Skip to content
Ajanta Pharma logo

Ajanta Pharma

AJANTPHARM NSE
₹3,316.70 −3.00 (−0.09%)
P/E
36.51
View as Markdown
MCP
Close 4 Nov 2026 ₹3,316.70 +747.90 +29.1% 1Y
Start ₹2,568.80

Key Fundamentals

MidcapPharmaceuticals & BiotechnologyHealthcare

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
34.50%
Debt to Equity
0.06
EPS (TTM)
₹90.84
Book Value
₹388.78
Market Cap
—
P/E (TTM)
36.51
P/B
8.53
ROE
27.10%
Dividend Yield
0.96%
EBITDA
₹1,567 Cr
52W High
₹3,796.00
52W Low
₹2,445.80
Day Range
₹3,272.10 – ₹3,336.30
Volume
3,33,529

Peer Comparison

Healthcare › Pharmaceuticals

Ajanta Pharma peer comparison
Sun Pharma
₹1,773.4038.81₹4,29,049 Cr4.770.90%16.00%20.50%₹61,631 Cr₹10,987 Cr
Divis Laboratories
₹10,037.5091.10₹2,65,269 Cr15.900.30%16.50%22.00%₹11,230 Cr₹2,925 Cr
Torrent Pharmaceuticals
₹4,738.5078.61₹1,77,061 Cr9.810.82%27.40%15.20%₹17,400 Cr₹2,099 Cr
Zydus Life Science
₹1,188.1026.44₹1,25,446 Cr4.370.08%21.20%21.10%₹28,592 Cr₹4,593 Cr
Laurus Labs
₹2,323.80114.81₹1,25,228 Cr20.720.04%18.30%17.80%₹7,270 Cr₹1,090 Cr
Dr Reddys Laboratories
₹1,374.0035.59₹1,14,543 Cr2.960.58%11.20%13.00%₹33,228 Cr₹3,184 Cr
Cipla
₹1,402.0033.59₹1,12,454 Cr3.200.93%11.60%15.50%₹28,324 Cr₹3,356 Cr
Ajanta Pharma (this company)
₹3,316.7036.51₹41,338 Cr8.530.96%27.10%34.50%₹5,776 Cr₹1,135 Cr
Median 8 companies₹2,048.6037.66₹1,25,337 Cr6.650.70%17.40%19.15%₹22,862 Cr₹3,055 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

54 Average

Data confidence 100/100

Category scores

Quality
52
Average
Returns, margins, earnings quality 22% weight
Valuation
64
Good
Cheap vs sector & own history 24% weight
Growth
60
Good
Sales & profit trajectory 9% weight
Financial Health
84
Strong
Solvency, leverage, coverage 9% weight
Momentum
26
Poor
Trend strength, vol-adjusted 12% weight
Ownership
41
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.2%
  • Company has been maintaining a healthy dividend payout of 50.1%

Weaknesses

1
  • Stock is trading at 9.19 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish973
OscillatorsNeutral171
Moving AveragesStrong Bearish802

Key readings

RSI (14)
42.37
Neutral
MACD (12,26,9)
−29.04
Bullish
SMA (50)
3,472.52
Bearish
SMA (200)
3,173.43
Bullish

As of

Analyst Rating

Based on 14 analysts
BUY64%

9 of 14 analysts rate Buy, 3 Hold, 2 Sell.

As of

BUY
9
64%
HOLD
3
21%
SELL
2
14%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+12.04%
5Y+13.54%
3Y+13.36%
1Y+17.32%
TTM+20.20%

Net profit

Net profit growth by window
10Y+9.76%
5Y+10.06%
3Y+21.55%
1Y+14.78%
TTM+22.17%

Operating cash flow

Operating cash flow growth by window
10Y+4.96%
5Y−1.69%
3Y−12.59%
1Y−54.28%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−6.45 pp
5Y−7.13 pp
3Y+5.92 pp
1Y+0.21 pp
TTM−1.24 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,983 Cr
Mar 2018₹2,126 Cr
Mar 2019₹2,055 Cr
Mar 2020₹2,588 Cr
Mar 2021₹2,890 Cr
Mar 2022₹3,341 Cr
Mar 2023₹3,743 Cr
Mar 2024₹4,209 Cr
Mar 2025₹4,648 Cr
Mar 2026₹5,453 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹507 Cr
Mar 2018₹469 Cr
Mar 2019₹387 Cr
Mar 2020₹468 Cr
Mar 2021₹654 Cr
Mar 2022₹713 Cr
Mar 2023₹588 Cr
Mar 2024₹816 Cr
Mar 2025₹920 Cr
Mar 2026₹1,056 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹423 Cr −27.7% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Ajanta Pharma Ltd trades at ₹3,316.7 as of 2026-11-04 with a market cap of ₹41,338 crore, a PE of 36.5x, and a near-debt-free balance sheet (debt-to-equity of 0.06). The company has delivered 20% TTM sales growth and 22% TTM profit growth while maintaining a 3-year average ROE of 25%, though the stock trades at 8.53x book value.

Bull Case 8
  • Virtually debt-free balance sheet with a debt-to-equity ratio of just 0.06, giving the company significant financial flexibility and resilience through business cycles.
  • Strong and consistent return on equity — 3-year ROE of 25%, 5-year ROE of 23%, and last year ROE of 27% — indicating efficient capital allocation over sustained periods.
  • Accelerating revenue growth with TTM sales growth of 20%, above the 5-year compounded sales growth of 14% and 10-year CAGR of 12%, suggesting improving business momentum.
  • TTM profit growth of 22% outpaces the 10-year compounded profit growth of 10% and 5-year CAGR of 12%, indicating expanding profitability alongside revenue growth.
  • ROCE of 29.41% as of 2026-11-04 reflects strong capital efficiency, well above cost of capital for most Indian pharmaceutical companies.
  • Healthy dividend payout ratio of 50.1% with a current dividend yield of 0.96%, demonstrating shareholder-friendly capital return policy alongside growth reinvestment.
  • Stock has delivered a 1-year return CAGR of 37% and 3-year CAGR of 23%, reflecting sustained investor confidence in the business trajectory.
  • 3-year compounded profit growth of 24% significantly exceeds the 10-year rate of 10%, pointing to a structural improvement in earnings power in recent years.
Bear Case 6
  • PE of 36.51x as of 2026-11-04 prices in significant future growth — any deceleration from the current 22% TTM profit growth could lead to a valuation re-rating downward.
  • The stock is 12.6% below its 52-week high of ₹3,796, suggesting recent selling pressure or profit-booking at elevated valuations.
  • 10-year compounded profit growth of only 10% versus the current TTM growth of 22% raises the question of whether recent acceleration is sustainable or cyclical.
  • Dividend yield of 0.96% is modest relative to the high PE of 36.51x, meaning investors are predominantly reliant on capital appreciation for total returns.
  • 10-year stock price CAGR of 10% is modest for a mid-cap pharma compounder, suggesting long-term shareholders have experienced periods of prolonged underperformance despite recent strength.
  • Market cap of ₹41,338 crore against a TTM EPS of ₹90.84 implies the market is pricing in sustained double-digit earnings growth for several years, creating execution risk.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Ajanta Pharma delivered a strong Q2 FY27 with broad-based improvement across revenue, profitability, and margins. The 49% profit growth and 630 bps EBITDA margin expansion signal robust operational execution. The promoter share pledge is minor but worth monitoring if encumbrance levels rise further. If the company sustains this margin trajectory, it could continue to attract positive market sentiment in the near term.

Positives 3
  • Q2 profit surges 49% YoY Oct 30

    Net profit jumped 49% to ₹388 crore in Q2 FY27 versus ₹260.2 crore a year ago, while revenue rose 32.5% YoY to ₹1,794.2 crore.

  • EBITDA margin expands 630 bps Oct 30

    EBITDA reached ₹547.6 crore with margin expanding to 30.5% from 24.2% YoY, reflecting stronger operational efficiency and cost management.

  • Shares rally on strong results Oct 30

    Shares traded 2.67% higher at ₹3,552.10 following the Q2 results, signaling positive investor sentiment toward the company's growth trajectory.

Neutral 1
  • Promoter pledges 30,000 shares Oct 21

    Aayush Agrawal pledged 30,000 shares due to a top-up call, bringing total encumbered shares for his trust to 121.32 lakh.

Quarterly Results

₹ Cr
AJANTPHARM quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,021
1,028
1,105
1,054
1,145
1,187
1,146
1,170
1,303
1,354
1,375
1,422
1,626
1,794
Expenses
750
738
791
776
815
875
825
873
951
1,026
993
1,088
1,202
1,247
Operating Profit
271
291
314
278
330
311
321
297
351
328
382
333
424
548
OPM %
27%
28%
28%
26%
29%
26%
28%
25%
27%
24%
28%
23%
26%
31%
Other Income
32
21
14
36
26
19
30
18
26
59
25
61
71
37
Interest
1
2
2
2
1
6
8
6
5
3
5
2
3
2
Depreciation
33
34
34
34
34
34
36
40
41
43
44
45
44
48
PBT
269
276
291
278
322
290
307
269
331
341
359
347
447
535
Tax %
23%
29%
28%
27%
24%
25%
24%
16%
23%
24%
24%
23%
25%
27%
Net Profit
208
195
210
203
246
216
233
225
255
260
274
267
334
388
EPS (₹)
16.24
15.24
16.39
15.82
19.68
17.33
18.64
18.03
20.44
20.83
21.91
21.35
26.75
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
AJANTPHARM profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,474
1,749
1,983
2,126
2,055
2,588
2,890
3,341
3,743
4,209
4,648
5,453
5,776
Expenses
968
1,155
1,292
1,467
1,489
1,904
1,889
2,408
2,934
3,037
3,379
3,953
4,309
Operating Profit
505
594
691
658
567
683
1,001
933
808
1,172
1,269
1,500
1,467
OPM %
34%
34%
35%
31%
28%
26%
35%
28%
22%
28%
27%
28%
25%
Other Income
8
14
20
24
21
88
24
112
74
85
85
67
217
Interest
6
5
1
0
1
12
8
10
6
7
21
16
14
Depreciation
52
44
61
60
72
96
116
125
131
135
144
173
176
PBT
456
559
648
623
514
664
900
909
745
1,114
1,189
1,378
1,493
Tax %
32%
26%
22%
25%
25%
30%
27%
22%
21%
27%
23%
23%
—
Net Profit
310
416
507
469
387
468
654
713
588
816
920
1,056
1,135
EPS (₹)
23.47
31.49
38.4
35.5
29.56
35.73
50.38
55.63
45.89
63.7
73.68
84.52
90.84
Div. Payout %
17%
17%
23%
0%
20%
24%
13%
11%
15%
79%
38%
33%
—

Balance Sheet

₹ Cr
AJANTPHARM balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
18
18
18
18
18
18
17
17
25
25
25
25
Reserves
823
1,173
1,550
2,024
2,228
2,581
2,978
3,247
3,363
3,542
3,765
4,502
Borrowings
72
81
1
2
36
75
31
25
36
35
47
260
Other Liabilities
233
207
254
383
383
619
702
711
1,159
927
1,067
1,250
Total Liabilities
1,146
1,479
1,823
2,426
2,664
3,293
3,729
4,000
4,582
4,530
4,904
6,037
Fixed Assets
288
451
589
1,053
1,178
1,472
1,541
1,512
1,496
1,479
1,762
1,867
CWIP
170
240
339
61
262
132
108
153
209
256
176
258
Investments
60
86
182
190
78
79
176
147
535
349
464
588
Other Assets
629
703
713
1,122
1,147
1,610
1,904
2,188
2,341
2,446
2,502
3,324
Total Assets
1,146
1,479
1,823
2,426
2,664
3,293
3,729
4,000
4,582
4,530
4,904
6,037

Cash Flow

₹ Cr
AJANTPHARM cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
279
326
609
281
375
457
576
562
792
785
1,157
529
Investing
−158
−209
−383
−256
−223
−224
−282
−74
−560
65
−377
−429
Financing
−105
−117
−202
0
−147
−129
−318
−460
−108
−1,051
−733
−168
Net Cash Flow
16
0
24
25
4
104
−24
28
124
−201
47
−68
Free Cash Flow
176
29
313
19
32
228
417
431
618
646
840
169
CFO/EBITDA
84
82
110
64
87
89
81
86
117
94
117
59

Ratios

AJANTPHARM financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
64
78
59
79
82
109
93
111
103
108
93
124
Inventory Days
159
180
186
315
415
276
434
347
283
283
308
289
Days Payable
109
128
157
224
214
202
212
143
147
159
155
168
Cash Conversion Cycle
114
130
88
170
282
184
315
315
240
233
246
246
Working Capital Days
56
78
65
103
113
108
126
140
83
119
97
111
ROCE %
57%
52%
46%
34%
24%
27%
32%
29%
23%
32%
32%
35%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Ajanta Pharma insights

77 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 63.47%
  • DIIs 21.94%
  • FIIs 7.63%
  • Public 6.21%
  • Others 0.75%

20.65% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Ajanta Pharma

What does Ajanta Pharma Ltd do?
Ajanta Pharma is primarily engaged in development, manufacturing and marketing of speciality pharmaceutical quality finished dosages.
Where is Ajanta Pharma Ltd (AJANTPHARM) listed?
Ajanta Pharma Ltd trades as AJANTPHARM on the NSE and under code 532331 on the BSE.
Which sector does Ajanta Pharma Ltd belong to?
Ajanta Pharma Ltd is classified under the Healthcare sector, in the Pharmaceuticals industry.
What is the PE ratio of Ajanta Pharma Ltd?
Ajanta Pharma Ltd trades at a PE ratio of 36.51 as of 4 Nov 2026, on earnings per share of ₹90.84, against a book value of ₹388.78 per share.
What is the 52-week high and low of Ajanta Pharma Ltd?
Over the last 52 weeks Ajanta Pharma Ltd has traded between ₹2,445.8 and ₹3,796 as of 4 Nov 2026.
Does Ajanta Pharma Ltd pay dividends?
Ajanta Pharma Ltd has a dividend yield of 0.96%.
What is the Return on Equity (ROE) of Ajanta Pharma Ltd?
Ajanta Pharma Ltd reported a return on equity of 27.10%. Its debt-to-equity ratio is 0.06.

Company Information

Ajanta Pharma is primarily engaged in development, manufacturing and marketing of speciality pharmaceutical quality finished dosages.

Website ajantapharma.com
CEO Mr. Yogesh Mannalal Agrawal M.B.A
Employees 9,628
Listed 29 May 2000
Face Value ₹2

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/AJANTPHARM.md for Ajanta Pharma Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Pharma stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month