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Investor Presentation Q3 FY 2026 30th January 2026
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230th January 2026 Important Disclosure Except for the historical information contained herein, statements in this presentation and any subsequent discussions, which include words or phrases such as ' w i l l ', ' a i m ', 'will likely r e s u l t ', 'would’ , 'believe' , ' m a y ', 'expect' , 'will continue' , 'anticipate' , 'estimate' , 'intend' , 'plan' , 'contemplate' , 'seek t o ', 'future' , 'objective' , 'g o a l ', 'likely' , 'project' , 'on-course' , 'should' , 'potential' , 'pipeline' , 'guidance’ , 'will pursue' 'trend line' and similar expressions or variations of such expressions may constitute 'forward-looking statements’. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to Ajanta Pharma’s ability to successfully implement its strategy, the Company’s growth and expansion plans, obtain regulatory approvals, provisioning policies, technological changes, investment and business income, cash flow projections, exposure to market risks as well as other risks. Ajanta Pharma Limited does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof. These materials are not a prospectus, a statement in lieu of a prospectus, an offering circular, an invitation or an advertisement or an offer document under the Indian Companies Act, 2013 together with the rules and regulations made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, or any other applicable law in India. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States or in any other jurisdiction.
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3 Contents 1 Ajanta at a Glance Growing Sustainably. Scaling Responsibly. 2 Branded Generics India, Asia, Africa – Diversified markets enables growth 3 US Generics Selective play & normalized price erosion 4 Africa Institution Subdued performance, as expected 5 R&D & Mfg. Strong formulation capabilities 6 Financials Consistent margins 7 Strategy Levers for growth
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430th January 2026 Ajanta at a Glance Growing Sustainably. Scaling Responsibly.
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530th January 2026 We are present in 30+ countries globally Africa 20 countries India Rest of Asia 10 countries Branded Generics USA Generics
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630th January 2026 71% of our business comes from Branded Generics India 31% Asia 23% Africa 17% Africa Instn. 3% US Generics 26% 50% of our products are 1st to Market 500+ Brands across Different Therapeutic Segments 5,980+ Medical Representatives Promoting Products Globally 9M FY 2026 Sales Rs. 3,995 cr.
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730th January 2026 Our Branded Generics business comes from 3 regions Presence in India, Africa & Asia We hold Leadership In Molecules & Sub-Therapeutic Segments Focus on Chronic Therapies (Cardiac, Diabetics, Ophthal, Derma, Pain, Gynaec)
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830th January 2026 Our Business is well diversified & gives us an edge India 6 T Segments ~50% First to market 300+ Products Asia 8 T Segments Leadership In Sub therapeutic segments 200+ Products Africa 8 T Segments Leading Brands in segments 200+ Products Branded Generics US Generics 50 Active ANDAs (excld. 6 Tentative) 19 Under Approval ANDAs 49 Products on shelf Other Business Institutional Africa Antimalarial T Segment 1st Generic prequalified by WHO 1Bn+ Patients Treated
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930th January 2026 Branded Generics - India Accelerated Growth
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1030th January 2026 India 5-year CAGR – Consistent Solid Growth 14% 10% 15% 17% 23% Ajanta Cardiac Ophthal Derma Pain 5-Years Ajanta’s Segment CAGR Source: IQVIA, MAT March 2021 to 2025 813 982 1,174 1,308 1,452 1,250 FY21 FY22 FY23 FY24 FY25 9M FY26 Revenue (Rs. Cr.) Source: Company
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1130th January 2026 High Focus on Chronic Segment in India 65% Sales from Chronic Segment 11% Sales from NLEM Products 2.7+ Lac Doctors covered 3,750+ MRs
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1230th January 2026 India – Sales at glance 15 Brands of Rs 25+ cr. 16 New launches in 9M FY 2026 53% Contribution from Top 10 brands 1 1st to market in 9M FY 2026 Cardiac 36% Ophthal 30% Derma 24% Pain 10% Sales Contribution Source: IQVIA MAT December 2025 Focus on 4 specialty therapies Source: IQVIA, MAT
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1330th January 2026 We continue to outperform IPM growth IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT IPM Ajanta Pharma IPM Growth vs. Ajanta Growth 18% 8% 8% 8% 9% 18% 16% 9% 11% 11% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% Mar-22 Mar-23 Mar-24 Mar-25 Dec-25 2.1% 3.1% 4.3% 4.4% 2.5% 3.9% Growth Break-up December 2025 MAT Volume Price New Product IPM (8.9%) Ajanta (11.4%) ~ 1.5X to IPM ~ 1.6X to IPM
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1430th January 2026 Our most of the segment growth exceeds IPM IPM Growth vs. Ajanta Growth IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT December 2025 IPM Ajanta Pharma Cardiac 13% 5% Dec-25 Ophthal 8% 12% Dec-25 Derma 6% 14% Dec-25 Pain 7% 9% Dec-25
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1530th January 2026 Branded Generics - Asia & Africa Diversified markets enables growth
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1630th January 2026 We operate across many markets and therapies in EM Among Top 5 Players in major markets Leadership In many molecules & sub-therapeutic segments Key Markets Africa, Southeast Asia, Middle East & Central Asia EM = Emerging Markets
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1730th January 2026 EM: We launched many new products in 9M FY 2026 EM = Emerging Markets New Focus Strengthening countries of small presence 20 New launches 9M FY 2026 Pipeline of healthy product registrations Major Therapeutic segments Cardiac CNS Pain Diabetes Derma Antibiotics Ophthal Gynaecology Antimalarial
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1830th January 2026 5 Years of Consistent Growth in Asia & Africa Revenue (Rs. Cr.) 712 813 957 1,057 1,191 902 FY21 FY22 FY23 FY24 FY25 9M FY26 Asia 413 587 559 585 750 679 FY21 FY22 FY23 FY24 FY25 9M FY26 Africa Source: Company data
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1930th January 2026 US Generics Selective play accelerate growth
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2030th January 2026 Our US strategy of selective play pays 50 Active ANDA (3 approval in 9M FY 2026) 637 696 828 964 1047 1052 FY21 FY22 FY23 FY24 FY25 9M FY26 Revenue (INR Cr.) 49 Products on shelf (3 launched in 9M FY 2026) 19 Pending approvals 8-12 Filing Target (3 filed in 9M FY 2026) Source: Company data
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2130th January 2026 Antimalarial Institution Sales decline due to lower procurement by agencies
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2230th January 2026 Antimalarial Institution business in Africa Revenue (INR Cr) 271 206 190 249 147 111 FY21 FY22 FY23 FY24 FY25 9M FY26 Decline Due to lower procurement by aid agencies
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2330th January 2026 R&D and Manufacturing Strong formulation capabilities
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2430th January 2026 R&D operating efficiently 139 204 237 208 224 R&D Expenses (Excluding Capex) (Rs. Cr.) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 5% 6% 6% 5% 5% 850+ Scientists Rs. cr. Period Q3 % to Revenue 9M % to Revenue FY 2025 53 5% 161 5% FY 2026 63 5% 182 5% R&D expenses
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2530th January 2026 Our 7 plants are best in class, major ones being Paithan (Maharashtra) Guwahati (Assam) Pithampur (Madhya Pradesh) Dahej (Gujarat)
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2630th January 2026 Financial Highlights (Consolidated) Consistent Growth Continues
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2730th January 2026 Branded Generics – Growth continues in Q3 834 927 Total (Rs. cr.) Q3 FY25 Q3 FY26 11% 68% of Total Revenue 345 409 India (Rs. cr.) Q3 FY25 Q3 FY26 19% 30% of Total Revenue 316 288 Asia (Rs. cr.) Q3 FY25 Q3 FY26 9% 21% of Total Revenue 173 230 Africa (Rs. cr.) Q3 FY25 Q3 FY26 33% 17% of Total Revenue
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2830th January 2026 Branded Generics – India shines in 9M 2,588 2,831 Total (Rs. cr.) 9M FY25 9M FY26 9% 71% of Total Revenue 1,083 1,250 India (Rs. cr.) 9M FY25 9M FY26 15% 31% of Total Revenue 888 902 Asia (Rs. cr.) 9M FY25 9M FY26 1% 23% of Total Revenue 617 679 Africa (Rs. cr.) 9M FY25 9M FY26 10% 17% of Total Revenue
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2930th January 2026 Overall excellent Performance in Q3 1,130 1,367 Consolidated Sales (Rs. cr.) Q3 FY25 Q3 FY26 21% 834 927 Branded Generics (Rs. cr.) Q3 FY25 Q3 FY26 11% 68% of Total Revenue 263 399 US Generics (Rs. cr.) Q3 FY25 Q3 FY26 52% 29% of Total Revenue 33 41 Africa Institution (Rs. cr.) Q3 FY25 Q3 FY26 22% 3% of Total Revenue
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3030th January 2026 USA leads the overall Performance in 9M 3,429 3,995 Consolidated Sales (Rs. cr.) 9M FY25 9M FY26 16% 2,588 2,831 Branded Generics (Rs. cr.) 9M FY25 9M FY26 9% 71% of Total Revenue 723 1,052 US Generics (Rs. cr.) 9M FY25 9M FY26 46% 26% of Total Revenue 118 111 Africa Institution (Rs. cr.) 9M FY25 9M FY26 6% 3% of Total Revenue
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3130th January 2026 Q3 FY 2026 : Excellent performance Q3 FY 2025 % to RO Q3 FY 2026 % to RO % Growth Revenue from Operations (RO) 1,146 1,375 20% COGS (258) 22% (286) 21% Gross Profit 888 78% 1,089 79% 23% Employee Benefit (265) 23% (331) 24% 25% Other Expenses (302) 27% (376) 27% 24% EBITDA 321 28% 382 28% 19% Adj. EBITDA (excld. forex MTM) 321 28% 382 28% 19% Depreciation (36) 3% (43) 3% Finance Cost (8) 1% (5) 0% Other Income 30 3% 25 2% Profit Before Tax 307 27% 359 26% 17% Tax Expense (74) 7% (85) 6% Net Profit 233 20% 274 20% 18% Other Comprehensive Income 1 0% 2 0% Total Comprehensive Income 234 20% 276 20% 18% Rs. cr.
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3230th January 2026 9M FY 2026 : Growth continues 9M FY 2025 % to RO 9M FY 2026 % to RO % Growth Revenue from Operations (RO) 3,478 4,031 16% COGS (788) 23% (880) 22% Gross Profit 2,690 77% 3,151 78% 17% Employee Benefit (810) 23% (950) 24% 17% Other Expenses (918) 26% (1,140) 28% 24% EBITDA 962 28% 1,061 26% 10% Adj. EBITDA (excld. Forex MTM) 976 28% 1,123 28% 15% Depreciation (104) 3% (128) 3% Finance Cost (15) 1% (14) 0% Other Income 76 2% 111 3% Profit Before Tax 920 26% 1,030 26% 12% Tax Expense (225) 6% (241) 6% Net Profit 695 20% 789 20% 14% Other Comprehensive Income 0 0% 11 0% Total Comprehensive Income 695 20% 800 20% 15% Rs. cr.
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3330th January 2026 Consistent growth over last 5 years 13% 5 Year CAGR 6% 5 Year CAGR 9% 5 Year CAGR 2,890 3,341 3,743 4,209 4,648 4,031 FY21 FY22 FY23 FY24 FY25 9M FY26 999 929 783 1,172 1,260 1,123 FY21 FY22 FY23 FY24 FY25 9M FY26 654 713 588 816 920 789 FY21 FY22 FY23 FY24 FY25 9M FY26 35% 28% 21% 28% 23% 21% 16% 19% Revenue EBITDA and Margin % PAT and Margin % Adj. 28% 20%27% 20% (INR Cr.)(INR Cr.) (INR Cr.)
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3430th January 2026 Our rations are among best in industry ROCE % ROE % CFO & Cash Conversion 576 562 792 785 1,157 386 FY21 FY22 FY23 FY24 FY25 9M FY26 58% 60% 101% 30% 28% 22% 31% 32% 34% FY21 FY22 FY23 FY24 FY25 9M FY26 23% 23% 18% 23% 25% 26% FY21 FY22 FY23 FY24 FY25 9M FY26 67% 36%92% (INR Cr.)
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3530th January 2026 So also Earnings & Pay Out 50 55 46 65 74 63 FY21 FY22 FY23 FY24 FY25 9M FY26 251 436 479 642 701 350 FY21 FY22 FY23 FY24 FY25 9M FY26 EPS (INR) Payout (Dividend & Buyback) & PAT % (INR Cr.) 38% 61% 81% 79% Book Value per share 231 252 264 283 303 339 FY21 FY22 FY23 FY24 FY25 9M FY26 76% 44% (INR)
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3630th January 2026 We continue to improve on working capital front 92 70 79 85 75 84 FY21 FY22 FY23 FY24 FY25 9M FY26 Receivable Days 95 113 104 109 94 114 FY21 FY22 FY23 FY24 FY25 9M FY26 (Nos.) Inventory Days 98 88 80 73 72 58 FY21 FY22 FY23 FY24 FY25 9M FY26 (Nos.) Payable Days (Nos.)
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3730th January 2026 Strategy Levers for growth
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3830th January 2026 We continue to work on our strategic priorities New products launches across markets Strong product portfolio under development / registration Gain market share in existing products Focus on field force productivity enhancement Thrust on new countries & therapies Adding therapies, products & field in new countries Optimize Expenses Focus on costs optimization Focus on digitalization Across all functions of the organization
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3930th January 2026 Earnings Call Let’s Talk
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4030th January 2026 Q3 FY26 Earnings Conference Call Date and Time January 30, 2026 at 1630 – 1730 hrs IST 1700 – 1800 hrs SST/HKT 1100 – 1200 hrs BST 0600 – 0700 hrs US ET Dial-in Numbers Diamond pass link for faster access Click here to register Universal Access Primary Access: +91 22 6280 1542 +91 22 7115 8372 International Toll Free Number USA: 18667462133 UK: 08081011573 Hong Kong: 800964648 Singapore: 8001012045
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41 For more information, please visit our website: www.ajantapharma.com For regular updates follow us on twitter https://x.com/ajantapharmaltd For specific queries, contact: Rajeev Agarwal: 022-60609706 rajeev.agarwal@ajantapharma.com Abhineet Kumar: 022-60609721 abhineet.kumar@ajantapharma.com Ajanta Tower, 54-A, M Vasanji Road, Chakala, Andheri (E), Mumbai 400 093 CIN No. - L24230MH1979PLC022059 Thank you