AJANTPHARM · Healthcare
Ajanta Pharmaceuticals Ltd. reported revenue of ₹1,354 cr for July to September 2025, +14.1% on the year and +3.9% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹4,973 cr, +10.7% on the four before.
Operating profit (EBITDA) was ₹328 cr, a margin of 24.2%, −198 bps on the year and −271 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 24.2% to 28.8%). Operating costs grew +17.1%, faster than revenue at +14.1%, so operating profit grew less than sales.
Net profit was ₹260 cr, +20.4% on the year and +2.0% on the quarter, with earnings per share of ₹20.83. Profit before other income, one-offs and tax grew 4.1%, so 16 points of the headline growth came from outside the core business. The tax rate of 24% is in line with its recent average. Profit over the last four quarters totals ₹973 cr, +11.2% on the four before.
On earnings per share of ₹77.94 over the last four quarters, the stock at ₹3,320.10 trades at 42.6 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +20.4% on the year; profit before other income, exceptional items and tax +4.1%.
Source: Quarterly statements
Operating margin slipped on the year.
EBITDA margin 24.2%, −198 bps on the year (−271 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,028 cr | ₹1,105 cr | ₹1,054 cr | ₹1,145 cr | ₹1,187 cr | ₹1,146 cr | ₹1,170 cr | ₹1,303 cr | ₹1,354 cr | ₹1,375 cr | ₹1,422 cr | ₹1,626 cr |
| YoY | — | — | — | +12% | +15% | +4% | +11% | +14% | +14% | +20% | +22% | +25% |
| EBITDA margin | 28.3% | 28.4% | 26.4% | 28.8% | 26.2% | 28.0% | 25.4% | 26.9% | 24.2% | 27.8% | 23.4% | 26.1% |
| Other income, % of PBT | 8% | 5% | 13% | 8% | 7% | 10% | 7% | 8% | 17% | 7% | 18% | 16% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 28% | 27% | 24% | 25% | 24% | 16% | 23% | 24% | 24% | 23% | 25% |
| Net profit | ₹195 cr | ₹210 cr | ₹203 cr | ₹246 cr | ₹216 cr | ₹233 cr | ₹225 cr | ₹255 cr | ₹260 cr | ₹274 cr | ₹267 cr | ₹334 cr |
| YoY | — | — | — | +18% | +11% | +11% | +11% | +4% | +20% | +18% | +19% | +31% |
| Core profit YoY | — | — | — | +25% | +6% | 0% | +4% | +3% | +4% | +21% | +14% | +23% |
| EPS | ₹15.24 | ₹16.39 | ₹15.82 | ₹19.68 | ₹17.33 | ₹18.64 | ₹18.03 | ₹20.44 | ₹20.83 | ₹21.91 | ₹21.35 | ₹26.75 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Ajanta Pharmaceuticals Ltd. reported revenue of ₹1,354 cr (+14.1% on the year) and net profit of ₹260 cr (+20.4% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +4.1% on the year, against +20.4% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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