Ajanta Pharma Q4 FY26: US Surge, Asia Disruption, Margin Discipline

Revenue from operations for FY26 was 5,453 crore, and the investor presentation shows consolidated sales of 5,407 crore.

US Generics revenue rose to 1,557 crore in FY26 from 1,047 crore in FY25, a 49% growth, and contributed 29% of total revenue.

Management attributed the 10% YoY decline in Q4 Asia sales to supply chain and logistics disruptions due to geopolitical developments in the Middle East.

Management guided for EBITDA margin of around 27% with a variation of plus or minus 1%, factoring freight and RM/PM cost increases and ongoing investments.

Management guided capex of around 400 crore in FY27, including about 150 crore maintenance and the balance for capacity expansion on existing sites.

Management said the Paithan facility received a Form 483 with five observations, they will submit responses within timelines, and they see no current impact on filings or ongoing business.

Management said filings outside India will start in the current quarter, approvals usually take 1.5 to 2 years, and meaningful revenue impact may take around 3 to 4 years.