Ajanta Africa revenue rises 35% as Asia gains 1% in H1 FY27

Ajanta Pharma reported sharply different emerging-markets results in H1 FY 2027: Africa revenue rose 35% to Rs 607 crore, while Asia increased 1% to Rs 621 crore. Ajanta said war had affected Asia’s supply chain in previous quarters, which it said was normalising, while both regions recorded double-digit growth in Q2 FY 2027.

How did Ajanta’s emerging-markets revenue perform in H1 FY 2027?

Ajanta’s reported Asia and Africa revenue totalled Rs 1,228 crore in H1 FY 2027, up Rs 165 crore from Rs 1,063 crore in H1 FY26. Africa contributed Rs 158 crore of that increase, compared with Rs 7 crore from Asia, making Africa the principal source of the two-region expansion during the half year.

Ajanta’s second-quarter result was more broadly based than the H1 comparison. Asia revenue increased 18% to Rs 366 crore in Q2 FY 2027 from Rs 310 crore in Q2 FY26, while Africa rose 41% to Rs 312 crore from Rs 221 crore. The combined Q2 revenue of the two regions was Rs 678 crore, compared with Rs 531 crore a year earlier.

The regional revenue gap also narrowed in the quarter. Asia exceeded Africa by Rs 54 crore in Q2 FY 2027, based on revenue of Rs 366 crore and Rs 312 crore, respectively; that was below the Rs 89 crore difference in Q2 FY26. In H1 FY 2027, Asia’s lead over Africa had narrowed to Rs 14 crore from Rs 165 crore in H1 FY26.

Why did Ajanta’s Asia revenue grow only 1% in H1 FY 2027?

Ajanta said war affected the Asia supply chain in previous quarters and that the disruption was normalising. Asia revenue was Rs 621 crore in H1 FY 2027, only Rs 7 crore above Rs 614 crore in H1 FY26, while the 18% rise in Q2 FY 2027 to Rs 366 crore contrasted with the subdued half-year result.

The presentation also identified geopolitical volatility in the Middle East as affecting emerging-markets performance in FY26. Asia revenue declined to Rs 1,176 crore in FY26 from Rs 1,191 crore in FY25, after revenue of Rs 1,057 crore in FY24. Ajanta reported a 7% compound annual growth rate, or CAGR, for Asia over FY24 to FY26 despite the FY26 decline.

Asia remained the larger of the two reported regions in H1 FY 2027, although only narrowly. Its Rs 621 crore revenue was Rs 14 crore above Africa’s Rs 607 crore, compared with a Rs 165 crore lead in H1 FY26. The presentation does not provide separate Q1 regional revenue, country-level supply-chain data or the financial effect of disruption by market.

What drove Ajanta’s Africa growth in H1 FY 2027?

Africa was Ajanta’s faster-growing reported region in H1 FY 2027, with revenue increasing by Rs 158 crore to Rs 607 crore from Rs 449 crore. Its 35% year-on-year growth was accompanied by a Rs 91 crore increase in Q2 FY 2027, when revenue reached Rs 312 crore from Rs 221 crore in Q2 FY26.

Africa’s annual revenue had also increased in each of the three financial years shown in the presentation. Revenue rose from Rs 585 crore in FY24 to Rs 750 crore in FY25 and Rs 861 crore in FY26, producing the 16% CAGR reported by Ajanta. Asia, by comparison, rose from Rs 1,057 crore in FY24 to Rs 1,191 crore in FY25 before declining to Rs 1,176 crore in FY26.

The contrast between the reported CAGRs was 16% for Africa and 7% for Asia over FY24 to FY26. Africa’s H1 FY 2027 growth of 35% was also above Asia’s 1% increase, and its Q2 growth of 41% exceeded Asia’s 18%. The presentation describes Africa’s H1 performance as excellent but does not specify individual country, therapy or product contributors to the increase.

How is Ajanta expanding its emerging-markets product base?

Ajanta launched seven new products in emerging markets in H1 FY 2027. The company lists cardiology, diabetes, ophthalmology, dermatology, pain, gynaecology, antibiotics and antimalarial products as its major therapy segments, covering eight named categories across its emerging-markets operations.

Ajanta said it has a pipeline of product registrations and plans to strengthen countries where its presence is small while entering new markets. It operates across Africa, Southeast Asia, the Middle East and Central Asia, and says it is among the top five players in major markets. The presentation does not give registration numbers, product names, country-level launch dates or regional revenue targets.

The seven H1 FY 2027 launches are the disclosed product-expansion mechanism alongside registrations and geographic entry. Ajanta also cites leadership in many molecules and sub-therapeutic segments, without providing market-share figures or identifying the molecules and markets. The stated plan therefore provides direction for expansion but not a quantified timetable beyond the seven launches already completed in H1.

Conclusion

Ajanta’s H1 FY 2027 emerging-markets results were led by Africa, where revenue rose Rs 158 crore to Rs 607 crore, while Asia added Rs 7 crore to Rs 621 crore. Both regions posted faster year-on-year growth in Q2 FY 2027, with Asia up 18% and Africa up 41%, narrowing the revenue difference between them.

The next point to watch is whether Asia’s stated supply-chain normalisation translates into growth beyond the 1% recorded in H1 FY 2027. Ajanta has disclosed a plan to strengthen smaller-country positions, enter new markets and develop a registration pipeline, following seven emerging-markets product launches in H1 FY 2027, but it has not disclosed regional targets or future launch timing.