Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Ajanta Pharma Ltd.
NSE: AJANTPHARMHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹3,283.90
- Day change
- +₹13.30 (+0.41%)vs
- Market cap
- ₹41,589 crIndian rupees
- Research updated
- 1 report
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About Ajanta Pharma
Ajanta Pharma Ltd. is a leading pharmaceutical company engaged in the development, manufacture, and marketing of a wide range of branded and generic pharmaceuticals. Established in 1973, the company has made significant strides in providing healthcare solutions across various therapeutic segments, including cardiology, dermatology, ophthalmology, and pain management. Its primary function is to deliver high-quality medications that cater to domestic and international markets, supporting healthcare systems globally. Ajanta Pharma boasts a robust portfolio of products, often focusing on innovation and the launch of new dosage forms, which enhances its adaptability in the ever-evolving pharmaceutical landscape. The company maintains substantial market significance through its extensive distribution network, which spans over thirty countries, and its commitment to research and development. By prioritizing both quality and accessibility, Ajanta Pharma plays a vital role in improving patient outcomes and maintaining its reputation as a trusted name in the pharmaceutical industry.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: AJANTPHARM
- Next results
- Employees
- 10,421
- Headquarters
- Mumbai, India
- ISIN
- INE031B01049
- Website
- ajantapharma.com
Public research · Report of
Business model & financial foundation
Ajanta Pharma (NSE: AJANTPHARM), Pharmaceuticals - branded generic formulations (India, Asia, Africa) and US generics: revenue of ₹5,453 crore in FY26 (+17.3% on FY25), an EBITDA margin of 25.6%, net profit of ₹1,056 crore and net cash of ₹402.9 crore.
- Revenue, FY26 (₹ crore)
- 5,453
- consolidated
- Revenue growth, FY26
- +17.3%
- on FY25
- EBITDA margin, FY26
- 25.6%
- EBITDA (Operating EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- 1,056
- to owners
- Return on equity, FY26
- 25.4%
- on average equity
- Net debt, FY26 (₹ crore)
- -402.9
- Net debt including leases less current liquidity
- Market capitalisation (₹ crore)
- 44,587
- at the close of 14 Oct 2026
Company profile
Ajanta Pharma is a Mumbai-based specialty formulation company. About two-thirds of revenue is branded generics in India (cardiology, ophthalmology, dermatology, pain), Asia (Philippines, Middle East, Central Asia) and Africa; the rest is US generics (51 ANDAs commercialised) and an anti-malarial institutional business in Africa. It manufactures in seven plants in India (Paithan, Dahej, Pithampur, Guwahati among them) and has about 6,050 medical representatives globally.
| Item | Value |
|---|---|
| Legal name | Ajanta Pharma Limited |
| Exchange and ticker | NSE: AJANTPHARM; BSE: 532331 |
| ISIN | INE031B01049 |
| CIN | L24230MH1979PLC022059 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - branded generic formulations (India, Asia, Africa) and US generics |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2017) |
| Market capitalisation | ₹44,587 crore (14 Oct 2026) |
| Shares outstanding | 12.50 crore shares (FY26) |
| Price | ₹3,328 (close, 14 Oct 2026) |
| 52-week range | ₹2,380 - ₹3,796 (to 14 Oct 2026) |
| Website | https://www.ajantapharma.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Ajanta Pharma (Mauritius) Ltd. | 100% | Holding/marketing entity for emerging-market branded generics |
| Ajanta Pharma USA Inc. | 100% | US generics front end |
| Ajanta Pharma Philippines Inc. | 100% | Branded generics marketing in the Philippines |
| Ajanta Pharma Nigeria Ltd. | 100% | Branded generics marketing in Nigeria |
| Ajanta Pharma Ireland Ltd. | 100% | Overseas subsidiary (Ireland) |
Promoted by the Agrawal family (Mannalal, Yogesh, Rajesh, Ravi Agrawal and family trusts). No minority interest per results note 2.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 66.25% | 66.25% | 63.48% | 63.47% |
| Promoter holding pledged | 17.29% | 17.94% | 22.53% | |
| Foreign institutions | 7.97% | 8.26% | 7.68% | 7.62% |
| Domestic institutions | 18.60% | 18.38% | 21.80% | 21.95% |
| of which mutual funds | 15.49% | 15.22% | 18.10% | 17.95% |
| Retail | 5.80% | 5.71% | 5.71% | |
| Other | 1.39% | 1.41% | 1.32% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Ajanta sells differentiated specialty branded generics through physician detailing in India, Asia and Africa; US generics through its wholly-owned US front end; and Africa antimalarial institutional tenders. Seven Indian plants and wholly owned Mauritius/USA/Philippines/Nigeria/Ireland subsidiaries. Single statutory Pharmaceuticals segment, management geography split. FY26 revenue from operations5452.86 includes45.60 other operating revenue; external customer revenue5407.26 is not the same metric. India65% chronic and low11%NLEM exposure.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Branded generics (India+Asia+Africa) | 3,690 | 68.2% |
| US generics | 1,557 | 28.8% |
| Africa institution (antimalarial tenders) | 160.0 | 3.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Torrent Pharmaceuticals (TORNTPHARM) | |
| J.B. Chemicals & Pharmaceuticals (JBCHEPHARM) | |
| Alkem Laboratories (ALKEM) | India branded generics leader with a US generics business of similar mix |
| Ipca Laboratories (IPCALAB) | India branded (pain) plus anti-malarial institutional business and branded exports |
| Eris Lifesciences (ERIS) | Domestic chronic branded pure play (cardio-metabolic, derma) |
| Mankind Pharma (MANKIND) | Domestic branded generics leader; India growth and field-force productivity comparator |
| Glenmark Pharmaceuticals (GLENMARK) | Derma-led India branded plus US generics and EM branded mix |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,284 | 3,743 | 4,209 | 4,648 | 5,453 |
| Cost of revenue (vendor classification) * | 886.7 | 1,117 | 1,115 | 1,127 | 1,248 |
| Other operating costs (vendor classification) * | 853.9 | 1,016 | 1,004 | 1,149 | 1,405 |
| EBITDA (vendor classification) * | 1,023 | 891.2 | 1,228 | 1,352 | 1,662 |
| Operating EBIT | 919.7 | 652.5 | 1,037 | 1,115 | 1,222 |
| Finance cost | 10.2 | 5.84 | 7.21 | 20.7 | 16.1 |
| Profit before tax | 909.5 | 745.3 | 1,114 | 1,189 | 1,378 |
| Tax expense | 196.8 | 157.3 | 297.8 | 268.8 | 321.7 |
| Profit after tax | 712.7 | 588.0 | 816.2 | 920.4 | 1,056 |
| Diluted EPS (₹) | 54.96 | 45.89 | 64.77 | 73.53 | 84.51 |
| Other income | 98.6 | 84.6 | 94.5 | 172.1 | |
| Cost of materials consumed | 878.4 | 939.4 | 846.6 | 916.5 | |
| Purchases of stock in trade | 146.3 | 166.4 | 249.8 | 229.8 | |
| Changes in inventories | 25.8 | -39.2 | -25.6 | 37.5 | |
| Employee benefits expense | 785.1 | 900.3 | 1,090 | 1,291 | |
| Other expenses | 1,124 | 1,070 | 1,228 | 1,583 | |
| Depreciation and amortisation | 130.8 | 135.4 | 144.1 | 173.1 | |
| Cost of goods sold | 1,050 | 1,067 | 1,071 | 1,184 | |
| Operating EBITDA | 783.3 | 1,172 | 1,260 | 1,395 | |
| Separately reported exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-controlling share of PAT | 0.00 | 0.00 | 0.00 | 0.00 | |
| Share of associates profit | 0.00 | 0.00 | 0.00 | 0.00 | |
| PAT attributable to owners | 588.0 | 816.2 | 920.4 | 1,056 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,264 | 3,388 | 3,567 | 3,790 | 4,527 |
| Borrowings excluding leases | 25.0 | 35.6 | 1.49 | 2.59 | 212.0 |
| Cash and cash equivalents | 206.4 | 329.8 | 129.5 | 175.1 | 103.3 |
| Trade receivables | 1,020 | 1,057 | 1,247 | 1,183 | 1,854 |
| Inventories | 791.1 | 815.6 | 828.4 | 903.9 | 938.5 |
| Trade payables | 327.2 | 422.8 | 463.2 | 454.2 | 544.3 |
| Net property, plant and equipment | 1,495 | 1,489 | 1,465 | 1,625 | 1,726 |
| Capital work in progress | 152.9 | 209.5 | 256.5 | 176.3 | 258.1 |
| Total assets * | 4,056 | 4,679 | 4,638 | 5,015 | 6,155 |
| Current investments | 330.1 | 438.7 | 559.9 | ||
| Lease liabilities | n.r. | 44.8 | 48.2 | ||
| Net debt including leases less current liquidity | -424.3 | -566.4 | -402.9 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 766.4 | 791.8 | 785.1 | 1,157 | 529.2 |
| Capital expenditure (positive cash outflow) | 18.4 | 174.5 | 152.4 | 317.9 | 365.2 |
| Free cash flow (vendor definition) * | 412.9 | 617.6 | 632.7 | 839.3 | 164.0 |
| Dividends paid (positive cash outflow) | -82.2 | -89.7 | 642.2 | 349.4 | 349.7 |
| Free cash flow: CFO less capex | 617.3 | 632.7 | 839.3 | 164.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Diluted weighted-average shares | 12.97 | 12.81 | 12.60 | 12.52 | 12.50 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,187 | 1,146 | 1,170 | 1,303 | 1,354 | 1,375 | 1,422 | 1,626 |
| Cost of revenue (vendor classification) * | 261.7 | 257.8 | 283.4 | 275.9 | 286.3 | 304.8 | 327.9 | |
| EBITDA (vendor classification) * | 330.7 | 351.3 | 315.3 | 377.7 | 407.2 | 394.8 | 494.5 | |
| Operating EBIT | 276.8 | 284.9 | 257.4 | 310.1 | 284.9 | 338.7 | 288.0 | 379.1 |
| Finance cost | 6.02 | 7.91 | 6.07 | 5.26 | 3.39 | 5.10 | 2.36 | 3.18 |
| Profit before tax | 290.2 | 307.4 | 269.4 | 331.1 | 340.8 | 358.6 | 347.1 | 446.8 |
| Tax expense | 73.8 | 74.5 | 44.2 | 75.8 | 80.6 | 84.8 | 80.4 | 112.6 |
| Profit after tax | 216.5 | 232.9 | 225.3 | 255.3 | 260.2 | 273.8 | 266.7 | 334.2 |
| Diluted EPS (₹) | 17.26 | 18.59 | 18.00 | 20.43 | 20.82 | 21.91 | 21.34 | 26.72 |
| Other operating costs (vendor classification) * | 302.3 | -242.3 | 375.8 | |||||
| Other income | 19.5 | 30.4 | 18.1 | 26.3 | 59.3 | 25.0 | 61.4 | 70.9 |
| Cost of materials consumed | 207.1 | 210.1 | 191.0 | 207.1 | 217.6 | 235.1 | 256.8 | 296.5 |
| Purchases of stock in trade | 45.8 | 78.6 | 80.2 | 51.6 | 53.3 | 53.6 | 71.4 | 66.9 |
| Changes in inventories | 8.80 | -30.9 | 12.3 | 17.2 | 46.0 | -2.36 | -23.3 | -35.6 |
| Employee benefits expense | 261.0 | 265.2 | 279.8 | 302.9 | 317.0 | 330.5 | 340.7 | 381.1 |
| Other expenses | 352.8 | 302.3 | 310.1 | 372.5 | 392.1 | 375.8 | 442.7 | 493.4 |
| Depreciation and amortisation | 34.4 | 36.0 | 39.8 | 41.3 | 43.0 | 43.5 | 45.4 | 44.5 |
| Cost of goods sold | 261.7 | 257.8 | 283.4 | 275.9 | 316.8 | 286.3 | 304.8 | 327.9 |
| Operating EBITDA | 311.2 | 320.8 | 297.2 | 351.4 | 327.8 | 382.2 | 333.4 | 423.6 |
| Separately reported exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling share of PAT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of associates profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 216.5 | 232.9 | 225.3 | 255.3 | 260.2 | 273.8 | 266.7 | 334.2 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 15.4% | 14.0% | 12.5% | 10.4% | 17.3% |
| EBITDA margin | 20.9% | 27.8% | 27.1% | 25.6% | |
| Net margin | 15.7% | 19.4% | 19.8% | 19.4% | |
| Return on equity | 17.7% | 23.5% | 25.0% | 25.4% | |
| Return on capital employed | 29.1% | 19.4% | 29.6% | 30.3% | 28.6% |
| Return on assets | 13.5% | 17.5% | 19.1% | 18.9% | |
| Net debt (₹ crore) | -424.3 | -566.4 | -402.9 | ||
| Net debt / EBITDA | -0.36x | -0.45x | -0.29x | ||
| Interest cover | 90.2x | 111.7x | 143.8x | 53.8x | 75.8x |
| Asset turnover | 0.84x | 0.86x | 0.90x | 0.96x | 0.98x |
| Receivable days | 113 | 103 | 108 | 93 | 124 |
| Inventory days (on revenue) | 88 | 80 | 72 | 71 | 63 |
| Payable days (on revenue) | 36 | 41 | 40 | 36 | 36 |
| Cash conversion | 1.35x | 0.96x | 1.26x | 0.50x | |
| Capex intensity | 0.6% | 4.7% | 3.6% | 6.8% | 6.7% |
| Free cash flow (₹ crore) | 748.1 | 617.3 | 632.7 | 839.3 | 164.0 |
| Dividend payout | 15.3% | 78.7% | 38.0% | 33.1% | |
| EPS, diluted (₹) | 54.96 | 45.89 | 64.77 | 73.53 | 84.51 |
| Book value per share (₹) | 251.8 | 264.4 | 283.1 | 302.8 | 362.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases less current liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Ajanta Pharma
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
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