Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q4 FY2026 Earnings Presentation
44 slides from Ajanta Pharma's earnings presentation, May 5, 2026
Slide 1: Investor Presentation Q4 FY 2026
Investor Presentation Q4 FY 2026 5th May 2026
Slide 2: Important Disclosure
Important Disclosure Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as 'will', 'aim', 'will likely result', 'would’, 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'in
Slide 3: Contents
Contents Ajanta at a Glance 1 Strong performance. Accelerating growth 2 Branded Generics India, Asia, Africa – Diversified markets enables growth 3 US Generics Good launches gives extraordinary growth 4 Africa Institution Unexpected revival 5 R&D & Mfg. Strong formulation capabilities 6 Financials C
Slide 4: Ajanta at a Glance
Ajanta at a Glance Strong Performance. Accelerating Growth. 5th May 2026 4
Slide 5: A year of achieving new milestones
A year of achieving new milestones Revenue crosses PAT crosses ₹ 5,000 cr. ₹ 1,000 cr. EBITDA close to IPM Rank ₹ 1,500 cr. 24 5th May 2026 5
Slide 6: We are present in 33+ countries globally
We are present in 33+ countries globally Generics Branded Generics Africa India Rest of Asia USA 21 countries 12 countries 5th May 2026 6
Slide 7: 68% of our business comes from Branded Generics
68% of our business comes from Branded Generics 50% of our products are c s 1st to Market rie US ded Gen Generics India 30% 500+ 29% FY 2026 Sales Rs. 5,407 cr. Brands across Africa Instn. Different Therapeutic Segments Bran 3% Africa Asia 16% 22% 68 % 6,000+ Medical Representatives Promoting Produc
Slide 8: Our Branded Generics business comes from 3 regions
Our Branded Generics business comes from 3 regions Presence in India, Africa & Asia Focus on Chronic Therapies (Cardiac, Diabetics, Ophthal, Derma, Pain, Gynaec) We hold Leadership In Molecules & Sub-Therapeutic Segments 5th May 2026 8
Slide 9: Our Business is well diversified & gives us an edge
Our Business is well diversified & gives us an edge Branded Generics Other Business India Asia Africa US Generics Institutional Africa 6 8 8 49 Antimalarial Active ANDAs T Segments T Segments T Segments T Segment (excld. 6 Tentative) ~50% Leadership Leading 19 1st In Sub therapeutic Under Approval G
Slide 10: Branded Generics - India
Branded Generics - India Accelerated Growth 5th May 2026 10
Slide 11: India 5-year CAGR – Consistent Solid Growth
India 5-year CAGR – Consistent Solid Growth Revenue (Rs. Cr.) 5-Years Ajanta’s Segment CAGR Source: Company Source: IQVIA, MAT March 2022 to 2026 1,654 1,452 1,308 18% 17% 1,174 15% 982 13% 9% FY22 FY23 FY24 FY25 FY26 Ajanta Cardiac Ophthal Derma Pain 5th May 2026 11
Slide 12: High Focus on Chronic Segment in India
High Focus on Chronic Segment in India Among Top NLEM 25 11% in IPM (at 24, up 2 ranks) of India sales MRs Chronic contribution 3,750+ 65% 277 added in India 5th May 2026 12
Slide 13: India – Sales at glance
India – Sales at glance Sales Contribution Source: IQVIA MAT March 2026 18 26 Nephro,Gyanec, New launches Pain 1% 1% Brands of Rs 25+ cr. 10% in FY 2026 Cardiac Derma Focus on 37% 22% 6 specialty therapies 53% 5 Contribution from 1st to market Ophthal Top 10 brands in FY 2026 29% Source: IQVIA, MAT
Slide 14: We continue to outperform IPM growth
We continue to outperform IPM growth IPM Growth vs. Ajanta Growth Growth Break-up March 2026 MAT Ajanta 20% 18% 18% (13.1%) 18% 16% 16% IPM (9.9%) 14% 13% 4.7% ~ 1.7X 12% 11% to IPM 10% 2.8% 10% 9% 8% 8% 8% 8% 4.8% 6% 4.4% 4% 2% ~ 1.3X 3.6% 0% 2.7% to IPM Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Volume Pr
Slide 15: Our most of the segment growth exceeds IPM
Our most of the segment growth exceeds IPM IPM Growth vs. Ajanta Growth Cardiac Ophthal Derma Pain 14% 14% 14% 12% 9% 8% 7% 7% Mar-26 Mar-26 Mar-26 Mar-26 IPM Ajanta Pharma IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT March 2026 5th May 2026 15
Slide 16: Branded Generics - Asia & Africa
Branded Generics - Asia & Africa Diversified markets enables growth 5th May 2026 16
Slide 17: We operate across many markets and therapies in EM
We operate across many markets and therapies in EM Key Markets Leadership Among Africa, Southeast Asia, Middle In many molecules & Top 5 sub-therapeutic segments Players in major markets East & Central Asia EM = Emerging Markets 5th May 2026 17
Slide 18: EM: We launched many new products in FY 2026
EM: We launched many new products in FY 2026 Major Therapeutic segments 23 New launches FY 2026 Cardiac Diabetes Ophthal Pipeline of healthy product registrations CNS Derma Gynaecology New Focus Strengthening countries of small presence & new entry Pain Antibiotics Antimalarial EM = Emerging Markets
Slide 19: 5 Years of Consistent Growth in Asia & Africa
5 Years of Consistent Growth in Asia & Africa Revenue (Rs. Cr.) Asia Africa 1,191 1,176 861 1,057 750 957 813 587 585 559 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 Source: Company data 5th May 2026 19
Slide 20: US Generics
US Generics Good launches gives extraordinary growth 5th May 2026 20
Slide 21: Our US strategy of selective play pays
Our US strategy of selective play pays Revenue (INR Cr.) 49 49 Active ANDA Products on shelf 1557 (5 approval in FY 2026) (4 launched in FY 2026) 964 1047 696 828 19 8-12 Filing Target FY22 FY23 FY24 FY25 FY26 Pending approvals (5 filed in FY 2026) Source: Company data 5th May 2026 21
Slide 22: Antimalarial Institution
Antimalarial Institution Unexpected revival 5th May 2026 22
Slide 23: Antimalarial Institution business in Africa
Antimalarial Institution business in Africa Revenue (INR Cr) 206 249 Decline 190 Due to lower procurement 147 160 by aid agencies FY22 FY23 FY24 FY25 FY26 5th May 2026 23
Slide 24: R&D and Manufacturing
R&D and Manufacturing Strong formulation capabilities 5th May 2026 24
Slide 25: R&D operating efficiently
R&D operating efficiently R&D Expenses (Excluding Capex) (Rs. Cr.) 6% 6% 5% 5% 5% 850+ 204 237 208 224 252 Scientists FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 R&D expenses Rs. cr. % to % to Period Q4 FY Revenue Revenue FY 2025 63 5% 224 5% FY 2026 70 5% 252 5% 5th May 2026 25
Slide 26: Our 7 plants are best in class
Our 7 plants are best in class, major ones being Paithan Dahej (Maharashtra) (Gujarat) Guwahati Pithampur (Assam) (Madhya Pradesh) 5th May 2026 26
Slide 27: Financial Highlights (Consolidated)
Financial Highlights (Consolidated) Consistent Growth Continues 5th May 2026 27
Slide 28: Branded Generics – Asia impacted due to war in Q4
Branded Generics – Asia impacted due to war in Q4 7% 9% 10% 37% Total Asia Africa (Rs. cr.) India (Rs. cr.) (Rs. cr.) (Rs. cr.) 805 859 404 303 182 369 274 133 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 29% 19% 13% of Total Revenue of Total Revenue of Total Revenue 61% of Total
Slide 29: Branded Generics – India & Africa shines in FY
Branded Generics – India & Africa shines in FY 9% 11% 1% 15% Total Asia Africa (Rs. cr.) India (Rs. cr.) (Rs. cr.) (Rs. cr.) 3,690 3,394 1,654 1,191 1,175 861 1,452 750 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 30% 22% 16% of Total Revenue of Total Revenue of Total Revenue 68% of Total Revenue 5th May
Slide 30: Overall excellent performance in Q4
Overall excellent performance in Q4 22% 7% 56% 71% Consolidated Branded US Generics Africa Sales (Rs. cr.) Generics (Rs. cr.) Institution (Rs. cr.) (Rs. cr.) 1,412 505 1,158 805 859 48 325 28 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 61% 36% 3% of Total Revenue of Total Revenue
Slide 31: USA leads the overall Performance in FY
USA leads the overall Performance in FY 18% 9% 49% 9% Consolidated Branded US Generics Africa Sales (Rs. cr.) Generics (Rs. cr.) Institution 5,407 (Rs. cr.) (Rs. cr.) 1,557 4,588 3,690 160 3,394 147 1,047 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 68% 29% 3% of Total Revenue of Total Revenue of Total R
Slide 32: Q4 FY 2026: Performance amidst challenges
Q4 FY 2026 : Performance amidst challenges Rs. cr. Q4 FY 2025 % to RO Q4 FY 2026 % to RO % Growth Revenue from Operations (RO) 1,170 1,422 21% COGS (283) 24% (305) 22% Gross Profit 887 76% 1,117 78% 26% Employee Benefit (280) 24% (341) 24% 22% Other Expenses (310) 27% (443) 31% 43% EBITDA 297 25% 33
Slide 33: FY 2026: Excellent performance
FY 2026 : Excellent performance Rs. cr. FY 2025 % to RO FY 2026 % to RO % Growth Revenue from Operations (RO) 4,648 5,453 17% COGS (1,071) 23% (1,184) 22% Gross Profit 3,577 77% 4,269 78% 19% Employee Benefit (1,090) 23% (1,291) 24% 18% Other Expenses (1,227) 27% (1,583) 29% 13% EBITDA 1,260 27% 1,3
Slide 34: Building efficiencies…. (Assets)
Building efficiencies…. Rs. cr. Statement of Assets & Liabilities FY 2025 FY 2026 ASSETS Non-Current Assets Property, Plant and Equipment 1,671 1,768 Capital Work-in-Progress 176 258 Right for use assets 91 99 Other non-current assets 234 294 Sub-total - Non-current assets 2,172 43% 2,419 39% Curren
Slide 35: Building efficiencies…. (Equity and Liabilities)
Building efficiencies…. Rs. cr. Statement of Assets & Liabilities FY 2025 FY 2026 EQUITY AND LIABILITIES Equity Equity Share Capital 25 25 Other Equity 3,765 4,502 Sub Total – Shareholders’ Funds 3,790 76% 4,527 74% Non-current Liabilities Non-current Liabilities 229 212 Sub Total – Non-Current Liab
Slide 36: Smart growth over last 5 years
Smart growth over last 5 years (INR Cr.) (INR Cr.) (INR Cr.) Revenue EBITDA and Margin % PAT and Margin % 5,453 Adj. 28% 21% 28% 27% 21% 16% 19% 20% 19% 4,648 27% 4,209 1,395 1056 3,743 1,260 3,341 1,172 920 816 929 713 783 588 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY
Slide 37: Our performance among best in industry
Our performance among best in industry (INR Cr.) ROCE % ROE % CFO & Cash Conversion 32% 33% 33% 60% 101% 67% 92% 37% 29% 25% 25% 23% 23% 1,157 23% 18% 792 785 562 523 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 5th May 2026 37
Slide 38: So also Earnings & Pay Out
So also Earnings & Pay Out (INR) (INR Cr.) (INR) EPS Payout (Dividend & Buyback) & PAT % Book Value per share 362 85 61% 81% 79% 76% 33% 74 303 701 283 65 264 642 252 55 46 479 436 350 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 5th May 2026 38
Slide 39: We continue to improve on working capital front
We continue to improve on working capital front (Nos.) (Nos.) (Nos.) Receivable Days Inventory Days Payable Days 88 125 80 100 113 73 72 109 104 85 63 79 94 75 70 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 5th May 2026 39
Slide 40: Strategy
Strategy Levers for growth 5th May 2026 40
Slide 41: We continue to work on our strategic priorities
We continue to work on our strategic priorities New products launches across markets Strong product portfolio under development / registration Gain market share in existing products Focus on field force productivity enhancement Thrust on new countries & therapies Adding therapies, products & field i
Slide 42: Earnings Call
Earnings Call Let’s Talk 5th May 2026 42
Slide 43: Q4 FY26 Earnings Conference Call
Q4 FY26 Earnings Conference Call Date and Time May 05, 2026 at 16:30 – 17:30 hrs IST 19:00 – 20:00 hrs SST/HKT 12:00 – 13:00 hrs BST 07:00 – 08:00 hrs US ET Dial-in Numbers Diamond pass link Click here to register for faster access Universal Access Primary Access: +91 22 6280 1542 +91 22 7115 8372 I
Slide 44: Thank you
For more information, please visit our website: www.ajantapharma.com For regular updates follow us on twitter https://x.com/ajantapharmaltd For specific queries, contact: Thank you Rajeev Agarwal: 022-60609706 [email protected] Abhineet Kumar: 022-60609721 [email protected]