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Ajanta Pharma Limited — Q2 FY26
Ajanta Pharma delivered a strong Q2 FY26 with revenue of INR 1,354 crore (+14% YoY) and PAT of INR 260 crore (+20% YoY).
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Ajanta Pharma delivered a strong Q2 FY26 with revenue of INR 1,354 crore (+14% YoY) and PAT of INR 260 crore (+20% YoY). Growth was led by the US generics business (+48% YoY to INR 343 crore) benefiting from recent launches and market share gains. India branded business grew 12% YoY, outpacing IPM. EBITDA margin at 24% was impacted by INR 41 crore forex loss; adjusted 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 (Q2 FY26) में मजबूत प्रदर्शन किया। कंपनी की कमाई 1,354 करोड़ रुपये रही, जो पिछले साल से 14% ज्यादा है। मुनाफा 260 करोड़ रुपये रहा, जो 20% बढ़ा। अमेरिका में जेनेरिक दवाओं का कारोबार 48% बढ़कर 343 करोड़ रुपये हो गया, क्योंकि नई दवाएं लॉन्च हुईं और बाजार हिस्सेदारी बढ़ी। भारत में ब्रांडेड दवाओं की बिक्री 12% बढ़ी, जो पूरे बाजार से तेज रही। कंपनी का मुनाफा मार्जिन 24% रहा, लेकिन इसमें 41 करोड़ रुपये का विदेशी मुद्रा घाटा शामिल है। इस घाटे को हटाकर मार्जिन 27% रहा, जो अनुमान के मुताबिक है। प्रबंधन ने अगली छमाही के लिए 27% मार्जिन का अनुमान बरकरार रखा है। अफ्रीका में वृद्धि दर दोहरे अंकों में रहने का अनुमान है। मुख्य जोखिम: विदेशी मुद्रा में उतार-चढ़ाव से मुनाफा प्रभावित हो सकता है।
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Forex volatility impacting reported margins
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Read Transcript →Quarter Snapshot
US Generics Revenue
INR 343 crore
+48% YoY
US generics revenue grew 48% YoY to INR 343 crore, driven by recent launches and market share gains.
India Business Growth vs IPM
10% vs 8%
+2pp YoY
Ajanta's India business grew 10% vs IPM's 8%, outpacing the market by 32% as per IQVIA MAT Sep 2025.
Inventory Days
56 days
-16 days YoY
Inventory days improved to 56 from 72 YoY, reflecting sustained working capital efficiency efforts.
Employee Count
5,680
+21% YoY (cost)
Total employee count reached 5,680 (India 3,600, EM 2,080) with personnel cost up 21% YoY due to MR additions.
What Changed vs Last Quarter
NEW
Africa business to achieve double-digit growth in FY26
Africa business guidance upgraded from mid-single-digit to double-digit growth for the full year.
UPDATED
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.
UPDATED
US generics to sustain current run rate in H2
US generics revenue run rate of ~INR 343 crore per quarter is expected to be sustained for the next two quarters.
UPDATED
Capex of INR 300 crore for FY26
Capex incurred INR 145 crore in H1, expected to be in line with full-year guidance of INR 300 crore.
DROPPED
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.
NEW RISK
IQVIA data anomaly in cardiology segment
IQVIA reports Ajanta's cardiology growth at 6% vs IPM's 12%, but management claims internal sales match IPM; discrepancy unresolved.
NEW RISK
Inventory days may inch up from current low levels
Management noted current 56-day inventory is not sustainable and expects it to rise to ~65 days, potentially impacting working capital.
RISK GONE
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.
RISK GONE
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.
🤫 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 EBITDA margin (excluding forex impact) to remain at 27%±1% for the remaining two quarters.
Mark-to-market forex losses of INR 41 crore in Q2 distorted EBITDA margin; continued volatility could mask underlying performance.
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