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Ajanta Pharma Limited — Q1 FY26
Ajanta Pharma delivered a 14% revenue growth to INR 1,303 crore in Q1 FY26, driven by a 36% surge in US generics (INR 310 crore) and 16% India growth (INR 409 crore).
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Ajanta Pharma delivered a 14% revenue growth to INR 1,303 crore in Q1 FY26, driven by a 36% surge in US generics (INR 310 crore) and 16% India growth (INR 409 crore). Gross margin expanded 200 bps to 79% due to favorable product mix and API prices, but EBITDA margin contracted 200 bps to 27% due to higher other expenses (including INR 25 crore forex loss) and personnel costs. PAT grew only 4% to INR 255 crore, impacted by the forex loss. Management maintained guidance: US run-rate sustainable, India to outpace IPM by 20-25%, Asia mid-teens growth, Africa mid-to-high single-digit growth. EBITDA margin guided at 27% ± 1% for FY26. Risk: Cardiac division underperforming IPM; management expects recovery in 2-3 quarters.
अजंता फार्मा ने पहली तिमाही (अप्रैल-जून 2025) में 14% ज्यादा कमाई की, जो 1,303 करोड़ रुपये रही। इसकी वजह अमेरिका में जेनेरिक दवाओं की बिक्री में 36% उछाल (310 करोड़) और भारत में 16% बढ़ोतरी (409 करोड़) थी। कच्चे माल की कम कीमतों और बेहतर उत्पाद मिश्रण से कंपनी का मुनाफा मार्जिन 79% हो गया। लेकिन दूसरे खर्चों (जैसे 25 करोड़ का विदेशी मुद्रा घाटा) और कर्मचारी लागत बढ़ने से EBITDA मार्जिन 27% पर आ गया। कुल मुनाफा सिर्फ 4% बढ़कर 255 करोड़ रुपये रहा। कंपनी का कहना है कि अमेरिका में बिक्री स्थिर रहेगी, भारत में बाजार से 20-25% ज्यादा बढ़ोतरी होगी, और एशिया-अफ्रीका में अच्छी ग्रोथ रहेगी। EBITDA मार्जिन 27% के आसपास रहने का अनुमान है। दिल की दवाओं का कारोबार कमजोर है, लेकिन 2-3 तिमाहियों में सुधार की उम्मीद है।
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Cardiac division underperformance vs IPM
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US Generics Revenue
INR 310 crore
+36% YoY
Driven by five new launches in H2 FY25 and one in Q1 FY26; run-rate expected to sustain.
India Business Growth vs IPM
10.3% vs 8%
+2.3pp YoY
Ajanta outpaced IPM by 29% as per IQVIA MAT June 2025; volume growth 2.5% vs IPM 1.5%.
Gross Margin
79%
+200bps YoY
Improvement from better product mix and favorable API prices; one-off provisioning added ~1%.
Asia Branded Generics Revenue
INR 304 crore
+10% YoY
10 new products launched; full-year guidance of mid-teens growth maintained.
What Changed vs Last Quarter
NEW
US generics run-rate to sustain at current level for FY26
Management expects the current quarterly run-rate of ~INR 310 crore to continue for the remaining three quarters, supported by existing limited-competition products and 2-3 more launches planned.
NEW
India business to grow 20-25% higher than IPM growth
India business aims to grow at 10%+ if IPM grows at 8%, maintaining its outperformance trajectory.
UPDATED
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.
UPDATED
CapEx guidance of INR 300 crore for FY26
Includes maintenance CapEx of INR 150-200 crore and expansion of liquid plant at Pithampur for emerging markets.
DROPPED
FY26 Revenue Growth: Branded generics low-teens, US generics high-teens
Management expects branded generic business to grow in low teens and US generics in high teens, driven by new product launches and market share gains.
DROPPED
FY26 ANDA Filings: 10-12 filings
Management expects to file 10-12 ANDAs in FY26, with a robust pipeline and several products in advanced stages.
NEW RISK
Cardiac division underperformance vs IPM
Cardiology growth has been lower than IPM due to competitive intensity and market share loss; management expects recovery in 2-3 quarters.
NEW RISK
Africa branded business growth moderation
Africa sales were flat YoY in Q1 due to high base from 28% growth last year; full-year guidance of mid-to-high single-digit growth may be at risk if headwinds persist.
NEW RISK
Forex volatility impacting profitability
INR 25 crore mark-to-market forex loss in Q1 due to euro movement; further volatility could pressure margins.
NEW RISK
Elevated other expenses weighing on margins
Other expenses grew 42% YoY due to investments in branded generics; management expects mid-teen growth for FY26, keeping EBITDA margin in check.
RISK GONE
US Tariff Uncertainty
The US has initiated a Section 232 investigation into pharmaceutical imports, which could lead to tariffs. Management has a directional plan but no clarity on outcome.
RISK GONE
Africa Institutional Business Volatility
The Africa institutional segment declined 53% in Q4 and remains unpredictable due to donor funding uncertainties, including potential USAID cuts.
RISK GONE
Elevated Personnel Costs Impacting Margins
Personnel costs rose 21% in FY25 due to MR additions and gratuity policy changes, pressuring EBITDA margins. Normalization expected in FY26 but full-year impact remains.
RISK GONE
Ophthalmology Segment Slowdown
Ophthalmology grew only 5% in FY25, below company average. Management attributed it to market trends but offered no specific mitigation plan.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q3 FY25, Q4 FY25
The Africa institutional segment declined 53% in Q4 and remains unpredictable due to donor funding uncertainties, including potential USAID cuts.
Mentioned in Q1 FY25, Q2 FY25, Q4 FY25
Management expects branded generic business to grow in low teens and US generics in high teens, driven by new product launches and market share gains.
Mentioned in Q1 FY25, Q4 FY25
Management expects to file 10-12 ANDAs in FY26, with a robust pipeline and several products in advanced stages.
Mentioned in Q2 FY25, Q3 FY25
Entry into gynecology and nephrology in India and CNS in Asia will increase SG&A and personnel costs, potentially pressuring near-term margins.
Mentioned in Q2 FY25, Q3 FY25
Management guided for double-digit growth in U.S. generics next fiscal year, driven by new launches including 2-3 limited competition products.
Fast read
Guidance and risk preview
Management expects the current quarterly run-rate of ~INR 310 crore to continue for the remaining three quarters, supported by existing limited-com...
Cardiology growth has been lower than IPM due to competitive intensity and market share loss; management expects recovery in 2-3 quarters.
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