| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,625.96 Cr |
| Previous quarter PAT | Rs. 334.22 Cr |
| Previous quarter EBITDA margin | 28% (Adjusted EBITDA excluding forex loss) |
| Market cap | Rs. 41,035.29 Cr |
| CMP | Rs. 3,283.9 |
As per the board-meeting intimation filed on 15-Oct-2026, the Board of Directors will meet on 30-Oct-2026 to approve the Q2/H1 FY27 unaudited financial results under Regulation 29.
The Q2 FY27 earnings call is scheduled for 30-Oct-2026 from 16:00 to 17:00 IST, as intimated on 15-Oct-2026. Dial-in details and playback access have been disclosed by the company.
The quarter tests whether management's Q1 guidance set — high-teens (16-18%) FY27 revenue growth and EBITDA margin of 27% ±1% excluding forex — holds as the year progresses. India enters with the strongest demand backdrop of the year: the Indian Pharmaceutical Market accelerated from 12.1% YoY growth in July 2026 to 17.1% in September — the strongest monthly print in three years — with MAT growth at 13.2% and Ajanta's own August print at +20%, supporting the mid-teens India guide. Asia is the swing factor: Q1 Asia sales fell 16% YoY to Rs. 255 Cr on Middle East supply disruption, and management guided elevated Q2 sales on the push-out, stating it is 'reasonably confident' of capture — but the Red Sea re-escalation from late July, with rerouting adding ~34 days and freight costs above $5 mn per re-routed journey, is a live risk to whether that revenue lands inside Q2. On margins, gross margin is guided to glide from 80% in Q1 toward ~78% for the year on US price erosion and mix, while the rupee's slide from Rs. 94.33/USD in mid-June to the ~95.8-96.6 cluster by end-September against a ~50%-hedged book makes a mark-to-market forex add-back between reported and adjusted EBITDA plausible, as happened in Q2 FY26 (+Rs. 41 Cr). The US leg faces a hard comparison against Q1's 57% growth with no Q2 launches guided — the launch calendar is Q4-weighted and contingent on US FDA approvals — though generics sit outside the Section 232 tariff regime for now. The earnings call will also be watched for updates on the Paithan USFDA 483 observations, the income tax search (block-period return filed 6-Apr-2026, impact 'currently not ascertainable'), and promoter pledge activity.
Q2 Asia rebound vs guidance: Management guided elevated Q2 Asia sales on the Q1 push-out.
EBITDA margin vs 27% ±1% ex-forex
US trajectory and ANDA pipeline
India and Africa growth vs guidance
Overhangs: Paithan 483, tax search, pledges and capex
CFO Arvind Agrawal said growth 'will definitely be there,' but MR additions and higher R&D and filing costs are charged to the P&L. MD Yogesh Agrawal added that Ajanta is already among the top 3-5 pharma margins and that guiding to 30%+ 'will not be the right metrics' — top-line and bottom-line growth is the correct measure.
Management has given a 3-4 year timeline to commercialization and meaningful revenue, with GLP-1 revenues expected from FY28. Filings outside India commenced in Q1 FY27 under the exclusive Biocon partnership covering 26 emerging markets, with approvals expected in 1.5-2 years and an India launch planned under Ajanta's own trademark in March.
JMD Rajesh Agrawal said internal growth matches or surpasses the cardiology segment, attributing the gap (Ajanta 9% vs IPM 15% for MAT Jun-26) to IQVIA's stockist-coverage data capture. The company said engagement with IQVIA is ongoing.
The 30-Jul-2026 guidance set — high-teens (16-18%) revenue growth, EBITDA margin 27% ±1% ex-forex, India mid-teens, Africa high double-digit, Asia mid-to-high teens, US mid-to-upper single digit — remains broadly intact, with Q1 delivering 25% revenue growth and 28% adjusted EBITDA margin. The two legs to watch in Q2 are the Asia push-out capture against a re-escalated Red Sea shipping corridor and the gross-margin glide from 80% toward ~78%.