Ajanta Pharma
High-quality, brand-led franchise across emerging markets and India with strong first-to-market specialty launches; disciplined capital allocation and high return ratios.
A full research profile for one company — what it does, how its financials have trended, how the market values it, and a balanced bull/bear/base investment memo.
Scan the top row for the headline numbers, read the charts for trends, check the three gauge scores, then read the auto-generated memo at the bottom. Sources for every figure are linked at the very bottom.
- EBITDA
- — Earnings before interest, tax, depreciation & amortisation — a proxy for operating cash profit.
- PAT
- — Profit After Tax — the bottom-line net profit.
- FCF
- — Free Cash Flow — cash left after running the business and capital spending.
- ANDA
- — Abbreviated New Drug Application — the US FDA filing to sell a generic drug.
Revenue
₹ crore · FY
EBITDA
₹ crore · FY
Margins
EBITDA & PAT margin %
R&D Spend
₹ crore · FY
Free Cash Flow
₹ crore · FY
Revenue Mix
By geography / segment
Quality Score
Growth Score
Regulatory Risk
Snapshot
Business Model
How the company makes money
Branded generics in Asia/Africa + India specialty-led (cardiac, ophthal, derm) + US generics.
Branded EM + India specialty first-launches
Africa FX/tender volatility
Peer Group
Click to compare
| Peer | Rev CAGR | EBITDA% | ROCE | P/E |
|---|---|---|---|---|
| Ajanta Pharma | 19% | 27% | 32.3% | 36x |
| Rubicon Research | 81% | 20.7% | 39.9% | 104x |
| Eris Lifesciences | 14% | 35% | 14% | 31x |
| J.B. Chemicals & Pharmaceuticals | 23% | 26% | 26% | 49x |
| Torrent Pharmaceuticals | 25% | 32% | 27% | 68x |
| Alembic Pharmaceuticals | -5% | 15.2% | 13% | 20x |
Investment Memo
Auto-generated from the data layer — illustrative, not advice
- • Branded EM + India specialty first-launches underpins a 19% 5Y revenue CAGR.
- • Premium 27% EBITDA margin with 32.3% ROCE signals durable economics.
- • Clean balance sheet (D/E 0.02) funds growth internally.
- • Africa FX/tender volatility.
- • Pricing/NLEM exposure on the domestic book can cap realisation.
- • Valuation at 36x P/E prices in continued execution — little margin for error.
Ajanta Pharma screens as a high-quality domestic formulations franchise. With revenue of ₹4.6K Cr growing ~19% and 27% EBITDA margins, the base case is steady compounding driven by branded em + india specialty first-launches, while watching africa fx/tender volatility.
Trades at 36x P/E, 26.0x EV/EBITDA and 8.5x P/B. A premium to the sector — justified only if growth and returns hold.
- 1 India IPM outperformance & chronic mix
- 2 Gross-margin trajectory & new-launch contribution
- 3 R&D productivity (filings/approvals per ₹ of R&D)
- 4 Capital allocation — capex payback & M&A discipline
FY25 mix: domestic ~32%, US ~23%, Asia/Africa ~45% (RoW). 55 approved ANDAs (incl. 2 tentative). Near debt-free.