AJANTPHARM

Ajanta Pharma share price & financials

Price
₹3,065.2
Market cap
₹45.5k Cr
Sector
Healthcare
Calls analysed
4
Latest concall · Q1 FY27 · call held 30 Jul 2026

Ajanta Pharma Limited Q1 FY27

Read the full call →

What Ajanta Pharma Limited does

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

  • Branded Generics - India
  • Branded Generics - Asia
  • Branded Generics - Africa
  • US Generics
  • Africa Institutional
Manufacturing facilities
7 in India (incl. 2 US FDA-approved, others WHO cGMP-compliant)
Countries of presence
33+
Medical representatives (field force)
6,000+ across India, Asia and Africa
Products across markets
600+
US ANDAs commercialised
49 (19 awaiting USFDA approval, 6 tentative)
R&D scientists
850+ at Mumbai research centre
Founded 1979Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 4 delivered 5 missed 1 open
  • FY27 Total Revenue Growth went quiet said Q4 FY26 Promised: high teens (16-18%) Q1 FY27: Full-year guidance for FY27, set in the previous quarter, was not mentioned or reiterated in the Q1 call.
  • GLP-1 (Semaglutide) Revenue Start on track said Q3 FY26 Promised: Revenues to start from FY27-28 Q1 FY27: No specific update provided this quarter; timeline remains distant and the project is long-term.
  • FY26 EBITDA Margin delivered said Q1 FY26 Promised: 27% (+/-1%) Q4 FY26: Full year EBITDA margin reported at 26%, which is within the guided range.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 24.8%, net profit up 31.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,187 1,146 1,170 1,303 1,354 +14%1,375 +20%1,422 +22%1,626 +25%
EBITDA311 321 297 351 328 +5%382 +19%333 +12%424 +21%
Net profit216 233 225 255 260 +20%274 +18%267 +19%334 +31%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +36.2% 1Y

₹2.5k₹3.0k₹3.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 30 Jan 2026Q4 FY26 — 5 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹2,593.8 on 10 Sept 2025 → ₹3,533.4. High ₹3,718.2 (17 Aug 2026), low ₹2,388.4 (28 Oct 2025).

How the price took the results

close before → close after

Q1 FY27
+1.2%
30 Jul
Q4 FY26
−0.1%
5 May
Q3 FY26
+3.2%
30 Jan

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.

Financials, as filed

Revenue grew 13.4% a year over 3 years, FY23 to FY26. Operating margin widened to 25.6%.

Year endingFY23FY24FY25FY26
Revenue₹3.7k Cr₹4.2k Cr₹4.6k Cr₹5.5k Cr
Operating profit₹737 Cr₹1.2k Cr₹1.3k Cr₹1.4k Cr
Operating margin19.7%27.4%27.1%25.6%
Interest₹6 Cr₹7 Cr₹21 Cr₹15 Cr
Depreciation₹131 Cr₹135 Cr₹144 Cr₹173 Cr
Net profit₹589 Cr₹816 Cr₹920 Cr₹1.1k Cr
Net margin15.7%19.4%19.8%19.4%
ROCE23.0%32.0%32.0%35.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹17 Cr₹17 Cr₹25 Cr₹25 Cr₹25 Cr₹25 Cr
Reserves₹3.0k Cr₹3.2k Cr₹3.4k Cr₹3.5k Cr₹4.3k Cr₹4.5k Cr
Borrowings₹31 Cr₹25 Cr₹36 Cr₹35 Cr₹246 Cr₹260 Cr
Other liabilities₹702 Cr₹711 Cr₹1.2k Cr₹927 Cr₹1.1k Cr₹1.3k Cr
Total liabilities₹3.7k Cr₹4.0k Cr₹4.6k Cr₹4.5k Cr₹5.7k Cr₹6.0k Cr
Fixed assets₹1.5k Cr₹1.5k Cr₹1.5k Cr₹1.5k Cr₹1.9k Cr₹1.9k Cr
Capital work in progress₹108 Cr₹153 Cr₹209 Cr₹256 Cr₹146 Cr₹258 Cr
Investments₹176 Cr₹147 Cr₹535 Cr₹349 Cr₹874 Cr₹588 Cr
Other assets₹1.9k Cr₹2.2k Cr₹2.3k Cr₹2.4k Cr₹2.8k Cr₹3.3k Cr
Total assets₹3.7k Cr₹4.0k Cr₹4.6k Cr₹4.5k Cr₹5.7k Cr₹6.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +4.30 pp while promoters trimmed −2.77 pp. The shareholder count shrank 5% to 65,296.

Promoters
63.5%
FIIs
7.7%
DIIs
21.8%
Public
7.0%

Since Jun 2025

  • DIIs +4.30 pp
  • Promoters −2.77 pp
  • FIIs −1.18 pp

How it drifted, 12 quarters

Over this window DIIs went from 15.6% to 21.8% — +6.2 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 66.2%, FIIs 10.0%, DIIs 15.6%, Public 8.2%.Dec '23: Promoters 66.2%, FIIs 9.1%, DIIs 16.7%, Public 8.0%.Mar '24: Promoters 66.2%, FIIs 8.5%, DIIs 17.5%, Public 7.8%.Jun '24: Promoters 66.3%, FIIs 8.4%, DIIs 17.4%, Government 0.0%, Public 7.9%.Sep '24: Promoters 66.3%, FIIs 9.1%, DIIs 17.1%, Government 0.0%, Public 7.5%.Dec '24: Promoters 66.3%, FIIs 9.3%, DIIs 17.0%, Government 0.0%, Public 7.5%.Mar '25: Promoters 66.3%, FIIs 8.9%, DIIs 17.5%, Government 0.0%, Public 7.4%.Jun '25: Promoters 66.3%, FIIs 8.9%, DIIs 17.5%, Government 0.0%, Public 7.4%.Sep '25: Promoters 66.3%, FIIs 8.5%, DIIs 17.9%, Government 0.0%, Public 7.3%.Dec '25: Promoters 66.3%, FIIs 8.0%, DIIs 18.6%, Government 0.0%, Public 7.2%.Mar '26: Promoters 66.3%, FIIs 8.3%, DIIs 18.4%, Government 0.0%, Public 7.1%.Jun '26: Promoters 63.5%, FIIs 7.7%, DIIs 21.8%, Public 7.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Ajanta Pharma Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Yogesh M Agrawal, trustee Yogesh Agrawal Trust 14.47%unchanged
Rajesh M Agrawal, trustee Rajesh Agrawal Trust 14.47%unchanged
Aayush M Agrawal, trustee Aayush Agrawal Trust 11.30%unchanged
Ravi P Agrawal, trustee Ravi Agrawal Trust 10.24%−2.76 pp
Gabs Investments Pvt Ltd 10.08%unchanged
Kotak Flexicap Fund Mutual fund3.28%newly disclosed
UTI-Flexi Cap Fund Mutual fund3.11%−0.08 pp
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund2.78%−0.06 pp
Ganga Exports being represented by Yogesh Agrawal, Rajesh Agrawal & Ravi Agrawal 2.68%unchanged
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun Life Midcap Fund Mutual fund2.21%+1.11 pp
Tata Aia Life Insurance Co Ltd-Whole Life Mid Cap Equity Fund-Ulif 009 04/01/07 Wle 110 Insurer1.90%+0.13 pp
Canara Robeco Mutual Fund A/C Canara Robeco Small Cap Fund Mutual fund1.46%unchanged

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.

Mutual funds in AJANTPHARM

Filings to Aug 2026

0 new, 7 added, 3 trimmed, 0 sold out — net +0.03 L shares (+0.0%).

Held by funds
₹2.1k Cr
18 schemes
Biggest holder
Nippon India Small Cap Fund
₹603 Cr · 0.7% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹603 Crheld
Nippon India Pharma Fund Nippon India Mutual Fund₹329 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹311 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹267 Crheld
SBI Flexicap Fund SBI Mutual Fund₹155 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹121 Crheld
SBI Healthcare Opportunities Fund SBI Mutual Fund₹108 Cr−0.01 L
SBI Quality Fund SBI Mutual Fund₹55 Crheld

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 Aug 2026

7 added, 3 trimmed — net +2,750 shares (+0.0%)

Funds are sitting on
+64%
vs est. average cost
Held by funds
₹2.1k Cr
18 schemes · ≈ 3.9% of the company
Biggest holder
Nippon India Small Cap Fund
₹603 Cr · 0.7% of that fund
Longest holder
Nippon India ETF Nifty Midcap 150
7y 8m · since Jan '19

Shares held by these funds +24%

Aug '23 57.72 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹3533, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~23%. At that growth it is worth ₹2848 — downside of 19%.

Growth the price implies
26.9% a year
for 7 years, fading to 4%
It has actually compounded at
21.5% a year
net profit, FY23–FY26 · EPS 22.6%
The gap
0.0 pp
-19% downside if it only repeats history
Price today ₹3,533.4 Value at the reference growth ₹2,848.35

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse Ajanta Pharma Limited

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