Buy Ajanta Pharma; target of Rs 3145: Motilal Oswal

Motilal Oswal is bullish on Ajanta Pharma recommended buy rating on the stock with a target price of Rs 3145 in its research report dated December 29, 2025.

Broker Research

December 30, 2025 / 12:04 IST

Buy

Motilal Oswal's research report on Ajanta Pharma

We recently met the management of Ajanta Pharma (AJP) to gain deeper insights into the company’s business prospects. The key takeaways are as follows: AJP is implementing multiple strategic initiatives across focus branded generics markets of India, Asia, and Africa to sustain robust industry outperformance. In emerging markets across Africa and Asia, AJP has not only expanded its therapy coverage but has also shifted toward chronic indications, which should support more sustainable growth. AJP is also working on the following two levers: 1) adding geographies with larger market sizes to further widen its presence and 2) enhancing its product offerings within existing markets. The partnership with Biocon to source semaglutide for 23 target countries marks a meaningful step toward introducing newer therapies in these markets. Interestingly, the innovator’s limited reach paves the way for AJP to participate in market formation and gain market share.

Outlook

We value AJP at 30x 12M forward earnings to arrive at our TP of INR3,145. Reiterate BUY.

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