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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
₹1,170 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹297 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 solid Q4 FY25 with consolidated revenue of INR 1,170 crore (+11% YoY) and PAT of INR 225 crore (+11% YoY). Growth was driven by branded generics (74% of revenue, +12% YoY), particularly India (+13%) and Africa (+17%). The US generics business rebounded strongly (+25% YoY) on new product launches. EBITDA margin contracted to 25% (vs 26% in Q4 FY24) due to higher personnel costs from MR additions and gratuity policy changes. Management guided for FY26 revenue growth of low-teens in branded generics and high-teens in US generics, with EBITDA margins around 28% (similar to FY25). Key risks include US tariff uncertainty (Section 232 investigation) and continued unpredictability in the Africa institutional business, which declined 53% in Q4.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects branded generic business to grow in low teens and US generics in high teens, driven by new product launches and market share gains.
- CFO guided EBITDA margin around 28% plus/minus 1% for FY26, similar to FY25 level, as higher personnel costs offset gross margin improvements.
- Capital expenditure for FY26 is estimated at around INR 300 crore, including maintenance capex and ongoing projects like the liquid plant at Pithampur.
- Management expects to file 10-12 ANDAs in FY26, with a robust pipeline and several products in advanced stages.
Risks flagged
- The US has initiated a Section 232 investigation into pharmaceutical imports, which could lead to tariffs. Management has a directional plan but no clarity on outcome.
- The Africa institutional segment declined 53% in Q4 and remains unpredictable due to donor funding uncertainties, including potential USAID cuts.
- Personnel costs rose 21% in FY25 due to MR additions and gratuity policy changes, pressuring EBITDA margins. Normalization expected in FY26 but full-year impact remains.
- Ophthalmology grew only 5% in FY25, below company average. Management attributed it to market trends but offered no specific mitigation plan.
Key quotes
- We are committed to growing the branded generic business in mid-teens, and I am pleased to share that we delivered a healthy growth of 15% during the year.
- Our primary objective remains to outpace each therapeutic segment that we are present in and operate in.
- The situation is very, very fluid right now to make any comment. Having said that, we have evaluated our scenario, strategy, and options.
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