Ajanta Pharma Limited (AJANTPHARM)
₹3,329.00 -0.90% last close, 16 Oct
Q2 FY27 results
📅 Next results: 30 Oct 2026 (board meeting)Ajanta Pharma Limited's board meets on 30 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Ajanta Pharma's revenue was ₹1,626 Cr (+24.8% year on year, +14.3% on the previous quarter), and net profit ₹334 Cr (+30.9% year on year); the operating margin was 26.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,626 | +24.8% | +14.3% |
| Operating profit | ₹424 | +20.6% | +27.2% |
| Net profit | ₹334 | +30.9% | +25.2% |
| EPS (₹) | 26.75 | +30.9% | +25.3% |
| Operating margin | 26.1% | — | — |
AJANTPHARM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.39% of the AJANTPHARM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.28%. That is close to its usual level. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 63.8% · 74.2% · 54.4% · 54.7% · 54.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ajanta Pharma Limited has submitted its confirmation certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026. It confirms that securities received for dematerialisation during the quarter were duly processed, accepted or rejected, and the relevant certificates mutilated and cancelled within the prescribed timelines. This is a standard quarterly regulatory submission with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September 2026
- Certificate received from Registrar and Share Transfer Agent MUFG Intime India Private Limited dated 03-10-2026
- Filing officially submitted to BSE and NSE on 7th October 2026
Ajanta Pharma Limited has informed the exchanges regarding its upcoming schedule of analyst and institutional investor conferences in September 2026. The company is set to participate in the Jefferies India Forum on September 16, 2026, in New Delhi for one-on-one interactions. Additionally, management will attend the PL Capital Mid & Small Cap Conference 2026 on September 28, 2026, at Trident, BKC in Mumbai. The company confirmed that discussions will strictly rely on already published information.
- Meeting 1: Jefferies India Forum on 16th September 2026 (One on one) at Oberoi, New Delhi
- Meeting 2: PL Capital Mid & Small Cap Conference on 28th September 2026 at Trident, BKC
- Confirmed all discussions will strictly cover already published information
Ajanta Pharma has announced its participation in two upcoming institutional investor conferences in August 2026. The first is the Nuvama India Conference (Singapore & Hong Kong Edition) from August 11-13, featuring one-on-one meetings. The second is the Motilal Annual Global Conference in Mumbai on August 18. These meetings follow a strong FY26 performance where the company reported a revenue of 5,453 Cr and maintained a high ROCE of 31.0%.
- Scheduled participation in Nuvama India Conference from August 11th to 13th, 2026, in Singapore and Hong Kong.
- Attendance at the Motilal Annual Global Conference at Grand Hyatt, Mumbai, on August 18th, 2026.
- Company reported TTM Revenue of 5,453 Cr and TTM PAT of 1,056 Cr as of the latest financial context.
- Maintains a robust Operating Profit Margin (OPM) of 25.57% for FY26.
- Promoter holding remains stable at 66.25% as of March 2026.
Ajanta Pharma has published the written transcript of its Q1 FY27 earnings call held on July 30, 2026. The company currently maintains a TTM revenue of ₹5,453 Cr and a PAT of ₹1,056 Cr, with a robust ROCE of 31.0%. The transcript provides detailed management commentary on the company's strategy to outpace the Indian Pharma Market (IPM) and its focus on chronic therapies. This is a standard regulatory filing following the quarterly results announcement.
- Earnings call transcript for Q1 (Apr-Jun) 2026-27 released on August 3, 2026
- Company reported TTM revenue of ₹5,453 Cr and TTM PAT of ₹1,056 Cr
- Maintains high operating profit margins (OPM) of 25.6% as per latest TTM data
- Management previously highlighted outpacing the IPM growth by 32%
- Promoter holding remains stable at 66.25% as of March 2026
Ajanta Pharma has uploaded the audio recording of its Q1 FY2027 earnings conference call held on July 30, 2026. This routine disclosure follows the company's recent financial performance where TTM revenue reached Rs 5,453 Cr with a healthy OPM of 25.6%. Investors can access the recording via the provided link to understand management's commentary on growth strategies and market expansion. A written transcript is expected to be submitted in due course.
- Earnings call conducted on July 30, 2026, at 4:15 PM IST
- Recording pertains to the Q1 FY2027 financial results
- Company reports a TTM revenue of Rs 5,453 Cr
- Maintains a high ROCE of 31.0% and low debt of Rs 35 Cr
Ajanta Pharma Limited has allotted 23,400 equity shares of Rs 2 each following the exercise of employee stock options (ESOPs). This allotment increases the company's total paid-up equity capital to Rs 24.99 crore, comprising 12,49,59,024 shares. The dilution resulting from this issuance is negligible at approximately 0.018% of the total equity base. The company is proceeding with the listing application for these new shares on the BSE and NSE.
- Allotment of 23,400 fully paid-up equity shares of Rs 2 each upon exercise of options.
- Total paid-up capital increased to Rs 24,99,18,048 from the previous level.
- Total number of equity shares outstanding now stands at 12,49,59,024.
- The dilution impact is extremely marginal at ~0.018% of the total share capital.
Ajanta Pharma delivered a robust Q1 FY2027 with revenue rising 25% YoY to Rs 1,626 cr and PAT climbing 31% to Rs 334 cr. The company declared a substantial interim dividend of Rs 32 per share, totaling Rs 400 cr, which represents approximately 38% of its total FY26 net profit. Performance was bolstered by a 57% surge in US Generics and 24% growth in India Branded Generics, although the Asia segment saw a 16% decline. The company maintains high capital efficiency with a 37% ROCE.
- Declared 1st interim dividend of Rs 32 per share (Face Value Rs 2) with a total outlay of Rs 400 cr.
- Q1 FY27 Revenue increased 25% YoY to Rs 1,626 cr, significantly higher than the 3-year CAGR of 14%.
- US Generics segment grew 57% YoY to Rs 487 cr, now contributing 30% of total revenue.
- India Branded Generics grew 24% to Rs 509 cr, outpacing the Indian Pharma Market (IPM) growth by 36%.
- Adjusted EBITDA (excluding forex loss) stood at Rs 454 cr, representing a 28% margin.
Ajanta Pharma has fixed August 5, 2026, as the record date to determine shareholder eligibility for its first interim dividend. This announcement follows a strong financial performance where the company reported a TTM PAT of Rs 1,056 Cr and revenue of Rs 5,453 Cr. The company maintains high capital efficiency with a 31% ROCE and a negligible debt-to-equity ratio of 0.01. While the specific dividend amount per share is not disclosed in this filing, the record date formalizes the payout timeline for investors.
- Record date for the 1st interim dividend is fixed for Wednesday, August 5, 2026.
- Company reported TTM revenue of Rs 5,453 Cr and TTM PAT of Rs 1,056 Cr.
- Maintains a high Operating Profit Margin (OPM) of 25.6%.
- Debt is minimal at Rs 35 Cr compared to a Market Cap of Rs 42,443 Cr.
Ajanta Pharma reported a robust Q1 FY27 with revenue growing 25% YoY to ₹1,626 cr and PAT increasing 31% to ₹334 cr. The board declared a significant interim dividend of ₹32 per share, involving a total payout of ₹400 cr, which is approximately 38% of its total FY26 PAT. Growth was led by a 57% surge in US Generics and 24% growth in India Branded Generics, though the Asia Branded segment saw a 16% decline. Capital efficiency remains high with ROCE improving to 37% from 31% in the previous fiscal.
- Revenue from operations increased 25% YoY to ₹1,626 cr, driven by US and India markets.
- Profit After Tax (PAT) grew 31% YoY to ₹334 cr with a healthy 21% net margin.
- Declared 1st interim dividend of ₹32 per share on a face value of ₹2, totaling ₹400 cr.
- US Generics revenue grew 57% YoY to ₹487 cr, now contributing 30% of total revenue.
- India Branded Generics outperformed the Indian Pharmaceutical Market (IPM) growth by 36%.
Ajanta Pharma has rescheduled its Q1 FY2027 earnings conference call to July 30, 2026, at 4:15 PM IST, a 15-minute advancement from the previously planned time. The call will follow the board meeting held to approve unaudited financial results for the quarter. Investors will be monitoring if the company maintains its TTM Operating Profit Margin of 25.6% and its historical trend of outpacing the Indian Pharmaceutical Market (IPM) growth by approximately 32%. The company enters this results period with a strong TTM PAT of Rs 1,056 Cr and a high ROCE of 31.0%.
- Earnings conference call for Q1 FY2027 scheduled for July 30, 2026
- Call timing revised from 4:30 PM IST to 4:15 PM IST
- Company reported TTM revenue of Rs 5,453 Cr and TTM EPS of Rs 84.53
- Management to discuss financial performance following the board meeting on the same day
Ajanta Pharma has scheduled its Q1 FY 2027 earnings conference call for July 30, 2026, at 16:30 hrs IST. The call follows the board meeting to approve unaudited financial results for the quarter ended June 30, 2026. Management is expected to discuss the company's performance against its 14% growth target and its high operating margins, which stood at 25.6% for the TTM period. This is a routine administrative disclosure ahead of the quarterly results.
- Earnings conference call scheduled for July 30, 2026, at 16:30 hrs IST
- Board meeting to approve Q1 FY 2027 unaudited results on July 30, 2026
- Company reported TTM revenue of Rs 5,453 Cr and TTM PAT of Rs 1,056 Cr
- Maintains a high ROCE of 31.0% and a low Debt/Equity ratio of 0.01
- Recent Mar 2026 quarterly revenue stood at Rs 1,422 Cr with an EPS of Rs 21.35
Ajanta Pharma concluded its 47th Annual General Meeting on July 16, 2026, with shareholders approving all four proposed resolutions. Key approvals included the adoption of the FY2024-25 audited financial statements and the confirmation of interim dividends. The re-appointment of Director Mr. Mannalal Bhagwandas Agrawal was cleared with a 98.7% majority. Total voting participation was high, representing 89.2% of the total outstanding shares, indicating strong alignment between the management and the shareholder base.
- Adoption of FY25 financial statements passed with a 99.9952% majority (11,13,36,195 votes in favor).
- Confirmation of interim dividend for FY2024-25 received near-unanimous support at 99.9992%.
- Re-appointment of Director Mannalal Bhagwandas Agrawal approved with 98.7080% favor despite 1.29% institutional dissent.
- Total voting turnout reached 89.2% of the 12,49,35,624 total shares held by 65,273 shareholders.
- Ratification of Cost Auditors' remuneration for FY 2025-27 passed with 99.9990% favor.
Ajanta Pharma Limited conducted its 47th Annual General Meeting (AGM) on July 16, 2026, via video conferencing. The company confirmed the interim dividend already paid as the final dividend for the financial year ended March 31, 2026. Key administrative resolutions were passed, including the adoption of financial statements and the re-appointment of Mr. Mannalal B. Agrawal as a Director. The management noted that the statutory and secretarial audit reports for FY26 contained no qualifications or adverse remarks.
- 47th Annual General Meeting held on July 16, 2026, with 62 shareholders in attendance
- Confirmed interim dividend as the final dividend for the financial year 2025-26
- Audit reports for FY26 reported zero qualifications or adverse remarks
- Re-appointment of Mr. Mannalal B. Agrawal approved via special resolution
- Meeting concluded within 46 minutes, starting at 11:00 a.m. and ending at 11:46 a.m.
Ajanta Pharma has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed, cancelled, and updated in the register of members. This is a standard administrative filing issued by the company's Registrar and Share Transfer Agent, MUFG Intime India Private Limited. It has no impact on the company's financial performance or market valuation of Rs 42,417 Cr.
- Compliance certificate issued for the quarter ended June 30, 2026
- Registrar and Share Transfer Agent confirmed as MUFG Intime India Private Limited
- Physical share certificates were mutilated and cancelled after due verification
- Confirmation that dematerialized securities are listed on the relevant stock exchanges
Ajanta Pharma has received the Establishment Inspection Report (EIR) from the US FDA for its Paithan, Maharashtra manufacturing facility. The inspection, conducted from April 13 to April 21, 2026, resulted in a 'Voluntary Action Indicated' (VAI) classification. This status indicates that while some objectionable conditions were found, the agency does not intend to take regulatory action, effectively clearing the facility for ongoing operations and new product approvals. This is significant for the company's US generics strategy, contributing to its TTM revenue of ₹5,453 cr.
- Inspection conducted by US FDA from 13 April 2026 to 21 April 2026
- Facility at Paithan, Maharashtra received VAI (Voluntary Action Indicated) classification
- Ajanta Pharma operates a total of 7 manufacturing plants across India
- Company maintains high gross margins of 78% despite generic pricing pressure
- TTM revenue stands at ₹5,453 cr with a healthy OPM of 25.6%
Financial Performance
Revenue Growth by Segment
India business grew 12% YoY to INR 432 Cr in Q2 FY26, outperforming the Indian Pharmaceutical Market (IPM) growth of 8% by 32%. Asia business grew 5% YoY to INR 310 Cr in Q2 FY26, with H1 FY26 sales at INR 614 Cr (up 7%). Africa business recorded sales of INR 221 Cr in Q2 FY26. US Generics is expected to deliver high-teen growth in the coming year.
Geographic Revenue Split
India contributes 32% of total revenue. Asia (Middle East, South-East, and Central Asia) and Africa (West and East Africa) represent the primary export markets. US Generics remains a selective play.
Profitability Margins
Gross margins stood at 77% for Q2 FY26 and 78% for H1 FY26, with a full-year guidance of 78% (+/- 1%). Profit After Tax (PAT) margin was 19% in Q2 FY26, increasing to 22% when excluding mark-to-market forex impacts. PAT grew 20% YoY to INR 260 Cr in Q2 FY26.
EBITDA Margin
Reported EBITDA margin was 24% in Q2 FY26 (INR 328 Cr, up 5% YoY). Excluding mark-to-market forex losses of INR 41 Cr, the adjusted EBITDA margin was 27% (INR 369 Cr, up 9% YoY). Management guides for a sustained EBITDA margin of 27% (+/- 1%).
Capital Expenditure
Not disclosed in available documents, though the company maintains 7 manufacturing plants and continues to invest in R&D and field force expansion.
Credit Rating & Borrowing
The company maintains a strong credit profile with a Return on Capital Employed (ROCE) of 30% and Return on Net Worth (RONW) of 25% as of H1 FY26. Specific interest rates are not disclosed, but finance costs were minimal at INR 3 Cr in Q2 FY26 (0% of revenue).
Operational Drivers
Raw Materials
Pharmaceutical active ingredients and excipients for specialty formulations. Cost of materials consumed was INR 217.60 Cr in Q2 FY26.
Capacity Expansion
The company operates 7 manufacturing plants located in Paithan, Chikalthana, Chitegaon, Waluj (Maharashtra), Dahej (Gujarat), Guwahati (Assam), and Pithampur (Madhya Pradesh). Specific MTPA capacity is not disclosed.
Raw Material Costs
Cost of Goods Sold (COGS) represented 23% of revenue in Q2 FY26 (INR 317 Cr) and 22% in H1 FY26 (INR 592 Cr). Procurement is managed to maintain a high gross margin of 78%.
Manufacturing Efficiency
The company focuses on specialty pharmaceutical formulations, outpacing IPM volume growth by 2x and new launch growth by 39%.
Logistics & Distribution
Other expenses, which include distribution and forex losses, were INR 392 Cr in Q2 FY26 (29% of revenue), up 11% YoY.
Strategic Growth
Expected Growth Rate
14%
Growth Strategy
Growth is driven by outpacing the IPM (currently by 32%), launching new products (10 in India and 13 in Asia during H1 FY26), and expanding the field force (personnel costs increased 21% due to MR additions). The company is targeting low-teen growth in Asia and high-teen growth in the US market for the next year.
Products & Services
Specialty pharmaceutical formulations primarily in chronic therapeutic segments (Ophthalmology, Dermatology, Cardiology, and Pain Management).
Brand Portfolio
Ajanta Pharma (Corporate Brand).
New Products/Services
Launched 10 new products in India (including one first-to-market) and 13 in Asia during H1 FY26. New launches outpaced the market by 39%.
Market Expansion
Focusing on high-potential chronic therapy markets in Asia (Middle East, SE Asia, Central Asia) and selective play in US Generics.
Market Share & Ranking
Ranked among the top 3-5 pharma companies in terms of margins; outpaces IPM growth (10% vs 8%).
External Factors
Industry Trends
The pharmaceutical industry is seeing a shift toward chronic therapies and specialty formulations. Ajanta is positioned as a specialty player, growing at 1.25x the market rate (10% vs 8% IPM).
Competitive Landscape
Faces intense competition and pricing pressure in both domestic and export markets from other generic pharmaceutical manufacturers.
Competitive Moat
Durable competitive advantage through branded generics in emerging markets, high ROCE (30%), and a lean, selective model in the US market. Sustainability is driven by consistent R&D and field force expansion.
Macro Economic Sensitivity
Sensitive to global healthcare spending and regulatory environments in the US and emerging markets.
Consumer Behavior
Increasing demand for chronic therapy medications globally due to aging populations and lifestyle changes.
Geopolitical Risks
Operations in Middle East and Africa expose the company to regional geopolitical instability and currency volatility.
Regulatory & Governance
Industry Regulations
Subject to USFDA and other national regulatory standards for manufacturing facilities. Compliance is critical for maintaining access to regulated markets.
Taxation Policy Impact
Effective tax rate was approximately 23.7% in Q2 FY26 (INR 81 Cr tax on INR 341 Cr PBT).
Legal Contingencies
Income Tax Authorities conducted search operations at certain premises of the company in August 2025. The outcome and potential financial liability are currently pending and not yet determined.
Risk Analysis
Key Uncertainties
Forex volatility (impacted margins by 3% in Q2), regulatory changes in drug pricing (DPCO in India), and the outcome of the August 2025 Income Tax search.
Geographic Concentration Risk
India accounts for 32% of revenue, with significant reliance on emerging markets in Asia and Africa.
Technology Obsolescence Risk
Risk is mitigated by continuous R&D in formulation development and a focus on chronic therapies which have longer product lifecycles.
Credit & Counterparty Risk
Trade receivables stood at INR 848.98 Cr as of September 30, 2025, up from INR 438.71 Cr in March 2025, indicating a significant increase in credit exposure.
