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Investor Presentation Q2 FY 2027 30th October 2026
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230th October 2026 Index - Free computer icons 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 October 2026 Index - Free computer icons TABLE OF CONTENTS Ajanta at a Glance Ajanta at a Glance 01 Branded Generics Branded Generics 02 US Generics US Generics 03 Africa Institution Africa Institution 04 RD Mfg R&D & Mfg 05 Financials Financials 06 Strategy Strategy 07
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430th October 2026 Index - Free computer icons Q2 FY 2027 Ajanta at a Glance Strong Performance. Accelerating Growth.
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530th October 2026 Index - Free computer icons We are present in 34+ countries globally Africa 21 countries India Rest of Asia 11 countries Branded Generics USA Generics Source: Company data
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630th October 2026 Index - Free computer icons Q2 & H1 FY 2027 Branded Generic – The Strategic Core 2/3rd of business comes from branded generics 66% BrandedGenerics 66% BrandedGenerics India 28% Asia 21%Africa 17% Africa Instn. 7% US Generics 27% India 30% Asia 18%Africa 18% Africa Instn. 5% US Generics 29% Rs. 1,782 cr. (Q2 FY 2027) Rs. 3,399 cr. (H1 FY 2027)
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730th October 2026 Index - Free computer icons Q2 & H1 FY 2027 Branded Generic – The Strategic Core 50% of our products are 1st to Market 500+ Brands across Different Therapeutic Segments 6,120+ Medical Representatives Promoting Products Globally Source: Company data
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830th October 2026 Index - Free computer icons Q2 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) Source: Company data
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930th October 2026 Index - Free computer icons Q2 FY 2027 56 Active ANDAs (excld. 5 Tentative) 17 Under Approval ANDAs 52 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 Source: Company data
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1030th October 2026 Index - Free computer icons Q2 FY 2027 Branded Generics -India Excellent Growth Momentum
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1130th October 2026 Index - Free computer icons Source: IQVIA MAT Sept 2026
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1230th October 2026 Index - Free computer icons Q2 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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1330th October 2026 Index - Free computer icons Q2 & H1 FY 2027 High Focus on Chronic Segment in India 11% India sales under NLEM 53% Top 10 brands contribute 16 New launches in Q2 18 Brands above Rs. 25+ cr. 65% Chronic Portfolio 12th rank in Derma in IPM (Improved by 1 rank) Source: Company data
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1430th October 2026 Index - Free computer icons Q2 FY 2027 We were 4th fastest growing among Top 25 in IPM IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT IPM Ajanta Pharma IPM v/s Ajanta Growth 8% 8% 8% 10% 13% 16% 9% 11% 13% 17% Mar-23 Mar-24 Mar-25 Mar-26 Sep-26 4.9% 5.8% 4.8% 5.0% 3.5% 5.9% Volume Price New Product IPM (13.2%) Ajanta (16.7%) ~ 1.2X to IPM ~ 1.7X to IPM Growth Break-up IQVIA MAT Sep 2026
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1530th October 2026 Index - Free computer icons Q2 FY 2027 Our most of the segment growth exceeds IPM IPM = Indian Pharmaceutical Market, Source: IQVIA, MAT September 2026 IPM v/s Ajanta Growth Opthal 12% 18% Sep-26 1st Pain 13% 16% Sep-26 5th Derma 11% 14% Sep-26 1st Cardiac 17% 13% Sep-26 10th IPM Ajanta Pharma Covered Market Rank Cardiac IQVIA growth for company has some anomaly. Internal growth is at par with IPM.
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1630th October 2026 Index - Free computer icons Q2 & H1 FY 2027 India – Sales at glance Sales Contribution Source: IQVIA MAT Sep 2026 Focus on 6 specialty therapies Cardiac 37% Ophthal 28% Derma 22% Pain 10% Gyanec, 2%Nephro, 1% Revenue Q2 FY 2027 Source: P&L 432 504 (Rs. cr.) Q2 FY26 Q2 FY27 16% Revenue H1 FY 2027 Source: P&L 841 1,013 (Rs. cr.) H1 FY26 H1 FY27 20% Source: Company data & P&L
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1730th October 2026 Index - Free computer icons Q2 FY 2027 Branded Generics – Asia & Africa Diversified markets enables growth
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1830th October 2026 Index - Free computer icons Q2 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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1930th October 2026 Index - Free computer icons Q2 FY 2027 EM: We launched many new products Cardiology Pain Diabetes Gynaecology Ophthalmology Antibiotics Dermatology Antimalarial Major Therapeutic segments New Focus Strengthening countries of small presence & new entry 7 New launches H1 FY 2027 Pipeline of healthy product registrations EM = Emerging Markets
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2030th October 2026 Index - Free computer icons Q2 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 Geo-political volatility in middle east impacted the performance in FY 2026
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2130th October 2026 Index - Free computer icons Q2 FY 2027 EM – Excellent performance 221 312 Q2 FY26 Q2 FY27 41% 310 366 Q2 FY26 Q2 FY27 18% Asia Africa Rs. Cr.Rs. Cr. Source: P&L
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2230th October 2026 Index - Free computer icons H1 FY 2027 EM – Mixed performance 449 607 H1 FY26 H1 FY27 35% 614 621 H1 FY26 H1 FY27 1% Asia Africa Rs. Cr. Africa Excellent growth Asia War impacted supply chain in previous quarters, normalizing now Rs. Cr. Source: P&L
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2330th October 2026 Index - Free computer icons Q2 FY 2027 US Generics Yet another super performance
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2430th October 2026 Index - Free computer icons Q2 & H1 FY 2027 US: Holding strong 964 1,047 1,557 FY24 FY25 FY26 56 Active ANDA (4 approval in H1 FY 2027) Revenue (Rs. Cr.) 52 Products on shelf (3 launched in H1 FY 2027) 17 Pending approvals 5-6 Filing Target (1 filed in H1 FY 2027) Source: Company data
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2530th October 2026 Index - Free computer icons Q2 & H1 FY 2027 US Sales – Outstanding performance Revenue Q2 FY 2027 344 484 (Rs. cr.) Q2 FY26 Q2 FY27 41% Revenue H1 FY 2027 653 971 (Rs. cr.) H1 FY26 H1 FY27 49% Source: P&L
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2630th October 2026 Index - Free computer icons Q2 FY 2027 Antimalarial Institution In line performance
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2730th October 2026 Index - Free computer icons Q2 & H1 FY 2027 Antimalarial Institution business in Africa Revenue 3 years (Rs. Cr) 249 147 160 FY24 FY25 FY26 Revenue Q2 FY 2027 (Rs. Cr.) 32 116 Q2 FY26 Q2 FY27 259% Revenue H1 FY 2027 (Rs. Cr.) 71 187 H1 FY26 H1 FY27 164% Source: Company data & P&L
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2830th October 2026 Index - Free computer icons Q2 FY 2027 R&D and Manufacturing Strong formulation capabilities
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2930th October 2026 Index - Free computer icons H1 FY 2027 R&D operating efficiently 208 224 252 138 R&D Expenses (Excluding Capex) (Rs. Cr. / % to revenue) FY 2024 FY 2025 FY 2026 H1 FY 27 5% 5% 5% 4% 850+ Scientists Source: Company data
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3030th October 2026 Index - Free computer icons Q2 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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3130th October 2026 Index - Free computer icons Q2 FY 2027 Financial Highlights (Consolidated) Performance at best
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3230th October 2026 Index - Free computer icons Q2 FY 2027 Branded Generics – exceptional growth continues in Q2 Source: P&L 432 504 India (Rs. cr.) Q2 FY26 Q2 FY27 221 312 Africa (Rs. cr.) Q2 FY26 Q2 FY27 963 1,182 Total (Rs. cr.) Q2 FY26 Q2 FY27 310 366 Asia (Rs. cr.) Q2 FY26 Q2 FY27 28% of Total Revenue 21% of Total Revenue 17% of Total Revenue 16% 41%18% 66% of Total Revenue 23%
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3330th October 2026 Index - Free computer icons H1 FY 2027 Branded Generics – Efforts yielding results in H1 Source: P&L 841 1,013 India (Rs. cr.) H1 FY26 H1 FY27 449 607 Africa (Rs. cr.) H1 FY26 H1 FY27 1,904 2,241 Total (Rs. cr.) H1 FY26 H1 FY27 614 621 Asia (Rs. cr.) H1 FY26 H1 FY27 30% of Total Revenue 18% of Total Revenue 18% of Total Revenue 20% 35%1% 66% of Total Revenue 18%
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3430th October 2026 Index - Free computer icons Q2 FY 2027 Overall excellent performance in Q2 Source: P&L 66% of Total Revenue 7% of Total Revenue 27% of Total Revenue 23% 33% 41% 259% 963 1,182 Branded Generics (Rs. cr.) Q2 FY26 Q2 FY27 344 484 USA Generics (Rs. cr.) Q2 FY26 Q2 FY27 32 116 Africa Institution (Rs. cr.) Q2 FY26 Q2 FY27 1,339 1,782 Consolidated Sales (Rs. cr.) Q2 FY26 Q2 FY27
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3530th October 2026 Index - Free computer icons H1 FY 2027 Overall excellent performance in H1 Source: P&L 66% of Total Revenue 5% of Total Revenue 29% of Total Revenue 18% 29% 49% 164% 1,904 2,241 Branded Generics (Rs. cr.) H1 FY26 H1 FY27 653 971 USA Generics (Rs. cr.) H1 FY26 H1 FY27 71 187 Africa Institution (Rs. cr.) H1 FY26 H1 FY27 2,628 3,399 Consolidated Sales (Rs. cr.) H1 FY26 H1 FY27
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3630th October 2026 Index - Free computer icons Q2 FY 2027 Q2 FY 2027 : Another electrifying quarter Source: P&L Revenue from Operations (RO) COGS Gross Profit Employee Benefit Other Expenses EBITDA Adj. EBITDA (excld. forex MTM) Depreciation Finance Cost Other Income Profit Before Tax Tax Expense Net Profit Other Comprehensive Income Total Comprehensive Income Q2 FY 2026 1,354 (317) 1,037 (317) (392) 328 369 (43) (3) 59 341 (81) 260 8 268 % to RO 23% 77% 23% 29% 24% 27% 3% 0% 4% 25% 6% 19% 1% 20% Q2 FY 2027 1,794 (385) 1,409 (384) (483) 543 543 (48) (2) 42 535 (147) 388 5 393 % to RO 21% 79% 21% 27% 30% 30% 3% 0% 2% 30% 8% 22% 0% 22% % Growth 33% 36% 21% 23% 66% 47% 57% 49% 46% Q1 FY 2027 1,626 (328) 1,298 (381) (493) 424 454 (45) (3) 71 447 (113) 334 (4) 330 Rs. cr.
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3730th October 2026 Index - Free computer icons H1 FY 2027 H1 FY 2027 : Great show Source: P&L Revenue from Operations (RO) COGS Gross Profit Employee Benefit Other Expenses EBITDA Adj. EBITDA (excld. forex MTM) Depreciation Finance Cost Other Income Profit Before Tax Tax Expense Net Profit Other Comprehensive Income Total Comprehensive Income H1 FY 2026 2,656 (592) 2,064 (620) (765) 679 745 (84) (9) 86 672 (156) 516 8 524 % to RO 22% 78% 23% 29% 26% 28% 3% 0% 3% 25% 6% 19% 1% 20% H1 FY 2027 3,420 (713) 2,707 (765) (971) 971 997 (92) (5) 108 982 (260) 722 1 723 % to RO 21% 79% 22% 28% 28% 29% 3% 0% 3% 29% 8% 21% 0% 21% % Growth 29% 31% 23% 27% 43% 34% 46% 40% 38% Rs. cr.
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3830th October 2026 Index - Free computer icons H1 FY 2027 Building Efficiencies…. Source: P&L Statement of Assets & Liabilities ASSETS Non-Current Assets Property, Plant and Equipment Capital Work-in-Progress Right for use assets Other non-current assets Sub-total - Non-current assets Current Assets Inventories Trade Receivables Bank Balance incld. Investments Other Current Assets Sub-total - Current Assets TOTAL - ASSETS FY 2026 1,768 258 99 294 2,419 939 1,854 665 278 3,736 6,155 39% 63 days 125 days 61% H1 FY 2027 1,829 327 97 349 2,602 967 1,863 680 313 3,823 6,425 40% 52 days 100 days 60% Rs. cr.
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3930th October 2026 Index - Free computer icons H1 FY 2027 Building Efficiencies…. Source: P&L Statement of Assets & Liabilities EQUITY AND LIABILITIES Equity Equity Share Capital Other Equity Sub Total – Shareholders’ Funds Non-current Liabilities Non-current Liabilities Sub Total – Non-Current Liab. Current Liabilities Borrowings Trade payables Other current liabilities Sub Total – Current Liabilities TOTAL – Equity and Liabilities FY 2026 25 4,502 4,527 212 212 212 544 660 1,416 6,155 74% 3% 100 days 23% H1 FY 2027 25 4,833 4,858 224 224 104 571 668 1,343 6,425 76% 3% 60 days 21% Rs. cr.
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4030th October 2026 Index - Free computer icons H1 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 3,420 FY24 FY25 FY26 H1 FY27 1,172 1,268 1,498 997 FY24 FY25 FY26 H1 FY27 816 920 1,056 722 FY24 FY25 FY26 H1 FY27 28% 19% Revenue 27% 19%27% 20% (Rs. Cr.)(Rs. Cr.) (Rs. Cr.) 29% 21% Adj. EBITDA and Margin % * PAT and Margin % Source: Company data & P&L
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4130th October 2026 Index - Free computer icons H1 FY 2027 Our performance among best in industry 785 1,157 529 750 FY24 FY25 FY26 H1 FY27 32% 33% 33% 41% FY24 FY25 FY26 H1 FY27 23% 25% 25% 31% FY24 FY25 FY26 H1 FY27 67% 38%92% (Rs. Cr.) 77% ROCE % ROE % CFO & Cash Conversion Source: Company data & P&L
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4230th October 2026 Index - Free computer icons H1 FY 2027 So also Earnings & Pay Out * Payout includes Dividend and Buyback 65 74 85 58 FY24 FY25 FY26 H1 FY27 642 701 350 400 FY24 FY25 FY26 H1 FY27 (Rs.) (Rs. Cr.) 79% 283 303 362 389 FY24 FY25 FY26 H1 FY27 76% 33% (Rs.) 55% EPS Payout * & PAT % Book Value per share Source: Company data & P&L
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4330th October 2026 Index - Free computer icons H1 FY 2027 We continue to improve on working capital front 73 72 63 52 FY24 FY25 FY26 H1 FY27 Inventory Days (Nos.) (Nos.) (Nos.) 109 94 125 100 FY24 FY25 FY26 H1 FY27 Receivable Days 85 75 100 60 FY24 FY25 FY26 H1 FY27 Payable Days Source: Company data & P&L
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4430th October 2026 Index - Free computer icons Q2 FY 2027 Strategy Levers for growth
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4530th October 2026 Index - Free computer icons 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 AI adoption & digitalization Across all functions of the organization
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4630th October 2026 Index - Free computer icons Q2 FY 2027 Earnings Call Let’s Talk
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4730th October 2026 Index - Free computer icons Q2 FY 2027 Q2 FY27 Earnings Conference Call Date and Time October 30, 2026 at 16:00 – 17:00 hrs IST 18:30 – 19:30 hrs SST/HKT 10:30 – 11:30 hrs BST 06:30 – 07:30 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: 800964448 Singapore: 8001012045
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4830th October 2026 Index - Free computer icons Q2 FY 2027 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