Ajanta Pharma Limited — Q4 FY25
Ajanta Pharma delivered a solid Q4 FY25 with consolidated revenue of INR 1,170 crore (+11% YoY) and PAT of INR 225 crore (+11% 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.
67%Questions answered4Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Clarification on EBITDA margin guidance for FY26
Asked by Tushar Manudhane, Motilal Oswal Financial Services
Management gave a specific numeric range for EBITDA margin guidance.
Read the exchange
Question
Sir, just a clarification on this EBITDA margin guidance. You said similar to that of FY25, right?
Arvind Agrawal, CFO
28% plus minus 1%.
Answered
High priority
Reason for similar EBITDA margin despite branded generic growth
Asked by Tushar Manudhane, Motilal Oswal Financial Services
Management directly confirmed the reason for margin guidance.
Read the exchange
Question
Sir, but given the kind of growth which we are witnessing in the branded generic business, and still, if you are guiding for the similar EBITDA margin, does it mean that other expenses are going to further rise from here on?
Arvind Agrawal, CFO
Yes, to some extent, because the investment which we have done in people, etc., is going to increase the sales and promotion costs.
Evasive
Medium priority
Reason for lower ophthalmology segment growth
Asked by Vishal Manchanda, Systematix Group
Management provided no explanation for the lower growth.
no specific reason givendismissive response
Read the exchange
Question
In the presentation, you've shown that the ophthalmology segment has grown only 5% this year. Any specific reason the segment growth was lower this year?
Arvind Agrawal, CFO
No, there is no specific reason. I mean, nothing that we can point out. That is what it is.
Answered
Medium priority
Details on capital work in progress of INR 1.76 billion
Asked by Vishal Manchanda, Systematix Group
Management specified the projects comprising the CWIP.
Read the exchange
Question
Sir, you have INR 1.76 billion in capital work in progress. Would you be able to share what that pertains to?
Arvind Agrawal, CFO
It pertains to various projects which we are undertaking. The head office, which is the Ajanta Tower... plus, also, we have our liquid plant in Pithampur.
Answered
Medium priority
Reason for discontinuing Oxtellar XR product on FDA site
Asked by Vishal Manchanda, Systematix Group
Management clarified the product is not discontinued and explained the authorized generic strategy.
Read the exchange
Question
On Drugs@FDA, what I can see is Apotex and one more player have launched the drug, but Ajanta, which also has an approval, but it's showing discontinued there.
Yogesh Agrawal, Managing Director
We have not discontinued. In fact, we have launched that product in the last quarter as an authorized generic from the originator. So we are already there.
Evasive
Medium priority
Quantum of MR addition for next year
Asked by Abdulkader Puranwala, ICICI Securities
Management declined to provide a specific target for MR additions.
no specific number givendeferred to future
Read the exchange
Question
I heard that you have added a few MRs this year. What would be the quantum of MR addition for the next year?
Yogesh Agrawal, Managing Director
We do not have a specific objective for adding any numbers. We will optimize the field strength as we go along... There is no specific number that we are starting the year with.
Evasive
High priority
Outlook for Africa institution business given donor funding uncertainties
Asked by Abdulkader Puranwala, ICICI Securities
Management explicitly refused to provide an outlook for the Africa institution business.
no guidance givencited unpredictability
Read the exchange
Question
Given the recent uncertainties about donor funding, though not directly related to your line of business, any outlook you may like to provide on that front would be helpful.
Yogesh Agrawal, Managing Director
This is one business segment we can never give a guidance on. We do not know what kind of procurements will be done... I think this segment of the business continues to remain unpredictable.
Answered
High priority
Revenue growth guidance for branded generic and US business
Asked by Abdulkader Puranwala, ICICI Securities
Management provided specific growth guidance ranges for both segments.
Read the exchange
Question
Any revenue growth guidance you would like to provide for your branded generic and US business for next year?
Yogesh Agrawal, Managing Director
U.S. business, we are looking to mid to high teens kind of growth. For the... Branded generics, low teens.
Answered
High priority
Outlook on ANDA filings in FY26
Asked by Foram Parekh, Bank of Baroda Capital Markets
Management gave a specific range for ANDA filings.
Read the exchange
Question
Can you highlight on the outlook of ANDA filings in FY 2026, please?
Yogesh Agrawal, Managing Director
We are looking at filing around 10-12 ANDAs in the 2025-2026.
Evasive
High priority
Impact of US tariffs on Ajanta
Asked by Foram Parekh, Bank of Baroda Capital Markets
Management declined to provide a specific impact assessment due to uncertainty.
no clarityfluid situationno comment
Read the exchange
Question
Can you just comment on the U.S. tariff if implemented? How would it impact us?
Yogesh Agrawal, Managing Director
There is no clarity on what kind of tariffs, if at all, they will come... The situation is very, very fluid right now to make any comment.
Answered
Medium priority
R&D spend guidance for next year
Asked by Foram Parekh, Bank of Baroda Capital Markets
Management confirmed R&D spend will remain at 5% of sales.
Read the exchange
Question
We see that R&D contribution is 5% of the sales. Any guidance like whether this would be the same % or are we intending to increase?
Yogesh Agrawal, Managing Director
R&D, we are estimating and guiding around the same percentage. Next year also, we will be at around the same % of 5%.
Answered
Medium priority
CapEx guidance for next year
Asked by Shrikant Akolkar, Nuvama Group
Management provided a specific CapEx figure.
Read the exchange
Question
Just last question, with your permission, what should be the CapEx next year?
Yogesh Agrawal, Managing Director
Around INR 3,000,000,000.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance for FY26: 28% plus minus 1% | 28% | 25% | Overstated vs filing |
| US business growth guidance: mid to high teens | 15% | 11% | Overstated vs filing |
| Branded generics growth guidance: low teens | 12% | 11% | Matches filing |
| Acquired brands annual revenue: INR 15-17 crore | ₹16 cr | ₹1,170 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.