Motilal Oswal has maintained its 'Buy' rating on Ajanta Pharma with a target price of ₹3,145, citing strategic initiatives across India, Asia, and Africa markets. The brokerage firm indicates confidence in the pharmaceutical company's growth prospects with the updated price target reflecting positive expectations.

Target Price and Rating Details

The brokerage's recommendation includes specific financial targets for the pharmaceutical company:

Strategic Market Focus

The brokerage firm highlights that Ajanta Pharma is implementing multiple strategic initiatives across its focus branded generics markets. The company's primary geographic focus areas include:

• India
• Asia
• Africa

These strategic initiatives are positioned to help the pharmaceutical company sustain robust industry outperformance, according to the analyst assessment.

Market Positioning

The maintained 'Buy' recommendation with the specified target price suggests that Motilal Oswal views Ajanta Pharma's current market positioning and strategic direction favorably within the branded generics pharmaceutical segment. The brokerage's positive outlook is supported by Ajanta Pharma's targeted approach in key markets and its potential for continued growth in the pharmaceutical industry.

Ajanta Pharma has entered into a strategic in-licensing agreement with Biocon Limited for the supply of Semaglutide, a GLP-1 receptor agonist used to improve glycemic control in adults with type-2 diabetes. The agreement was announced through a regulatory filing under Regulation 30 on December 23, 2025.

Agreement Structure and Geographic Coverage

Under the comprehensive licensing agreement, Biocon will supply its vertically integrated drug product Semaglutide to Ajanta Pharma for marketing across 26 countries in Africa, the Middle East and Central Asia. The arrangement provides Ajanta Pharma with exclusive marketing rights in 23 countries and semi-exclusive marketing rights in the remaining 3 countries.

Strategic Benefits for Ajanta Pharma

The collaboration represents a strategic step for Ajanta Pharma to expand its portfolio with a high-growth GLP-1 therapy while leveraging its strong commercial reach across the target regions. The agreement provides an efficient pathway to accelerate market access for Semaglutide in regions where Ajanta Pharma has established market presence.

Ajanta Pharma has established itself as a leading Indian pharmaceutical company with a branded generic business presence in over 30 countries across Africa, South-East Asia, Central Asia and Middle East. The company maintains a strong presence across diverse therapeutic segments including cardiology, anti-diabetes, ophthalmology, antibiotic, anti-malarial, pain management, gynaecology, paediatric care, and general health products.

Management Commentary

Yogesh Agrawal, Managing Director of Ajanta Pharma Limited, noted that GLP-1 therapies have seen rapid global acceptance and have emerged as blockbuster products worldwide. He expressed confidence in building Semaglutide into a meaningful and high-growth brand across these countries, leveraging Ajanta Pharma's strong on-ground presence and deep market reach.

Siddharth Mittal, Chief Executive Officer and Managing Director of Biocon Limited, emphasized the strategic importance of the partnership in expanding the global footprint of Biocon's GLP-1 portfolio. He highlighted that the collaboration will enable broader and more affordable access to Semaglutide for patients in these regions.

Company Profiles and Market Position

Ajanta Pharma operates a state-of-the-art R&D center in Mumbai and maintains seven world-class manufacturing facilities located in India. The company markets more than 220 brands in emerging markets, with many holding leadership positions in their therapeutic and sub-therapeutic segments, supported by over 2,000 medical representatives across target regions.

Biocon Limited, publicly listed in 2004, is an innovation-led global biopharmaceutical company committed to enhancing affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune diseases. The company has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets.