Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q1 FY2026 Earnings Presentation
38 slides from Ajanta Pharma's earnings presentation, Jul 28, 2025
Slide 1: Investor Presentation Q1 FY 2026
Investor Presentation Q1 FY 2026 28th July 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. 28th July 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 28th July 2025 5
Slide 6: 73% of our business comes from Branded Generics
73% of our business comes from Branded Generics 50% of our products are 1st to Market US Generics 24% India Africa Instn. Q1 FY 2026 Sales 32% 500+ 3% Rs. 1,289 cr. Brands across Different Therapeutic Segments Africa 18% Asia 23% 5,550+ Medical Representatives Promoting Products Globally 28th July 2
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 28th July 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 Institutional Africa US Generics 6 8 8 Antimalarial 53 Active ANDAs T Segments T Segments T Segments T Segment (excld. 2 Tentative) ~50% Leadership Leading 1st 21 In Sub therapeutic Generic prequali
Slide 9: Branded Generics - India
Branded Generics - India Accelerated Growth 28th July 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 17% 14% 15% 10% 409 FY21 FY22 FY23 FY24 FY25 Q1 FY26 Ajanta Cardiac Ophthal Derma Pain 28th July 2025 10
Slide 11: High Focus on Chronic Segment in India
High Focus on Chronic Segment in India Q1 FY 2026 65% 11% Sales from Chronic Sales from NLEM Products Segment 2.7+ Lac 3,520+ Doctors covered MRs 28th July 2025 11
Slide 12: India – Sales at glance
India – Sales at glance Sales Contribution Source: IQVIA MAT June 2025 15 8 New launches Pain Brands of Rs 25+ cr. 10% in Q1 FY 2026 Cardiac Derma Focus on 37% 23% 4 specialty therapies 55% 1 Contribution from 1st to market Ophthal Top 10 brands in Q1 FY 2026 30% 28th July 2025 12
Slide 13: We continue to outperform IPM growth
We continue to outperform IPM growth IPM Growth vs. Ajanta Growth Growth Break-up June 2025 MAT Ajanta (10.3%) 20% 18% 18% 18% 16% 16% IPM (8.0%) 3.3% 14% 2.3% 12% 11% 10% 10% 9% 8% 8% 8% 8% 4.4% 8% 4.2% 6% 4% ~ 1.7X 2.5% 2% 1.5% to IPM 0% Volume Price New Product Mar-22 Mar-23 Mar-24 Mar-25 Jun-25
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 12% 9% 13% 10% 8% 9% 7% 5% Jun-25 Jun-25 Jun-25 Jun-25 IPM Ajanta Pharma IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT June 2025 28th July 2025 14
Slide 15: Branded Generics - Asia & Africa
Branded Generics - Asia & Africa Diversified markets enables growth 28th July 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 28th July 2025 16
Slide 17: EM: We launched many new products in Q1 FY 2026
EM: We launched many new products in Q1 FY 2026 12 Major Therapeutic segments New launches Q1 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 28th
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 1,057 587 585 957 559 813 712 413 228 304 FY21 FY22 FY23 FY24 FY25 Q1 FY26 FY21 FY22 FY23 FY24 FY25 Q1 FY26 28th July 2025 18
Slide 19: US Generics
US Generics Selective play accelerate growth 28th July 2025 19
Slide 20: Our US strategy of selective play pays
Our US strategy of selective play pays Revenue (INR Cr.) 53 47 Active ANDA Products on shelf 1047 964 (1 approval in Q1 FY 2026) (1 launched in Q1 FY 2026) 828 637 696 310 21 8-12 FY21 FY22 FY23 FY24 FY25 Q1 FY26 Pending approvals Filing Target 28th July 2025 20
Slide 21: Africa Institution
Africa Institution Subdued performance, as expected 28th July 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 38 FY21 FY22 FY23 FY24 FY25 Q1 FY26 28th July 2025 22
Slide 23: R&D and Manufacturing
R&D and Manufacturing Strong formulation capabilities 28th July 2025 23
Slide 24: R&D operating efficiently
R&D operating efficiently Rs. cr. R&D Expenses (Excluding Capex) (Rs. Cr.) 5% 6% 6% 5% 5% % to Period Q1 237 224 Revenue 204 208 FY 2025 51 4% 139 FY 2026 56 4% 850+ FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Scientists 28th July 2025 24
Slide 25: Our 7 plants are best in class
Our 7 plants are best in class Paithan Dahej (Maharashtra) (Gujarat) (Tablets, Capsules & (Tablets, Capsules & Powder) Powder) Guwahati Pithampur (Assam) (Madhya Pradesh) (Tablets, Capsules, (Tablets, Capsules Ointments & Eye Drops) & Liquid) 28th July 2025 25
Slide 26: Financial Highlights (Consolidated)
Financial Highlights (Consolidated) Consistent Growth Continues 28th July 2025 26
Slide 27: Branded Generics - Excellent performance in Q1
Branded Generics - Excellent performance in Q1 9% 16% 10% 1% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 941 860 409 304 230 228 277 353 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 32% 23% 18% 73% of Total Revenue of Total Revenue of Total Revenue of Total Rev
Slide 28: All Business Segment Performance Q1
All Business Segment Performance Q1 14% 9% 36% 8% Consolidated Branded Generics USA Generics Africa Institution Sales (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 941 310 860 42 1,289 38 228 1,130 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 73% 24% 3% Q1 FY25 Q1 FY26 of Total Revenue of Total Revenue
Slide 29: Q1 FY 2026: Growth continues
Q1 FY 2026 : Growth continues Rs. cr. Q1 FY 2025 % to RO Q1 FY 2026 % to RO % Growth Revenue from Operations (RO) 1,145 1,303 14% COGS (268) 23% (276) 21% Gross Profit 877 77% 1,027 79% 17% Employee Benefit (284) 25% (303) 23% 7% Other Expenses (263) 23% (373) 29% 42% EBITDA 330 29% 351 27% 6% Depre
Slide 30: Smart growth over last 5 years
Smart 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% 27% 23% 21% 16% 19% 20% 20% 3,743 3,341 1260 920 1172 2,890 816 999 929 713 654 783 588 1,303 351 255 FY21 FY22 FY23 FY24 FY25 Q1 FY21 FY22 FY23 FY24 FY25 Q1 FY21
Slide 31: Our performance among best in industry
Our performance among best in industry ROCE % ROE % CFO & Cash Conversion 33% 32% 31% 26% 58% 60% 101% 67% 92% 80% 30% 25% 28% 23% 23% 23% 1157 22% 18% 792 785 576 562 282 FY21 FY22 FY23 FY24 FY25 Q1 FY21 FY22 FY23 FY24 FY25 Q1 FY21 FY22 FY23 FY24 FY25 Q1 FY26 FY26 FY26 (INR Cr.) 28th July 2025 31
Slide 32: So also Earnings & Pay Out
So also Earnings & Pay Out (INR) (INR Cr.) EPS Payout (Dividend & Buyback) & PAT % Book Value per share 324 303 74 38% 61% 81% 79% 76% 283 65 264 252 701 231 55 642 50 46 479 436 20 251 FY21 FY22 FY23 FY24 FY25 Q1 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Q1 FY26 FY26 28th July 2025 32
Slide 33: 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 88 79 95 94 75 80 70 73 72 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 28th July 2025 33
Slide 34: Strategy
Strategy Levers for growth 28th July 2025 34
Slide 35: 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 36: Earnings Call
Earnings Call Let’s Talk 28th July 2025 36
Slide 37: Q1 FY26 Earnings Conference Call
Q1 FY26 Earnings Conference Call Date and Time July 28, 2025 at 1600 – 1700 hrs IST 1830 – 1930 hrs SST/HKT 1130 – 1230 hrs BST 0630 – 0730 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 Internat
Slide 38: 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