate with the SMSRC prescription data as well as the INMS secondary data, they're all very positive.
Partial answer
High priority
Asia business inventory normalization and growth outlook.
Asked by Abdul Kadir Puranwall, ICICI Securities
Did not quantify inventory normalization but gave growth guidance.
no specific inventory level givendeferred to guidance
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Question
on the Asia business where I heard your commentary that the performance was not in line with our expectation. So any sense on what is the kind of standard inventory into the system and by say the first half or second half we should be back to delivering at least some sort of growth into this business.
Yogesh Shakarwal (Management)
we have seen that the logistics have been now streamlined. ... we are looking that in the next year our guidance for the Asia is in the high double digits. So we should be able to deliver a good performance.
Answered
High priority
US business trajectory and confidence in sustaining over 500 crore revenue.
Asked by Abdul Kadir Puranwall, ICICI Securities
Provided clear growth guidance for US business and explained seasonality.
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Question
on your US business. Again very still quarter on that front. But if you can guide us something on how the trajectory going ahead would be and how confident are we on achieving this over 500 crores of revenue what we have seen in this quarter and in effect moving into FY27.
Yogesh Shakarwal (Management)
this whole year has been exceptionally strong. ... going forward for the next year 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%.
Answered
High priority
Impact of US FDA inspection at Paithan plant on filings and supply.
Asked by Rohan, Nvision Capital
Clearly stated no impact on filings or current supply.
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Question
this question was in regards to the US FDA inspection that happened in our Paithan plant. So just wanted to understand what is the kind of impact this can have in our plants going forward and for the supply that we are doing today.
Yogesh Shakarwal (Management)
the 483 as we have informed on the stock exchange, we have five observations. ... we are moving forward to submit our response to the FDA. ... there are no impact on the filings also we continue business as normal.
Partial answer
Medium priority
Revenue contribution from new product launches over last two years.
Asked by Praash, Value Research
Did not answer the two-year question but provided one-year new product contribution.
declined to provide two-year figureoffered only one-year data
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Question
we have been pretty consistent in terms of new product launches in the recent year. So if we could give a rough break up on let's say over the last two years what is the revenue generated by the new product.
Yogesh Shakarwal (Management)
that figure we don't have it at hand at this moment. I would encourage you to email it to the investor relations team. ... what I can share with you is last 12 months the breakup position of the 13% growth ... our new product contribution within that is 4.7% out of 13%.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| India business annualized growth 14% | 14% | 21% | Understated vs filing |
| US business growth 49% for the year | 49% | 21% | Overstated vs filing |
| Margin guidance 27% for FY27 | 27% | 23% | Overstated vs filing |
| Revenue guidance high double digit (16-18%) for FY27 | 17% | 21% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.