Ajanta Pharma
AJANTPHARM NSE
Ajanta Pharma
HealthcareNSE: AJANTPHARM BSE: 532331 Pharmaceuticals
Key Fundamentals
MidcapPharmaceuticalsHealthcareMarket Cap
₹43,326 Cr
Volatility
Moderate
P/E Ratio
38.9
EBITDA
₹1,567 Cr
Return on Equity
23.33%
Debt to Equity
0.06
Book Value
₹362.28
EPS
₹67.81
52W High
₹3,796
52W Low
₹2,329.9
Tapetide Score
Data-driven rating, 0–100. How it works →
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
2- Stock is trading at 9.75 times its book value
- Promoter holding has decreased over last quarter: -2.76%
Growth Rate
Revenue Growth
18.6% higher than
3Y
Net Income Growth
14.73% lower than
3Y
Cash Flow Change
-54.27% lower than
3Y
ROE
-3.91% lower than
3Y
ROCE
-2.32% lower than
3Y
EBITDA Margin (Avg.)
-2.42% higher than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk medium
Ajanta Pharma is a mid-cap pharmaceutical company with a market cap of ₹43,326 Cr, trading at a PE of 38.7x. The company has delivered a 3-year compounded sales CAGR of 13% and profit CAGR of 24%, while maintaining a near debt-free balance sheet and a 3-year average ROE of 25%.
Bull Case 8
- Company is virtually debt-free, providing financial flexibility and resilience against interest rate cycles
- Consistent return on equity with 3-year ROE of 25% and last year ROE of 27%, indicating efficient capital allocation
- Compounded profit growth of 24% over 3 years outpaces sales growth of 13%, reflecting improving operating leverage and margin expansion
- TTM sales growth of 20% shows accelerating top-line momentum compared to the 5-year CAGR of 14%
- Healthy dividend payout ratio of 50.1% with a current yield of 0.91%, demonstrating shareholder-friendly capital return policy
- Stock price CAGR of 27% over 3 years and 37% over 1 year reflects strong market confidence in the business trajectory
- Long-term ROE consistency at 23% over both 5-year and 10-year periods signals a durable competitive advantage in its therapeutic segments
- 10-year compounded sales CAGR of 12% demonstrates sustained long-term revenue growth across market cycles
Bear Case 7
- PE ratio of 38.7x is elevated for a pharma company, leaving limited margin of safety if growth disappoints
- Price-to-book ratio of 9.71x is significantly high, suggesting the stock prices in substantial future growth expectations
- Promoter holding decreased by 2.76% in the last quarter, which may signal reduced insider confidence or diversification motives
- 10-year compounded profit CAGR of 10% is modest relative to the current PE of 38.7x, indicating recent profit acceleration may not be sustainable long-term
- 5-year compounded profit CAGR of only 12% compared to the recent 3-year CAGR of 24% shows growth has been uneven and back-ended
- Dividend yield of 0.91% is relatively low in absolute terms despite the 50.1% payout ratio, a function of the elevated valuation
- 10-year stock CAGR of 11% versus the 1-year return of 37% indicates a sharp recent re-rating that may not sustain if earnings growth normalizes
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago Headwinds 1
- Promoter pledges 9.2L shares Aug 27
Aayush Agrawal Trust pledged 9.20 lakh Ajanta Pharma shares to 360 One Prime Ltd as additional security on August 21, 2026. Promoter share pledging can signal financial stress or leveraged positions, a mild overhang for sentiment.
Neutral 1
- Investor meetings in September Aug 31
Ajanta Pharma will host one-on-one analyst and institutional investor meetings on September 16 in New Delhi and September 28 in Mumbai. Routine engagement with institutional investors signals continued IR activity.
TL;DR: A quiet news cycle for Ajanta Pharma with no material positive catalysts. The only minor concern is a promoter entity pledging 9.20 lakh shares, which bears monitoring if pledge levels rise further. Investor meetings scheduled for September could provide forward guidance. Overall trend is neutral with no clear directional signal from recent newsflow.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 |
| Expenses | 750 | 738 | 791 | 776 | 815 | 875 | 825 | 873 | 951 | 1,026 | 993 | 1,088 | 1,202 |
| Operating Profit | 271 | 291 | 314 | 278 | 330 | 311 | 321 | 297 | 351 | 328 | 382 | 333 | 424 |
| OPM % | 27% | 28% | 28% | 26% | 29% | 26% | 28% | 25% | 27% | 24% | 28% | 23% | 26% |
| Other Income | 32 | 21 | 14 | 36 | 26 | 19 | 30 | 18 | 26 | 59 | 25 | 61 | 71 |
| Interest | 1 | 2 | 2 | 2 | 1 | 6 | 8 | 6 | 5 | 3 | 5 | 2 | 3 |
| Depreciation | 33 | 34 | 34 | 34 | 34 | 34 | 36 | 40 | 41 | 43 | 44 | 45 | 44 |
| PBT | 269 | 276 | 291 | 278 | 322 | 290 | 307 | 269 | 331 | 341 | 359 | 347 | 447 |
| Tax % | 23% | 29% | 28% | 27% | 24% | 25% | 24% | 16% | 23% | 24% | 24% | 23% | 25% |
| Net Profit | 208 | 195 | 210 | 203 | 246 | 216 | 233 | 225 | 255 | 260 | 274 | 267 | 334 |
| EPS in Rs | 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 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | 84 | 82 | 110 | 64 | 87 | 89 | 81 | 86 | 117 | 94 | 117 | 59 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Ajanta Pharma insights
69 extracted metrics + investor summaries across FY09–FY26.
Documents
1
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
8 May - Pls find enclosed Written Transcript of Earnings Call held on 5th May 2026. 8 May - Pls find enclosed Written Transcript of Earnings Call held on 5th May 2026.
2
Announcement under Regulation 30 (LODR)-Newspaper Publication
6 May - Newspaper Publication of Financial Results for the quarter and year ended 31st March 2026 6 May - Newspaper Publication of Financial Results for the quarter and year ended 31st March 2026
3
Board Meeting Outcome for Outcome Of Board Meeting
2d - Ajanta Pharma reported FY26 results; revenue rose 17%, PAT 15%, and noted an income tax search notice. 2d - Ajanta Pharma reported FY26 results; revenue rose 17%, PAT 15%, and noted an income tax search notice.
4
PFA Financial Results For The Quarter And Year Ended 31.03.2026
4h - Ajanta Pharma reported FY26 revenue of ₹5,453 crore, PAT ₹1,056 crore; tax search impact remains unascertainable. 4h - Ajanta Pharma reported FY26 revenue of ₹5,453 crore, PAT ₹1,056 crore; tax search impact remains unascertainable.
5
Intimation Of Grant And Cancellation Of Options
5 May - Ajanta Pharma granted 145,000 ESOPs and cancelled 850 options on 5 May 2026. 5 May - Ajanta Pharma granted 145,000 ESOPs and cancelled 850 options on 5 May 2026.
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.(Source : 202003-01 Annual Report Page No:70).
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 market capitalisation of Ajanta Pharma Ltd?
Ajanta Pharma Ltd has a market capitalisation of ₹43,326 Cr, which places it in the Large Cap band.
What is the PE ratio of Ajanta Pharma Ltd?
Ajanta Pharma Ltd trades at a PE ratio of 38.90, on earnings per share of ₹67.81, against a book value of ₹362.28 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 ₹2,329.9 and ₹3,796.
Does Ajanta Pharma Ltd pay dividends?
Ajanta Pharma Ltd has a dividend yield of 0.91%.
What is the Return on Equity (ROE) of Ajanta Pharma Ltd?
Ajanta Pharma Ltd reported a return on equity of 23.33%. 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.(Source : 202003-01 Annual Report Page No:70).
Website ajantapharma.com
CEO Mr. Yogesh Mannalal Agrawal M.B.A
Employees 9,628
Listed 2000-05-29
Face Value ₹ 2
Issued Size 12,49,35,624
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