Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q3 FY2026 Earnings Presentation
41 slides from Ajanta Pharma's earnings presentation, Jan 30, 2026
Slide 1: Investor Presentation Q3 FY 2026
Investor Presentation Q3 FY 2026 30th January 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 Growing Sustainably. Scaling Responsibly. 2 Branded Generics India, Asia, Africa – Diversified markets enables growth 3 US Generics Selective play & normalized price erosion 4 Africa Institution Subdued performance, as expected 5 R&D & Mfg. Strong formulation capabiliti
Slide 4: Ajanta at a Glance
Ajanta at a Glance Growing Sustainably. Scaling Responsibly. 30th January 2026 4
Slide 5: We are present in 30+ countries globally
We are present in 30+ countries globally Generics Branded Generics Africa India Rest of Asia USA 20 countries 10 countries 30th January 2026 5
Slide 6: 71% of our business comes from Branded Generics
71% of our business comes from Branded Generics 50% of our products are 1st to Market US Generics India 26% 500+ 31% 9M FY 2026 Africa Instn. Sales Rs. 3,995 cr. Brands across 3% Different Therapeutic Segments Africa 17% Asia 23% 5,980+ Medical Representatives Promoting Products Globally 30th Januar
Slide 7: 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 30th January 2026 7
Slide 8: 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 50 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 9: Branded Generics - India
Branded Generics - India Accelerated Growth 30th January 2026 9
Slide 10: 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 2021 to 2025 1,452 1,308 1,250 23% 1,174 982 813 17% 14% 15% 10% FY21 FY22 FY23 FY24 FY25 9M FY26 Ajanta Cardiac Ophthal Derma Pain 30th January 2026 10
Slide 11: High Focus on Chronic Segment in India
High Focus on Chronic Segment in India 65% 11% Sales from Chronic Sales from NLEM Products Segment 2.7+ Lac 3,750+ Doctors covered MRs 30th January 2026 11
Slide 12: India – Sales at glance
India – Sales at glance Sales Contribution Source: IQVIA MAT December 2025 15 16 New launches Pain Brands of Rs 25+ cr. 10% in 9M FY 2026 Cardiac 36% Derma Focus on 24% 4 specialty therapies 53% 1 Contribution from 1st to market Ophthal Top 10 brands in 9M FY 2026 30% Source: IQVIA, MAT 30th January
Slide 13: We continue to outperform IPM growth
We continue to outperform IPM growth IPM Growth vs. Ajanta Growth Growth Break-up December 2025 MAT Ajanta 20% 18% 18% (11.4%) 18% 16% 16% IPM (8.9%) 3.9% 14% 11% ~ 1.6X 12% 11% 2.5% to IPM 10% 9% 9% 8% 8% 8% 8% 4.4% 6% 4.3% 4% 2% ~ 1.5X 3.1% 0% 2.1% to IPM Mar-22 Mar-23 Mar-24 Mar-25 Dec-25 Volume
Slide 14: 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 13% 12% 9% 14% 7% 8% 5% 6% Dec-25 Dec-25 Dec-25 Dec-25 IPM Ajanta Pharma IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT December 2025 30th January 2026 14
Slide 15: Branded Generics - Asia & Africa
Branded Generics - Asia & Africa Diversified markets enables growth 30th January 2026 15
Slide 16: 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 30th January 2026 16
Slide 17: EM: We launched many new products in 9M FY 2026
EM: We launched many new products in 9M FY 2026 20 Major Therapeutic segments New launches 9M FY 2026 Cardiac Diabetes Ophthal Pipeline of healthy product registrations CNS Derma Gynaecology New Focus Strengthening countries of small presence Pain Antibiotics Antimalarial EM = Emerging Markets 30th
Slide 18: 5 Years of Consistent Growth in Asia & Africa
5 Years of Consistent Growth in Asia & Africa Revenue (Rs. Cr.) Asia Africa 750 1,191 679 1,057 587 585 957 902 559 813 712 413 FY21 FY22 FY23 FY24 FY25 9M FY26 FY21 FY22 FY23 FY24 FY25 9M FY26 Source: Company data 30th January 2026 18
Slide 19: US Generics
US Generics Selective play accelerate growth 30th January 2026 19
Slide 20: Our US strategy of selective play pays
Our US strategy of selective play pays Revenue (INR Cr.) 50 49 Active ANDA Products on shelf 1047 1052 964 (3 approval in 9M FY 2026) (3 launched in 9M FY 2026) 828 637 696 19 8-12 Filing Target FY21 FY22 FY23 FY24 FY25 9M FY26 Pending approvals (3 filed in 9M FY 2026) Source: Company data 30th Janu
Slide 21: Antimalarial Institution
Antimalarial Institution Sales decline due to lower procurement by agencies 30th January 2026 21
Slide 22: Antimalarial Institution business in Africa
Antimalarial Institution business in Africa Revenue (INR Cr) 271 206 249 Decline 190 Due to lower procurement 147 by aid agencies 111 FY21 FY22 FY23 FY24 FY25 9M FY26 30th January 2026 22
Slide 23: R&D and Manufacturing
R&D and Manufacturing Strong formulation capabilities 30th January 2026 23
Slide 24: R&D operating efficiently
R&D operating efficiently R&D Expenses (Excluding Capex) (Rs. Cr.) 5% 6% 6% 5% 5% 237 224 850+ 204 208 139 Scientists FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 R&D expenses Rs. cr. % to % to Period Q3 9M Revenue Revenue FY 2025 53 5% 161 5% FY 2026 63 5% 182 5% 30th January 2026 24
Slide 25: 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) 30th January 2026 25
Slide 26: Financial Highlights (Consolidated)
Financial Highlights (Consolidated) Consistent Growth Continues 30th January 2026 26
Slide 27: Branded Generics – Growth continues in Q3
Branded Generics – Growth continues in Q3 11% 19% 9% 33% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 927 834 409 316 230 288 345 173 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 30% 21% 17% of Total Revenue of Total Revenue of Total Revenue 68% of Total Revenue
Slide 28: Branded Generics – India shines in 9M
Branded Generics – India shines in 9M 9% 15% 1% 10% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 2,831 2,588 888 902 1,250 679 1,083 617 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 31% 23% 17% of Total Revenue of Total Revenue of Total Revenue 71% of Total Reve
Slide 29: Overall excellent Performance in Q3
Overall excellent Performance in Q3 21% 11% 52% 22% Consolidated Branded US Generics Africa Sales Generics (Rs. cr.) Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) 1,367 399 927 1,130 834 41 33 263 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 68% 29% 3% of Total Revenue of Total Revenu
Slide 30: USA leads the overall Performance in 9M
USA leads the overall Performance in 9M 16% 9% 46% 6% Consolidated Branded US Generics Africa Sales Generics (Rs. cr.) Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) 3,995 1,052 3,429 2,831 2,588 118 111 723 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 71% 26% 3% of Total Revenue of To
Slide 31: Q3 FY 2026: Excellent performance
Q3 FY 2026 : Excellent performance Rs. cr. Q3 FY 2025 % to RO Q3 FY 2026 % to RO % Growth Revenue from Operations (RO) 1,146 1,375 20% COGS (258) 22% (286) 21% Gross Profit 888 78% 1,089 79% 23% Employee Benefit (265) 23% (331) 24% 25% Other Expenses (302) 27% (376) 27% 24% EBITDA 321 28% 382 28% 19
Slide 32: 9M FY 2026: Growth continues
9M FY 2026 : Growth continues Rs. cr. 9M FY 2025 % to RO 9M FY 2026 % to RO % Growth Revenue from Operations (RO) 3,478 4,031 16% COGS (788) 23% (880) 22% Gross Profit 2,690 77% 3,151 78% 17% Employee Benefit (810) 23% (950) 24% 17% Other Expenses (918) 26% (1,140) 28% 24% EBITDA 962 28% 1,061 26% 1
Slide 33: Consistent growth over last 5 years
Consistent growth over last 5 years (INR Cr.) (INR Cr.) (INR Cr.) Revenue EBITDA and Margin % PAT and Margin % 4,648 Adj. 4,209 4,031 35% 28% 21% 28% 27% 23% 21% 16% 19% 20% 20% 3,743 28% 1,260 920 3,341 1,172 1,123 816 2,890 999 789 929 713 654 783 588 FY21 FY22 FY23 FY24 FY25 9M FY21 FY22 FY23 FY2
Slide 34: Our ratios are among best in industry
Our rations are among best in industry (INR Cr.) ROCE % ROE % CFO & Cash Conversion 26% 58% 60% 101% 67% 92% 36% 34% 25% 31% 32% 30% 23% 23% 23% 28% 1,157 18% 22% 792 785 576 562 386 FY21 FY22 FY23 FY24 FY25 9M FY21 FY22 FY23 FY24 FY25 9M FY21 FY22 FY23 FY24 FY25 9M FY26 FY26 FY26 30th January 2026
Slide 35: So also Earnings & Pay Out
So also Earnings & Pay Out (INR) (INR Cr.) (INR) EPS Payout (Dividend & Buyback) & PAT % Book Value per share 74 339 38% 61% 81% 79% 76% 44% 303 65 63 283 701 264 55 642 252 50 231 46 479 436 350 251 FY21 FY22 FY23 FY24 FY25 9M FY21 FY22 FY23 FY24 FY25 9M FY21 FY22 FY23 FY24 FY25 9M FY26 FY26 FY26 3
Slide 36: 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 113 114 92 109 98 104 85 84 88 79 95 94 75 80 70 73 72 58 FY21 FY22 FY23 FY24 FY25 9M FY21 FY22 FY23 FY24 FY25 9M FY21 FY22 FY23 FY24 FY25 9M FY26 FY26 FY26 30th January 2026 36
Slide 37: Strategy
Strategy Levers for growth 30th January 2026 37
Slide 38: 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 39: Earnings Call
Earnings Call Let’s Talk 30th January 2026 39
Slide 40: Q3 FY26 Earnings Conference Call
Q3 FY26 Earnings Conference Call Date and Time January 30, 2026 at 1630 – 1730 hrs IST 1700 – 1800 hrs SST/HKT 1100 – 1200 hrs BST 0600 – 0700 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 Inter
Slide 41: 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]