Arthneeti

Ajanta Pharma Q2 FY27 Share Price & Earnings Call Analysis

₹3,508.80+1.42% today
Market cap
₹43,846 Cr
P/E
38.63
ROE
27.14%
PEG
1.62
Price to sales
7.59
Debt to equity
0.06
52W high / low
₹3,718 / ₹2,458
Sales growth (5Y)
13.54%
EBITDA margin
25.40%
Net profit margin
20.70%
Promoter holding
63.47%
Sales (last year)
₹5,776 Cr

Ajanta Pharma is primarily engaged in development, manufacturing and marketing of speciality pharmaceutical quality finished dosages.(Source : 202003-01 Annual Report Page No:70).

Guidance scorecard · Q2 FY27 call

What Ajanta Pharma Ltd's management guided
and where it ranks in Pharmaceuticals & Biotechnology

Revenue10–20%MarginsDown 0–2%CapexPlannedFundraisingWhat management saidOrder bookWhat management said

RevenueQ4 FY26 call

10–20%
  • India business is expected to grow at mid-teens (around 16-18%) in FY27.
  • Asia business is guided for high double-digit growth next year, recovering from logistics delays.
  • Africa business targeted for high double-digit growth.
  • US generics business to grow at mid-single digit in the coming year after strong 49% growth in FY26.
  • Chronic therapy areas (around 50% of combined Asia and Africa branded generics market) will remain a focus.
  • Gynaecology segment in India showing encouraging progress, expected to contribute meaningfully over next 2-3 years.
  • Nephrology segment in India developing slowly, positive signs but longer gestation.

2 more points from Ajanta Pharma Ltd's call on revenue

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Full Q4 FY26 analysis

MarginsQ4 FY26 call

Down 0–2%

See what Ajanta Pharma Ltd said on margins — free account, 30 seconds.

Full Q4 FY26 analysis

CapexQ4 FY26 call

Planned
  • Capital expenditure for FY 2026 stood at Rs. 330 crores, in line with guidance.
  • Ajanta Pharma is embarking upon a new capex cycle to meet continued growth requirements.
  • For FY 2027, capex is expected to increase to around Rs. 400 crores.
  • Of this, Rs. 150 crores is allocated for maintenance, and the balance for new capacity expansion.
  • The company is investing in product range expansion and addition of medical representatives across geographies.

2 more points from Ajanta Pharma Ltd's call on capex

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Full Q4 FY26 analysis

FundraisingQ4 FY26 call

See what Ajanta Pharma Ltd said on fundraising — free account, 30 seconds.

Full Q4 FY26 analysis

Order bookQ4 FY26 call

Ask what Ajanta Pharma Ltd said on the order book →

Full Q4 FY26 analysis
Full Pharmaceuticals & Biotechnology ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Pharmaceuticals & Biotechnology
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Ajanta Pharma Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Pharmaceuticals & Biotechnology companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹556 Cr22.1
240%+Up 0–2%₹215 Cr22.2
340%+Flat₹16,144 Cr—
440%+Flat₹6,072 Cr48.0
540%+Flat₹40 Cr—
620–40%Up 2%+₹50,220 Cr43.8

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Pro shows every company guiding 40%+ revenue growth →Full Pharmaceuticals & Biotechnology ranking

Financials of Ajanta Pharma Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Ajanta Pharma Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +66.22%66.22%66.27%66.26%66.26%66.26%66.26%66.25%66.25%66.25%63.49%63.47%
FIIs +9.11%8.54%8.36%9.11%9.26%8.86%8.86%8.53%7.97%8.26%7.68%7.62%
DIIs +16.67%17.48%17.41%17.09%17.02%17.48%17.50%17.90%18.58%18.36%21.80%21.94%
Government +0.00%0.00%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.00%0.00%
Public +8.00%7.76%7.94%7.51%7.45%7.38%7.38%7.32%7.20%7.14%7.03%6.96%
No. of Shareholders54,35155,48870,31664,31566,89670,82768,88267,78565,40967,95565,29661,923

Financials of Ajanta Pharma Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,0281,1051,0541,1451,1871,1461,1701,3031,3541,3751,4221,6261,794
Expenses +7387917768158758258739511,0269931,0881,2021,247
Operating Profit291314278330311321297351328382333424548
OPM %28%28%26%29%26%28%25%27%24%28%23%26%31%
Other Income +21143626193018265925617137
Interest2221686535232
Depreciation34343434343640414344454448
Profit before tax276291278322290307269331341359347447535
Tax %29%28%27%24%25%24%16%23%24%24%23%25%27%
Net Profit +195210203246216233225255260274267334388
EPS in Rs15.2416.3915.8219.6817.3318.6418.0320.4420.8321.9121.3526.7531.06

Financials of Ajanta Pharma Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,4741,7491,9832,1262,0552,5882,8903,3413,7434,2094,6485,4536,217
Expenses +9681,1551,2921,4671,4891,9041,8892,4082,9343,0373,3793,9534,530
Operating Profit5055946916585676831,0019338081,1721,2691,5001,687
OPM %34%34%35%31%28%26%35%28%22%28%27%28%27%
Other Income +814202421882411274858567195
Interest651011281067211613
Depreciation524461607296116125131135144173181
Profit before tax4565596486235146649009097451,1141,1891,3781,688
Tax %32%26%22%25%25%30%27%22%21%27%23%23%
Net Profit +3104165074693874686547135888169201,0561,263
EPS in Rs23.4731.4938.4035.5029.5635.7350.3855.6345.8963.7073.6884.52101.07
Dividend Payout %17%17%23%0%20%24%13%11%15%79%38%33%

Financials of Ajanta Pharma Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital18181818181817172525252525
Reserves8231,1731,5502,0242,2282,5812,9783,2473,3633,5423,7654,5024,833
Borrowings +72811236753125363547260154
Other Liabilities +2332072543833836197027111,1599271,0671,2501,413
Total Liabilities1,1461,4791,8232,4262,6643,2933,7294,0004,5824,5304,9046,0376,425
Fixed Assets +2884515891,0531,1781,4721,5411,5121,4961,4791,7621,8671,926
CWIP17024033961262132108153209256176258327
Investments60861821907879176147535349464588620
Other Assets +6297037131,1221,1471,6101,9042,1882,3412,4462,5023,3243,552
Total Assets1,1461,4791,8232,4262,6643,2933,7294,0004,5824,5304,9046,0376,425

Financials of Ajanta Pharma Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2793266092813754575765627927851,157529
Cash from Investing Activity +-158-209-383-256-223-224-282-74-56065-377-429
Cash from Financing Activity +-105-117-202-0-147-129-318-460-108-1,051-733-168
Net Cash Flow16-024254104-2428124-20147-68
Free Cash Flow176293131932228417431618646840169
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit84%82%110%64%87%89%81%86%117%94%117%59%

Financials of Ajanta Pharma Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days64785979821099311110310893124
Inventory Days159180186315415276434347283283308289
Days Payable109128157224214202212143147159155168
Cash Conversion Cycle11413088170282184315315240233246246
Working Capital Days5678651031131081261408311997111
ROCE %57%52%46%34%24%27%32%29%23%32%32%35%

Guidance history

How Ajanta Pharma Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q4 FY26 call →10–20%Down 0–2%Planned——
Q3 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

79out of 100

Momentum score · price trend

79 out of 100 — Strengthening

Over the past year its share price has done better than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+42.1%83%
Last 6 months+24.3%79%
Last 3 months+1.3%69%
How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Ajanta Pharma Ltd: 0.4 × 83 + 0.4 × 79 + 0.2 × 69 = 79.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Ajanta Pharma Ltd's management said in earlier quarters

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