Ajanta Pharma Ltd.
AJANTPHARMNSEHealthcarePharmaceuticals & DrugsSmall Cap
₹3,065.2
▼ 0.27%
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52
Composite
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.
Q-DITS fundamental score
52Composite
Growth
55
Profitability
74
Valuation
18
Quality
84
Solvency
100
Earnings
29
Key metrics
MCap
₹38.3K Cr
TTM PE
36.2x
Industry PE
38.2x
TTM EPS
₹84.52
Book Value
₹362.09
Face Value
₹2
Div Yield
0.91%
PEG
1.68x
PB
7.7x
ROE
25.4%
ROCE
32.7%
EBITDA mgn
13.9%
D/E
0.05
Int. Cover
86.5x
Curr. Ratio
2.38x
EPS
₹84.55
Growth — CAGR across horizons
| Metric | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|
| Net Sales | 17.3% | 13.4% | 13.5% | 12% |
| EBITDA | 10.7% | 21.2% | 6.9% | 9% |
| Net Profit | 14.7% | 21.6% | 10.1% | 9.8% |
Score snapshot
Piotroski
4/9
Altman Z
3.7
Quality
84
Growth
55.2
Valuation
18
Earn. Qual
29.2
PEAD
+2
SURGE
+2
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Revenue, profitability & returns
Revenue & Net Profit (₹ Cr)
RevenueNet Profit
Margins (%)
EBITDA%PAT%
Return ratios (%)
ROEROCEROA
Annual financials — last 10 years
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 1,983 | 2,126 | 2,055 | 2,588 | 2,890 | 3,341 | 3,743 | 4,209 | 4,648 | 5,453 | |
| ›EBITDACr | 711 | 683 | 588 | 772 | 1,025 | 1,045 | 882 | 1,257 | 1,354 | 1,567 | |
| ›EBITDA margin | 35.5% | 32% | 28.6% | 30% | 34.7% | 30.8% | 12.3% | 15.8% | 15.2% | 13.9% | |
| ›Net profitCr | 507 | 469 | 387 | 468 | 654 | 713 | 588 | 816 | 920 | 1,056 | |
| ›PAT margin | 25.3% | 22% | 18.8% | 18.1% | 22.2% | 21% | 8.2% | 10.2% | 10.3% | 9.4% | |
| ›EPS₹ | ₹38.4 | ₹35.5 | ₹29.57 | ₹35.74 | ₹50.39 | ₹55.63 | ₹46.7 | ₹64.83 | ₹73.69 | ₹84.55 | |
| ›Revenue growth | 14.4% | 7.2% | -3.3% | 25.9% | 11.7% | 15.6% | 12% | 12.5% | 10.4% | 17.3% | |
| ›PAT growth | 21.9% | -7.5% | -17.4% | 20.9% | 39.8% | 9% | -17.5% | 38.8% | 12.8% | 14.7% | |
| ›ROE | 36.8% | 26% | 18.1% | 19.3% | 23.4% | 22.8% | 17.7% | 23.5% | 25.1% | 25.4% | |
| ›ROCE | 45.7% | 34.5% | 23.8% | 27.4% | 32.2% | 29.4% | 22.6% | 32.2% | 32.9% | 32.7% | |
| ›ROA | 30.7% | 22.1% | 14.5% | 14.4% | 17% | 17.2% | 13.2% | 17.7% | 19.1% | 18.6% | |
| ›P/E | 20.4x | 17.6x | 15.5x | 17x | 15.8x | 14.5x | 25.9x | 34.5x | 35.5x | 33.2x | |
| ›P/B | 9.9x | 6.1x | 4x | 4.6x | 5.2x | 4.7x | 4.5x | 7.9x | 8.6x | 7.7x | |
| ›D/E | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| ›Current ratio | 3.4x | 3.5x | 2.6x | 2.4x | 2.6x | 3.5x | 2.5x | 3x | 2.4x | 2.4x | |
| ›Interest cover | 477.6x | 1,519.4x | 444.3x | 56.7x | 109.8x | 90.2x | 128.6x | 155.5x | 58.4x | 86.5x |
Quarterly results
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| Metric | Trend | 2023-12 | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›RevenueCr | 1,105 | 1,054 | 1,145 | 1,187 | 1,146 | 1,170 | 1,303 | 1,354 | 1,375 | 1,422 | |
| ›Rev growth YoY | 13.7% | 19.5% | 12.1% | 15.4% | 3.7% | 11% | 13.8% | 14.1% | 20% | 21.5% | |
| ›EBITDACr | 314 | 278 | 330 | 311 | 321 | 297 | 351 | 328 | 382 | 333 | |
| ›EBITDA margin | 28.4% | 26.4% | 28.9% | 26.2% | 28% | 25.4% | 27% | 24.2% | 27.8% | 23.5% | |
| ›Net profitCr | 210 | 203 | 246 | 216 | 233 | 225 | 255 | 260 | 274 | 267 | |
| ›PAT growth YoY | 56.1% | 65.8% | 18.1% | 10.8% | 10.9% | 11.1% | 3.9% | 20.2% | 17.6% | 18.4% | |
| ›EPS₹ | ₹16.62 | ₹16.04 | ₹19.61 | ₹17.27 | ₹18.58 | ₹17.97 | ₹20.37 | ₹20.76 | ₹21.84 | ₹21.28 |
Balance sheet — last 10 years (₹ Cr)
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›Shareholders' equityCr | 1,568 | 2,041 | 2,245 | 2,599 | 2,996 | 3,264 | 3,388 | 3,567 | 3,790 | 4,527 | |
| ›ReservesCr | 1,548 | 2,022 | 2,227 | 2,581 | 2,978 | 3,247 | 3,362 | 3,536 | 3,760 | 4,499 | |
| ›Total borrowingsCr | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| ›InvestmentsCr | 226 | 271 | 230 | 254 | 418 | 389 | 675 | 367 | 486 | 675 | |
| ›Total assetsCr | 1,574 | 2,056 | 2,380 | 2,771 | 3,228 | 3,503 | 3,564 | 3,635 | 3,908 | 4,630 | |
| ›Current assetsCr | 851 | 1,224 | 1,301 | 1,781 | 2,218 | 2,264 | 2,825 | 2,722 | 3,119 | 4,007 | |
| ›Current liabilitiesCr | 247 | 346 | 498 | 746 | 839 | 647 | 1,139 | 895 | 1,285 | 1,687 | |
| ›Trade payablesCr | 178 | 250 | 225 | 362 | 374 | 327 | 423 | 463 | 454 | 544 | |
| ›Gross blockCr | 895 | 1,417 | 1,579 | 1,965 | 2,130 | 2,207 | 2,283 | 2,389 | 2,801 | 3,046 |
Cash flow statement (₹ Cr)
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| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ›Operating CF (CFO)Cr | 609 | 281 | 375 | 457 | 576 | 562 | 792 | 785 | 1,157 | 529 | |
| ›Investing CF (CFI)Cr | -383 | -256 | -223 | -224 | -282 | -74 | -560 | 65 | -377 | -429 | |
| ›Financing CF (CFF)Cr | -202 | -0 | -147 | -129 | -318 | -460 | -108 | -1,051 | -733 | -168 | |
| ›Net cash changeCr | 24 | 25 | 4 | 104 | -24 | 28 | 124 | -201 | 47 | -68 | |
| ›Closing cashCr | 66 | 91 | 95 | 199 | 178 | 205 | 331 | 129 | 177 | 107 |
Cash flow components
CFO · CFI · CFF (₹ Cr)
CFOCFICFF
Q-DITS scorecard
Composite score
52
Quality (25%)84
Growth (25%)55.2
Valuation (20%)18
Piotroski (15%)44
Earnings Quality (10%)29.2
Momentum (5%)—
Weighted blend, rescaled to the components available for this stock.
Piotroski F-Score
4/9
✓ROA positiveROA 18.59%
✓CFO positiveCFO ₹529.19 Cr
✗ROA improving19.13% → 18.59%
✗CFO > PAT (low accruals)CFO 529.19 vs PAT 1056.0
✗Leverage decreasedD/E 0.0 → 0.05
✗Liquidity improvedCR 2.43 → 2.38
✓No share dilutionEPS 73.69 → 84.55
✗Margin improvedEBITDA mgn 15.21% → 13.87%
✓Asset turnover upAsset TO 1.85 → 1.99
Altman Z-Scoresafe
3.7
X1
0.501
X2
0.972
X3
0.301
X4
0.978
X5
1.178
>2.9 safe · 1.23–2.9 grey · <1.23 distress
Quality
84/100
ROE
25.4%
ROCE
32.7%
Margin
9.4%
Debt
0
Int. cover
86.5x
Growth
55.2/100
Revenue 3Y
13.4%
Profit 3Y
21.6%
EPS
14.7%
Valuation
18/100
PE
33.2x
PB
7.7x
EV/EBITDA
22.4x
vs universe median: PE 25.6x · PB 2.81x · EV 13.41x
Earnings quality
29.2/100
CFO₹529 Cr
PAT₹1,056 Cr
Accrual ratio0.114
CFO/PAT0.5x
PEAD · SURGE
+2 / +2
Revenue SUE1.71
EPS SUE1.33
Latest quarter2026-03
Rev growth YoY21.5%
Documents & filings
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Peer comparison
| Company | MCap (Cr) | Revenue | PAT | PE | PB | ROE% | ROCE% | D/E |
|---|---|---|---|---|---|---|---|---|
| Sun Pharmaceutical Industries Ltd. | 4,40,794 | 58,462 | 11,565 | 38.4x | 5.3x | 16.2 | 19.9 | 0.03 |
| Divi's Laboratories Ltd. | 1,78,956 | 10,560 | 2,568 | 69.7x | 10.7x | 15.4 | 20.5 | 0 |
| Torrent Pharmaceuticals Ltd. | 1,49,820 | 13,980 | 2,138 | 69.3x | 17.9x | 26.8 | 19.3 | 1.76 |
| Cipla Ltd. | 1,09,370 | 28,163 | 3,870 | 28.2x | 3.2x | 11.8 | 16 | 0.01 |
| Lupin Ltd. | 1,07,537 | 27,958 | 5,355 | 20.2x | 4.8x | 21.1 | 22 | 0.3 |
| Zydus Lifesciences Ltd. | 1,06,823 | 27,148 | 5,026 | 21.2x | 4x | 21.1 | 26.1 | 0.13 |
| Dr. Reddy's Laboratories Ltd. | 1,06,133 | 33,700 | 4,144 | 25.3x | 2.8x | 18.6 | 23.3 | 0.14 |