Ajanta Pharma Limited — Q4 FY26
Ajanta Pharma delivered a strong Q4 FY26 with revenue of INR 1,422 crore (+21% YoY) and PAT of INR 267 crore (+18% YoY), driven by stellar US generics growth (+56% YoY) and Afri...
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.
88%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
PCPM in domestic business and generic semaglutide opportunity outside India.
Asked by Siddharth Meghani, CWC
Both PCPM and semaglutide update were provided with specific numbers and timelines.
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Question
One, if you could share your PCPM 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're looking at this outside India and what's the update on that?
Arvind Agrawal (CFO) and Yogesh Agrawal (MD)
On the productivity, the PCPM for the last full year has worked out to INR 3.7 lakhs per man per month. ... Outside of India, we are going to start our filing this quarter. Normally the approvals takes somewhere between 1.5 years to 2 years.
Answered
High priority
Impact of Middle East conflict on costs and ability to pass on increases.
Asked by Avnish Baramal, Waikeria
Management clearly stated cost increases are absorbed and not passed on.
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Question
Sir, just your comments on the impact on the business because of the ongoing Middle East conflict. ... The increase in costs that you would have experienced because of the Middle East conflict, the increase in cost of either raw material or utilities.
Yogesh Agrawal (MD)
The freights have increased, both air and sea across geographies. ... It is absorbed by us in our P&L. ... It is absorbed by the manufacturing companies.
Answered
High priority
Why EBITDA margin guidance is lower at 27% for FY27 vs 27.7% in FY26.
Asked by Tushar Manudhane, Motilal Oswal
Management explained the reasons for lower margin guidance with specific investments.
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Question
Maybe Q4 is relatively weaker quarter traditionally. Just trying to understand why the EBITDA margin guidance is lower at 27% for FY 2027.
Arvind Agrawal (CFO)
we are investing quite a bit on the market in terms of drug registration, in terms of MR addition across the markets. ... we are also proposing to increase the filing across the markets, so that also will increase the R&D cost little bit.
Answered
Medium priority
Number of MRs to be added in India for FY27.
Asked by Tushar Manudhane, Motilal Oswal
Specific number range provided.
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Question
Sir, how many MRs we intend to add in India for FY 2027?
Arvind Agrawal (CFO) and Yogesh Agrawal (MD)
About, I think about 5%-6% is something which we are looking at. In the range of 250-300 MRs.
Partial answer
Medium priority
Inventory days for U.S. market.
Asked by Tushar Manudhane, Motilal Oswal
Initially refused, then gave a general 3-month figure without specifics.
initially declinedthen gave broad range
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Question
how much would have been the inventory days for U.S. market?
Yogesh Agrawal (MD)
We don't give out such a breakup of the inventories market-wise. ... Normally we carry about 3 months inventory.
Answered
High priority
Slowdown in India business in Q4 and expected bounce back.
Asked by Abdulkader Puranwala, ICICI Securities
Management explained the quarterly slowdown as an aberration and reaffirmed annual growth.
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Question
this quarter as compared to, you know, the first nine months, we have seen some bit of a slowdown in the India business, where the growth has been 9.5%. If you could, you know, help us understand any market leading factors or, you know, we expect to bounce back?
Yogesh Agrawal (MD)
If you look at the annualized performance, we have recorded 14% growth, which is significantly higher than the IPM growth rate. ... This one quarter has been an aberration due to inexplicable kind of reasons.
Answered
High priority
Asia business performance and timeline for growth recovery.
Asked by Abdulkader Puranwala, ICICI Securities
Provided specific guidance for Asia growth.
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Question
Any sense on, you know, what is the kind of standard inventory into the system and, you know, by, say, the first half or second half, you know, we should be back to delivering at least some sort of growth into this business?
Yogesh Agrawal (MD)
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.
Answered
High priority
U.S. business trajectory and confidence in sustaining over 500 crore revenue.
Asked by Abdulkader Puranwala, ICICI Securities
Provided specific growth guidance for U.S. business.
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Question
if you can guide us something on how that 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 going into effect 2027.
Yogesh Agrawal (MD)
going forward for the next year, we are looking at a mid-single-digit growth for the U.S. business, considering that for the whole year we have delivered an extremely robust growth of 49%.
Answered
Medium priority
How are shipments to Middle East happening?
Asked by Bino Pathiparampil, Elara Capital
Clear status update on shipments.
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Question
how is the shipments to Middle East happening? Is it happening normally or is it stuck?
Yogesh Agrawal (MD)
the logistics have settled. It is just, it is taking longer and cost has gone up significantly.
Declined
Medium priority
Revenue generated by new product launches over last two years.
Asked by Udhayaprakash J, Value Research
Management did not provide the requested data, deferred to later.
deferred to IR team
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Question
If we could give a rough breakup on, let's say, over the last two years, what is the revenue generated by these new product launches?
Rajesh Agrawal (Joint MD)
That figure, we don't have it at hand at this moment. I would encourage you to email it to the investor relations team, and we'll come back to you.
Answered
Medium priority
Reason for increase in promoter pledge level.
Asked by Udhayaprakash J, Value Research
Clear explanation that pledge is for personal businesses, not company.
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Question
What is the thought for this one? Is it for personal reason or is it purely for, you know, company loan facility?
Arvind Agrawal (CFO)
two other brothers who are developing their new businesses. For their new businesses, they are pledging the share and borrowing for that. Nothing to do with Ajanta Pharma borrowing at all.
Answered
Medium priority
Reason for spike in receivable days and new normal.
Asked by Forum Parekh, PoB Capital
Provided reason and confirmed new normal.
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Question
We see significant jump in FY 2026. What is the reason for the spike, and how should we look at it? I mean, is 125 days the normal days that we should consider, or can it come lower?
Arvind Agrawal (CFO)
this is mainly because of the higher sales at U.S. ... I think we can consider this as a new normal now.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance for FY27 is 27% | 27% | 23% | Overstated vs filing |
| Revenue growth guidance high teens (16-18%) | 17% | 21% | Understated vs filing |
| India business annual growth 14% | 14% | 21% | Understated vs filing |
| U.S. business growth 49% in FY26 | 49% | 21% | Overstated vs filing |
| U.S. business mid-single-digit growth guidance for FY27 | 5% | 21% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.