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Ajanta Pharma Margin Trend — Quarter by Quarter

Ajanta Pharma's EBITDA margin moved from 26.0% in Q1 FY24 to 23.0% in Q4 FY26 across 12 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2623.0%—
Q3 FY2628.0%—
Q2 FY2624.0%-200 bps
Q1 FY2627.0%-200 bps
Q4 FY2525.0%—
Q3 FY2528.0%—
Q2 FY2526.0%—
Q1 FY2529.0%—
Q4 FY2426.0%—
Q3 FY2428.0%—
Q2 FY2428.0%—
Q1 FY2426.0%+300 bps

What management said about ebitda margin

G

Q4 FY26 · EBITDA margin of ~27% for FY27

EBITDA margin guidance of 27% ±1%, factoring in investments in MR additions, R&D, and higher freight/raw material costs from Middle East conflict.

G

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

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

G

Q3 FY26 · Gross margin around 78%±1% for FY26

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

G

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

Management expects EBITDA margin (excluding forex impact) to remain at 27%±1% for the remaining two quarters.

G

Q1 FY26 · EBITDA margin guidance of 27% ± 1% for FY26

CFO guided EBITDA margin in the range of 26-28% for the full year, with potential expansion in FY27 as investments moderate.

G

Q4 FY25 · FY26 EBITDA Margin ~28% (similar to FY25)

CFO guided EBITDA margin around 28% plus/minus 1% for FY26, similar to FY25 level, as higher personnel costs offset gross margin improvements.

G

Q3 FY25 · EBITDA margin of 28% ±1% for FY25

Management expects EBITDA margin to remain around 28% for the full fiscal year, with quarterly fluctuations of 50-100 bps.

G

Q2 FY25 · EBITDA margin around 28% ±1% for FY25

Full-year EBITDA margin guided at 28% plus/minus 1%, with quarterly variations due to product mix and forex.

G

Q1 FY25 · EBITDA margin around 29% ±1% for FY25

EBITDA margin expected to remain in the range of 28-30% for the full year, supported by stable gross margins and controlled expenses.

G

Q4 FY24 · EBITDA margin to sustain at ~28% in FY25

Management guided for EBITDA margin of ~28% for FY25, with potential 100 bps improvement if freight costs normalize.

G

Q3 FY24 · FY24 EBITDA margin guidance revised to 27% ±1%

Management revised full-year EBITDA margin guidance to 27% ±1%, down from 28% in 9M, due to higher freight costs from Red Sea crisis and increased Q4 expenses.

G

Q2 FY24 · FY24 EBITDA margin guidance upgraded to ~26%

Management expects EBITDA margin of around 26% for FY24, up from earlier guidance of 25%, due to improved gross margins and lower logistics costs.