AJANTPHARM

Ajanta Pharma Limited

Specialty formulations — branded generics in ophthalmology, derma and cardiology, plus US ANDAs

Healthcare›Healthcare›Pharmaceuticals & Biotechnology›Pharmaceuticals

ajantapharma.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹3329.00
Market cap
41,729 Cr
Stock P/E
36.8
P/B
9.19
Dividend yield
0.8%
ROE (FY26)
23.3%
ROCE (FY26)
29.4%
Operating margin (FY26)
22.4%
Debt / equity (FY26)
0.05
OCF / EBITDA (FY26)
37.9%
OCF / EBITDA (3Y)
64.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Ajanta Pharma is a specialty pharmaceutical formulation company that sells branded generic medicines in India, Asia and Africa and generic medicines in the US, and also reports an Africa institution segment.

Company snapshot

18thBy market cap

Ranked among 119 companies in Pharmaceuticals.

What we see

Positives
  • ✓Net margin of 19.4% — the business keeps a healthy share of every rupee it earns.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,028 Cr1,105 Cr1,054 Cr1,145 Cr1,187 Cr1,146 Cr1,170 Cr1,303 Cr1,354 Cr1,375 Cr1,422 Cr1,626 Cr
Operating expenses (approx.)738 Cr791 Cr776 Cr815 Cr875 Cr825 Cr873 Cr951 Cr1,026 Cr993 Cr1,088 Cr1,202 Cr
EBITDA291 Cr314 Cr278 Cr330 Cr311 Cr321 Cr297 Cr351 Cr328 Cr382 Cr333 Cr424 Cr
OPM %28.3%28.4%26.4%28.9%26.2%28.0%25.4%27.0%24.2%27.8%23.5%26.1%
Other income21 Cr14 Cr36 Cr26 Cr19 Cr30 Cr18 Cr26 Cr59 Cr25 Cr61 Cr71 Cr
Interest2 Cr2 Cr2 Cr0.73 Cr6 Cr8 Cr6 Cr5 Cr3 Cr5 Cr2 Cr3 Cr
Depreciation34 Cr34 Cr34 Cr34 Cr34 Cr36 Cr40 Cr41 Cr43 Cr44 Cr45 Cr45 Cr
Profit before tax276 Cr291 Cr278 Cr322 Cr290 Cr307 Cr269 Cr331 Cr341 Cr359 Cr347 Cr447 Cr
Tax %29.2%27.8%27.1%23.7%25.4%24.2%16.4%22.9%23.7%23.7%23.2%25.2%
Net profit195 Cr210 Cr203 Cr246 Cr216 Cr233 Cr225 Cr255 Cr260 Cr274 Cr267 Cr334 Cr
EPS (₹)₹15.51₹16.68₹16.10₹19.54₹17.27₹18.60₹18.00₹20.44₹20.83₹21.91₹21.35₹26.75

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,002 Cr2,131 Cr2,055 Cr2,588 Cr2,890 Cr3,341 Cr3,743 Cr4,209 Cr4,648 Cr5,453 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,315 Cr1,472 Cr1,489 Cr1,905 Cr1,891 Cr2,412 Cr2,959 Cr3,037 Cr3,389 Cr4,058 CrSign in free for the trailing twelve months
EBITDA687 Cr658 Cr566 Cr683 Cr999 Cr929 Cr783 Cr1,172 Cr1,260 Cr1,395 CrSign in free for the trailing twelve months
OPM %34.3%30.9%27.6%26.4%34.6%27.8%20.9%27.8%27.1%25.6%Sign in free for the trailing twelve months
Other income24 Cr24 Cr21 Cr92 Cr26 Cr116 Cr99 Cr85 Cr95 Cr172 CrSign in free for the trailing twelve months
Interest1 Cr0.41 Cr1 Cr12 Cr8 Cr10 Cr6 Cr7 Cr21 Cr16 CrSign in free for the trailing twelve months
Depreciation61 Cr60 Cr72 Cr96 Cr116 Cr125 Cr131 Cr135 Cr144 Cr173 CrSign in free for the trailing twelve months
Profit before tax648 Cr623 Cr514 Cr664 Cr900 Cr909 Cr745 Cr1,114 Cr1,189 Cr1,378 CrSign in free for the trailing twelve months
Tax %21.8%24.7%24.8%29.6%27.4%21.6%21.1%26.7%22.6%23.3%Sign in free for the trailing twelve months
Net profit507 Cr469 Cr387 Cr468 Cr654 Cr713 Cr588 Cr816 Cr920 Cr1,056 CrSign in free for the trailing twelve months
EPS (₹)₹57.59₹53.26₹43.97₹53.60₹75.09₹82.45₹45.89₹64.82₹73.56₹84.53Sign in free for the trailing twelve months
Dividend payout %————12.7%11.5%15.3%78.7%38.0%33.1%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital18 Cr18 Cr18 Cr18 Cr17 Cr17 Cr25 Cr25 Cr25 Cr25 Cr
Reserves1,550 Cr2,024 Cr2,228 Cr2,581 Cr2,978 Cr3,247 Cr3,363 Cr3,542 Cr3,765 Cr4,502 Cr
Borrowings1 Cr1 Cr34 Cr44 Cr2 Cr2 Cr1 Cr1 Cr3 Cr212 Cr
Other liabilities279 Cr406 Cr417 Cr676 Cr781 Cr789 Cr1,290 Cr1,070 Cr1,222 Cr1,416 Cr
Total liabilities1,848 Cr2,449 Cr2,696 Cr3,319 Cr3,779 Cr4,056 Cr4,679 Cr4,638 Cr5,015 Cr6,155 Cr
Fixed assets (net)583 Cr1,045 Cr1,172 Cr1,360 Cr1,429 Cr1,424 Cr1,408 Cr1,384 Cr1,625 Cr1,726 Cr
CWIP338 Cr61 Cr261 Cr132 Cr108 Cr153 Cr209 Cr256 Cr176 Cr258 Cr
Investments182 Cr190 Cr78 Cr89 Cr185 Cr155 Cr535 Cr349 Cr464 Cr588 Cr
Loans & advances——0 Cr9 Cr8 Cr6 Cr17 Cr34 Cr3 Cr2 Cr
Inventories211 Cr351 Cr436 Cr496 Cr766 Cr791 Cr816 Cr828 Cr904 Cr939 Cr
Trade receivables323 Cr492 Cr459 Cr775 Cr738 Cr1,020 Cr1,057 Cr1,247 Cr1,183 Cr1,854 Cr
Cash & bank66 Cr91 Cr95 Cr202 Cr178 Cr206 Cr330 Cr129 Cr175 Cr103 Cr
Other assets145 Cr219 Cr195 Cr255 Cr366 Cr299 Cr307 Cr411 Cr486 Cr685 Cr
Total assets1,848 Cr2,449 Cr2,696 Cr3,319 Cr3,779 Cr4,056 Cr4,679 Cr4,638 Cr5,015 Cr6,155 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity609 Cr285 Cr375 Cr457 Cr576 Cr562 Cr792 Cr785 Cr1,157 Cr529 Cr
Cash from investing-383 Cr-260 Cr-223 Cr-224 Cr-282 Cr-74 Cr-560 Cr65 Cr-377 Cr-429 Cr
Cash from financing-202 Cr-0.20 Cr-147 Cr-129 Cr-318 Cr-460 Cr-108 Cr-1,051 Cr-733 Cr-168 Cr
Net cash flow24 Cr25 Cr4 Cr104 Cr-24 Cr29 Cr123 Cr-200 Cr46 Cr-72 Cr
Free cash flow (OCF − Capex)310 Cr23 Cr32 Cr217 Cr405 Cr413 Cr617 Cr633 Cr839 Cr164 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %41.4%30.5%22.6%25.6%30.3%28.2%22.2%31.4%31.9%29.4%
ROE %32.3%23.0%17.2%18.0%21.8%21.8%17.4%22.9%24.3%23.3%
Debtor days5984811099311110310893124
Inventory days203337405323395369338322389373
Days payable172240209236193153175180195216
Cash conversion cycle90181277196295328266250286280
OCF / EBITDA %88.7%43.4%66.1%66.8%57.7%60.5%101.1%67.0%91.9%37.9%
OCF / EBITDA % (3 years)——66.4%58.5%62.6%61.1%71.2%74.2%85.0%64.6%
Debt / equity0.00070.00050.020.020.00050.00060.00040.00040.00070.05
Current ratio3.453.543.132.713.133.502.483.042.842.64
Net debt / EBITDA-0.09—-0.11-0.23-0.18-0.22-0.42-0.11-0.140.08