Ajanta Pharma Limited ↗

APL has a well-established and diversified product portfolio across many therapeutic segments, including niche speciality segments with focus on ophthalmology, dermatology, cardiology, and pain management among others. The company also has presence in other segments, antimalarial, ENT and paediatric, orthopaedic, and antibiotics among others. In FY26, the company entered two new therapeutic segments, gynaecology and nephrology, for expanding business and augmenting revenue. Besides, the company

The company has significant presence in some of the key therapeutic segments, such as cardiology, dermatology, and ophthalmology. Over the past decade, the company has strengthened its market standing by expanding into several fast-growing therapeutic segments. Its portfolio includes well-established products, such as MET XL and Cinod in cardiology, Melacare Cream, Pacroma, and Salisia KT in dermatology, Bimat, Nepaflam, and Soft Drops in ophthalmology, and Feburic in pain management,

The company's branded generics division is well-diversified, generating sales in India and over 33 emerging markets across Asia and Africa. The company’s business includes branded generics in India and emerging markets of Asia and Africa, generics in US and institution sales in Africa. This widespread market coverage has contributed to business reliability, scalability, and long-term sustainability. In FY26, APL had a healthy mix of export (69%) and domestic sales (31%). In export,the US market

The company has been witnessing steady growth in its business operations supported by launch of new products every year. The company has a portfolio of over 600 products and over 6000 medical representatives. In India, the company has over 350 products in branded generics in six therapeutic segments, in Asia and Africa it has over 250 products in branded generics in eight therapeutic segment and in US generic business it has 49 approved Abbreviated New Drug Application (ANDAs) (excluding six ten

APL has witnessed significant growth in its revenue and has reported healthy operating margins. In FY26, the company’s revenue grew by 19.39% from ₹4,649 crore in FY25 to ₹5,550 crore in FY26 driven by successful launch of new products. During the year, APL introduced 53 new products across therapeutic segments in India and emerging markets.The company’s PBILDT margins remained healthy between 27% and 28% in last three years. PBILDT margin for FY26 stood at 28.77%. CareEdge Ratings expects

Capital structure of the company remained comfortable as on March 31, 2026 . The company does not have term loans and debt mainly represents lease liability and working capital borrowings. At the consolidated level, overall gearing moderated to 0.06x as on March 31, 2026 (PY: 0.01x), while the total debt to PBILDT ratio stood at 0.17x (PY: 0.04x). Moderation in leverage indicators was primarily due to an increase in total debt, largely considering short-term working capital borrowings availed by

With limited ability to pass on the increase in raw material costs, substantial increase in raw material costs may affect the company’s profitability in the near term. Over the years, the company’s PBILDT margin has remained healthy, and the company has been able to optimise its raw material procurement costs through its procurement practices and sourcing arrangements. The company procures almost 90-95% of its raw material from domestic market and imports the remaining mainly from China and

The company derived ~69% of its overall revenues from exports, thus it is exposed to foreign currency fluctuation risk. In FY26, APL reported ₹2,994.66 crore (PY: ₹2,871.82 crore) earnings and an outgo of ₹549.92 crore (PY: ₹487.20 crore) in foreign currency. The major currency exposure for the company is USD and Euro. The company generally does currency hedging for 6 to 18 months and up to the extent of 50% to 75% of its net foreign exchange earnings. It mainly uses forward exchange contracts

APL has its presence in multiple countries across the world, and it has seven production units. Considering the nature of the product usage and application, and consequent impacts, APL is required to comply with various laws, rules and regulations and operate under strict regulatory environment. Thus, infringement in any of the law, and significant adverse change in the import/export policy or environmental/regulatory policies in the area of operations of the company, can have an impact on the