Ajanta Pharma Limited · NSE:AJANTPHARM
Ajanta Pharma — Q2 FY2027 Earnings Presentation
48 slides from Ajanta Pharma's earnings presentation, Oct 30, 2026
Slide 1: Investor Presentation Q2 FY 2027
Investor Presentation Q2 FY 2027 30th October 2026
Slide 2: Important Disclosure
Index - Free computer icons 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', '
Slide 3: Table of Contents
Index - Free computer icons TABLE OF CONTENTS Ajanta at a Glance 01 Branded Generics 02 US Generics 03 Africa Institution 04 Ajanta at a Branded US Africa Glance Generics Generics Institution RD Mfg 05 Financials 06 Strategy 07 R&D & Mfg Financials Strategy 30th October 2026 3
Slide 4: Ajanta at a Glance
Index - Free computer icons Q2 FY 2027 Ajanta at a Glance Strong Performance. Accelerating Growth. 30th October 2026 4
Slide 5: We are present in 34+ countries globally
Index - Free computer icons We are present in 34+ countries globally Generics Branded Generics Africa India Rest of Asia USA 21 countries 11 countries Source: Company data 30th October 2026 5
Slide 6: Branded Generic – The Strategic Core
Index - Free computer icons Q2 & H1 FY 2027 Branded Generic – The Strategic Core 2/3rd of business comes from branded generics cs cs i i r r e e n n e e US Generics India US Generics India ra n d e d G G 27% 29% 28% 30% ra n d ed Africa Instn. Africa Instn. 7% 5% %B %B Asia Asia Africa 21% Africa 18
Slide 7: Branded Generic – The Strategic Core
Index - Free computer icons Q2 & H1 FY 2027 Branded Generic – The Strategic Core 500+ 50% 6,120+ Brands across of our products are Medical Representatives Different Therapeutic Segments 1st to Market Promoting Products Globally Source: Company data 30th October 2026 7
Slide 8: Our Branded Generics business comes from 3 regions
Index - Free computer icons Q2 FY 2027 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 Source: Company data 30th October 2026 8
Slide 9: Our Business is well diversified & gives us an edge
Index - Free computer icons Q2 FY 2027 Our Business is well diversified & gives us an edge 6 Branded Generics - Branded Generics - 8 T Segments T Segments India Asia & Africa ~50% Leading First to market Brands in Segments 330+ 220+ Products Products 56 Antimalarial Active ANDAs T Segment (excld. 5
Slide 10: Branded Generics - India
Index - Free computer icons Q2 FY 2027 Branded Generics -India Excellent Growth Momentum 30th October 2026 10
Slide 11: Source: IQVIA MAT Sept 2026
Index - Free computer icons Source: IQVIA MAT Sept 2026 30 October 2026 th 11
Slide 12: India 3-year CAGR – Consistent Solid Growth
Index - Free computer icons Q2 FY 2027 India 3-year CAGR – Consistent Solid Growth Revenue (Rs. Cr.) 3-Years Ajanta’s Segment CAGR Source: Company Source: IQVIA, MAT March 2024 to 2026 1,654 1,452 1,308 18% 17% 15% 13% 9% FY24 FY25 FY26 Ajanta Cardiac Ophthal Derma Pain 30th October 2026 12
Slide 13: High Focus on Chronic Segment in India
Index - Free computer icons Q2 & H1 FY 2027 High Focus on Chronic Segment in India 65% 11% 53% Chronic Portfolio India sales under NLEM Top 10 brands contribute 12th 16 18 rank in Derma in IPM New launches in Q2 Brands above Rs. 25+ cr. (Improved by 1 rank) Source: Company data 30th October 2026 13
Slide 14: We were 4th fastest growing among Top 25 in IPM
Index - Free computer icons Q2 FY 2027 We were 4th fastest growing among Top 25 in IPM IPM v/s Ajanta Growth Growth Break-up IQVIA MAT Sep 2026 Ajanta (16.7%) 16% 17% IPM (13.2%) 13% 13% 5.9% ~ 1.7X 11% 10% 3.5% to IPM 9% 8% 8% 8% 5.0% 4.8% 5.8% Mar-23 Mar-24 Mar-25 Mar-26 Sep-26 4.9% ~ 1.2X to IPM
Slide 15: Our most of the segment growth exceeds IPM
Index - Free computer icons Q2 FY 2027 Our most of the segment growth exceeds IPM IPM v/s Ajanta Growth 10th 1st 1st 5th Cardiac Opthal Derma Pain 17% 16% 18% 14% 13% 13% 11% 12% Sep-26 Sep-26 Sep-26 Sep-26 IPM Ajanta Pharma Covered Market Rank Cardiac IQVIA growth for company has some anomaly. Inte
Slide 16: India – Sales at glance
Index - Free computer icons Q2 & H1 FY 2027 India – Sales at glance Sales Contribution Revenue Q2 FY 2027 Revenue H1 FY 2027 Source: IQVIA MAT Sep 2026 Source: P&L Source: P&L (Rs. cr.) (Rs. cr.) Nephro,Gyanec, 1% 2% Pain 16% 20% 10% Cardiac 504 1,013 Focus on 37% 432 841 Derma 22% 6 specialty thera
Slide 17: Branded Generics – Asia & Africa
Index - Free computer icons Q2 FY 2027 Branded Generics – Asia & Africa Diversified markets enables growth 30th October 2026 17
Slide 18: We operate across many markets and therapies in EM
Index - Free computer icons Q2 FY 2027 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 30th October 2026 18
Slide 19: EM: We launched many new products
Index - Free computer icons Q2 FY 2027 EM: We launched many new products Major Therapeutic segments Cardiology Diabetes Ophthalmology Dermatology Pain Gynaecology Antibiotics Antimalarial 7 Pipeline of healthy New Focus New launches Strengthening countries product registrations of small presence & n
Slide 20: 3 Years of Growth in Asia & Africa
Index - Free computer icons Q2 FY 2027 3 Years of Growth in Asia & Africa Revenue (Rs. Cr.) Asia Africa 861 1,191 1,176 750 1,057 585 FY24 FY25 FY26 FY24 FY25 FY26 Geo-political volatility in middle east impacted the performance in FY 2026 Source: Company data 30th October 2026 20
Slide 21: EM – Excellent performance
Index - Free computer icons Q2 FY 2027 EM – Excellent performance Asia Rs. Cr. Africa Rs. Cr. 18% 41% 366 312 310 221 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Source: P&L 30th October 2026 21
Slide 22: EM – Mixed performance
Index - Free computer icons H1 FY 2027 EM – Mixed performance Asia Rs. Cr. Africa Rs. Cr. 1% Africa 35% Excellent growth 614 621 607 Asia 449 War impacted supply chain in previous quarters, H1 FY26 H1 FY27 normalizing now H1 FY26 H1 FY27 Source: P&L 30th October 2026 22
Slide 23: US Generics
Index - Free computer icons Q2 FY 2027 US Generics Yet another super performance 30th October 2026 23
Slide 24: US: Holding strong
Index - Free computer icons Q2 & H1 FY 2027 US: Holding strong Revenue (Rs. Cr.) 56 52 1,557 Active ANDA Products on shelf (4 approval in H1 FY 2027) (3 launched in H1 FY 2027) 1,047 964 17 5-6 Filing Target Pending approvals (1 filed in H1 FY 2027) FY24 FY25 FY26 Source: Company data 30th October 2
Slide 25: US Sales – Outstanding performance
Index - Free computer icons Q2 & H1 FY 2027 US Sales – Outstanding performance Revenue Q2 FY 2027 Revenue H1 FY 2027 (Rs. cr.) (Rs. cr.) 41% 49% 484 971 344 653 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Source: P&L 30th October 2026 25
Slide 26: Antimalarial Institution
Index - Free computer icons Q2 FY 2027 Antimalarial Institution In line performance 30th October 2026 26
Slide 27: Antimalarial Institution business in Africa
Index - Free computer icons Q2 & H1 FY 2027 Antimalarial Institution business in Africa Revenue 3 years Revenue Q2 FY 2027 Revenue H1 FY 2027 (Rs. Cr) (Rs. Cr.) (Rs. Cr.) 259% 164% 187 249 116 160 147 71 32 FY24 FY25 FY26 Q2 FY26 Q2 FY27 H1 FY26 H1 FY27 Source: Company data & P&L 30th October 2026 2
Slide 28: R&D and Manufacturing
Index - Free computer icons Q2 FY 2027 R&D and Manufacturing Strong formulation capabilities 30th October 2026 28
Slide 29: R&D operating efficiently
Index - Free computer icons H1 FY 2027 R&D operating efficiently 850+ Scientists R&D Expenses (Excluding Capex) (Rs. Cr. / % to revenue) 5% 5% 5% 4% 252 224 208 138 FY 2024 FY 2025 FY 2026 H1 FY 27 Source: Company data 30th October 2026 29
Slide 30: Our 7 plants are best in class
Index - Free computer icons Q2 FY 2027 Our 7 plants are best in class - major ones being Paithan Dahej (Maharashtra) (Gujarat) Guwahati Pithampur (Assam) (Madhya Pradesh) 30th October 2026 30
Slide 31: Financial Highlights
Index - Free computer icons Q2 FY 2027 Financial Highlights (Consolidated) Performance at best 30th October 2026 31
Slide 32: Branded Generics – exceptional growth continues in Q2
Index - Free computer icons Q2 FY 2027 Branded Generics – exceptional growth continues in Q2 23% 16% 18% 41% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 366 1,182 310 312 504 963 432 221 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 28% 21% 17% of Total Revenue
Slide 33: Branded Generics – Efforts yielding results in H1
Index - Free computer icons H1 FY 2027 Branded Generics – Efforts yielding results in H1 18% 20% 1% 35% Total India Asia Africa (Rs. cr.) (Rs. cr.) (Rs. cr.) (Rs. cr.) 2,241 614 621 1,904 1,013 607 841 449 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 30% 18% 18% of Total Revenue o
Slide 34: Overall excellent performance in Q2
Index - Free computer icons Q2 FY 2027 Overall excellent performance in Q2 33% 23% 41% 259% USA Generics Consolidated Branded Generics Africa Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) Sales (Rs. cr.) 1,182 484 116 1,782 963 344 1,339 32 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 66% 27% 7% of T
Slide 35: Overall excellent performance in H1
Index - Free computer icons H1 FY 2027 Overall excellent performance in H1 29% 18% 49% 164% USA Generics Consolidated Branded Generics Africa Institution (Rs. cr.) (Rs. cr.) (Rs. cr.) Sales (Rs. cr.) 2,241 971 187 1,904 3,399 653 2,628 71 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 66% 29% 5% of
Slide 36: Q2 FY 2027: Another electrifying quarter
Index - Free computer icons Q2 FY 2027 Q2 FY 2027 : Another electrifying quarter Rs. cr. Q2 FY 2026 % to RO Q1 FY 2027 Q2 FY 2027 % to RO % Growth Revenue from Operations (RO) 1,354 1,626 1,794 33% COGS (317) 23% (328) (385) 21% Gross Profit 1,037 77% 1,298 1,409 79% 36% Employee Benefit (317) 23% (
Slide 37: H1 FY 2027: Great show
Index - Free computer icons H1 FY 2027 H1 FY 2027 : Great show Rs. cr. H1 FY 2026 % to RO H1 FY 2027 % to RO % Growth Revenue from Operations (RO) 2,656 3,420 29% COGS (592) 22% (713) 21% Gross Profit 2,064 78% 2,707 79% 31% Employee Benefit (620) 23% (765) 22% 23% Other Expenses (765) 29% (971) 28%
Slide 38: Building Efficiencies – Assets
Index - Free computer icons H1 FY 2027 Building Efficiencies…. Rs. cr. Statement of Assets & Liabilities FY 2026 H1 FY 2027 ASSETS Non-Current Assets Property, Plant and Equipment 1,768 1,829 Capital Work-in-Progress 258 327 Right for use assets 99 97 Other non-current assets 294 349 Sub-total - Non
Slide 39: Building Efficiencies – Equity and Liabilities
Index - Free computer icons H1 FY 2027 Building Efficiencies…. Rs. cr. Statement of Assets & Liabilities FY 2026 H1 FY 2027 EQUITY AND LIABILITIES Equity Equity Share Capital 25 25 Other Equity 4,502 4,833 Sub Total – Shareholders’ Funds 4,527 74% 4,858 76% Non-current Liabilities Non-current Liabil
Slide 40: Smart growth continues
Index - Free computer icons H1 FY 2027 Smart growth continues (Rs. Cr.) (Rs. Cr.) (Rs. Cr.) Revenue Adj. EBITDA and Margin % * PAT and Margin % 5,453 28% 27% 27% 29% 19% 20% 19% 21% 4,648 4,209 1,498 1,056 1,268 3,420 1,172 920 997 816 722 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26
Slide 41: Our performance among best in industry
Index - Free computer icons H1 FY 2027 Our performance among best in industry ROCE % ROE % CFO & Cash Conversion 41% 31% 67% 92% 38% 77% 33% 33% 25% 25% 1,157 32% 23% 785 750 529 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 (Rs. Cr.) Source: Company data & P&L 30th October 20
Slide 42: So also Earnings & Pay Out
Index - Free computer icons H1 FY 2027 So also Earnings & Pay Out (Rs.) (Rs. Cr.) (Rs.) EPS Payout * & PAT % Book Value per share 85 389 79% 76% 33% 55% 362 74 65 701 303 642 283 58 400 350 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 * Payout includes Dividend and Buyback So
Slide 43: We continue to improve on working capital front
Index - Free computer icons H1 FY 2027 We continue to improve on working capital front (Nos.) (Nos.) (Nos.) Receivable Days Inventory Days Payable Days 73 72 125 63 100 109 100 85 94 52 75 60 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 FY24 FY25 FY26 H1 FY27 Source: Company data & P&L 30th October
Slide 44: Strategy
Index - Free computer icons Q2 FY 2027 Strategy Levers for growth 30th October 2026 44
Slide 45: We continue to work on our strategic priorities
Index - Free computer icons 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 t
Slide 46: Earnings Call
Index - Free computer icons Q2 FY 2027 Earnings Call Let’s Talk 30th October 2026 46
Slide 47: Q2 FY27 Earnings Conference Call
Index - Free computer icons Q2 FY 2027 Q2 FY27 Earnings Conference Call Date and Time October 30, 2026 at 16:00 – 17:00 hrs IST 18:30 – 19:30 hrs SST/HKT 10:30 – 11:30 hrs BST 06:30 – 07:30 hrs US ET Dial-in Numbers Diamond pass link Click here to register for faster access Universal Access Primary
Slide 48: Thank you
Index - Free computer icons Q2 FY 2027 For more information, please visit our website: www.ajantapharma.com For regular updates follow us on twitter https://x.com/ajantapharmaltd For specific queries, contact: Thank you Rajeev Agarwal: 022-60609706 rajeev.agarwal@ajantapharma.com Abhineet Kumar: 022