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Investor Presentation Q1 FY 2027 30th July 2026
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230th July 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 'will', 'aim', 'will likely result', 'would’, 'believe', 'may', 'expect', 'will continue', 'anticipate', 'estimate', 'intend', 'plan', 'contemplate', 'seek to', 'future', 'objective', 'goal', '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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330th July 2026 TABLE OF CONTENTS Ajanta at a Glance 01 Branded Generics 02 US Generics 03 Africa Institution 04 R&D & Mfg 05 Financials 06 Strategy 07
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430th July 2026 Ajanta at a Glance Strong Performance. Accelerating Growth.
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530th July 2026 We are present in 34+ countries globally Africa 21 countries India Rest of Asia 11 countries Branded Generics USA Generics
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630th July 2026 Q1 FY 2027 India 32% Asia 16%Africa 18% Africa Instn. 4% US Generics 30% Rs. 1,616 cr. (Q1 FY 2027) Branded Generic – The Strategic Core 50% of our products are 1st to Market 500+ Brands across Different Therapeutic Segments 6,050+ Medical Representatives Promoting Products Globally 2/3rd of business comes from branded generics
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730th July 2026 Q1 FY 2027 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 July 2026 Q1 FY 2027 55 Active ANDAs (excld. 5 Tentative) 17 Under Approval ANDAs 51 Products on shelf Our Business is well diversified & gives us an edge Branded Generics - India Branded Generics - Asia & Africa US Generics Africa Institutional 6 T Segments ~50% First to market 330+ Products Antimalarial T Segment 1st Generic prequalified by WHO 1 Bn+ Patients Treated 8 T Segments Leading Brands in Segments 220+ Products
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930th July 2026 Q1 FY 2027 Branded Generics -India Excellent Growth Momentum
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1030th July 2026 5ml ~ Moxifloxacin Eye Drops IP 0.5% w/v apdrops EyeOrop s 1 1k 10 ml Sooium Carlxocy rre~lulose 0.5 % w/v & GlycerirA 3 5 % w/v 1 Eye Drops. So tdro s• l-Ubriullng Ey,, Drops Slenle ajanta s: ajatda Ranked in Ophthalmology in ln:dia ajanta Where Excellence is a way of life
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1130th July 2026 Q1 FY 2027 India 3-year CAGR – Consistent Solid Growth 13% 9% 15% 18% 17% Ajanta Cardiac Ophthal Derma Pain 3-Years Ajanta’s Segment CAGR Source: IQVIA, MAT March 2024 to 2026 1,308 1,452 1,654 FY24 FY25 FY26 Revenue (Rs. Cr.) Source: Company
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1230th July 2026 Q1 FY 2027 High Focus on Chronic Segment in India 11% India sales under NLEM 53% Top 10 brands contribute 8 New launches in Q1 17 Brands above Rs. 25+ cr. 65% Chronic Portfolio 3,750+ MRs
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1330th July 2026 Q1 FY 2027 We continue to outperform IPM growth IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT IPM Ajanta Pharma IPM v/s Ajanta Growth 8% 8% 8% 10% 11% 16% 9% 11% 13% 15% Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 3.4% 4.7% 4.6% 4.9% 3.1% 5.4% Volume Price New Product IPM (11.1%) Ajanta (15.1%) ~ 1.4X to IPM 7th ~ 1.8X to IPM Growth Break-up IQVIA MAT Jun 2026
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1430th July 2026 Q1 FY 2027 Our most of the segment growth exceeds IPM IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT June 2026 IPM v/s Ajanta Growth Opthal 10% 15% Jun-26 1st Pain 10% 15% Jun-26 5th Derma 8% 14% Jun-26 1st Cardiac 15% 9% Jun-26 9th IPM Ajanta Pharma Covered Market Rank
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1530th July 2026 Q1 FY 2027 India – Sales at glance Sales Contribution Source: IQVIA MAT June 2026 Focus on 6 specialty therapies Cardiac 37% Ophthal 29% Derma 22% Pain 10% Gyanec, 1%Nephro, 1% Revenue Q1 FY 2027 Source: P&L 409 509 (Rs. cr.) Q1 FY26 Q1 FY27 24%
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1630th July 2026 Q1 FY 2027 Branded Generics – Asia & Africa Diversified markets enables growth
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1730th July 2026 Q1 FY 2027 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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1830th July 2026 Q1 FY 2027 EM: We launched many new products EM = Emerging Markets Cardiology Pain Diabetes Gynaecology Ophthalmology Antibiotics Dermatology Antimalarial Major Therapeutic segments New Focus Strengthening countries of small presence & new entry 6 New launches Q1 FY 2027 Pipeline of healthy product registrations
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1930th July 2026 Q1 FY 2027 585 750 861 FY24 FY25 FY26 3 Years of Growth in Asia & Africa Revenue (Rs. Cr.) 1,057 1,191 1,176 FY24 FY25 FY26 Asia Source: Company data Africa
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2030th July 2026 Q1 FY 2027 EM – Mixed performance 228 295 Q1 FY26 Q1 FY27 30% 304 255 Q1 FY26 Q1 FY27 16% Asia Africa Rs. Cr. Africa Excellent growth Asia War impacted continues EM = Emerging Markets Rs. Cr.
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2130th July 2026 Q1 FY 2027 US Generics Yet another super performance
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2230th July 2026 Q1 FY 2027 964 1,047 1,557 FY24 FY25 FY26 US: Holding strong 55 Active ANDA (3 approval in Q1 FY 2027) Revenue (Rs. Cr.) 51 Products on shelf (2 launched in Q1 FY 2027) 17 Pending approvals 8-12 Filing Target Source: Company data
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2330th July 2026 Q1 FY 2027 US Sales – Outstanding performance Source: P&L Revenue (Rs. Cr.) 310 487 Q1 FY26 Q1 FY27 57%
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2430th July 2026 Q1 FY 2027 Antimalarial Institution In line performance
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2530th July 2026 Q1 FY 2027 Antimalarial Institution business in Africa Revenue 3 years (Rs. Cr) 249 147 160 FY24 FY25 FY26 Revenue Q1 FY 2027 (Rs. Cr.) 38 70 Q1 FY26 Q1 FY27 83%
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2630th July 2026 Q1 FY 2027 R&D and Manufacturing Strong formulation capabilities
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2730th July 2026 Q1 FY 2027 R&D operating efficiently 208 224 252 66 R&D Expenses (Excluding Capex) (Rs. Cr. / % to revenue) FY 2024 FY 2025 FY 2026 Q1 FY 27 5% 5% 5% 4% 850+ Scientists
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2830th July 2026 Q1 FY 2027 Our 7 plants are best in class - major ones being Paithan (Maharashtra) Guwahati (Assam) Pithampur (Madhya Pradesh) Dahej (Gujarat)
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2930th July 2026 Q1 FY 2027 Financial Highlights (Consolidated) Performance at best
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3030th July 2026 Q1 FY 2027 Branded Generics –India & Africa grew exceptionally 409 509 India (Rs. cr.) Q1 FY26 Q1 FY27 228 295 Africa (Rs. cr.) Q1 FY26 Q1 FY27 941 1,059 Total (Rs. cr.) Q1 FY26 Q1 FY27 304 255 Asia (Rs. cr.) Q1 FY26 Q1 FY27 32% of Total Revenue 16% of Total Revenue 18% of Total Revenue 24% 30%16% 66% of Total Revenue 13%
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3130th July 2026 Q1 FY 2027 Overall excellent performance in Q1 66% of Total Revenue 4% of Total Revenue 30% of Total Revenue 13% 25% 57% 83% 941 1,059 Branded Generics (Rs. cr.) Q1 FY26 Q1 FY27 310 487 USA Generics (Rs. cr.) Q1 FY26 Q1 FY27 38 70 Africa Institution (Rs. cr.) Q1 FY26 Q1 FY27 1,289 1,616 Consolidated Sales (Rs. cr.) Q1 FY26 Q1 FY27
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3230th July 2026 Q1 FY 2027 Q1 FY 2027 : Great beginning Revenue from Operations (RO) COGS Gross Profit Employee Benefit Other Expenses EBITDA Adj. EBITDA (excld. forex loss) Depreciation Finance Cost Other Income Profit Before Tax Tax Expense Net Profit Other Comprehensive Income Total Comprehensive Income Q1 FY 2026 1,303 (276) 1,027 (303) (373) 351 377 (41) (5) 26 331 (76) 255 0 256 % to RO 21% 79% 23% 29% 27% 29% 3% 0% 2% 26% 6% 20% 0% 20% Q1 FY 2027 1,626 (328) 1,298 (381) (493) 424 454 (45) (3) 71 447 (113) 334 (4) 330 % to RO 20% 80% 23% 30% 26% 28% 3% 0% 4% 27% 7% 21% 0% 20% % Growth 25% 26% 26% 32% 21% 21% 35% 31% 29% Q4 FY 2026 1,422 (305) 1,117 (341) (443) 333 375 (45) (2) 61 347 (80) 267 18 285 Rs. cr.
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3330th July 2026 Q1 FY 2027 Smart growth continues Adj. EBITDA excluding forex loss 14% 3 Year CAGR 13% 3 Year CAGR 14% 3 Year CAGR 4,209 4,648 5,453 1,626 FY24 FY25 FY26 Q1 FY27 1,172 1,268 1,498 454 FY24 FY25 FY26 Q1 FY27 816 920 1,056 334 FY24 FY25 FY26 Q1 FY27 28% 19% Revenue 27% 19%27% 20% (Rs. Cr.)(Rs. Cr.) (Rs. Cr.) 28% 21% Adj. EBITDA and Margin % PAT and Margin %
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3430th July 2026 Q1 FY 2027 Our performance among best in industry 785 1,157 529 FY24 FY25 FY26 32% 33% 33% FY24 FY25 FY26 23% 25% 25% FY24 FY25 FY26 67% 38%92% (INR Cr.) ROCE % ROE % CFO & Cash Conversion
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3530th July 2026 Q1 FY 2027 So also Earnings & Pay Out 65 74 85 FY24 FY25 FY26 642 701 350 FY24 FY25 FY26 (Rs.) (Rs. Cr.) 79% 283 303 362 FY24 FY25 FY26 76% 33% (Rs.) EPS Payout & PAT % Book Value per share Payout includes Dividend and Buyback
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3630th July 2026 Q1 FY 2027 We continue to improve on working capital front 73 72 63 FY24 FY25 FY26 Inventory Days (Nos.) (Nos.) (Nos.) 109 94 125 FY24 FY25 FY26 Receivable Days 85 75 100 FY24 FY25 FY26 Payable Days
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3730th July 2026 Strategy Levers for growth
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3830th July 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 July 2026 Earnings Call Let’s Talk
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4030th July 2026 Q1 FY27 Earnings Conference Call Date and Time July 30, 2026 at 16:15 – 17:15 hrs IST 18:45 – 19:45 hrs SST/HKT 11:45 – 12:45 hrs BST 06:45 – 07:45 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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4130th July 2026 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