Ajanta Pharma Q2 Review — Strong Growth Momentum In The US; Systematix Maintains 'Buy'

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Systematix Report

Ajanta Pharma Ltd.’s Q2 FY26 revenue (13,537 million) and net income (2,602 million) was above our estimates. Revenue outperformance was led by continued strong growth in North America (48% YoY) and India branded formulation (~12% YoY).

Ajanta Pharma continues to add to its filed force in emerging markets and India which should help it sustain the double-digit growth. New therapies in gynecology and nephrology are gaining traction and are expected to contribute meaningfully to India business.

North America operations delivered robust quarterly results and are expected to maintain current sales run-rate through the year, supported by strong execution and recent launches.

Overall, with continued new product launches, MR addition, and new geography additions in EM’s, Ajanta Pharma remains poised to deliver double digit growth.

We retain our forecasts on Ajanta and maintain Buy with a target price of Rs 3,293 based on 35 times FY27E earnings per share.

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