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Last Updated: April 2, 2026, 2:34 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 532331 | NSE: AJANTPHARM

Ajanta Pharma Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹2,408.33Overvalued by 14.51%vs CMP ₹2,817.00

P/E (34.7) × ROE (24.9%) × BV (₹345.00) × DY (0.99%)

₹1,197.60Overvalued by 57.49%vs CMP ₹2,817.00
MoS: -135.2% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,597.6222%Fair (-7.8%)
Graham NumberEarnings₹793.9716%Over (-71.8%)
Earnings PowerEarnings₹510.8413%Over (-81.9%)
DCFCash Flow₹1,218.5613%Over (-56.7%)
Net Asset ValueAssets₹345.407%Over (-87.7%)
EV/EBITDAEnterprise₹1,111.379%Over (-60.5%)
Earnings YieldEarnings₹812.107%Over (-71.2%)
ROCE CapitalReturns₹882.929%Over (-68.7%)
Revenue MultipleRevenue₹558.085%Over (-80.2%)
Consensus (9 models)₹1,197.60100%Overvalued
Key Drivers: Wide model spread (₹345–₹2,598) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 7.9%

*Investments are subject to market risks

Investment Snapshot

76
Ajanta Pharma Ltd scores 76/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 32.4% ExcellentROE 24.9% ExcellentD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money65/100 · Strong
FII holding stable No changeDII holding up 1.10% MF buyingPromoter holding at 66.3% Stable
Earnings Quality65/100 · Strong
OPM expanding (25% → 28%) Improving
Quarterly Momentum68/100 · Strong
Revenue (4Q): +15% YoY GrowingProfit (4Q): +13% YoY Positive
Industry Rank90/100 · Strong
P/E 34.7 vs industry 53.8 Cheaper than peersROCE 32.4% vs industry 16.4% Above peersROE 24.9% vs industry 15.2% Above peers3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:34 am

Market Cap 35,192 Cr.
Current Price 2,817
Intrinsic Value₹1,197.60
High / Low 3,228/2,022
Stock P/E34.7
Book Value 345
Dividend Yield0.99 %
ROCE32.4 %
ROE24.9 %
Face Value 2.00
PEG Ratio4.41

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Ajanta Pharma Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Ajanta Pharma Ltd 35,192 Cr. 2,817 3,228/2,02234.7 3450.99 %32.4 %24.9 % 2.00
J B Chemicals & Pharmaceuticals Ltd 32,253 Cr. 2,009 2,195/1,30342.8 2430.77 %25.8 %20.1 % 1.00
Ipca Laboratories Ltd 38,264 Cr. 1,508 1,624/1,16836.2 2930.27 %14.7 %12.8 % 1.00
Glaxosmithkline Pharmaceuticals Ltd 39,458 Cr. 2,329 3,516/2,21839.2 1011.80 %63.2 %46.9 % 10.0
Gland Pharma Ltd 28,107 Cr. 1,706 2,131/1,20023.7 6101.06 %15.8 %11.6 % 1.00
Industry Average19,815.15 Cr1,053.8453.84201.200.39%16.35%15.16%6.10

All Competitor Stocks of Ajanta Pharma Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 9728821,0211,0281,1051,0541,1451,1871,1461,1701,3031,3541,375
Expenses 8027327507387917768158758258739511,026993
Operating Profit 170149271291314278330311321297351328382
OPM % 17%17%27%28%28%26%29%26%28%25%27%24%28%
Other Income 35373221143626193018265925
Interest 3112221686535
Depreciation 33333334343434343640414344
Profit before tax 168152269276291278322290307269331341359
Tax % 20%20%23%29%28%27%24%25%24%16%23%24%24%
Net Profit 135122208195210203246216233225255260274
EPS in Rs 10.509.5416.2415.2416.3915.8219.6817.3318.6418.0320.4420.8321.91

Last Updated: February 6, 2026, 8:17 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 18, 2026, 6:01 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,2081,4741,7491,9832,1262,0552,5882,8903,3413,7434,2094,6485,202
Expenses 8409681,1551,2921,4671,4891,9041,8892,4082,9343,0373,3793,843
Operating Profit 3695055946916585676831,0019338081,1721,2691,359
OPM % 31%34%34%35%31%28%26%35%28%22%28%27%26%
Other Income 148142024218824112748585129
Interest 96510112810672120
Depreciation 44524461607296116125131135144168
Profit before tax 3304565596486235146649009097451,1141,1891,300
Tax % 29%32%26%22%25%25%30%27%22%21%27%23%
Net Profit 2343104165074693874686547135888169201,015
EPS in Rs 17.7523.4731.4938.4035.5029.5635.7350.3855.6345.8963.7073.6881.21
Dividend Payout % 15%17%17%23%0%20%24%13%11%15%79%38%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)32.48%34.19%21.88%-7.50%-17.48%20.93%39.74%9.02%-17.53%38.78%12.75%
Change in YoY Net Profit Growth (%)0.00%1.71%-12.32%-29.37%-9.99%38.41%18.81%-30.72%-26.55%56.31%-26.03%

Ajanta Pharma Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:12%
5 Years:12%
3 Years:12%
TTM:11%
Compounded Profit Growth
10 Years:11%
5 Years:14%
3 Years:9%
TTM:9%
Stock Price CAGR
10 Years:11%
5 Years:21%
3 Years:25%
1 Year:-19%
Return on Equity
10 Years:24%
5 Years:22%
3 Years:22%
Last Year:25%

Last Updated: September 4, 2025, 10:30 pm

Balance Sheet

Last Updated: December 4, 2025, 12:55 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 18181818181818171725252525
Reserves 5768231,1731,5502,0242,2282,5812,9783,2473,3633,5423,7654,290
Borrowings 13072811236753125363547246
Other Liabilities 2262332072543833836197027111,1599271,0671,112
Total Liabilities 9491,1461,4791,8232,4262,6643,2933,7294,0004,5824,5304,9045,672
Fixed Assets 2792884515891,0531,1781,4721,5411,5121,4961,4791,7621,873
CWIP 9417024033961262132108153209256176146
Investments 6360861821907879176147535349464874
Other Assets 5136297037131,1221,1471,6101,9042,1882,3412,4462,5022,779
Total Assets 9491,1461,4791,8232,4262,6643,2933,7294,0004,5824,5304,9045,672

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 2122793266092813754575765627927851,157
Cash from Investing Activity + -188-158-209-383-256-223-224-282-74-56065-377
Cash from Financing Activity + -20-105-117-202-0-147-129-318-460-108-1,051-733
Net Cash Flow 416-024254104-2428124-20147
Free Cash Flow 81176293131932228417431618646840
CFO/OP 58%84%82%110%64%87%89%81%86%117%94%117%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow239.00433.00513.00690.00656.00531.00608.00-30.00908.00772.00-34.00-46.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 6164785979821099311110310893
Inventory Days 164159180186315415276434347283283308
Days Payable 132109128157224214202212143147159155
Cash Conversion Cycle 9411413088170282184315315240233246
Working Capital Days 395678651031131081261408311997
ROCE %55%57%52%46%34%24%27%32%29%23%32%32%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 66.11%66.22%66.22%66.22%66.22%66.27%66.26%66.26%66.26%66.26%66.25%66.25%
FIIs 10.00%10.19%9.99%9.11%8.54%8.36%9.11%9.26%8.86%8.86%8.53%7.97%
DIIs 15.52%15.36%15.60%16.67%17.48%17.41%17.09%17.02%17.48%17.50%17.90%18.58%
Government 0.45%0.46%0.00%0.00%0.00%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 7.91%7.78%8.21%8.00%7.76%7.94%7.51%7.45%7.38%7.38%7.32%7.20%
No. of Shareholders 83,54954,87456,27754,35155,48870,31664,31566,89670,82768,88267,78565,409

Shareholding Pattern Chart

No. of Shareholders

Ajanta Pharma Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Nippon India Small Cap Fund 1,674,471 0.71 465.821,977,7442025-12-08 07:42:13-15.33%
UTI Flexi Cap Fund 1,414,000 1.67 393.361,425,0002026-01-25 06:31:44-0.77%
Kotak Small Cap Fund 1,219,302 2.07 339.2N/AN/AN/A
Nippon India Pharma Fund 959,323 3.39 266.87968,2142025-12-08 04:19:42-0.92%
HDFC Large and Mid Cap Fund 897,224 0.88 249.6N/AN/AN/A
Canara Robeco Large and Mid Cap Fund 877,439 0.99 244.09878,5062026-02-23 01:29:43-0.12%
UTI Mid Cap Fund 831,388 2.01 231.28836,3882026-02-23 01:29:43-0.6%
Nippon India Multi Cap Fund 807,460 0.46 224.63628,9662025-12-08 02:19:2728.38%
Canara Robeco Small Cap Fund 747,040 1.64 207.82698,0372026-02-23 01:29:437.02%
Kotak Large & Midcap Fund 500,000 0.46 139.1N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 73.5664.8245.8982.4575.09
Diluted EPS (Rs.) 73.5364.7745.8982.4575.09
Cash EPS (Rs.) 84.9275.3156.8997.6188.55
Book Value[Excl.RevalReserv]/Share (Rs.) 302.38282.34268.14380.24344.52
Book Value[Incl.RevalReserv]/Share (Rs.) 302.38282.34268.14380.24344.52
Revenue From Operations / Share (Rs.) 370.81333.10296.21389.17332.34
PBDIT / Share (Rs.) 108.0299.4569.80121.72117.83
PBIT / Share (Rs.) 96.5288.7359.45107.13104.48
PBT / Share (Rs.) 94.8788.1658.98105.94103.53
Net Profit / Share (Rs.) 73.4364.6046.5483.0175.20
NP After MI And SOA / Share (Rs.) 73.4364.6046.5483.0175.20
PBDIT Margin (%) 29.1329.8523.5631.2735.45
PBIT Margin (%) 26.0226.6320.0627.5231.43
PBT Margin (%) 25.5826.4619.9127.2231.15
Net Profit Margin (%) 19.8019.3915.7121.3322.62
NP After MI And SOA Margin (%) 19.8019.3915.7121.3322.62
Return on Networth / Equity (%) 24.2822.8717.3521.8321.82
Return on Capital Employeed (%) 30.1029.9521.2126.9829.02
Return On Assets (%) 18.3517.5912.5617.5717.30
Asset Turnover Ratio (%) 0.960.900.810.830.79
Current Ratio (X) 2.853.052.493.503.13
Quick Ratio (X) 1.952.121.772.281.94
Inventory Turnover Ratio (X) 5.371.141.191.101.25
Dividend Payout Ratio (NP) (%) 38.0078.6815.2511.5312.67
Dividend Payout Ratio (CP) (%) 32.8567.4812.479.8110.76
Earning Retention Ratio (%) 62.0021.3284.7588.4787.33
Cash Earning Retention Ratio (%) 67.1532.5287.5390.1989.24
Interest Coverage Ratio (X) 65.32174.28151.01102.45123.89
Interest Coverage Ratio (Post Tax) (X) 45.40114.20101.6870.8780.07
Enterprise Value (Cr.) 32649.2528149.1114945.6115321.6715384.30
EV / Net Operating Revenue (X) 7.026.693.994.595.32
EV / EBITDA (X) 24.1122.4016.9514.6615.02
MarketCap / Net Operating Revenue (X) 7.066.724.084.655.40
Retention Ratios (%) 61.9921.3184.7488.4687.32
Price / BV (X) 8.667.934.514.765.21
Price / Net Operating Revenue (X) 7.066.724.084.655.40
EarningsYield 0.020.020.030.040.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Ajanta Pharma Ltd. is a Public Limited Listed company incorporated on 31/12/1979 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L24230MH1979PLC022059 and registration number is 022059. Currently Company is involved in the business activities of Manufacture of allopathic pharmaceutical preparations. Company's Total Operating Revenue is Rs. 4322.04 Cr. and Equity Capital is Rs. 25.07 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
PharmaceuticalsAjanta House, Charkop, Kandivli (West), Mumbai Maharashtra 400067Contact not found
Management
NamePosition Held
Mr. Mannalal B AgrawalChairman
Mr. Madhusudan B AgrawalVice Chairman
Mr. Yogesh M AgrawalManaging Director
Mr. Rajesh M AgrawalJoint Managing Director
Mr. David RasquinhaIndependent Director
Ms. Medha JoshiIndependent Director
Mr. Rajesh DalalIndependent Director
Ms. Simi ThaparIndependent Director

FAQ

What is the intrinsic value of Ajanta Pharma Ltd and is it undervalued?

As of 12 April 2026, Ajanta Pharma Ltd's intrinsic value is ₹1197.60, which is 57.49% lower than the current market price of ₹2,817.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (24.9 %), book value (₹345), dividend yield (0.99 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Ajanta Pharma Ltd?

Ajanta Pharma Ltd is trading at ₹2,817.00 as of 12 April 2026, with a FY2026-2027 high of ₹3,228 and low of ₹2,022. The stock is currently in the middle of its 52-week range. Market cap stands at ₹35,192 Cr..

How does Ajanta Pharma Ltd's P/E ratio compare to its industry?

Ajanta Pharma Ltd has a P/E ratio of 34.7, which is below the industry average of 53.84. This is broadly in line with or below the industry average.

Is Ajanta Pharma Ltd financially healthy?

Key indicators for Ajanta Pharma Ltd: ROCE of 32.4 % indicates efficient capital utilization; ROE of 24.9 % shows strong shareholder returns. Dividend yield is 0.99 %.

Is Ajanta Pharma Ltd profitable and how is the profit trend?

Ajanta Pharma Ltd reported a net profit of ₹920 Cr in Mar 2025 on revenue of ₹4,648 Cr. Compared to ₹713 Cr in Mar 2022, the net profit shows an improving trend.

Does Ajanta Pharma Ltd pay dividends?

Ajanta Pharma Ltd has a dividend yield of 0.99 % at the current price of ₹2,817.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Ajanta Pharma Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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