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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,354 Cr
verified against source
Revenue YoY
14%
reported change
EBITDA
₹328 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA margin (excluding forex impact) to remain at 27%±1% for the remaining two quarters.
- US generics revenue run rate of ~INR 343 crore per quarter is expected to be sustained for the next two quarters.
- Africa business guidance upgraded from mid-single-digit to double-digit growth for the full year.
- Capex incurred INR 145 crore in H1, expected to be in line with full-year guidance of INR 300 crore.
Risks flagged
- Mark-to-market forex losses of INR 41 crore in Q2 distorted EBITDA margin; continued volatility could mask underlying performance.
- IQVIA reports Ajanta's cardiology growth at 6% vs IPM's 12%, but management claims internal sales match IPM; discrepancy unresolved.
- Africa pharma market expected moderated growth; high base of previous year could weigh on growth despite upgraded guidance.
- Management noted current 56-day inventory is not sustainable and expects it to rise to ~65 days, potentially impacting working capital.
Key quotes
- We remain confident to continue this growth journey with all our business shaping up as planned.
- The correct metrics will be to see what is the growth we are posting year over year on the top line and the bottom line.
- We are in talks with IQVIA to see how this anomaly can be taken out... I'm not too worried.
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