Prabhudas Lilladher Recommends 'Buy' on Ajanta Pharma, Sets Rs 3200 Target.

• Prabhudas Lilladher maintains 'Buy' rating for Ajanta Pharma with a target price of Rs 3200/share.
• Ajanta Pharma signed an in-licensing agreement with Biocon for marketing semaglutide in 26 Rest of World markets.
• Semaglutide is expected to add ~Rs2bn in sales by FY28E with healthy margins, leveraging AJP's strong market presence.
• The company anticipates 17% EBITDA and 14% PAT CAGR over FY25-28E, supported by Rs8-10bn annual free cash flow.
• Valuation at 30x P/E (Sep’27E EPS) reflects higher RoE/RoCE and strong exposure to BGx markets.

Why It Matters: Prabhudas Lilladher recommends 'Buy' on Ajanta Pharma, citing strong growth prospects and a Rs 3200 target.