Ajanta Pharma (AJANTPHARM) Q3 25/26 earnings summary

Executive summary

• Revenue from operations grew 20% year-over-year in Q3 FY26 to ₹1,375 crore, with PAT up 18% to ₹274 crore.

• For the nine months ended December 2025, revenue rose 16% to ₹4,031 crore and PAT increased 14% to ₹789 crore.

• Branded generics remain the core business, contributing 71% of 9M FY26 sales, with India, Asia, and Africa as key markets.

• US generics segment showed robust performance, with a 13% CAGR over five years and 26% of 9M FY26 revenue.

• All business segments are broadly in line with plans, with strong performance in India and U.S. generics, and confidence in sustaining growth momentum.

Financial highlights

• Q3 FY26 revenue: ₹1,375 crore (up 20% YoY); 9M FY26 revenue: ₹4,031 crore (up 16% YoY); Q3 PAT: ₹274 crore (up 18% YoY); 9M PAT: ₹789 crore (up 14% YoY).

• EBITDA for Q3: ₹382 crore (up 19%); 9M: ₹1,061 crore (up 10%); adjusted 9M EBITDA (ex-forex loss): ₹1,123 crore (up 15%).

• EBITDA margin: 28% for Q3, 26% for 9M; adjusted 28% for 9M FY26.

• Gross margin: 79% for Q3, 78% for 9M; expected to remain around 78% ±1% for FY26.

• Earnings per share for 9M FY26: ₹63.18 basic, ₹63.17 diluted.

Outlook and guidance

• Confident of maintaining full-year growth and EBITDA margin guidance of 27% ±1%.

• Focus on new product launches, expanding into new countries and therapies, and enhancing field force productivity.

• Asia branded business expected to post mid- to high-single-digit growth for FY26; Africa branded business to post low double-digit growth.

• U.S. generics expected to deliver double-digit growth in FY27, though not at the same pace as FY26.

• Continued emphasis on cost optimization and digitalization across functions.