Ajanta Pharma is primarily engaged in development, manufacturing and marketing of speciality pharmaceutical quality finished dosages.(Source : 202003-01 Annual Report Page No:70).
India - Branded Generic business (31% of FY23 revenues)[1]- Focused on niche and first-to-market drugs in 4 therapeutic areas - cardiology, ophthalmology, dermatology, pain management[2]- Has an MR strength of ~2800- Launched 23 products in India in FY22 out of which 6 were first to market.[3]The total product basket comprises 500+ products with 50% being 1st to market[4]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Sun Pharma.Inds. | 1700.70 | 35.35 | 408054.90 | 0.94 | 3124.95 | 2.56 | 14478.31 | 8.93 | 20.21 | 54964.01 | 30.12 | 11543.96 | 3117.95 | 5.24 | 12.97 | 0.07 |
| 2. | Divi's Lab. | 6355.50 | 67.89 | 168718.56 | 0.47 | 689.00 | 35.10 | 2715.00 | 16.12 | 20.44 | 10029.00 | 32.37 | 2485.00 | 689.00 | 10.95 | 13.53 | 0.01 |
| 3. | Torrent Pharma. | 4003.70 | 62.54 | 135503.40 | 0.80 | 591.00 | 32.49 | 3302.00 | 14.30 | 27.05 | 12248.00 | 32.60 | 2166.53 | 600.17 | 16.04 | 13.26 | 0.33 |
| 4. | Cipla | 1434.50 | 21.30 | 115874.78 | 0.91 | 1353.37 | 3.73 | 7589.44 | 7.64 | 22.72 | 28349.57 | 25.40 | 5441.14 | 1351.17 | 3.52 | 14.72 | 0.01 |
| 5. | Lupin | 2195.90 | 23.19 | 100308.45 | 0.55 | 1484.83 | 73.34 | 7047.51 | 24.23 | 21.30 | 24750.69 | 27.25 | 4324.63 | 1477.92 | 5.11 | 12.41 | 0.32 |
| 6. | Dr Reddy's Labs | 1186.50 | 17.16 | 99028.89 | 0.67 | 1336.80 | 7.28 | 8828.30 | 9.83 | 22.69 | 34310.00 | 24.64 | 5772.20 | 1347.10 | 2.75 | 12.95 | 0.16 |
| 7. | Mankind Pharma | 2244.40 | 52.99 | 92649.97 | 0.04 | 520.18 | -22.00 | 3697.16 | 20.77 | 15.98 | 13545.67 | 24.12 | 1748.55 | 511.51 | 6.06 | 8.89 | 0.55 |
| 8. | Ajanta Pharma | 2706.40 | 35.58 | 33812.58 | 1.03 | 249.53 | 6.19 | 1220.24 | 8.09 | 32.96 | 4544.66 | 26.51 | 950.38 | 249.53 | 8.19 | 20.66 | 0.01 |
| – | Median: 149 Co. | 394.5 | 29.56 | 1738.64 | 0.12 | 13.49 | 10.46 | 161.76 | 10.54 | 14.89 | 591.73 | 15.93 | 45.26 | 13.96 | 3.14 | 8.56 | 0.22 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 837 | 875 | 849 | 1,015 | 945 | 1,085 | 926 | 1,077 | 1,129 | 1,102 | 1,014 | 1,209 | 1,220 |
Expenses | 676 | 715 | 704 | 738 | 672 | 758 | 699 | 761 | 826 | 766 | 764 | 879 | 931 |
Operating Profit | 161 | 159 | 145 | 277 | 274 | 327 | 227 | 316 | 303 | 336 | 250 | 329 | 290 |
Other Income | 78 | 31 | 37 | 31 | 52 | 14 | 34 | 28 | 40 | 33 | 18 | 41 | 75 |
Profit before tax | 207 | 155 | 148 | 275 | 290 | 305 | 226 | 311 | 309 | 332 | 228 | 329 | 322 |
Tax % | 19% | 20% | 21% | 23% | 27% | 28% | 28% | 24% | 24% | 24% | 15% | 22% | 22% |
Net Profit | 167 | 124 | 117 | 212 | 212 | 220 | 163 | 236 | 235 | 252 | 193 | 255 | 250 |
EPS in Rs | 13.05 | 9.67 | 9.15 | 16.55 | 16.57 | 17.18 | 12.70 | 18.90 | 18.81 | 20.21 | 15.49 | 20.41 | 19.97 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,110 | 1,356 | 1,574 | 1,804 | 1,825 | 1,773 | 2,196 | 2,719 | 3,141 | 3,411 | 3,971 | 4,322 | 4,545 |
Expenses | 764 | 884 | 1,044 | 1,166 | 1,279 | 1,291 | 1,664 | 1,800 | 2,246 | 2,710 | 2,852 | 3,117 | 3,340 |
Operating Profit | 346 | 473 | 529 | 638 | 547 | 481 | 533 | 919 | 895 | 701 | 1,119 | 1,205 | 1,205 |
Other Income | 18 | 27 | 80 | 63 | 73 | 102 | 180 | 102 | 136 | 131 | 116 | 119 | 167 |
Interest | 8 | 5 | 4 | 1 | 0 | 0 | 9 | 7 | 9 | 5 | 7 | 5 | 5 |
Depreciation | 42 | 49 | 43 | 59 | 57 | 70 | 91 | 111 | 121 | 127 | 132 | 140 | 156 |
Profit before tax | 313 | 445 | 563 | 641 | 562 | 513 | 613 | 902 | 901 | 700 | 1,097 | 1,180 | 1,211 |
Net Profit | 221 | 306 | 422 | 500 | 428 | 392 | 441 | 676 | 720 | 559 | 807 | 917 | 950 |
EPS in Rs | 16.76 | 23.21 | 31.97 | 37.86 | 32.39 | 29.93 | 33.70 | 52.05 | 56.20 | 43.61 | 63.00 | 73.40 | 76.08 |
Dividend Payout % | 16% | 17% | 17% | 23% | 0% | 20% | 26% | 12% | 11% | 16% | 80% | 38% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 17 | 17 | 25 | 25 | 25 | 25 |
Reserves | 519 | 769 | 1,114 | 1,486 | 1,914 | 2,125 | 2,444 | 2,868 | 3,152 | 3,221 | 3,388 | 3,600 | 4,103 |
Borrowings | 129 | 71 | 68 | 0 | 0 | 0 | 23 | 26 | 20 | 33 | 31 | 31 | 31 |
Other Liabilities | 215 | 229 | 214 | 245 | 360 | 379 | 564 | 621 | 591 | 1,025 | 773 | 898 | 844 |
Total Liabilities | 880 | 1,086 | 1,414 | 1,749 | 2,292 | 2,522 | 3,049 | 3,532 | 3,780 | 4,305 | 4,217 | 4,554 | 5,003 |
Fixed Assets | 261 | 271 | 433 | 573 | 1,037 | 1,162 | 1,449 | 1,519 | 1,492 | 1,484 | 1,465 | 1,742 | 1,852 |
Gross Block | 449.57 | 510.92 | 679.21 | 843.35 | 1,379.38 | 1,555.61 | 1,926.65 | 2,086.54 | 2,163.18 | 2,246.28 | 2,355.33 | 2,759.58 | – |
Accumulated Depreciation | 188.17 | 239.60 | 246.38 | 270.42 | 342.69 | 393.59 | 477.33 | 567.75 | 670.86 | 762.27 | 890.44 | 1,017.62 | – |
CWIP | 94 | 170 | 240 | 339 | 61 | 261 | 131 | 108 | 153 | 209 | 256 | 176 | 146 |
Investments | 79 | 77 | 94 | 199 | 201 | 83 | 86 | 157 | 165 | 553 | 367 | 482 | 892 |
Other Assets | 446 | 568 | 647 | 638 | 993 | 1,015 | 1,383 | 1,748 | 1,970 | 2,058 | 2,129 | 2,154 | 2,112 |
Total Assets | 880 | 1,086 | 1,414 | 1,749 | 2,292 | 2,522 | 3,049 | 3,532 | 3,780 | 4,305 | 4,217 | 4,554 | 5,003 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 190 | 263 | 277 | 537 | 219 | 312 | 301 | 467 | 542 | 736 | 735 | 1,054 |
Cash from Investing Activity | -176 | -146 | -139 | -340 | -201 | -137 | -116 | -163 | -66 | -501 | 105 | -350 |
Cash from Financing Activity | -20 | -101 | -128 | -198 | -1 | -181 | -134 | -269 | -457 | -105 | -1,048 | -716 |
Net Cash Flow | -6 | 16 | 9 | -1 | 18 | -6 | 51 | 35 | 19 | 130 | -207 | -12 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 58 | 65 | 81 | 68 | 86 | 87 | 122 | 105 | 121 | 105 | 111 | 104 |
Inventory Days | 156 | 147 | 167 | 149 | 290 | 386 | 240 | 317 | 278 | 248 | 229 | 267 |
Days Payable | 116 | 104 | 128 | 121 | 193 | 173 | 166 | 159 | 120 | 128 | 130 | 132 |
Cash Conversion Cycle | 98 | 108 | 121 | 96 | 183 | 300 | 195 | 264 | 279 | 225 | 210 | 238 |
Working Capital Days | 35 | 55 | 83 | 73 | 115 | 132 | 132 | 138 | 153 | 92 | 130 | 116 |
ROCE % | 56% | 60% | 55% | 48% | 33% | 25% | 27% | 34% | 30% | 21% | 32% | 33% |
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Stock Analysis
Ajanta Pharma is primarily engaged in the development, manufacturing, and marketing of specialty pharmaceutical quality finished dosages.
The incorporation of 'Ajanta Pharma Ireland Ltd.' is a strategic initiative to expand Ajanta Pharma's international presence and operational capabilities within the pharmaceutical sector.
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