Q1 FY27 — 30 Jul 2026
Ajanta Pharma Limited Q1 FY27
Ajanta Pharma Limited Q1 FY27 Earnings Call Analysis
Read the full callSpeciality pharma maker of branded generics in India, Asia & Africa, plus US generics and institution sales.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,626 | +24.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 26.0 | −1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 334 | +31.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 27.29 | +2.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 3.10 | −15.0 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 20.20 | +6.9 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
4 of 9 judged targets kept · 1 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY27 Total Revenue Growth | high teens (16-18%) | Q4 FY26 | Full-year guidance for FY27, set in the previous quarter, was not mentioned or reiterated in the Q1 call. | Ghosted |
| GLP-1 (Semaglutide) Revenue Start | Revenues to start from FY27-28 | Q3 FY26 | No specific update provided this quarter; timeline remains distant and the project is long-term. | On Track |
| FY26 EBITDA Margin | 27% (+/-1%) | Q1 FY26 | Full year EBITDA margin reported at 26%, which is within the guided range. | Achieved |
5 of Ajanta Pharma Limited's 10 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 7 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹2,414.4 on 24 Oct 2025 → ₹3,353.6. High ₹3,718.2 (17 Aug 2026), low ₹2,388.4 (28 Oct 2025).
Overview
Based on the company's own presentations, annual report and earnings calls.
Ajanta Pharma is a speciality pharmaceutical formulation company focused on branded generic medicines sold across India, Asia and Africa, with an additional US generics business and an antimalarial-focused institutional supply business in Africa. It develops and manufactures its own formulations, with many products holding first-to-market or leading positions in their sub-therapeutic segments, and operates an in-house R&D centre in Mumbai for formulation and analytical development. In the US, it earns as a generics manufacturer selling ANDA-approved products through distributor relationships rather than a branded-prescription model.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
4 of 9 judged targets kept · 1 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY27 Total Revenue Growth | high teens (16-18%) | Q4 FY26 | Full-year guidance for FY27, set in the previous quarter, was not mentioned or reiterated in the Q1 call. | Ghosted |
| GLP-1 (Semaglutide) Revenue Start | Revenues to start from FY27-28 | Q3 FY26 | No specific update provided this quarter; timeline remains distant and the project is long-term. | On Track |
| FY26 EBITDA Margin | 27% (+/-1%) | Q1 FY26 | Full year EBITDA margin reported at 26%, which is within the guided range. | Achieved |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 10 tracked commitments, with each call’s wording and source.
Call summaries
Ajanta Pharma Limited Q1 FY27
Ajanta Pharma Limited Q1 FY27 Earnings Call Analysis
Read the full callAjanta Pharma Q4 FY26
Ajanta Pharma reported a strong Q4 and FY26, achieving significant milestones with revenue exceeding ₹5,000 crores and net profit surpassing ₹1,000 crores. The US Generics and India businesses were key growth drivers, while the Asia Branded Generics segment faced headwinds due to geopolitical issues. The company provided FY27 guidance for high-teen revenue growth and an EBITDA margin of 27% (+/- 1%), factoring in continued investments and rising costs.
Read the full callAjanta Pharma Q3 FY26
Ajanta Pharma delivered a strong Q3 FY26 performance, characterized by robust growth in the US and India markets, which offset temporary softness in Asia. The company maintained high profitability with an EBITDA margin of 28% and a PAT margin of 20%. Management remains confident in its mid-teens annual growth guidance, supported by a healthy product pipeline and strategic expansions into new therapies like Gynaecology and GLP-1 generics.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +31% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,187 | 1,146 | 1,170 | 1,303 | 1,354 | 1,375 | 1,422 | 1,626 |
| Expenses | 875 | 825 | 873 | 951 | 1,026 | 993 | 1,088 | 1,202 |
| Operating profit | 311 | 321 | 297 | 351 | 328 | 382 | 333 | 424 |
| Operating margin | 26.0% | 28.0% | 25.0% | 27.0% | 24.0% | 28.0% | 23.0% | 26.0% |
| Other income | 19 | 30 | 18 | 26 | 59 | 25 | 61 | 71 |
| Interest | 6 | 8 | 6 | 5 | 3 | 5 | 2 | 3 |
| Depreciation | 34 | 36 | 40 | 41 | 43 | 44 | 45 | 44 |
| Profit before tax | 290 | 307 | 269 | 331 | 341 | 359 | 347 | 447 |
| Tax rate | 25.0% | 24.0% | 16.0% | 23.0% | 24.0% | 24.0% | 23.0% | 25.0% |
| Net profit | 216 | 233 | 225 | 255 | 260 | 274 | 267 | 334 |
| EPS (₹ per share) | 17.33 | 18.64 | 18.03 | 20.44 | 20.83 | 21.91 | 21.35 | 26.75 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 3,743 | 4,208 | 4,648 | 5,454 |
| Expenses | 3,005 | 3,055 | 3,388 | 4,058 |
| Operating profit | 737 | 1,154 | 1,259 | 1,394 |
| Other income | 145 | 103 | 93 | 171 |
| Interest | 6 | 7 | 21 | 15 |
| Depreciation | 131 | 135 | 144 | 173 |
| Profit before tax | 745 | 1,114 | 1,188 | 1,378 |
| Net profit | 589 | 816 | 920 | 1,056 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 17 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 3,247 | 3,363 | 3,542 | 3,765 | 4,290 | 4,502 |
| Borrowings | 25 | 36 | 35 | 47 | 246 | 260 |
| Other liabilities | 711 | 1,159 | 927 | 1,067 | 1,112 | 1,250 |
| Total liabilities | 4,000 | 4,582 | 4,530 | 4,904 | 5,672 | 6,037 |
| Fixed assets | 1,512 | 1,496 | 1,479 | 1,762 | 1,873 | 1,867 |
| Capital work in progress | 153 | 209 | 256 | 176 | 146 | 258 |
| Investments | 147 | 535 | 349 | 464 | 874 | 588 |
| Other assets | 2,188 | 2,341 | 2,446 | 2,502 | 2,779 | 3,324 |
| Total assets | 4,000 | 4,582 | 4,530 | 4,904 | 5,672 | 6,037 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 93 | 111 | 103 | 108 | 93 | 124 |
| Inventory days | 434 | 347 | 283 | 283 | 308 | 289 |
| Days payable | 212 | 143 | 147 | 159 | 155 | 168 |
| Cash conversion cycle | 315 | 315 | 240 | 233 | 246 | 246 |
| Working capital days | 126 | 140 | 83 | 119 | 97 | 111 |
| Return on capital employed | 32.0% | 29.0% | 23.0% | 32.0% | 32.0% | 35.0% |
| Dividend payout | 13.0% | 11.0% | 15.0% | 79.0% | 38.0% | 33.0% |
To justify its price of ₹3354, this stock must grow earnings at 26% every year for 7 years. Our analysis caps realistic growth at ~23%. At that growth it is worth ₹2848 — downside of 15%.
Ownership
Promoters hold 63.47% as of Sept 2026; institutions added 0.08 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Ajanta Pharma Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 14.47% | unchanged | |
| 14.47% | unchanged | |
| 11.29% | unchanged | |
| 10.24% | unchanged | |
| 10.07% | unchanged | |
| Mutual fund | 3.22% | −0.06 pp |
| Mutual fund | 2.97% | −0.14 pp |
| Mutual fund | 2.79% | unchanged |
| 2.68% | unchanged | |
| 2.22% | newly disclosed | |
| Insurer | 1.91% | unchanged |
| Mutual fund | 1.40% | −0.06 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 7 added, 2 trimmed, 2 sold out — net −1.48 L shares (−2.6%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹606 Cr | held | Jan '20 |
| Nippon India Pharma Fund Nippon India Mutual Fund | ₹331 Cr | held | Apr '22 |
| HDFC Large & Mid Cap Fund HDFC Mutual Fund | ₹325 Cr | held | Dec '22 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹269 Cr | held | Sep '22 |
| SBI Flexicap Fund SBI Mutual Fund | ₹156 Cr | held | Mar '26 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹127 Cr | held | Mar '24 |
| SBI Healthcare Opportunities Fund SBI Mutual Fund | ₹105 Cr | −0.10 L | Feb '26 |
| SBI Quality Fund SBI Mutual Fund | ₹55 Cr | held | Feb '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
7 added, 2 trimmed — net −1.48 L shares (−2.6%)
Shares held by these funds +22%
Oct '23 56.25 L shares Sep '26
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