Ajanta Pharma (AJP IN) – Company Initiation – Leveraging BGx franchise to accelerate growth – BUY
Published on 19 Sep 2025
We initiate coverage on AJP with ‘BUY’ rating and TP of Rs3,200/share, 25% upside from current levels. AJP’s play on high growth branded generics (BGx) market spread across India, Asia and Africa contributed 74% to total revenue in FY25 and delivered 12.5% CAGR over FY22-25. We expect AJP to clock 13% revenue CAGR over FY25-28E driven by increased focus on branded formulations, penetration into newer therapies and scaleup in US generics.
