Ajanta Pharma Ltd
AJANTPHARMAjanta Pharma Ltd is strength at full price. The numbers are improving — and a P/E at the 95th percentile of its own range says the market knows.
The sharpest disagreement: the engine is strong, but at the 95th percentile of its own range you are paying full price for it.
The price is in a confirmed uptrend (32 weeks in) while the P/E sits at the 95th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +31.0% year on year, and 89% of the last 3 years' profit arrived as cash. What settles it: whether the earnings grow into the multiple.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Ajanta Pharma Ltd trades at ₹3,673, in a confirmed uptrend and 32 weeks into that stage. That is +21.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹2,402 to ₹3,673. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 14 straight weeks.
Today the stock is in a confirmed uptrend — week 32 of stage 2, confirmed. At ₹3,673 it trades +21.5% versus its 200-day average and sits at 100% of its 52-week range (₹2,402–₹3,673).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +328% while the NIFTY 500 moved +284% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 14 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Ajanta Pharma Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.
Our read, 19 July 2026. Ajanta has delivered higher revenue, profit, and return on capital, but the next phase depends on a normalization in the United States portfolio, working-capital recovery, and an explanation for the promoter stake reduction.
What is proven. Ajanta has delivered higher revenue, profit, and return on capital, but the next phase depends on a normalization in the United States portfolio, working-capital recovery, and an explanation for the promoter stake reduction.
What is not proven yet. The thesis fails if operating delivery and cash conversion both weaken while the promoter stake continues to fall without disclosure, because that would turn the current growth record into a lower-quality earnings outcome.
🚨 What would change our mind. The thesis fails if operating delivery and cash conversion both weaken while the promoter stake continues to fall without disclosure, because that would turn the current growth record into a lower-quality earnings outcome.
Layer 1 read, 19 July 2026 — KEEP. Excellent-quality compounder, but the multiple is near its ceiling on only GDP-plus growth — the easy move is behind it. Ajanta earns a 35% return on capital and grew profit to Rs 1,056cr, and the reverse-DCF calls today's price JUSTIFIED rather than a bubble. But growth is now only GDP-plus and the PE sits at the 91st percentile of its 10-year range, so this is a mature holding whose re-rating is largely spent — and the promoter has been quietly trimming its stake with no explanation.
What would change Layer 1’s mind. A re-acceleration in earnings (a genuine new growth leg with the multiple still supported) would raise the innings/rank; operating delivery and cash conversion both weakening while the promoter stake keeps falling without disclosure would turn the growth record into a lower-quality outcome and break the hold thesis.
Layer 2 read, 19 July 2026 — BENCH. Great compounder, but bought at cycle-high margins and 91st-percentile PE with no new catalyst — hold, don't advance. Ajanta keeps compounding — revenue 4,648->5,453cr and profit up, ROCE 35% — and the pharma-formulator sector wind is a net TAILWIND on defensive domestic growth plus a weak rupee. But the valuation cushion is gone: the sector timeline itself reads MIXED with 'the margin of safety is gone' on RISING (not trough) margins, which confirms the stock's own EXTREME MoS and 91st-percentile PE rather than excusing it. With only GDP-plus growth, an undisclosed promoter-stake cut and US base growth guided to slow, there is no fresh external reason to pay up here now.
What would change Layer 2’s mind. A disclosed, credited external catalyst that re-underwrites the 91st-pctile multiple — specifically a US generics/CDMO ramp or a large new-product approval that lifts growth well above GDP-plus while OCF re-converges to PAT — would flip BENCH->ADVANCE. Conversely a disclosed reason for the promoter-stake reduction being negative would push toward DROP.
The test written in advance. The thesis fails if operating delivery and cash conversion both weaken while the promoter stake continues to fall without disclosure, because that would turn the current growth record into a lower-quality earnings outcome. — the thesis as written as stated by the next result.
The test written in advance. Cash-conversion risk — Cash-conversion risk Operating cash remains below profit and debtor days rise again. by the next result.
The test written in advance. Promoter-ownership risk — Promoter-ownership risk Another promoter stake reduction without a contemporaneous explanation. by the next result.
What the company does. Annual and latest-quarter operating delivery improved, while management attributes part of the margin bridge to operating leverage and part to foreign-exchange movements. The latest operating-cash shortfall is a working-capital issue against a better multi-year cash record, and management has explained the earlier receivable change through a factoring-model change. The valuation remains demanding even after margin normalization, while the ownership change lacks management commentary and caps conviction.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Portfolio-led revenue growth | MED | — | Reported growth reflects broader revenue and profit delivery, supported by launches and mix. | Revenue growth decelerates while new launches and established products do not offset the prior seasonal mix. |
| Asia logistics normalization | LOW | — | A cleared logistics disruption can restore Asia revenue if underlying demand remains intact. | Asia revenue remains weak after logistics have normalized. |
| Working-capital recovery | MED | — | Cash conversion can recover if the latest working-capital absorption does not repeat. | Operating cash remains below profit while debtor days and working-capital days continue to rise. |
🚨 What the surface reading misses. The surface reading is: The latest annual result shows a larger revenue and profit base. The research reads it further: The annual progress is accompanied by improved operating profit and a larger latest quarter, though the segment mix and foreign-exchange bridge matter for repeatability.
🚨 What the surface reading misses. The surface reading is: The latest quarter shows higher revenue and profit than the comparable period. The research reads it further: Operating profit increased with revenue, while margin fell and other income rose; the profit outcome therefore combines operating delivery with a below-line foreign-exchange bridge.
Lever 1 · Operating leverage — BUILDING. Reported growth reflects broader revenue and profit delivery, supported by launches and mix. What proves it keeps working: Portfolio-led revenue growth. It stops working if Revenue growth decelerates while new launches and established products do not offset the prior seasonal mix.
Lever 2 · Value-added mix — BUILDING. A cleared logistics disruption can restore Asia revenue if underlying demand remains intact. What proves it keeps working: Asia logistics normalization. It stops working if Asia revenue remains weak after logistics have normalized.
Lever 3 · Management change — BUILDING. Cash conversion can recover if the latest working-capital absorption does not repeat. What proves it keeps working: Working-capital recovery. It stops working if Operating cash remains below profit while debtor days and working-capital days continue to rise.
Sources: our stock research file (19 July 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Ajanta Pharma Ltd reported ₹1,626 Cr of revenue in the Jun 26 quarter, +24.8% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 12.0% a year. The last full year, FY26, came in at ₹5,453 Cr. The last four reported quarters add to ₹5,777 Cr.
FY26 revenue came in at ₹5,453 Cr (+17.3% on the year), capping 10 years at 12.0% compound. The latest quarter (Jun 26) printed ₹1,626 Cr, +24.8% year on year — the 12th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +20.1% growth against the decade's 12.0% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +20.2% over the last 4 quarters against +15.5%/yr over the last 8 — accelerating; TTM profit +22.2% vs +15.3%/yr — accelerating.
FY26-Q3. The reported sequence shows growing revenue and profit before the latest-quarter margin movement. The next result must establish whether the foreign-exchange effect was temporary and whether planned investment can coexist with the guided margin range.
FY26-Q4. The latest quarter extends the annual revenue and profit progression. It also contains a higher other-income line and a lower operating margin than the comparable period. Management identifies a hedge-related foreign-exchange bridge, which avoids treating every movement as core operating change.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Ajanta Pharma Ltd's operating margin is 26.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 22.0% to 35.0%. The current quarter sits inside that band.
Why this happened. The annual and quarterly facts show operating progress. Management says that the United States result included launches and seasonal mix, making repeatability of the base business more important than the headline growth rate.
The latest quarter's operating margin is 26.0%, −1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 22.0%–35.0%.
🚨 Why the margin moved: operating margin went −0.9 pp year on year while gross margin went +1.0 pp — the loss came mostly from the gross line: input costs and pricing.
FY26-Q3. The reported sequence shows growing revenue and profit before the latest-quarter margin movement. The next result must establish whether the foreign-exchange effect was temporary and whether planned investment can coexist with the guided margin range.
FY26-Q4. The latest quarter extends the annual revenue and profit progression. It also contains a higher other-income line and a lower operating margin than the comparable period. Management identifies a hedge-related foreign-exchange bridge, which avoids treating every movement as core operating change.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Ajanta Pharma Ltd earned ₹334 Cr of net profit in the Jun 26 quarter, +31.0% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹1,056 Cr. The 10-year compound rate is 9.8%. That is 20.5% of the quarter's revenue. The same quarter a year earlier earned ₹255 Cr.
Jun 26 profit was ₹334 Cr, +31.0% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹1,056 Cr (+14.8%), and the 10-year compound rate is 9.8%.
Why profit moved: revenue contributed +24.8% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +21.9% vs revenue +20.1%. Profit and revenue are moving roughly in step.
FY26-Q3. The reported sequence shows growing revenue and profit before the latest-quarter margin movement. The next result must establish whether the foreign-exchange effect was temporary and whether planned investment can coexist with the guided margin range.
FY26-Q4. The latest quarter extends the annual revenue and profit progression. It also contains a higher other-income line and a lower operating margin than the comparable period. Management identifies a hedge-related foreign-exchange bridge, which avoids treating every movement as core operating change.
Why-sources: our stock research file (19 July 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 89% of Ajanta Pharma Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹529 Cr of operating cash against ₹1,056 Cr of profit. After ₹360 Cr of capital spending, ₹169 Cr was left as free cash.
FY26: operating cash of ₹529 Cr against reported profit of ₹1,056 Cr, leaving free cash of ₹169 Cr after ₹360 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 89% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why conversion sits at 89%: the cash cycle tightened 69 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.
Router verdict: the bigger cash user is investment — capital spending ran 1.9× depreciation over three years, so the next section's job is to check what that build-out is buying.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Ajanta Pharma Ltd's cash conversion cycle runs 246 days in FY26, down from 315 days in FY21. Capital spending ran ₹872 Cr over the last 3 years. At FY26 sales of ₹5,453 Cr each day of that cycle holds about ₹14.9 Cr, so roughly ₹3,675 Cr sits inside the business at any moment.
FY26: debtors at 124 days, inventory at 289 days — roughly 9.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 246 days, tighter than FY21's 315.
The full loop: cash goes out to suppliers and production on day 0; stock waits 289 days to sell; customers pay about 124 days after that; and suppliers themselves are paid at 168 days — netting out to the 246-day cycle.
In money terms: at FY26 sales of ₹5,453 Cr, each day of the cycle holds about ₹14.9 Cr — so the 246-day loop keeps roughly ₹3,675 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹872 Cr over the last 3 fiscal years against ₹452 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹258 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Ajanta Pharma Ltd earns a ROCE of 35% in FY26. That is up from a trough of 23% in FY23. Return on invested capital clears the cost of that capital by +13.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 19.4% net margin on 0.90× asset turns.
FY26 ROCE is 35%, recovered from a FY23 trough of 23% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY26): 19.4% net margin × 0.90× asset turns × 1.33× balance-sheet leverage ≈ 23.2% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 25.8% − 12.0% = a +13.8 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
Ajanta Pharma Ltd carries total debt of ₹260 Cr against shareholder equity of ₹4,527 Cr as of Mar 26, a debt-to-equity of 0.06 — effectively unlevered. On the annual view that ratio went from 0.01 in FY22 to 0.06 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹260 Cr against shareholder equity of ₹4,527 Cr — a debt-to-equity of 0.06. On the annual view, debt-to-equity went from 0.01 (FY22) to 0.06 (FY26). The returns on this page are earned, not borrowed.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Domestic institutions added 4.4 points of Ajanta Pharma Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 21.8% of the company. Promoters moved −2.8 points over the same window, to 63.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.
Why this happened. The latest cash conversion is weak despite a better multi-year record. The earlier receivable change had a stated financing rationale, but the latest cash absorption requires subsequent confirmation.
The register over the last two years — Domestic institutions: +4.4 points over 8 quarters to 21.8%; Promoters: −2.8 points over 8 quarters to 63.5%; Foreign institutions: −0.7 points over 8 quarters to 7.7%.
Why the register moved: domestic institutions drove it (+4.4 points), absorbed on the other side by promoters (−2.8 points) — steady accumulation by institutions reading the same numbers this page reads.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Ajanta Pharma Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Ajanta Pharma Ltd trades at 40.4× P/E, at the pricey end of its own range (95th percentile). Its long-run median P/E is 28.1×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 40.4× is at the pricey end of its own range (95th percentile), against a long-run median of 28.1× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +14.7% against a +36.7% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +19.6%/yr price move, ~+11.7%/yr came from earnings growth and ~+7.9 pp from the multiple (expanding); over 10y, of the +11.2%/yr price move, ~+10.4%/yr came from earnings growth and ~+0.8 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Ajanta Pharma Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 31.8% and holding. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +17.3% | +13.4% | +13.5% | +12.0% |
| Profit | +14.8% | +21.6% | +10.1% | +9.8% |
| EPS | +14.7% | +22.6% | +10.9% | +10.4% |
| Share price | +36.7% | +28.6% | +19.6% | +11.2% |
4-Factor Sector Score
61.7/100 — rank 10 of 44 in Pharma - Formulators · 100% evidence confidence
Ajanta Pharma Ltd scores 61.7 out of 100 against the 44 companies it is compared with in Pharma - Formulators, ranking 10. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
The four contributions add to the total exactly: 21.7 + 19.4 + 5.6 + 15 = 61.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Ajanta Pharma Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
US full-year growth outlook materially reduced · 30 July 2026. In the Jan 2026 call, management said US growth for FY '27 should be double-digit, while the Jul 2026 call guided only to mid-single-digit to upper-mid-single-digit growth for the rest of the year. Management cited expected competition, price erosion, and market-share loss, but did not quantify what changed from the earlier double-digit outlook or bridge the impact on earnings.
GLP-1 Asia/Africa launch timeline shifted out · 30 July 2026. In the Jan 2026 call, management expected approvals to begin from 12 months onward and revenue to start in 27-28. In the Jul 2026 call, management instead said the Asia and Africa launches were two years further away, a material timeline change that was not explained.
🚨 US FY2027 Growth Guidance Sharply Downgraded · 5 May 2026. In the Jan 2026 call, management expressly committed to double-digit US generic growth in FY2027, using the phrase 'for sure' even while acknowledging it was early to guide precisely. By the May 2026 call, management revised this to mid-single-digit growth, citing the high FY2026 base - a factor that was already clearly visible in the nine-month trajectory at the time of the January commitment.
FY2027 EBITDA Margin Expansion Promise Reversed · 5 May 2026. In the Jul 2025 call, management responded to a direct question about FY2027 margin expansion with an unequivocal 'Yes. Certainly, certainly,' framed in the context that heavy FY2026 investment costs would normalize. In the May 2026 call, management guided FY2027 margins at 27% plus or minus 1%, using the word 'maintaining' - flat versus FY2026 levels - a clear reversal of the unambiguous expansion commitment made approximately ten months earlier with no explicit acknowledgment of the change.
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Kwality Pharmaceuticals Ltd539997 | 75.3/100Favorable setup82% evidence | LEADER | 31.2/35 Revenue 35.7% · PAT 71.8% · OPM change 3 pp 95% evidence | 17.8/25 ROCE 24.1% · OPM 25% 76% evidence | 6.4/20 P/E 43.7× · PEG — 50% evidence | 19.9/20 RS sector 85.6% · RS bench 118.9% · 1Y 204.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 31.2 + 17.8 + 6.4 + 19.9 = 75.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 2Bliss GVS Pharma LtdBLISSGVS | 70.0/100Favorable setup82% evidence | LEADER | 29.2/35 Revenue 20.6% · PAT 25.7% · OPM change 7 pp 95% evidence | 14.8/25 ROCE 16.9% · OPM 27% 76% evidence | 6.6/20 P/E 40.1× · PEG — 50% evidence | 19.4/20 RS sector 68.7% · RS bench 97.8% · 1Y 192.6%12 of 12 weeks ahead 100% evidence |
| Exact sum: 29.2 + 14.8 + 6.6 + 19.4 = 70 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3Lupin LtdLUPIN | 69.6/100Favorable setup93% evidence | ASLEEP | 29.9/35 Revenue 28.2% · PAT 49.2% · OPM change 2 pp 100% evidence | 19.1/25 ROCE 29.9% · OPM 30% 100% evidence | 16.3/20 P/E 17.2× · PEG 0.54 65% evidence | 4.3/20 RS sector -18.4% · RS bench -0.2% · 1Y 16.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 29.9 + 19.1 + 16.3 + 4.3 = 69.6 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -18.4% and the one-year return is 16.5%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 4Glenmark Pharmaceuticals LtdGLENMARK | 69.3/100Favorable setup100% evidence | ASLEEP | 31.0/35 Revenue 32.9% · PAT 100% · OPM change 2 pp 100% evidence | 18.1/25 ROCE 39.8% · OPM 20% 100% evidence | 12.9/20 P/E 21× · PEG 1.43 100% evidence | 7.3/20 RS sector -11.2% · RS bench 8.5% · 1Y 14.8%1 of 12 weeks ahead 100% evidence |
| Exact sum: 31 + 18.1 + 12.9 + 7.3 = 69.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Emcure Pharmaceuticals LtdEMCURE | 66.3/100Favorable setup75% evidence | LEADER | 26.8/35 Revenue 18.4% · PAT 32.2% · OPM change 1 pp 95% evidence | 18.2/25 ROCE 24% · OPM 21% 76% evidence | 9.9/20 P/E 35.6× · PEG — 15% evidence | 11.4/20 RS sector 0% · RS bench 21.7% · 1Y 39.4%11 of 12 weeks ahead 100% evidence |
| Exact sum: 26.8 + 18.2 + 9.9 + 11.4 = 66.3 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence. | ||||||
| 6Corona Remedies LtdCORONA | 65.4/100Favorable setup73% evidence | BREAKING OUT | 23.3/35 Revenue 18% · PAT 19.3% · OPM change 2 pp 100% evidence | 20.3/25 ROCE 33.3% · OPM 22% 100% evidence | 11.8/20 P/E 61.6× · PEG 1.18 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —9 of 12 weeks ahead 0% evidence |
| Exact sum: 23.3 + 20.3 + 11.8 + 10 = 65.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Rubicon Research LtdRUBICON | 62.3/100Mixed-positive evidence73% evidence | BREAKING OUT | 24.4/35 Revenue 46.8% · PAT 91.4% · OPM change 2 pp 100% evidence | 21.8/25 ROCE 28.4% · OPM 24% 100% evidence | 6.1/20 P/E 93× · PEG 2.46 65% evidence | 10.0/20 RS sector — · RS bench — · 1Y —12 of 12 weeks ahead 0% evidence |
| Exact sum: 24.4 + 21.8 + 6.1 + 10 = 62.3 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 8Ipca Laboratories LtdIPCALAB | 62.0/100Mixed-positive evidence82% evidence | FADING | 26.6/35 Revenue 10.6% · PAT 68% · OPM change 6 pp 95% evidence | 15.8/25 ROCE 17% · OPM 24% 76% evidence | 11.1/20 P/E 32× · PEG — 50% evidence | 8.5/20 RS sector -7.6% · RS bench 12.7% · 1Y 25.1%6 of 12 weeks ahead 100% evidence |
| Exact sum: 26.6 + 15.8 + 11.1 + 8.5 = 62 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 9Accent Microcell LtdACCENTMIC | 61.8/100Mixed-positive evidence63% evidence | LEADER | 17.6/35 Revenue — · PAT — · OPM change -1 pp 26% evidence | 17.8/25 ROCE 24.9% · OPM 16% 95% evidence | 9.3/20 P/E 31.9× · PEG — 50% evidence | 17.1/20 RS sector 27.2% · RS bench 53.2% · 1Y 94.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 17.6 + 17.8 + 9.3 + 17.1 = 61.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10Ajanta Pharma Ltdthis pageAJANTPHARM | 61.7/100Mixed-positive evidence100% evidence | BREAKING OUT | 21.7/35 Revenue 20.2% · PAT 22.2% · OPM change -1 pp 100% evidence | 19.4/25 ROCE 34.5% · OPM 26% 100% evidence | 5.6/20 P/E 40.4× · PEG 2.31 100% evidence | 15.0/20 RS sector 3.5% · RS bench 26.1% · 1Y 41%7 of 12 weeks ahead 100% evidence |
| Exact sum: 21.7 + 19.4 + 5.6 + 15 = 61.7 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 11Caplin Point Laboratories LtdCAPLIPOINT | 60.7/100Mixed-positive evidence100% evidence | LEADER | 19.4/35 Revenue 15% · PAT 19.6% · OPM change 0 pp 100% evidence | 17.6/25 ROCE 24.6% · OPM 35% 100% evidence | 9.8/20 P/E 28.3× · PEG 1.52 100% evidence | 13.9/20 RS sector -0.8% · RS bench 20.9% · 1Y 17.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.4 + 17.6 + 9.8 + 13.9 = 60.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Marksans Pharma LtdMARKSANS | 58.0/100Mixed-positive evidence87% evidence | BREAKING OUT | 26.3/35 Revenue 19.6% · PAT 48% · OPM change 9 pp 100% evidence | 15.6/25 ROCE 18.8% · OPM 25% 100% evidence | 6.3/20 P/E 29.2× · PEG 2.85 65% evidence | 9.8/20 RS sector -18.1% · RS bench 64.2% · 1Y 57.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 26.3 + 15.6 + 6.3 + 9.8 = 58 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Wockhardt LtdWOCKPHARMA | 55.8/100Mixed-positive evidence74% evidence | LEADER | 25.1/35 Revenue 18.4% · PAT 100% · OPM change 11 pp 74% evidence | 5.2/25 ROCE 7.5% · OPM 21% 100% evidence | 8.9/20 P/E 78.8× · PEG — 15% evidence | 16.6/20 RS sector 3.4% · RS bench 25.4% · 1Y 31.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 25.1 + 5.2 + 8.9 + 16.6 = 55.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14RPG Life Sciences LtdRPGLIFE | 53.6/100Mixed-positive evidence93% evidence | LEADER | 12.0/35 Revenue 11.9% · PAT -34.1% · OPM change 1 pp 100% evidence | 17.4/25 ROCE 25.7% · OPM 22% 100% evidence | 11.0/20 P/E 39.4× · PEG 1.43 65% evidence | 13.2/20 RS sector -1.9% · RS bench 20% · 1Y 18.9%11 of 12 weeks ahead 100% evidence |
| Exact sum: 12 + 17.4 + 11 + 13.2 = 53.6 · Decision use: Price leads the evidence: RS versus the benchmark is 20%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 15Zydus Lifesciences LtdZYDUSLIFE | 52.9/100Mixed-positive evidence100% evidence | LEADER | 12.0/35 Revenue 21.1% · PAT -2.5% · OPM change -8 pp 100% evidence | 16.5/25 ROCE 21.1% · OPM 24% 100% evidence | 14.5/20 P/E 23.3× · PEG 1.23 100% evidence | 9.9/20 RS sector -7.2% · RS bench 13.4% · 1Y 21.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 12 + 16.5 + 14.5 + 9.9 = 52.9 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 16Akums Drugs & Pharmaceuticals LtdAKUMS | 52.3/100Mixed-positive evidence75% evidence | LEADER | 13.5/35 Revenue 9.2% · PAT -15.8% · OPM change 2 pp 95% evidence | 10.9/25 ROCE 14.9% · OPM 15% 76% evidence | 9.7/20 P/E 37.5× · PEG — 15% evidence | 18.2/20 RS sector 15.8% · RS bench 40.3% · 1Y 51.3%12 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 10.9 + 9.7 + 18.2 = 52.3 · Decision use: Price leads the evidence: RS versus the benchmark is 40.3%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 17ERIS Lifesciences LtdERIS | 52.0/100Mixed-positive evidence76% evidence | ASLEEP | 20.7/35 Revenue 9.6% · PAT 62.2% · OPM change -2 pp 95% evidence | 14.3/25 ROCE 14.1% · OPM 34% 76% evidence | 11.2/20 P/E 28.7× · PEG — 50% evidence | 5.8/20 RS sector -13.9% · RS bench -9.8% · 1Y -21.3%0 of 10 weeks ahead 70% evidence |
| Exact sum: 20.7 + 14.3 + 11.2 + 5.8 = 52 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18Suven Life Sciences LtdSUVEN | 51.2/100Mixed-positive evidence67% evidence | LEADER | 19.9/35 Revenue 25% · PAT -80% · OPM change -997 pp 74% evidence | 2.1/25 ROCE -79.5% · OPM — 84% evidence | 10.0/20 P/E — · PEG — 0% evidence | 19.2/20 RS sector 33.1% · RS bench 60% · 1Y 36.5%12 of 12 weeks ahead 100% evidence |
| Exact sum: 19.9 + 2.1 + 10 + 19.2 = 51.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19J B Chemicals & Pharmaceuticals LtdJBCHEPHARM | 48.2/100Mixed-negative evidence96% evidence | 10.8/35 Revenue 5.9% · PAT 7.4% · OPM change -2 pp 88% evidence | 20.6/25 ROCE 25.4% · OPM 22% 100% evidence | 4.1/20 P/E 53.8× · PEG 2.34 100% evidence | 12.7/20 RS sector 1% · RS bench 23.5% · 1Y 42.5%4 of 8 weeks ahead to 2026-07-19 100% evidence | |
| Exact sum: 10.8 + 20.6 + 4.1 + 12.7 = 48.2 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 20Fredun Pharmaceuticals Ltd539730 | 47.7/100Thin evidence · provisional50% evidence | ASLEEP | 17.2/35 Revenue — · PAT — · OPM change 0 pp 24% evidence | 14.9/25 ROCE 21.3% · OPM 14% 76% evidence | 9.1/20 P/E 58.4× · PEG — 15% evidence | 6.5/20 RS sector -19% · RS bench 133.6% · 1Y 46.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.2 + 14.9 + 9.1 + 6.5 = 47.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 21Kilitch Drugs (India) LtdKILITCH | 47.4/100Mixed-negative evidence87% evidence | BREAKING OUT | 14.1/35 Revenue 14% · PAT 9.3% · OPM change -1 pp 95% evidence | 8.9/25 ROCE 13.4% · OPM 6.5% 95% evidence | 14.1/20 P/E 21.1× · PEG — 50% evidence | 10.3/20 RS sector -15.6% · RS bench 3.6% · 1Y -19%11 of 12 weeks ahead 100% evidence |
| Exact sum: 14.1 + 8.9 + 14.1 + 10.3 = 47.4 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 22Lincoln Pharmaceuticals LtdLINCOLN | 46.7/100Mixed-negative evidence87% evidence | ASLEEP | 15.2/35 Revenue 10% · PAT 11.5% · OPM change 0 pp 95% evidence | 15.1/25 ROCE 16.3% · OPM 15% 95% evidence | 10.1/20 P/E 12.7× · PEG — 50% evidence | 6.3/20 RS sector -13.5% · RS bench 5.6% · 1Y 9.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 15.2 + 15.1 + 10.1 + 6.3 = 46.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 23Alkem Laboratories LtdALKEM | 46.7/100Mixed-negative evidence82% evidence | ASLEEP | 14.9/35 Revenue 13.4% · PAT -5.5% · OPM change -2 pp 95% evidence | 17.4/25 ROCE 21.2% · OPM 20% 76% evidence | 11.9/20 P/E 28.2× · PEG — 50% evidence | 2.5/20 RS sector -22.4% · RS bench -4.6% · 1Y 12.7%1 of 12 weeks ahead 100% evidence |
| Exact sum: 14.9 + 17.4 + 11.9 + 2.5 = 46.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 24Sun Pharmaceutical Industries LtdSUNPHARMA | 46.1/100Mixed-negative evidence100% evidence | FADING | 17.3/35 Revenue 11.4% · PAT 16.5% · OPM change -2 pp 100% evidence | 17.1/25 ROCE 20.5% · OPM 29% 100% evidence | 4.1/20 P/E 36.7× · PEG 3.8 100% evidence | 7.6/20 RS sector -12.1% · RS bench 7.7% · 1Y 21.6%5 of 12 weeks ahead 100% evidence |
| Exact sum: 17.3 + 17.1 + 4.1 + 7.6 = 46.1 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 25Aurobindo Pharma LtdAUROPHARMA | 44.8/100Mixed-negative evidence100% evidence | FADING | 16.8/35 Revenue 9.1% · PAT 9.5% · OPM change 1 pp 100% evidence | 12.2/25 ROCE 12.9% · OPM 21% 100% evidence | 4.4/20 P/E 24.9× · PEG 2.67 100% evidence | 11.4/20 RS sector 1.1% · RS bench 22.8% · 1Y 55.7%10 of 12 weeks ahead 100% evidence |
| Exact sum: 16.8 + 12.2 + 4.4 + 11.4 = 44.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 26Strides Pharma Science LtdSTAR | 44.1/100Mixed-negative evidence80% evidence | FADING | 16.1/35 Revenue 8.1% · PAT 79.1% · OPM change -1 pp 95% evidence | 12.9/25 ROCE 18.3% · OPM 18% 95% evidence | 11.3/20 P/E 15.4× · PEG — 15% evidence | 3.8/20 RS sector -18.3% · RS bench -0.4% · 1Y 20.3%7 of 12 weeks ahead 100% evidence |
| Exact sum: 16.1 + 12.9 + 11.3 + 3.8 = 44.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 27Amrutanjan Health Care LtdAMRUTANJAN | 44.0/100Mixed-negative evidence87% evidence | ASLEEP | 13.5/35 Revenue 10.7% · PAT -1.1% · OPM change -2.9 pp 95% evidence | 14.8/25 ROCE 24.8% · OPM 6.1% 95% evidence | 14.3/20 P/E 23× · PEG — 50% evidence | 1.4/20 RS sector -36.4% · RS bench -21% · 1Y -24.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 13.5 + 14.8 + 14.3 + 1.4 = 44 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 28Gufic BioSciences LtdGUFICBIO | 43.8/100Mixed-negative evidence94% evidence | BREAKING OUT | 23.5/35 Revenue 16.6% · PAT 17.7% · OPM change 3 pp 100% evidence | 9.6/25 ROCE 12.3% · OPM 18% 100% evidence | 2.2/20 P/E 57.6× · PEG 4.78 100% evidence | 8.5/20 RS sector -18.5% · RS bench 23% · 1Y 16.9%11 of 11 weeks ahead 70% evidence |
| Exact sum: 23.5 + 9.6 + 2.2 + 8.5 = 43.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 29Alembic Pharmaceuticals LtdAPLLTD | 42.7/100Mixed-negative evidence94% evidence | BREAKING OUT | 16.8/35 Revenue 14.1% · PAT 14.6% · OPM change -1 pp 100% evidence | 8.2/25 ROCE 12.6% · OPM 15% 100% evidence | 12.5/20 P/E 21.9× · PEG 1.74 100% evidence | 5.2/20 RS sector -24.1% · RS bench -0.6% · 1Y -11.2%1 of 11 weeks ahead 70% evidence |
| Exact sum: 16.8 + 8.2 + 12.5 + 5.2 = 42.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 30FDC LtdFDC | 42.0/100Mixed-negative evidence94% evidence | ASLEEP | 13.1/35 Revenue 3.5% · PAT 8.2% · OPM change -1 pp 100% evidence | 13.5/25 ROCE 16.7% · OPM 21% 100% evidence | 11.9/20 P/E 18.7× · PEG 1.98 100% evidence | 3.5/20 RS sector -25.2% · RS bench -13.4% · 1Y -25.4%6 of 10 weeks ahead 70% evidence |
| Exact sum: 13.1 + 13.5 + 11.9 + 3.5 = 42 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 31Mankind Pharma LtdMANKIND | 41.8/100Mixed-negative evidence100% evidence | ASLEEP | 17.0/35 Revenue 14.2% · PAT 8% · OPM change 2 pp 100% evidence | 13.7/25 ROCE 13.5% · OPM 26% 100% evidence | 5.4/20 P/E 47× · PEG 2.81 100% evidence | 5.7/20 RS sector -16.3% · RS bench 2.7% · 1Y -1.7%8 of 12 weeks ahead 100% evidence |
| Exact sum: 17 + 13.7 + 5.4 + 5.7 = 41.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 32Torrent Pharmaceuticals LtdTORNTPHARM | 40.4/100Mixed-negative evidence100% evidence | BREAKING OUT | 16.8/35 Revenue 32.9% · PAT 7.7% · OPM change 2 pp 100% evidence | 14.1/25 ROCE 15.2% · OPM 34% 100% evidence | 0.8/20 P/E 82.4× · PEG 5.11 100% evidence | 8.7/20 RS sector -5.3% · RS bench 15.4% · 1Y 35.5%7 of 12 weeks ahead 100% evidence |
| Exact sum: 16.8 + 14.1 + 0.8 + 8.7 = 40.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 33Bafna Pharmaceuticals LtdBAFNAPH | 40.2/100Mixed-negative evidence60% evidence | 11.6/35 Revenue -3.1% · PAT -5.8% · OPM change -11.3 pp 95% evidence | 7.3/25 ROCE 11.9% · OPM 3.4% 76% evidence | 9.0/20 P/E 78.3× · PEG — 15% evidence | 12.3/20 RS sector — · RS bench 66.4% · 1Y — 25% evidence | |
| Exact sum: 11.6 + 7.3 + 9 + 12.3 = 40.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 34Zim Laboratories LtdZIMLAB | 39.4/100Mixed-negative evidence72% evidence | LEADER | 9.6/35 Revenue 7.5% · PAT -60.6% · OPM change -3.3 pp 71% evidence | 6.1/25 ROCE 4.8% · OPM 2.6% 95% evidence | 8.5/20 P/E 156× · PEG — 15% evidence | 15.2/20 RS sector 6.1% · RS bench 27.8% · 1Y 41.7%11 of 12 weeks ahead 100% evidence |
| Exact sum: 9.6 + 6.1 + 8.5 + 15.2 = 39.4 · Decision use: Price leads the evidence: RS versus the benchmark is 27.8%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 35Indoco Remedies LtdINDOCO | 38.3/100Thin evidence · provisional58% evidence | ASLEEP | 20.4/35 Revenue 11.9% · PAT 100% · OPM change 5 pp 71% evidence | 4.4/25 ROCE 0.9% · OPM 9% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 3.5/20 RS sector -32.2% · RS bench -8.6% · 1Y -24.8%5 of 10 weeks ahead 70% evidence |
| Exact sum: 20.4 + 4.4 + 10 + 3.5 = 38.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 36Natco Pharma LtdNATCOPHARM | 37.6/100Mixed-negative evidence100% evidence | ASLEEP | 3.0/35 Revenue -20.8% · PAT -32.5% · OPM change -18 pp 100% evidence | 13.8/25 ROCE 17.1% · OPM 25% 100% evidence | 19.0/20 P/E 14.1× · PEG 0.76 100% evidence | 1.8/20 RS sector -22.1% · RS bench -4.6% · 1Y -0.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 3 + 13.8 + 19 + 1.8 = 37.6 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 37Biocon LtdBIOCON | 37.5/100Mixed-negative evidence100% evidence | FADING | 13.6/35 Revenue 9.8% · PAT -36.4% · OPM change 1 pp 100% evidence | 7.7/25 ROCE 3.6% · OPM 20% 100% evidence | 10.0/20 P/E 93.4× · PEG 0.82 100% evidence | 6.2/20 RS sector -13.7% · RS bench 5.6% · 1Y 21.5%7 of 12 weeks ahead 100% evidence |
| Exact sum: 13.6 + 7.7 + 10 + 6.2 = 37.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 38Bajaj Healthcare LtdBAJAJHCARE | 37.2/100Mixed-negative evidence87% evidence | TURNING | 9.9/35 Revenue 12.3% · PAT -59.1% · OPM change 1 pp 95% evidence | 10.4/25 ROCE 11.5% · OPM 17% 95% evidence | 11.0/20 P/E 19.7× · PEG — 50% evidence | 5.9/20 RS sector -30.3% · RS bench -13.3% · 1Y -26.7%3 of 12 weeks ahead 100% evidence |
| Exact sum: 9.9 + 10.4 + 11 + 5.9 = 37.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 39Bharat Parenterals Ltd541096 | 33.9/100Thin evidence · provisional58% evidence | FADING | 12.5/35 Revenue -11.2% · PAT 16% · OPM change -2.8 pp 71% evidence | 4.1/25 ROCE -1.8% · OPM 9.1% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 7.3/20 RS sector -20.9% · RS bench 7.8% · 1Y -2.7%10 of 11 weeks ahead 70% evidence |
| Exact sum: 12.5 + 4.1 + 10 + 7.3 = 33.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 40Cipla LtdCIPLA | 33.0/100Adverse evidence100% evidence | ASLEEP | 4.7/35 Revenue 1.8% · PAT -37.7% · OPM change -9 pp 100% evidence | 11.9/25 ROCE 15.5% · OPM 17% 100% evidence | 11.7/20 P/E 32.7× · PEG 1.25 100% evidence | 4.7/20 RS sector -19.3% · RS bench -0.5% · 1Y -2.4%5 of 12 weeks ahead 100% evidence |
| Exact sum: 4.7 + 11.9 + 11.7 + 4.7 = 33 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 41Dr Reddys Laboratories LtdDRREDDY | 30.4/100Adverse evidence100% evidence | ASLEEP | 3.8/35 Revenue -0.9% · PAT -44.6% · OPM change -14 pp 100% evidence | 11.7/25 ROCE 13% · OPM 11% 100% evidence | 13.5/20 P/E 31.1× · PEG 1.15 100% evidence | 1.4/20 RS sector -24.2% · RS bench -6.8% · 1Y -0.9%1 of 12 weeks ahead 100% evidence |
| Exact sum: 3.8 + 11.7 + 13.5 + 1.4 = 30.4 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity. | ||||||
| 42Influx Healthtech LtdINFLUX | 63.6/100Thin evidence · provisional50% evidence | FADING | 19.3/35 Revenue — · PAT — · OPM change -1 pp 26% evidence | 20.8/25 ROCE 40% · OPM 19% 95% evidence | 10.0/20 P/E 32.3× · PEG — 15% evidence | 13.5/20 RS sector 1.4% · RS bench 23.1% · 1Y 98.2%7 of 12 weeks ahead 70% evidence |
| Exact sum: 19.3 + 20.8 + 10 + 13.5 = 63.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 43Syncom Healthcare LtdSYNCOM | 50.0/100Thin evidence · provisional31% evidence | 17.1/35 Revenue -69.4% · PAT 63.5% · OPM change — 16% evidence | 6.9/25 ROCE -20.2% · OPM -225.7% 46% evidence | 10.0/20 P/E — · PEG — 0% evidence | 16.0/20 RS sector 29.1% · RS bench 45.7% · 1Y —9 of 12 weeks ahead to 2021-06-30 70% evidence | |
| Exact sum: 17.1 + 6.9 + 10 + 16 = 50 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 44Sai Parenterals LtdSAIPARENT | 37.2/100Thin evidence · provisional38% evidence | BREAKING OUT | 13.7/35 Revenue — · PAT — · OPM change -1 pp 32% evidence | 4.9/25 ROCE 6% · OPM 13.2% 95% evidence | 8.6/20 P/E 117× · PEG — 15% evidence | 10.0/20 RS sector — · RS bench — · 1Y —5 of 5 weeks ahead 0% evidence |
| Exact sum: 13.7 + 4.9 + 8.6 + 10 = 37.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Ajanta Pharma Ltd's share price today?
Ajanta Pharma Ltd trades at ₹3,673, +36.7% over the past year. The company is valued at ₹45,895 Cr. The stock sits at the very top of its 52-week range (₹2,402–₹3,673), +21.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 32 weeks in. — as of 14 August 2026.
What were Ajanta Pharma Ltd's latest quarterly results?
Ajanta Pharma Ltd reported revenue of ₹1,626 Cr and net profit of ₹334 Cr for the Jun 26 quarter. Revenue rose 24.8% and profit rose 31.0% year on year. Earnings per share were ₹26.75. The operating margin was 26.0%, 1.0 pp lower than a year earlier. — as of 14 August 2026.
What is Ajanta Pharma Ltd's revenue?
Ajanta Pharma Ltd reported revenue of ₹1,626 Cr in the Jun 26 quarter, +24.8% year on year. For the full FY26 fiscal year, revenue was ₹5,453 Cr (+17.3%). Over the last 10 years revenue compounded at 12.0% a year. — as of 14 August 2026.
What is Ajanta Pharma Ltd's profit?
Ajanta Pharma Ltd earned ₹334 Cr of net profit in the Jun 26 quarter, +31.0% year on year — the 12th straight quarter of growth. Full-year FY26 profit was ₹1,056 Cr. The operating margin ran 26.0% in the latest quarter. — as of 14 August 2026.
What is Ajanta Pharma Ltd's market cap?
Ajanta Pharma Ltd's market capitalisation is ₹45,895 Cr at a share price of ₹3,673. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.
What is Ajanta Pharma Ltd's P/E ratio?
Ajanta Pharma Ltd trades at a P/E of 40.4×, at the 95th percentile of its own 11-year range, against a long-run median of 28.1×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.
Does Ajanta Pharma Ltd pay a dividend?
Yes — Ajanta Pharma Ltd's dividend payout was 33% of profit in FY26, and it recorded a payout in 12 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 14 August 2026.
Is Ajanta Pharma Ltd overvalued?
On its own history, Ajanta Pharma Ltd looks expensive: its P/E of 40.4× sits at the 95th percentile of its 11-year range (long-run median 28.1×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.
Is Ajanta Pharma Ltd growing?
Yes — Ajanta Pharma Ltd is growing: latest-quarter revenue +24.8% year on year, profit +31.0%, and the margin −1.0 pp at 26.0%. The 10-year compound rates are 12.0% (revenue) and 9.8% (profit). The earnings engine currently reads: improving — as of 14 August 2026.
How is Ajanta Pharma Ltd performing?
Ajanta Pharma Ltd is in a confirmed uptrend, 32 weeks in. Its latest quarter's revenue rose 24.8% and profit rose 31.0% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 14 weeks. This describes what the data did, not a rating. — as of 14 August 2026.
What stage is Ajanta Pharma Ltd in?
Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 31.8% and holding. The read comes from the last 12 quarters of growth (revenue growth +20.2% latest, profit growth +22.2% latest, eps growth +22.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 14 August 2026.
Is Ajanta Pharma Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 32 of stage 2), trading +21.5% versus its 200-day average and at the very top of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.
Is Ajanta Pharma Ltd beating the market?
On recent form, yes — Ajanta Pharma Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 14 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +328% against the NIFTY 500's +284% — ahead of the index over the full window. — as of 14 August 2026.
Will Ajanta Pharma Ltd's share price go up?
This page publishes no price forecast for Ajanta Pharma Ltd. What it measures instead: the share price is ₹3,673, the price is in a confirmed uptrend 32 weeks in. Its P/E of 40.4× sits at the 95th percentile of its own 11-year range. — as of 14 August 2026.
Who owns Ajanta Pharma Ltd?
Promoters hold 63.5% of Ajanta Pharma Ltd, foreign institutions 7.7%, domestic institutions 21.8% and the public 7.0% (latest quarter). The biggest move on the register over the last two years: Domestic institutions added 4.4 points over 8 quarters. — as of 14 August 2026.
Does Ajanta Pharma Ltd have too much debt?
No — Ajanta Pharma Ltd's debt-to-equity is 0.06, and operating profit covers the interest bill 94×. FY26 borrowings were ₹260 Cr against equity of ₹4,527 Cr. The returns on this page are earned, not borrowed — as of 14 August 2026.
What is Ajanta Pharma Ltd's capex?
Ajanta Pharma Ltd spent ₹872 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹360 Cr, with ₹258 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.
What is Ajanta Pharma Ltd's cash flow?
Ajanta Pharma Ltd generated ₹529 Cr of operating cash flow in FY26 and ₹169 Cr of free cash flow after ₹360 Cr of capital spending. Reported profit that year was ₹1,056 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 14 August 2026.
Is Ajanta Pharma Ltd's profit real cash?
Yes — over the last 3 fiscal years, 89% of Ajanta Pharma Ltd's reported profit arrived as operating cash. Though the latest year ran at 50% — the trend is the thing to watch. In FY26, operating cash was ₹529 Cr against reported profit of ₹1,056 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 14 August 2026.
Where is Ajanta Pharma Ltd in its business cycle?
Ajanta Pharma Ltd's FY26 operating margin was 28.0%, against a 13-year band of 22.0%–35.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 26.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.
What could break the Ajanta Pharma Ltd story?
The sharpest disagreement: the engine is strong, but at the 95th percentile of its own range you are paying full price for it. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.
Is Ajanta Pharma Ltd a stock worth studying right now?
This is not investment advice. The machine read: Ajanta Pharma Ltd is strength at full price. The numbers are improving — and a P/E at the 95th percentile of its own range says the market knows. The sharpest open question: whether the earnings grow into the multiple. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.