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Ajanta Pharma Ltd (AJANTPHARM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532331 NSE: AJANTPHARM Pharmaceuticals & Drugs | Mid Cap | Ajanta Pharma Share Price

₹3,253.70 64.85 (2.03%)

As on 24-Jun'26 16:59

Ajanta Pharma Ltd (AJANTPHARM)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532331 NSE: AJANTPHARM Pharmaceuticals & Drugs | Mid Cap | Ajanta Pharma Share Price

₹3,253.70 64.85 (2.03%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹40,650 Cr.
Current Price
₹3,253.7
52-Week Low / High
₹2,335 / 3,315
TTM EPS
₹84.5
TTM Sales
₹5,453 Cr.
Book Value per Share
₹362.1
P/E Ratio
38.49
Higher than its 5-year historical median
Industry PE
48.5
Price to Book (P/B)
8.99
Higher than its 5-year historical median
Price to Sales (P/S)
7.45
Higher than its 5-year historical median
EV/EBITDA
26.01
Higher than its 5-year historical median
Dividend Yield
0.86%
Profitability Efficiency
Return on Equity (ROE)
25.42%
Outperforms industry median
Return on Capital Employed (ROCE)
32.67%
Outperforms industry median
Return on Assets (ROA)
18.59%
Operating Profit Margin
27.5%
Net Profit Margin
19.37%
Gross Profit Margin
13.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
17.31%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
10.74%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
14.73%
Asset Quality
Promoter Holding
66.25%
Pledged shares (%) of Promoter's holding (%)
17.94%
Reserves
₹4,499 Cr.
Equity
₹25 Cr.
Face Value
₹2
All Time Low / High
₹1.88 / 3485.75

Ajanta Pharma stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Ajanta Pharma Ltd a good quality company?
Ajanta Pharma Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Ajanta Pharma Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Ajanta Pharma Ltd vs industry peers?
Ajanta Pharma Ltd revenue CAGR is 12.43%, compared to the industry median CAGR of 9.13%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Ajanta Pharma Ltd?
Promoters hold 66.25% of the Ajanta Pharma Ltd, with 17.94% of their stake pledged, indicating high pledge risk.
Q.1 Stock return of Ajanta Pharma Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 11.6% based on the current price.

DeciZen - make an informed investing decision on Ajanta Pharma

Decision Maker
Consolidated basis

1. Right Stock

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2. Right Price

3. Right Time

#Likely Future 5 Year CAGR.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Ajanta Pharma Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 45.7%34.5%23.8%27.4%32.2%29.4%22.6%32.2%32.9%32.7%-
Value Creation
Index
2.41.60.81.01.41.20.71.91.91.9-

Growth Parameters

Sales 1,9832,1262,0552,5882,8903,3413,7434,2094,6485,4535,453
Sales YoY Gr.-7.2%-3.3%25.9%11.7%15.6%12%12.5%10.4%17.3%-
Adj EPS 39.334.929.632.750.352.643.563.67284.484.5
YoY Gr.--11.1%-15.3%10.7%53.5%4.7%-17.2%46.1%13.1%17.2%-
BVPS (₹) 118.6154.5171.5198.5230.8254.8269.1282.9303362.2362.1
Adj Net
Profit
5184613874286526745488018991,0541,056
Cash Flow from Ops. 6092813754575765627927851,157529-
Debt/CF from Ops. 000.10.1000000.4-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 11.9%13.5%13.4%17.3%
Adj EPS 8.9%10.9%24.7%17.2%
BVPS13.2%9.4%10.4%19.5%
Share Price 12.7% 20.1% 30.6% 25.9%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
37.625.518.117.723.321.516.52324.525.423.3
Op. Profit
Mgn %
35.53127.62734.627.921.728.127.427.527.6
Net Profit
Mgn %
26.121.718.816.622.620.214.71919.419.319.4
Debt to
Equity
0000000000.10
Working Cap
Days
1201432062102332281091019996116
Cash Conv.
Cycle
515888931041224232302774

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,9832,1262,0552,5882,8903,3413,7434,2094,6485,453
Operating Expenses + 1,2961,4671,4891,9051,8912,4122,9593,0373,3894,058
Manufacturing Costs211243207244270330387370393428
Material Costs323317296538515678869880892996
Employee Cost 2953764314865486467859001,0901,291
Other Costs 4675305556385587589188861,0141,343
Operating Profit 6876585666839999297831,1721,2601,395
Operating Profit Margin (%) 34.6%31.0%27.6%26.4%34.6%27.8%20.9%27.8%27.1%25.6%
Other Income + 2424219226116998595172
Exceptional Items 000-4000000
Interest 10112810672116
Depreciation 61607296116125131135144173
Profit Before Tax 6486235146649009097451,1141,1891,378
Tax 141154127196246197157298269322
Profit After Tax 5074693874686547135888169201,056
PAT Margin (%) 25.6%22.1%18.8%18.1%22.6%21.3%15.7%19.4%19.8%19.4%
Adjusted EPS (₹)38.435.529.635.750.455.646.764.873.784.6
Dividend Payout Ratio (%)22.60%0%20.30%24.30%12.60%11.40%15%78.70%38%33.10%

Valuation of Ajanta Pharma - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1,5662,0402,2442,5982,9953,2643,3883,5623,7854,524
Share Capital 18181818171725252525
Reserves 1,5482,0222,2272,5812,9783,2473,3623,5363,7604,499
Debt +11344422100207
Long Term Debt1111221000
Short Term Debt00334300000207
Minority Interest0000000000
Trade Payables178250225362374327423463454544
Others Liabilities 78136403568738604893479878972
Total Liabilities 1,8232,4262,9063,5724,1094,1974,7054,5045,1176,247

Fixed Assets

Net Fixed Assets +5891,0531,1681,4631,5321,5041,4961,4791,7621,867
Gross Block8951,4171,5791,9652,1302,2072,2832,3892,8013,046
Accumulated Depreciation3063654115025987037869101,0391,179
CWIP 25461262132108153209256176258
Investments 1821907879176147535349464588
Inventories211351436496766791816828904939
Trade Receivables3234604597757381,0201,0571,2471,1831,854
Cash Equivalents 7093101205210212331131176105
Others Assets 194219402422578371260214452636
Total Assets 1,8232,4262,9063,5724,1094,1974,7054,5045,1176,247

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 6092813754575765627927851,157529
PBT 6486235146649009097451,1141,1891,378
Adjustment 865262711159213183112163
Changes in Working Capital 26-254-83-123-209-20067-100179-653
Tax Paid -151-140-118-155-230-239-151-312-323-359
Cash Flow From Investing Activity + -383-256-223-224-282-74-56065-377-429
Capex -296-263-342-234-170-130-174-139-317-360
Net Investments -8851151-9629-391178-104-114
Others 1259-16285274445
Cash Flow From Financing Activity + -202-0-147-129-318-460-108-1,051-733-168
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -72000000000
Interest Paid -1-0-1-7-5-7-2-4-17-13
Dividend Paid -114-0-79-113-83-82-90-642-349-350
Others -151-67-8-230-370-16-405-367195
Net Cash Flow 24254104-2428124-20147-68

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)36.772618.0719.3223.3822.7717.6823.4925.0625.42
ROCE (%)45.7234.4923.8427.4432.229.3722.5732.2232.8732.67
Asset Turnover Ratio1.2110.770.80.770.821.611.731.851.99
PAT to CFO Conversion(x)1.20.60.970.980.880.791.350.961.260.5
Working Capital Days
Receivable Days63.4067.1081.6087.1093.7094.5052.9052.7049.8049.10
Inventory Days37.9048.1069.8065.7078.1083.7040.9037.6035.5029.80
Payable Days183.20246293199.40260.90188.80157.40183.70187.70183

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *12.3312.2611.5711.1711.1712.6114.1215.2817.2917.94
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Ajanta Pharma Ltd FAQs

The current trading price of Ajanta Pharma on 24-Jun-2026 16:59 is ₹3,253.7.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jun-2026 the market cap of Ajanta Pharma stood at ₹40,650.3 Cr

The latest P/E ratio of Ajanta Pharma as of 23-Jun-2026 is 42.93.

The latest P/B ratio of Ajanta Pharma as of 23-Jun-2026 is 9.63.

The 52-week high of Ajanta Pharma is ₹3,314.8 and the 52-week low is ₹2,335.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Ajanta Pharma is ₹4,846 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Ajanta Pharma Ltd is a good quality company.

The key valuation ratios of Ajanta Pharma Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Ajanta Pharma Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Ajanta Pharma Ltd

Ajanta Pharma is a specialty pharmaceuticals formulation company with a well-diversified Branded Generics business spread across India, Asia, and Africa as also US Generics and Institutional business in Africa. In Branded Generics business, the Company has a strong chronic-focused product portfolio led by a first-to-market strategy and front-end presence which helps it outgrow the market. The Company is committed to investing in R&D for product innovations to meet the unmet medical needs by filling identified gaps.

Business area of the company

The company is a specialty pharmaceutical company engaged in development, manufacturing and marketing of quality finished dosages. Its business includes Branded Generics in emerging markets of Asia and Africa, Generics in the developed markets of USA and Institution sales. It has designed customised basket of products for each of these markets and serve wide range of therapeutic segments like Anti-Biotic, Anti-Malarial, Anti-Diabetic, Cardiology, Gynecology, Orthopedics, Pediatric, Respiratory & General Health products.

Products of the company

  • Tablets
  • Capsules
  • Sterile eye drops
  • Dry powder suspension
  • Liquids
  • Injectables
  • Ointments
  • Creams

Awards and accreditations

  • 2011: Gold Trophy for Quality Excellence from Indian Drug Manufacturer's Association.
  • 2015: Listed in Top 100 Companies of Asia by Bio Spectrum Asia, Ranked 76th.
  • 2015: Listed in Fortune India Next 500, being 3rd largest wealth creator during last 5 years, Ranked 20th in Net Profit and 182nd in Sales.
  • 2015: Fastest wealth creator in last 5 years as per a study by Motilal Oswal.
  • 2016: Listed in ‘Fastest Growing Company in India’ and Ranked 21st by Outlook Business Magazine.
  • 2017: Ajanta listed among fastest growing pharma company, ranked 11th in revenue by Businessworld.
  • 2017: Listed among Out Performers List of Outlook Business, ranked 1st Among Stock Return.
  • 2017: Listed among ‘Forbes India Super 50 Companies’ for the 3rd year in a row.
  • 2017: Listed in BT 500 ranked 148th in Market Capitalisation, 327th in sales & 102nd in Profit.
  • 2017: Ranked 186th in Next Super 100 companies by Business India.
  • 2017: Listed as Fastest Wealth Creator for the 3rd year in a row by Motilal Oswal.
  • 2018: Listed in Fortune 500 list of Indian companies Ranked 3rd in wealth creation.
  • 2018: Top Export Performer Award' by the Federation of Indian Export Organisations.
  • 2021: Listed in Fortune 500 list of Indian companies. Ranked 379th in Revenue Generation.
  • 2022: Ajanta wins Excellence in Packaging Developed in India & Packaging Team of the Year at India Packaging Awards 2022.
  • 2022: Ajanta wins 'Maharashtra State Best Employer Brand Awards 2022' in Pharma sector.
  • 2022: Ajanta Pharma awarded 'India's Best Managed Companies' for 2022 by Deloitte.
  • 2023: Ajanta wins Times Ascent Global Best Employer Brands 2023.
  • 2023: Ajanta wins 'Outstanding Export Performance Award' from Pharmexcil in 'Formulation' category.
  • 2024: Ajanta wins 'Golden Peacock Business Excellence Award 2024' in the Pharma sector.
  • 2024: Ajanta wins 'SKOCH ESG Award 2024' for Clean & Green Energy Utilisation.
  • 2024: Ajanta wins 'Pharma Supply Chain Champion' Award in Mid Sized firms category.
  • 2024: Ajanta wins 'Apex India Green Leaf Platinum Award 2023 for Sustainability' in Pharma sector.
  • 2024: Ajanta's Paithan facility recognized with 'Apex India Safe Workplace Gold Award 2023' in Pharma sector.
  • 2024: Ajanta's Dahej Facility wins Silver Medal from National Awards for Manufacturing Competitiveness (NAMC).
  • 2024: Ajanta wins Packaging Team of the Year at India Packaging Awards 2024.
  • 2024: Ajanta wins 'Outstanding Export Performance Award' from Pharmexcil in 'Formulation' category.
  • 2024: Ajanta's Dahej facility recognized with 'Best Manufacturing Facility Award' at the Pharma Manufacturing & Automation Excellence (PM & AE) Awards.
  • 2024: Ajanta's Paithan facility presented with one Platinum and two Silver Kaizen awards at the 50th CII National Kaizen Competition.
  • 2024: Ajanta's Guwahati Facility presented with 'Best Labour Law Compliant Establishment' by Government of Assam.
  • 2024: Ajanta wins ‘Star Champion’, ‘Star Challenger’, and ‘Jury Challenger’ awards at the next level of the Kaizen Competition.
  • 2025: Ajanta wins Pharma Supply Chain Award for ‘Best-in-Class Inventory Planning’.
  • 2025: Ajanta wins 'Pharma Company of the Year' & 'Excellence in Supply chain, Logistics and Distribution' at the Economic Times Re-Pharma Awards.
  • 2025: Ajanta presented with 'Excellence in Pharma Research & Development Award' at the World HRD Congress.
  • 2025: Ajanta's Paithan facility clinched Gold in Alarm Category, Silver in Control Category, and Silver in Shutdown Category at CII National Poka Yoke Competition.
  • 2025: Ajanta recognized by Ethiopian Pharmaceutical Supply Service (EPSS), Ethiopia, for ensuring speedy delivery of anti-malarial medicines.
  • 2025: Ajanta wins Platinum in Breakthrough Category, Gold in Innovative & Restorative Categories, and Silver in Renovative Category at 51st CII National Kaizen Competition.
  • 2025: Ajanta presented with ‘Industry 4.0 Initiatives’ and ‘Environmental Consciousness’ awards by Chamber of Marathwada Industries & Agriculture (CMIA).
  • 2025: Ajanta's Paithan facility wins Pharma Quality Excellence Awards for ‘Good Documentation Practices’ and ‘QMS Integration’.
  • 2025: Ajanta's Pithampur facility presented with 'Environmental Excellence Award' by Government of Madhya Pradesh.
  • 2025: Ajanta wins ‘Excellence in Supply Chain & Logistics Packaging’ and ‘Packaging Team of the Year’ at India Pharma Packaging Awards 2025.
  • 2025: Ajanta's Guwahati Facility wins Gold Medal at National Awards for Manufacturing Competitiveness (NAMC).

Major events and milestones

  • 1973: Ajanta started with re-packing of generic products.
  • 1979: Launched branded OTC (Over the Counter) products.
  • 1979: First Manufacturing Facility set up in India- (Chikalthana).
  • 1986: Started production at second manufacturing facility in India-(Paithan).
  • 1989: Launched block buster OTC product '30+' in India.
  • 1992: Foray in international market.
  • 1995: Established subsidiary in Mauritius with manufacturing facility.
  • 2000: Got listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
  • 2005: Strategic shift from OTC to Innovative Specialised Prescription Products in Ophthal, Dermatology & Cardiology.
  • 2007: Set-up dedicated fully equipped R&D facility in Mumbai.
  • 2009: Bought a manufacturing facility at Chitegaon to fuel the company's growth.
  • 2009: API facility set up in Waluj for captive consumption.
  • 2009: First Generic Company in the world to get WHO Geneva Pre-qualification for Anti-Malarial Drug.
  • 2010: Entered Philippines market with unique product portfolio through Ajanta Pharma Philippines Inc.
  • 2011: Emerged as a strong speciality player in domestic market in Ophthalmology, Dermatology and Cardiology with many brands holding leadership positions.
  • 2012: Ranked among the Top 10 Pharma companies in Franco Africa.
  • 2013: Began Sales in the USA.
  • 2014: Second Dedicated R&D centre set up in Kandivli for India and Emerging Markets.
  • 2014: Inaugurated a New Facility in Dahej, Bharuch, Gujarat, India.
  • 2015: Launch of Montelukast lR Tablets and Chewable Tablets.
  • 2015: Launch of Montelukast Sodium Oral Granules.
  • 2016: USFDA Approval for Almotriptan Malate Tablets.
  • 2017: Inaugurated & commissioned first phase at a New Facility in Guwahati, Assam, India.
  • 2017: Dahej facility receives successful US FDA approval.
  • 2017: Launch of Eletriptan Hydrobromide tablets in US market. 
  • 2017: USFDA approval for Entacapone tablets. 
  • 2017: Approval and launch of Clonidine Hydrochloride extended release tablets.
  • 2018: Commissioned Ajanta's 1st ever Derma facility in Guwahati.
  • 2019: New manufacturing facility for oral solid inaugurated at Pithampur.
  • 2023: Ajanta Pharma gets USFDA’s final nod for Topiramate Extended-Release Capsules.
  • 2023: Ajanta Pharma inks partnership with Credible Innovations.
  • 2025: Ajanta Pharma enters into in-licensing agreement with Biocon.
  • 2026: Ajanta Pharma incorporates wholly owned subsidiary in Ireland.
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