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.
AJANTPHARM / Q1-FY26 / risks
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Ajanta Pharma · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
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.
Forex volatility impacting profitability
INR 25 crore mark-to-market forex loss in Q1 due to euro movement; further volatility could pressure margins.
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.