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Revenue
₹1,303 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹351 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- India business aims to grow at 10%+ if IPM grows at 8%, maintaining its outperformance trajectory.
- CFO guided EBITDA margin in the range of 26-28% for the full year, with potential expansion in FY27 as investments moderate.
- Includes maintenance CapEx of INR 150-200 crore and expansion of liquid plant at Pithampur for emerging markets.
Risks flagged
- Cardiology growth has been lower than IPM due to competitive intensity and market share loss; management expects recovery in 2-3 quarters.
- 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.
- INR 25 crore mark-to-market forex loss in Q1 due to euro movement; further volatility could pressure margins.
- Other expenses grew 42% YoY due to investments in branded generics; management expects mid-teen growth for FY26, keeping EBITDA margin in check.
Key quotes
- The year commenced on a strong note, with revenue from operations growing by 14% and margins remaining resilient despite higher expenses.
- We continue to outpace the IPM and the Indian Pharmaceutical Market by 29% as per IQVIA MAT June 2025 with Ajanta delivering an impressive growth of 10% compared to IPM's 8% growth.
- Our geography focus remains first, primarily India for the acquisition, and second is Asia and Africa.
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