Whalesbook
Q4 Results ka Full Story
Ajanta Pharma ne FY26 ke liye Q4 mein kamaal kar dikhaya. Profit 18.4% badh kar ₹266.7 crore tak pahunch gaya, jo market ke expectations se kaafi upar tha. Iske peeche ka main reason hai US market mein generic drugs ki sales mein 56% ki tezi, jisse company ne ₹505 crore kamaye. Overall revenue bhi 21.5% badh kar ₹1,421.64 crore ho gaya, aur EBITDA margin bhi 26.4% par accha bana raha.
US Market aur Biocon Deal ka Kamaal
US mein sales ka growth zabardast hai, lekin yeh sustainable rahega ya nahi, yeh dekhna hoga. Phir bhi, Ajanta Pharma ne Biocon ke saath ek deal ki hai jisse woh diabetes aur weight loss ki popular drug 'semaglutide' ko 26 African, Middle Eastern aur Central Asian deshon mein launch karenge. Yeh deal 2026 ke end ya 2027 ke start mein launch ho sakti hai aur umeed hai ki yeh saal mein $25-30 million tak ki sales de sakti hai. Yeh branded generics business (jo company ki revenue ka 70% hai) ko aur mazboot karega.
Stock Valuation aur Financial Health
Company ka valuation, yaani P/E ratio 35-40x ke aas paas hai, jo Cipla (~23x) aur Dr. Reddy's (~19.4x) se zyada hai, lekin Sun Pharma (~35.6x) ke barabar hai. Par company par debt bilkul na ke barabar hai (0.01 debt-to-equity ratio) aur free cash flow bhi ₹8-10 billion saal ka generate hota hai. Isse future investments ke liye paisa hai.
Challenges bhi hain Dhyan Rakhne Ko
USFDA ne April 2026 mein Ajanta Pharma ke Paithan facility ko inspect kiya tha aur 5 observations wala Form-483 diya hai. Halanki yeh warning letter nahi hai, par future approvals par iska asar pad sakta hai. US mein generics prices ka girna bhi ek challenge hai jo growth rate ko maintain karne mein dikkat de sakta hai.
Analysts kya Keh Rahe Hain?
Brokerage firm Prabhudas Lilladher ne 'BUY' rating rakhi hai aur target price badha kar ₹3,400 kar diya hai. Woh FY28 tak 17% CAGR growth expect kar rahe hain. Zyadatar analysts (10 out of 12) 'BUY' keh rahe hain, aur average target price ₹3,203 ke aas paas hai.