Forex volatility impacting reported margins
Mark-to-market forex losses of INR 41 crore in Q2 distorted EBITDA margin; continued volatility could mask underlying performance.
AJANTPHARM / Q2-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
IQVIA data anomaly in cardiology segment
IQVIA reports Ajanta's cardiology growth at 6% vs IPM's 12%, but management claims internal sales match IPM; discrepancy unresolved.
Africa business base effect and moderated growth
Africa pharma market expected moderated growth; high base of previous year could weigh on growth despite upgraded guidance.
Inventory days may inch up from current low levels
Management noted current 56-day inventory is not sustainable and expects it to rise to ~65 days, potentially impacting working capital.