Ajanta Pharma reaches No. 23 as India growth outpaces market

Ajanta reached No. 23 in the Indian Pharmaceutical Market (IPM), up from No. 24, as its 16.7% moving annual total (MAT) growth for September 2026 exceeded the IPM’s 13.2%. Higher volume and new-product contributions supported the lead, while H1 FY 2027 India revenue rose 20% to Rs 1,013 crore.

How did Ajanta improve its Indian market ranking?

Ajanta improved by one position to No. 23 in the IPM from No. 24, based on IQVIA MAT September 2026 data. The company disclosed the ranking change in its presentation dated 30 October 2026.

Ajanta’s growth was 17% in the MAT September 2026 comparison, versus 13% for the IPM on the rounded growth chart. The company said it was the fourth-fastest-growing business among the top 25 in the IPM, with its detailed growth table showing 16.7% growth against the market’s 13.2%.

Ajanta exceeded IPM growth in every disclosed comparable period, although the size of the lead changed. Its growth was 16% against 8% for the IPM in March 2023, 9% against 8% in March 2024, 11% against 8% in March 2025, and 13% against 10% in March 2026.

The IPM’s reported growth accelerated from 8% in March 2025 to 13% in September 2026, while Ajanta’s rate increased from 11% to 17%. Ajanta’s lead was 8 percentage points in March 2023, narrowed to 1 percentage point in March 2024, and was 4 percentage points in September 2026.

What drove Ajanta’s growth above the IPM?

Ajanta’s reported growth lead over the IPM came mainly from volume and new products in MAT September 2026. Volume contributed 5.8% to Ajanta’s growth, compared with 4.9% for the IPM, while new products contributed 5.9%, compared with 3.5% for the market.

Price contributed 5.0% for Ajanta, marginally above the IPM’s 4.8%. The total growth rates were 16.7% for Ajanta and 13.2% for the IPM; the company described its volume growth as about 1.2 times the market rate and its new-product contribution as about 1.7 times the market rate.

Ajanta also reported 16 new launches in Q2 FY 2027. Its India branded-generics portfolio had more than 330 products across six therapeutic segments, and the company said about 50% of these products were first to market, although the presentation did not identify the launches or disclose their sales contribution.

Which Ajanta therapy segments grew faster than the IPM?

Ajanta outgrew the IPM in ophthalmology, dermatology and pain in September 2026. Ophthalmology grew 18% for Ajanta against 12% for the IPM, dermatology grew 14% against 11%, and pain grew 16% against 13%.

Cardiac was the exception in the disclosed comparison, with Ajanta at 13% against IPM growth of 17%. The company said IQVIA’s cardiac growth figure for Ajanta had “some anomaly” and stated that its internal growth was at par with the IPM, without providing a revised percentage.

Ajanta held a No. 1 covered-market rank in ophthalmology and dermatology, a No. 5 rank in pain and a No. 10 rank in cardiac in the September 2026 table. These covered-market positions are separate from the company’s No. 23 overall IPM ranking.

How did Ajanta’s India revenue perform in FY 2027?

Ajanta’s India revenue increased 16% year on year to Rs 504 crore in Q2 FY 2027 from Rs 432 crore in Q2 FY 2026. For H1 FY 2027, revenue rose 20% to Rs 1,013 crore from Rs 841 crore in H1 FY 2026, according to the company’s profit-and-loss data.

The Rs 172 crore H1 increase was larger than the Rs 72 crore Q2 increase because the first half covers two quarters. H1 growth of 20% was also above the 16% Q2 rate, but the presentation did not provide standalone India revenue for Q1 FY 2027.

Ajanta’s India revenue rose from Rs 1,308 crore in FY24 to Rs 1,452 crore in FY25 and Rs 1,654 crore in FY26. The company stated a 12% three-year compound annual growth rate (CAGR) for this revenue series.

Ajanta reported a 13% segment CAGR between MAT March 2024 and March 2026, compared with 9% for cardiac, 15% for ophthalmology, 18% for dermatology and 17% for pain. The company-level rate was below the disclosed ophthalmology, dermatology and pain rates, while exceeding cardiac’s rate.

What is Ajanta’s India sales mix?

Ajanta’s India sales were led by cardiac and ophthalmology, which together represented 65% of the MAT September 2026 specialty mix. Cardiac accounted for 37%, followed by ophthalmology at 28%, dermatology at 22%, pain at 10%, gynaecology at 2% and nephrology at 1%.

The six specialties total 100% of the disclosed mix and align with Ajanta’s focus on six specialty therapies. Separately, chronic products represented 65% of the portfolio, 11% of India sales were under the National List of Essential Medicines, and the top 10 brands contributed 53% of sales.

Ajanta reported 18 brands with sales above Rs 25 crore and a No. 12 dermatology rank, improved by one position. Cardiac’s 37% sales contribution means the unresolved discrepancy in its reported September 2026 growth comparison remains relevant to the company’s overall India growth profile.

Conclusion

Ajanta’s move to No. 23 in the IPM coincided with growth above the market in MAT September 2026 and with 20% H1 FY 2027 India revenue growth. The detailed growth breakdown shows that volume and new products, rather than price alone, accounted for the larger part of the company’s advantage over the IPM.

The next relevant disclosure is any clarification of the IQVIA cardiac-growth anomaly identified by management. Cardiac represented 37% of Ajanta’s MAT September 2026 India sales mix, while the company also reported 16 launches in Q2 FY 2027 that may feature in subsequent portfolio and growth comparisons.