Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q2 FY2026 Earnings Presentation
44 slides from Ajanta Pharma's earnings presentation, Nov 3, 2025
Slide 1: Investor Presentation Q2 FY 2026
Investor Presentation Q2 FY 2026 3rd November 2025
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. 3rd November 2025 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 3rd November 2025 5
Slide 6: 72% of our business comes from Branded Generics
72% of our business comes from Branded Generics 50% of our products are 1st to Market US Generics 25% India Africa Instn. H1 FY 2026 Sales 32% 500+ 3% Rs. 2,628 cr. Brands across Different Therapeutic Segments Africa 17% Asia 23% 5,680+ Medical Representatives Promoting Products Globally 3rd Novembe
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 3rd November 2025 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 54 Antimalarial Active ANDAs T Segments T Segments T Segments T Segment (excld. 2 Tentative) ~50% Leadership Leading 22 1st In Sub therapeutic Under Approval G
Slide 9: Branded Generics - India
Branded Generics - India Accelerated Growth 3rd November 2025 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: IQVIA, MAT March 2021 to 2025 1,452 1,308 1174 23% 982 813 841 17% 14% 15% 10% FY21 FY22 FY23 FY24 FY25 H1 FY26 Ajanta Cardiac Ophthal Derma Pain 3rd November 2025 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 3,600+ Doctors covered MRs 3rd November 2025 11
Slide 12: India – Sales at glance
India – Sales at glance Sales Contribution Source: IQVIA MAT September 2025 15 10 New launches Pain Brands of Rs 25+ cr. 10% in H1 FY 2026 Cardiac Derma Focus on 37% 23% 4 specialty therapies 55% 1 Contribution from 1st to market Ophthal Top 10 brands in H1 FY 2026 30% 3rd November 2025 12
Slide 13: We continue to outperform IPM growth
We continue to outperform IPM growth IPM Growth vs. Ajanta Growth Growth Break-up September 2025 MAT Ajanta 20% (10.3%) 18% 18% 18% ~ 1.4X 16% to IPM 16% IPM 3.2% (7.8%) 14% 12% 11% 10% 2.3% 10% 9% 8% 8% 8% 8% 8% 4.3% 6% 4.2% 4% ~ 2.1X to IPM 2% 2.8% 0% 1.3% Mar-22 Mar-23 Mar-24 Mar-25 Sep-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 11% 13% 12% 8% 8% 7% 7% 6% Sep-25 Sep-25 Sep-25 Sep-25 IPM Ajanta Pharma IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT September 2025 3rd November 2025 14
Slide 15: Branded Generics - Asia & Africa
Branded Generics - Asia & Africa Diversified markets enables growth 3rd November 2025 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 3rd November 2025 16
Slide 17: EM: We launched many new products in H1 FY 2026
EM: We launched many new products in H1 FY 2026 19 Major Therapeutic segments New launches H1 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 3rd N
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 1,057 587 585 957 559 813 449 712 413 614 FY21 FY22 FY23 FY24 FY25 H1 FY26 FY21 FY22 FY23 FY24 FY25 H1 FY26 3rd November 2025 18
Slide 19: US Generics
US Generics Selective play accelerate growth 3rd November 2025 19
Slide 20: Our US strategy of selective play pays
Our US strategy of selective play pays Revenue (INR Cr.) 54 50 Active ANDA Products on shelf 1047 964 (2 approval in H1 FY 2026) (3 launched in H1 FY 2026) 828 637 696 653 22 8-12 Filing Target FY21 FY22 FY23 FY24 FY25 H1 FY26 Pending approvals (2 filed in H1 FY 2026) 3rd November 2025 20
Slide 21: Antimalarial Institution
Antimalarial Institution Sales decline due to lower procurement by agencies 3rd November 2025 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 71 FY21 FY22 FY23 FY24 FY25 H1 FY26 3rd November 2025 22
Slide 23: R&D and Manufacturing
R&D and Manufacturing Strong formulation capabilities 3rd November 2025 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 Q2 H1 Revenue Revenue FY 2025 57 5% 108 5% FY 2026 63 5% 119 5% 3rd November 2025 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) 3rd November 2025 25
Slide 26: Financial Highlights (Consolidated)
Financial Highlights (Consolidated) Consistent Growth Continues 3rd November 2025 26
Slide 27: Branded Generics - Steady performance - Q2
Branded Generics - Steady performance - Q2 8% 12% 5% 4% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 310 895 963 432 296 213 221 386 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 32% 23% 17% of Total Revenue of Total Revenue of Total Revenue 72% of Total Revenue
Slide 28: Branded Generics - Steady performance – H1
Branded Generics - Steady performance – H1 9% 14% 7% 1% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 1,904 1,754 841 614 443 449 739 572 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 32% 23% 17% of Total Revenue of Total Revenue of Total Revenue 72% of Total Reve
Slide 29: All Business Segment Performance - Q2
All Business Segment Performance - Q2 15% 8% 48% 25% Consolidated Branded US Generics Africa Sales Generics (Rs. cr.) Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) 1,339 343 1,170 963 43 894 232 32 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 72% 26% 2% of Total Revenue of Total Reven
Slide 30: All Business Segment Performance – H1
All Business Segment Performance – H1 14% 9% 42% 17% Consolidated Branded US Generics Africa Sales Generics (Rs. cr.) Institution (Rs. cr.) (Rs. cr.) 653 (Rs. cr.) 2,628 1,904 2,299 1,754 85 460 71 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 72% 25% 3% of Total Revenue of Total R
Slide 31: Q2 FY 2026: Growth continues
Q2 FY 2026 : Growth continues Rs. cr. Q2 FY 2025 % to RO Q2 FY 2026 % to RO % Growth Revenue from Operations (RO) 1,187 1,354 14% COGS (262) 22% (317) 23% Gross Profit 925 78% 1,037 77% 12% Employee Benefit (261) 22% (317) 23% 21% Other Expenses (353) 30% (392) 29% 11% EBITDA 311 26% 328 24% 5% Adj.
Slide 32: H1 FY 2026: Growth continues
H1 FY 2026 : Growth continues Rs. cr. H1 FY 2025 % to RO H1 FY 2026 % to RO % Growth Revenue from Operations (RO) 2,332 2,656 14% COGS (530) 23% (592) 22% Gross Profit 1,802 77% 2,064 78% 15% Employee Benefit (545) 23% (620) 23% 14% Other Expenses (616) 26% (765) 29% 24% EBITDA 642 28% 679 26% 6% Ad
Slide 33: Building efficiencies…. (Assets)
Building efficiencies…. Rs. cr. Statement of Assets & Liabilities FY 2025 H1 FY 2026 ASSETS Non-Current Assets Property, Plant and Equipment 1,671 1,781 Capital Work-in-Progress 176 146 Right for use assets 91 91 Other non-current assets 234 261 Sub-total - Non-current assets 2,172 43% 2,279 40% Cur
Slide 34: Building efficiencies…. (Equity and Liabilities)
Building efficiencies…. Rs. cr. Statement of Assets & Liabilities FY 2025 H1 FY 2026 EQUITY AND LIABILITIES Equity Equity Share Capital 25 25 Other Equity 3,765 4,290 Sub Total – Shareholders’ Funds 3,790 76% 4,315 76% Non-current Liabilities Non-current Liabilities 229 198 Sub Total – Non-Current L
Slide 35: Generating net cash
Generating net cash Rs. cr. FY 2025 H1 FY 2026 Opening Cash and Cash Equivalents 129 175 Cash flow from: a) Operating Activities 1,157 284 b) Investing Activities (377) (549) c) Financing Activities (734) 180 Opening Cash and Cash Equivalents 175 90 3rd November 2025 35
Slide 36: Consistent growth over last 5 years
Consistent growth over last 5 years Revenue EBITDA and Margin % PAT and Margin % (INR Cr.) (INR Cr.) (INR Cr.) 4,648 4,209 35% 28% 21% 28% 27% 26%* 23% 21% 16% 19% 20% 19%* 3,743 3,341 1260 920 1172 2,890 816 2,656 999 929 713 654 783 588 679 516 FY21 FY22 FY23 FY24 FY25 H1 FY21 FY22 FY23 FY24 FY25
Slide 37: Our ratios are among best in industry
Our rations are among best in industry ROCE % ROE % CFO & Cash Conversion 33% 33% 32% 32% 58% 60% 101% 67% 92% 42% 29% 25% 25% 23% 23% 23% 1157 23% 18% 792 785 576 562 284 FY21 FY22 FY23 FY24 FY25 H1 FY21 FY22 FY23 FY24 FY25 H1 FY21 FY22 FY23 FY24 FY25 H1 FY26 FY26 FY26 (INR Cr.) 3rd November 2025 3
Slide 38: So also Earnings & Pay Out
So also Earnings & Pay Out (INR) (INR Cr.) EPS Payout (Dividend & Buyback) & PAT % Book Value per share 345 74 38% 61% 81% 79% 76% 303 65 283 701 264 55 642 252 50 231 46 41 479 436 251 FY21 FY22 FY23 FY24 FY25 H1 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 H1 FY26 FY26 3rd November 2025 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 113 92 109 98 85 104 101 88 79 95 94 75 80 70 73 72 60 56 FY21 FY22 FY23 FY24 FY25 H1 FY21 FY22 FY23 FY24 FY25 H1 FY21 FY22 FY23 FY24 FY25 H1 FY26 FY26 FY26 3rd November 2025 39
Slide 40: Strategy
Strategy Levers for growth 3rd November 2025 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 3rd November 2025 42
Slide 43: Q2 FY26 Earnings Conference Call
Q2 FY26 Earnings Conference Call Date and Time November 3, 2025 at 1500 – 1600 hrs IST 1730 – 1830 hrs SST/HKT 1030 – 1130 hrs BST 0530 – 0630 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 44: Thank you
For more information, please visit our website: www.ajantapharma.com For regular updates follow us on twitter https://x.com/ajantapharmaltd Thank you For specific queries, contact: Rajeev Agarwal: 022-60609706 rajeev.agarwal@ajantapharma.com Abhineet Kumar: 022-60609721 abhineet.kumar@ajantapharma.c