Ajanta Pharma reported a 49% year-over-year profit increase for Q2 FY2027, while a Systematix report carried by NDTV Profit said the brokerage lowered its rating on the shares to Hold.
Net profit was ₹388.14 crore in the quarter ended Sept. 30, 2026, while revenue from operations reached ₹1,794.16 crore, up 33% year over year. The unaudited consolidated results were approved by the board on Oct. 30, according to a National Stock Exchange of India filing.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), excluding foreign-exchange losses, totaled ₹543 crore, up 47% year over year, Ajanta said. India branded-generics revenue was ₹504 crore, up 16% year over year. Asia sales reached ₹366 crore, up 18% year over year, while Africa branded-generics revenue increased 41% year over year to ₹312 crore. U.S. generics revenue rose 41% year over year to ₹484 crore.
On IQVIA MAT data for September 2026, Ajanta reported 17% growth in India branded generics, compared with 13% for the Indian Pharmaceutical Market. The company credited new launches and volume gains for its performance.
Africa institutional revenue climbed 259% year over year to ₹116 crore. Systematix expects sales in that business to move back toward a normal pace in the second half, saying strong procurement supported the latest quarter, the NDTV Profit report said.
Systematix said the recent share-price rally left limited near-term upside to its ₹3,908 target, according to the NDTV Profit report. The brokerage also expects India to remain an important source of growth, citing Ajanta’s performance ahead of the wider market. NDTV Profit reported that Systematix based its target on 35 times estimated FY2028 earnings per share and projected FY2026-FY2028 annual growth of 12% in revenue, 18% in EBITDA and 15% in profit after tax.
