Ajanta Pharma reported Q2 FY27 revenue of Rs 1,794.2 crore, up 33% YoY, exceeding brokerage's estimate by 6.0% and consensus by 12.7%. The beat was primarily driven by the Export business, which stood at Rs 1,278 crore, ahead of estimate by 6.8%, while domestic revenue of Rs. 504 crore was marginally ahead by 1.4%. Within exports, Africa significantly outperformed expectations, exceeding estimates by 34.4%, while Asia and the US were below estimates by 1.4% and 4.4%, respectively.
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Systematix Report
Considering the recent run-up in the stock price and limited near-term upside to Systematix revised target price, the brokerage has lowered Ajanta Pharma Ltd.'s rating from Buy to Hold, while retaining its positive view on the company's underlying prospects with a target price of Rs 3,908 based on 35 times FY28E earnings per share with estimated revenue/EBITDA/PAT compound annual growth rate of 12%/18%/15% over FY26–FY28E.
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Ajanta Pharma reported Q2 FY27 revenue of Rs 1,794.2 crore, up 33% YoY, exceeding brokerage's estimate by 6.0% and consensus by 12.7%. The beat was primarily driven by the Export business, which stood at Rs 1,278 crore, ahead of estimate by 6.8%, while domestic revenue of Rs. 504 crore was marginally ahead by 1.4%.
Within exports, Africa significantly outperformed expectations, exceeding estimates by 34.4%, while Asia and the US were below estimates by 1.4% and 4.4%, respectively.
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India continued to deliver healthy growth of 16% YoY, supported by strong volumes and new launches, while Africa branded generics grew 41% YoY. However, the exceptional 259% growth in Africa institutional business, driven by strong procurement, is unlikely to sustain at similar levels in H2.
Systematix incorporates the quarterly performance into its estimates and expect India to remain a key growth driver, supported by sustained outperformance against IPM, while factoring in normalisation in Africa institutional business.
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