Ajanta Pharma Limited (AJANTPHARM)

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Ajanta Pharma Limited (AJANTPHARM) · mywealthgrid

About

Ajanta Pharma Limited is a pharmaceutical company with market capitalisation of ₹45,873 Cr and quarterly revenues between ₹1.2–₹1.6 Cr. Operating margin of 25.58% and ROE of 25.39% demonstrate operational efficiency and profitability, indicating an established position in the pharmaceuticals sector.

Face value: ₹2

Market cap

₹44,727 Cr

P/E

39.6×

P/B

9.9×

Dividend yield

1.7%

ROE

25.4%

ROCE

31.8%

Debt / equity

0.05

OPM

25.6%

EPS (TTM)

₹90.2

Book value

₹361.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

High valuation (PE ratio of 40.57) offers limited margin of safety; verify if earnings growth justifies the multiple
Operating margin volatility ranging from 19.66% to 28.26% across recent quarters indicates exposure to pricing or operational pressures; identify the drivers
Promoter shareholding fell from 66.25% (Mar 2026) to 63.48% (Jun 2026), signalling dilution
Generic pharma sector faces pricing regulation, intense competition, and regulatory changes; verify impact on the company's core markets and products

Generated analysis · source review pending

Growth drivers

Jun 2026 quarters show revenue of ₹1,488–₹1,625 Cr, above the ₹1.2–₹1.4 Cr range in earlier quarters; verify if this acceleration persists
Operating margins above 25% in most recent quarters mean incremental revenue translates to high incremental profit; verify whether margins can be sustained as the company scales
ROE of 25.39% indicates capital is deployed efficiently; assess whether reinvestment in growth would generate comparable returns
Consistent dividend distributions (five payments from Aug 2023 to Aug 2026) demonstrate reliable cash generation and financial confidence

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹3,581.0+0.7%1Y

Quick read

rule-based

Pros

+Strong return on equity of 24.6% (3-yr avg)
+High return on capital employed of 31.3%
+Healthy operating margin of 25.6%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 86.5×
+Dividend payout of 66.3% of profit
+High promoter holding of 63.5% with no pledge

Cons

−Trading at 9.9× book value
−Promoter holding fell 2.8 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

64/100

Business quality: 87
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET NIFTY PHARMA

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,567	2,131	2,055	2,588	2,890	3,341	3,743	4,209	4,648	5,453
COGS	414	406	383	656	645	832	1,050	1,067	1,071	1,184
Gross profit	1,153	1,724	1,672	1,932	2,245	2,509	2,692	3,142	3,577	4,269
	622	1,066	1,105	1,249	1,246	1,579	1,909	1,970	2,318	2,874
	531	658	566	683	999	929	783	1,172	1,260	1,395
OPM %	33.9%	30.9%	27.6%	26.4%	34.6%	27.8%	20.9%	27.9%	27.1%	25.6%
Depreciation	43	60	72	96	116	125	131	135	144	173
Interest	4	0	1	12	8	10	6	7	21	16
	82	24	21	88	26	116	99	85	95	172
Profit before tax	551	623	514	664	900	909	745	1,114	1,189	1,378
Tax	135	154	127	196	246	197	157	298	269	322
Tax %	24.5%	24.7%	24.8%	29.6%	27.4%	21.6%	21.1%	26.7%	22.6%	23.4%
	414	469	387	468	654	713	588	816	920	1,056
PAT margin %	26.5%	22%	18.8%	18.1%	22.6%	21.3%	15.7%	19.4%	19.8%	19.4%
EPS (₹)	47.1	53.3	44	53.6	75.1	82.5	45.9	64.8	73.6	84.5
EPS adjusted (₹)	31.2	35.6	29.2	35.6	50.1	55.3	46.5	64.7	73.4	84.2
	17%	0%	20.5%	24.3%	12.7%	11.5%	47.9%	55.5%	38.1%	—
Annual report	Annual report for Mar 2016	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	18	18	18	17	17	25	25	25	25
Reserves	1,154	2,024	—	2,581	2,978	3,247	3,363	3,542	3,765	4,502
	73	34	—	44	2	2	1	1	3	212
	237	373	—	676	781	789	1,290	1,070	1,222	1,416
Total equity & liabilities	1,481	2,449	—	3,319	3,779	4,056	4,679	4,638	5,015	6,155
	452	1,053	1,168	1,463	1,532	1,504	1,496	1,479	1,762	1,867
CWIP	238	61	—	132	108	153	209	256	176	258
Investments	79	190	—	89	185	155	535	349	464	588
	712	1,145	—	1,635	1,954	2,244	2,438	2,554	2,613	3,441
Total assets	1,481	2,449	—	3,319	3,779	4,056	4,679	4,638	5,015	6,155

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81.3%	74.7%	77.7%	75.1%	71.9%	74.7%	77%	78.3%
EBITDA margin %	27.6%	26.4%	34.6%	27.8%	20.9%	27.9%	27.1%	25.6%
EBIT margin %	24.1%	22.7%	30.5%	24.1%	17.4%	24.6%	24%	22.4%
PAT margin %	18.8%	18.1%	22.6%	21.3%	15.7%	19.4%	19.8%	19.4%
Working capital
Receivable days	—	109	93	111	103	108	93	124
Inventory days	—	276	434	347	283	283	308	289
Payable days	—	202	212	143	147	159	155	168
NWC days	—	184	315	315	240	233	246	246
Leverage
Current ratio	—	2.71	3.13	3.5	2.48	3.04	2.84	2.64
Debt to EBITDA	—	0.06	0	0	0	0	0	0.15
Debt to equity	—	0.02	0	0	0	0	0	0.05
Interest coverage	444.3	57.1	109.8	90.2	128.6	155.5	58.4	86.5
Asset turnover	—	0.78	0.76	0.82	0.8	0.91	0.93	0.89
Return ratios
Return on assets %	—	14.1%	17.3%	17.6%	12.6%	17.6%	18.4%	17.2%
Return on capital employed %	—	25.1%	31.1%	28.1%	21.6%	30.8%	31.2%	31.8%
Return on equity %	—	18%	21.8%	21.8%	17.4%	22.9%	24.3%	23.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.21%	66.21%	66.21%	66.27%	66.26%	66.26%	66.26%	66.26%	66.25%	66.25%	66.25%	63.48%
	9.99%	9.11%	8.54%	8.36%	9.11%	9.26%	8.86%	8.86%	8.53%	7.98%	8.26%	7.68%
	15.59%	16.68%	17.49%	17.41%	17.1%	17.02%	17.48%	17.5%	17.9%	18.58%	18.37%	21.8%
	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0%
	8.21%	8%	7.76%	7.96%	7.53%	7.46%	7.4%	7.38%	7.31%	7.18%	7.11%	7.04%
No. of shareholders	—	—	—	—	—	—	—	—	67,785	65,409	67,955	65,296

Promoter holding down 2.73 percentage points since Sep 2023.

74 deals · 20 Dec 2021 – 9 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
9 Jun 2026	RAVI AGRAWAL TRUST	Block	NSE	Sell	34,50,000	₹2,968.00	₹1,023.96 Cr
9 Jun 2026	RAVI AGRAWAL TRUST	Bulk	NSE	Sell	34,50,000	₹2,968.00	₹1,023.96 Cr
9 Jun 2026	KOTAK MAHINDRA MUTUAL FUND	Block	NSE	Buy	21,02,291	₹2,968.00	₹623.96 Cr
9 Jun 2026	KOTAK MAHINDRA MUTUAL FUND	Bulk	NSE	Buy	21,02,291	₹2,968.00	₹623.96 Cr
9 Jun 2026	ADITYA BIRLA SUN LIFE MUTUAL FUND	Block	NSE	Buy	13,47,709	₹2,968.00	₹400.00 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	1,25,617	₹2,195.50	₹27.58 Cr
25 Jan 2024	SOCIETE GENERALE	Block	BSE	Buy	1,25,617	₹2,195.50	₹27.58 Cr
25 Jan 2024	BNP PARIBAS ARBITRAGE	Block	BSE	Sell	50,586	₹2,195.50	₹11.11 Cr
25 Jan 2024	MARSHALLWACEINVESTMENTSTRATEGIESMARKETNEUTRALTOPSFUND	Block	BSE	Buy	47,901	₹2,195.50	₹10.52 Cr
25 Jan 2024	MARSHALL WACE INVESTMENT STRATEGIESGTOPS FUND	Block	BSE	Buy	2,685	₹2,195.50	₹0.59 Cr

1–10 of 74

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Mr. Mannalal B. AgrawalNon-Executive - Non Independent Director-Chairperson related to Promoter
Arvind K AgrawalChief Financial Officer
Mr. Madhusudan B. AgrawalExecutive Director
Mr. Yogesh Mannalal AgrawalExecutive Director-MD
Mr. Rajesh Mannalal AgrawalExecutive Director
Mr. David RasquinhaNon-Executive - Independent Director
Ms. Medha Vinay JoshiNon-Executive - Independent Director
Mr. Rajesh Shashikant DalalNon-Executive - Independent Director
Ms. Simi Manohar Lal ThaparNon-Executive - Independent Director
Gaurang ShahCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 16 fund houses

Held by these funds

7.34%

of the company's equity

All mutual funds

18.1%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

70 schemes · 16 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	16.74 L	603.13	0.73%	1.341%	-0
Portfolio of Kotak Flexi Cap FundNEW	Kotak Mahindra Mutual Fund	16.17 L	582.48	1.03%	1.295%	—
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	10.86 L	391.21	1.99%	0.87%	-58,746
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	9.85 L	354.84	1.1%	0.789%	—
PHARMA FUND	Nippon India Mutual Fund	9.14 L	329.18	3.47%	0.732%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	7.43 L	267.46	0.48%	0.595%	—
Flexicap Fund	SBI Mutual Fund	4.3 L	154.88	0.67%	0.344%	-0
Healthcare Opportunities Fund	SBI Mutual Fund	2.99 L	107.83	1.86%	0.24%	-618

1–8 of 70

1 / 9

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

30 announcementsExport CSV

1 Oct 2026, 1:10 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	81.3%	74.7%	77.7%	75.1%	71.9%	74.7%	77%	78.3%
EBITDA margin %	27.6%	26.4%	34.6%	27.8%	20.9%	27.9%	27.1%	25.6%
EBIT margin %	24.1%	22.7%	30.5%	24.1%	17.4%	24.6%	24%	22.4%
PAT margin %	18.8%	18.1%	22.6%	21.3%	15.7%	19.4%	19.8%	19.4%
Working capital
Receivable days	—	109	93	111	103	108	93	124
Inventory days	—	276	434	347	283	283	308	289
Payable days	—	202	212	143	147	159	155	168
NWC days	—	184	315	315	240	233	246	246
Leverage
Current ratio	—	2.71	3.13	3.5	2.48	3.04	2.84	2.64
Debt to EBITDA	—	0.06	0	0	0	0	0	0.15
Debt to equity	—	0.02	0	0	0	0	0	0.05
Interest coverage	444.3	57.1	109.8	90.2	128.6	155.5	58.4	86.5
Asset turnover	—	0.78	0.76	0.82	0.8	0.91	0.93	0.89
Return ratios
Return on assets %	—	14.1%	17.3%	17.6%	12.6%	17.6%	18.4%	17.2%
Return on capital employed %	—	25.1%	31.1%	28.1%	21.6%	30.8%	31.2%	31.8%
Return on equity %	—	18%	21.8%	21.8%	17.4%	22.9%	24.3%	23.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Torrent Pharmaceuticals LimitedTORNTPHARMTORNTPHARM	₹1,61,325 Cr	₹1,76,123 Cr	₹15,723 Cr	₹5,191 Cr	32.6%	₹2,181 Cr	15.3%	14.5%	27.1%	163
Zydus Lifesciences LimitedZYDUSLIFEZYDUSLIFE	₹1,14,284 Cr	₹1,26,053 Cr	₹28,592 Cr	₹8,316 Cr	31.2%	₹4,513 Cr	18.9%	23.4%	19.7%	212
Laurus Labs LimitedLAURUSLABSLAURUSLABS	₹1,07,176 Cr	₹1,09,573 Cr	₹7,270 Cr	₹2,034 Cr	26.1%	₹1,093 Cr	13.1%	21.3%	18.2%	263
Mankind Pharma LimitedMANKINDMANKIND	₹1,04,696 Cr	₹1,11,007 Cr	₹14,738 Cr	₹3,827 Cr	25.3%	₹2,068 Cr	13.6%	14.2%	12.5%	117
Aurobindo Pharma LimitedAUROPHARMAAUROPHARMA	₹97,389 Cr	₹1,05,065 Cr	₹34,935 Cr	₹7,085 Cr	20.3%	₹3,713 Cr	10.4%	14.7%	9.9%	252
Lupin LimitedLUPINLUPIN	₹92,866 Cr	₹98,777 Cr	₹29,967 Cr	₹9,538 Cr	31.5%	₹5,529 Cr	19.2%	34.2%	26.9%	181
Glenmark Pharmaceuticals LimitedGLENMARKGLENMARK	₹65,781 Cr	₹65,781 Cr	₹17,737 Cr	₹4,797 Cr	26.9%	₹1,496 Cr	8%	37.8%	0%	83
Alkem Laboratories LimitedALKEMALKEM	₹62,431 Cr	₹64,055 Cr	₹15,081 Cr	₹3,032 Cr	20.4%	₹2,158 Cr	16%	21.5%	17.8%	152
Biocon LimitedBIOCONBIOCON	₹60,413 Cr	₹75,238 Cr	₹17,321 Cr	₹3,536 Cr	20.4%	₹495 Cr	2.2%	3.9%	1.4%	85
Abbott India LimitedABBOTINDIAABBOTINDIA	₹56,901 Cr	—	₹4,310 Cr	₹921 Cr	27.3%	₹691 Cr	22.4%	44.1%	34.5%	110
Ipca Laboratories LimitedIPCALABIPCALAB	₹49,299 Cr	₹50,003 Cr	₹10,126 Cr	₹2,232 Cr	20.5%	₹1,310 Cr	12.3%	17.8%	15.2%	308
Gland Pharma LimitedGLANDGLAND	₹47,428 Cr	₹47,671 Cr	₹6,725 Cr	₹1,751 Cr	25.3%	₹1,129 Cr	16%	14.8%	10.5%	255

Date	Category	Subject	Filing
1 Oct 2026, 1:10 pm	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
30 Sept 2026, 9:27 am	Company Update General	Submission Of Sustainability Report For FY 2026	PDF
28 Sept 2026, 9:23 am	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF
18 Sept 2026, 4:31 pm	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF
31 Aug 2026, 11:44 am	Company Update General	Participation In Investor Conference	PDF
31 Aug 2026, 10:13 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
27 Aug 2026, 3:31 pm	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	PDF
19 Aug 2026, 5:41 pm	Insider Trading / SAST Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	375	457	576	562	792	785	1,157	529
	-223	-224	-282	-74	-560	65	-377	-429
	-147	-129	-318	-460	-108	-1,051	-733	-168
Net cash flow	4	104	-24	28	124	-201	47	-68
Free cash flow	—	217	405	413	617	633	839	164
CFO / Operating profit %	66.1%	66.8%	57.7%	60.5%	101.1%	67%	91.9%	37.9%

Ajanta Pharma Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

23

1

2

Compounded sales growth

Compounded profit growth

Return on equity

Ajanta Pharma Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Dividends23

Board meetings1

Stock splits2

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

23

1

2