Ajanta Pharma rises 3.5% as Motilal Oswal expects strong gains from new weight-loss drug, sees up to 17% upside

Ajanta Pharma shares rise amid strong buying. 

• Ajanta Pharma shares rose after Motilal Oswal predicted gains from new drug.
• Ajanta to source semaglutide from Biocon, targeting Asia and Africa markets
• Motilal Oswal maintains "buy" rating with a target price of Rs 3,145

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Ajanta Pharma shares settled higher on Tuesday after domestic brokerage Motilal Oswal said the company could see strong gains from its new weight-loss drug.

The stock settled at Rs 2,715 apiece on the NSE, up 0.92 percent. During the day, it touched a high of Rs 2,784.80, up 3.52 percent. The scrip has risen for the last two trading sessions.

Motilal Oswal said Ajanta Pharma’s partnership with Biocon to source the weight-loss drug semaglutide is a meaningful step towards introducing newer therapies and securing market share.

The brokerage estimates potential annualised sales from semaglutide in Asia and Africa at USD 25–30 million from the second half of FY28, with EBITDA margins of 50–55 percent.

It expects Ajanta Pharma’s overall revenue and profit to grow at a compound annual growth rate of 11 percent and 16 percent, respectively, over FY26–28.

Motilal Oswal reiterated its “buy” rating on the stock and maintained a target price of Rs 3,145, implying an upside of about 17 percent.

The company’s surplus cash position provides enough cushion to acquire products that complement its branded generics portfolio. In fact, the company has meaningfully scaled its acquired brands over the past 12 months, the brokerage said.

In emerging markets, AJP is pursuing an asset-light, marketing-led model and will source semaglutide from Biocon under an in-licensing arrangement. The company has exclusive or semi-exclusive marketing rights across 23 countries in Africa and three countries in the Middle East and Central Asia. With patents expiring in Mar’26 and approvals expected between late 2026 and early 2027, this structure enables AJP to capture upside without assuming manufacturing risk, it added.

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