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Branded generic pharma company selling cardiology, ophthalmology and dermatology drugs across India, Africa and Asia.
Branded generic pharma company selling cardiology, ophthalmology and dermatology drugs across India, Africa and Asia.
Doctors prescribe its off-patent drugs by brand name, so a large field sales force and prescriber loyalty carry the business. A smaller US generics arm, sold on price to wholesalers and pharmacy chains, sits beside the branded business in India, Africa and Asia. The founding Agrawal family controls the company.
In one line: A branded-generics exporter to emerging markets.
Moat: narrow (brand, distribution). Strong branded-generic distribution network in Africa and India built over decades.
Headquarters: Mumbai, India · Founded: 1973 · Employees: 13,206
Size Ajanta Pharma (AJANTPHARM.NS) is an India Health Care company (Pharmaceuticals: Major) with a market value of $4.37B, the 226th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,308 on 6 Nov 2026.
Performance Over six months the shares gained 7.5%, against +3.7% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 25.0% over the last twelve months (peer median +6.0%); the operating margin is 25.4% (peer median 15.7%).
Valuation It trades at 32.2× forward earnings against a peer median of 22.3× (8th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +10 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 14.9 points above its cost of capital (12.4% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹62.2B | ₹54.3B | ₹46.2B | ₹41.8B | ₹37.3B |
| Revenue growth | — | +18% | +10% | +12% | — |
| Gross profit | ₹33.0B | ₹25.2B | ₹20.7B | ₹18.7B | ₹15.4B |
| EBITDA | ₹17.6B | ₹15.0B | ₹12.6B | ₹11.8B | ₹8.41B |
| Net income | ₹12.6B | ₹10.6B | ₹9.20B | ₹8.16B | ₹5.88B |
| Free cash flow | n/a | ₹1.97B | ₹8.66B | ₹6.56B | ₹6.15B |
| Capital expenditure | n/a | ₹3.65B | ₹3.18B | ₹1.52B | ₹1.83B |
| Total debt | ₹1.54B | ₹2.60B | ₹474M | ₹353M | ₹356M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ajanta Pharma AJANTPHARM.NS | $4.37B | +7% | +25% | 25% | 32.2× | 23.8% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% |
| Cipla CIPLA.NS | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% |
| Torrent Pharmaceuticals TORNTPHARM.NS | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AJANTPHARM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.3% | +6.5% | 4th lowest of 20 |
| 6-month return | +7.5% | +3.7% | 8th highest of 20 |
| Distance from 52-week high | -12.9% | -27.7% | 6th highest of 21 |
| Revenue growth (TTM) | +25.0% | +6.0% | 6th highest of 20 |
| Operating margin | 25.4% | 15.7% | 7th highest of 20 |
| Forward P/E | 32.2× | 22.3× | 8th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 23.8% | 6.2% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +13.8% | +6.0% | 5th highest of 17 |
| Hurdle (Req g minus delivered) | +10.1 pp | -3.2 pp | 5th most demanding of 17 |
| ROIC minus cost of capital | +14.9 pp | +7.3 pp | 5th highest of 19 |
| EV / EBITDA | 23.2× | 21.6× | 4th most expensive of 10 |
| Net debt / EBITDA | -0.3× | -0.5× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ajanta Pharma AJANTPHARM.NS | India | $4.37B | +7% | +25% | 25% | 32.2× | 23.8% | +13.8% |
| HanmiPharm 128940.KS | South Korea | $4.36B | +2% | +14% | 16% | 16.8× | 5.0% | +7.5% |
| Definium Therapeutics DFTX | United States | $4.47B | +51% | n/a | n/a | n/a | n/a | n/a |
| Sunshine Guojian Pharmaceutical (Shanghai) 688336.SS | China | $4.47B | -34% | +227% | 74% | 46.9× | 3.3% | +45.1% |
| Emcure Pharmaceuticals EMCURE.NS | India | $4.47B | +33% | +21% | 16% | 33.9× | 14.9% | +12.7% |
| Camurus CAMX.ST | Sweden | $4.52B | +47% | 0% | 37% | 48.5× | 10.4% | +46.5% |
| GlaxoSmithKline Pharmaceuticals GLAXO.NS | India | $4.53B | +2% | +12% | 33% | 35.9× | 25.2% | +5.5% |
| Legend Biotech Corp. Sponsored ADR LEGN | United States | $4.53B | -17% | +60% | -4% | 64.5× | n/a | n/a |
| Guangzhou Baiyunshan Pharmaceutical 0874.HK | Hong Kong | $4.56B | -23% | +6% | 3% | 7.3× | 0.7% | +4.0% |
| Tianjin Pharmaceutical Da Ren Tang 600329.SS | China | $4.11B | +4% | -13% | 20% | 31.4× | 17.8% | -5.8% |
| Shanghai Junshi Biosciences 1877.HK | Hong Kong | $4.08B | -39% | +36% | -14% | n/a | n/a | n/a |
| Humanwell Healthcare (Group) 600079.SS | China | $4.71B | +3% | -3% | 16% | 13.4× | -6.8% | +3.0% |
| HUBEI JUMPCAN PHARMACEUTICAL 600566.SS | China | $4.05B | +6% | -4% | 32% | 14.9× | -11.5% | +0.3% |
| Yuhan 000100.KS | South Korea | $4.05B | -12% | +5% | 5% | 38.6× | 20.2% | +6.2% |
| Travere Therapeutics TVTX | United States | $4.76B | +16% | +49% | -3% | 16.9× | 16.7% | +19.9% |
| Siegfried SFZN.SW | Switzerland | $3.98B | -10% | +4% | 16% | 17.8× | n/a | n/a |
| Liquidia LQDA | United States | $3.97B | +5% | +2,234% | 37% | 32.9× | 0.7% | +192.5% |
| Novast Laboratories 301569.SZ | China | $4.82B | n/a | +3% | 27% | n/a | 42.6% | +3.1% |
| Laboratorios Farmaceuticos Rovi ROVI.MC | Spain | $3.89B | +15% | +3% | 20% | 22.3× | 1.5% | +12.1% |
| Zhejiang Huahai Pharmaceutical 600521.SS | China | $3.86B | +8% | +10% | 12% | 22.1× | 7.3% | +5.9% |
| Santen Pharmaceutical 4536.T | Japan | $3.86B | +17% | -1% | 16% | 15.6× | -5.2% | +3.2% |