Ajanta Pharma Limited (NSE: AJANTPHARM) Q3 2026 Earnings Call dated Jan. 30, 2026
Corporate Participants:
Yogesh Agrawal — Managing Director
Arvind Agrawal — Chief Financial Officer
Rajesh Agrawal — Joint Managing Director
Analysts:
Tushar Manudhane — Analyst
Abdul Kadar Puranwala — Analyst
Aman Kumar Singh — Analyst
Kashish Thakur — Analyst
Dheeresh Pathak — Analyst
Umesh Laddha — Analyst
Dhruv Maheshwari — Analyst
Foram Parekh — Analyst
Kunal Randeria — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to The Ajanta Pharma Q3 FY2026 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star and then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Yogesh Agrawal, Managing Director of Ajanta Pharma Limited. Thank you. And over to you sir.
Yogesh Agrawal — Managing Director
Thank you. Good afternoon everyone and welcome to Ajanta’s earning call. With me Today I have Mr. Rajesh Agrawal, our Joint Managing Director. Mr. Arvind Agrawal, our CFO. Mr. Rajiv Agrawal, our VP Finance and Investor Relations. I hope all of you have received the results by now for the overall business performance. We have now completed the third quarter and first nine months of the current financial year. On a strong note, for the quarter, our revenue from the operations grew by 20% and our margins remained resilient despite higher investments and operating expenses. All our businesses are shaping broadly in line with our plans and we remain confident about sustaining this growth momentum going forward.
This strength is also reflected in our returns. As of December 2025, our return on capital employed stands at 34% and return on net worth stands at 26% reinforcing our position among the best performing companies in the industry. Let me take you through the different business verticals. I will start with the branded generic business in Asia and Africa which contributed 40% of total revenue. We continue to invest heavily in people, products and market expansions to ensure long term consistent growth. I’ll give you the overview of Asia first. During the quarter, Asia branded generic business sales stood at 288 crores compared to 316 crore last year reflecting a degrowth of 9%.
For the nine month period, sales stood at 902 crores compared to 888 crores last year registering a growth of 2%. Asia performance was modestly below our internal plans driven by softer than anticipated performance in the few markets. We remain confident that the business will return to its normal growth trajectory over the coming quarters. During the nine months we launched 13 new products largely in chronic therapies which strengthens the long term quality and sustainability of the Asia business. Now we move to the Africa. During the quarter Africa prednit business sales stood at 230 crores compared to 173 crore last year registering an impressive growth of 33% for the nine month period, sales stood at 679 crore compared to 617 crore last year reflecting a growth of 10%.
During the quarter, we launched one new product taking the total number of launches to seven during the nine months of the year. At the beginning of the year, our internal plan envisaged double digit growth from Asia while Africa was expected to deliver modest mid single digit growth over the course of the year. The performance mix evolved differently. Africa delivered stronger than anticipated performance surpassing our initial plans for both the quarter and the 9 month period. Asia on the other hand, remained modestly below our original plan due to softer traction in certain markets. Overall, our branded generic business continues to remain in line with our guidance and we are confident of continued healthy performance over the coming quarters.
Let us talk about other two verticals of international business now. US generics as guided earlier, the US generic business delivered an excellent performance during the quarter. US generic business sales stood at 399 crore compared to 263 crore last year registering an impressive growth of 52%. For the nine month period, sales stood at 1,052 crore compared to 726 crore last year reflecting robust growth of 46%. The strong performance was driven by eight new product launches over last 12 months supported by consistent execution and strong customer relationships. The US generic business contributed 26% of the company’s total revenue during the nine month period.
We continue to remain a preferred partner for the distributors and customers due to our reliable supply, quality standards and committed execution. Moving to Africa Institution during the quarter, Africa institution business Sales stood at 41 crore compared to 33 crore last year registering an excellent growth of 22%. For the nine month period, sales stood at 111 crore compared to 118 crore reflecting a modest degrowth of 6%. The institution business contributed approximately 3% of the company’s total revenue during the nine month period. We expect modest growth for the full year with Q4 performance anticipated to be stronger than the first nine months.
Now I invite Mr. Rajesh Agrawal, our joint MD. Thank you. And over to you.
Rajesh Agrawal — Joint Managing Director
Thank you. Good afternoon everyone. I will now take you through the India business performance. We have completed current quarter and nine months on a strong note for the India business. In current year, India business contributed 31% to the company’s total revenue supported by the launch of 16 new products including one first time in the country. During the current quarter, sales SP stood at 409 crores compared to rupees 345 crore in the same quarter of the previous year registering an excellent growth of 19%. In nine months of the year sales stood at Rs. 1250 crore compared to rupees 1083 crore in the previous year registering a healthy growth of 15%.
Our India business also includes revenue from the trade generics segment which contributed rupees 48 crore in Q3 against rupees 43 crore, a growth of 10% and in the first nine months rupees 139 crore against rupees 130 crore, a growth of 7%. I will now take you through Ajanta’s performance as per IQVR MAT General December 2025 we continue to outperform the Indian pharmaceutical market by 28% as per IQVR MAT December 2025 with Ajanta delivering an impressive growth of 11% compared to IPM’s 9%. We continue to exceed volume growth by 47% to IPM and new launches by 59%.
This positive trend is evident across most therapeutic segments in which we operate where our growth has consistently outpaced the segment growth. We remain confident of sustaining this momentum in the coming quarter. In the covered market we are fifth largest in IPM and among top 10 in all our therapeutic segments. As per IQBR MAT December 2025, cardiology contributed 36% followed by ophthalmology 30%, dermatology 24% with remaining 10% coming from pain in India branded sales. You may observe that the growth in cardiology segment as per IQVR is slower than ipm, but our internal growth numbers indicate growth in line with the ipm.
This appears to be due to some anomaly in the IQVR data and we are in touch with them to resolve the same. The new therapy of gynecology is taking good shape and is expected to contribute meaningfully to the revenue in the coming years. I am pleased to share that during the quarter we added 150 medical representatives across our existing therapy areas taking the total additions for the current year to 300. With this, our overall Mr. Strength now stands at 3750 misses. The newly onboarded teams are being integrated swiftly with a strong focus on accelerating productivity and driving effective field execution.
With this I now invite Arvind Agrawal, our CFO to take you through the financial performance. Thank you and over to you.
Arvind Agrawal — Chief Financial Officer
Thank you and good afternoon to all. Before we begin, I would like to mention that during this call we may make certain forward looking statements. These statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results to differ materially. The Company does not undertake any obligation to update these statements publicly. I will now take you through the consolidated financial performance on year on year basis, total revenue in the third quarter stood at 1,375 crores compared to Rs 1146 crores last year registering a healthy growth of 20%. For the nine month period, revenue stood at 4031 crores compared to Rs 3478 crores last year reflecting a growth of 16%.
As you may have observed, our diversified business segment have consistently helped us maintain growth momentum over the years despite temporary softness in some markets which is a normal part of business growth during the year so far has been mainly driven by the India branded business and the US generic segments. Gross margin stood at 79% for the quarter and 78% for the nine month period. For the full year FY26 we expect gross margin to remain around 78% plus or minus 1%. Personal cost for the quarter stood at Rs.331 crores compared to Rs 265 crores last year reflecting an increase of 25%.
For the nine month period. Personal cost stood at rupees 950 crores compared to rupees eight hundred and ten crore last year reflecting an increase of 17%. The increase was mainly due to medical representative additions across brand age generic businesses over the last 12 months. During the quarter the Government of India’s new Labor Code became applicable. Based on our initial assessment, an additional provision of Rupees seven crore has been made towards liabilities arising from the new court. Other expenses for the quarter stood at Rs. 376 crores compared to Rs. 302 crores last year reflecting an increase of 24%.
For the nine month period, other expenses stood at 1140 crores compared to Rs. 918 crore also reflecting an increase of 24%. These expenses represent our continued strategic investment in products, brand and people across our branded generic portfolio. We expect other expenses to broadly remain in line with trends seen during the current quarter. R and D spend which is included within personnel and other expenses remained at around 5% of the total revenue and is expected to continue at similar levels. R and D expenditure for the quarter stood at Rs 63 crores compared to Rupees 53 crores last year.
For the nine month period, R&D spend stood at 182 crores compared to Rupees 161 crores last year. EBITDA for the quarter stood at Rs. 382 crore compared to Rupees 321 crore last year reflecting a growth of 19% for the nine month period. EBITDA stood at 10. 61 crore compared to Rupees 962 crore last year registering a growth of 10%. EBITDA margin stood at 28% for the quarter and 26% for the nine months period. Excluding the impact of mark to market foreign exchange movement, EBITDA margins remained in line with our guidance of 27% plus or minus 1% for the nine month period.
Mark to market. Forex loss recorded under other expenses stood at rupees 61 crore during the nine months while forex gain under other income stood at rupees 53 crores. Excluding this impact, EBITDA margin for the nine month period would have been around 28%. There were no mark to market losses during the quarter. We remain confident of maintaining ebitda margin of 27% plus or minus 1% for the remaining period and for the full year. Profit after tax for the quarter stood at Rs. 274 crore compared to Rs. 233 crore last year reflecting a growth of 18% for the nine month period.
PAT stood at Rs. 789 crores compared to rupees 695 crores last year reflecting a growth of 14%. PAT margin remained stable at 20% for both the quarter and the nine month period. The effective tax rate for the nine month period stood at 23% and is expected to remain in the similar range for the full year. Capital expenditure during the nine month period stood at Rs. 235 crore and is expected to be in line with our full year guidance of around Rs. 300 crores. With this, we now open the floor for question and answer. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the queue, you may press star and two participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Tushar Manudane from Motilal Oswal. Please go ahead.
Tushar Manudhane
Thanks for the opportunity, sir. Firstly, some clarification on the growth guidance which you gave for full year 26. If you could Just repeat.
Arvind Agrawal
It is in line with what we said meetings growth for the whole year.
Tushar Manudhane
And so secondly on gross margins which has seen significant improvement for the quarter and wherein we’ve seen geographies like us growing at a much higher rate. So if you could just explain this improvement in gross margin and sustainability of gross margin.
Arvind Agrawal
I think what I just mentioned, I think you should consider 78% it plus minus 1%. Some variations keep on happening quarter to quarter but overall I think we are very confident that we should be able to maintain it at about 78% plus minus 1%.
Yogesh Agrawal
And for the US business we have launched eight products in last 12 months which are now we are seeing the full year benefit of that. Plus we have seen the increase in the market share for some few products and also we have one seasonal product for the flu where typically the season starts in the December January. So that also aided the growth for the current quarter. The combination of all these three aspects it has resulted into a very robust growth for the US business.
Tushar Manudhane
Got it. So so if I now that the launch benefit has been sort of reflected entirely and FY26 on a very strong note as far as US business is concerned given the pace of launches, if you could my may not be in terms of exact numbers per se but how you think about FY27 for UA geography.
Yogesh Agrawal
It should be good only but. But I think it will be a bit early to give the guidance for that. I think let’s do that in the next quarter when we have all our plans proven and we’ll have the more concrete numbers in terms of our budgets which are finalized. But overall I think the growth probably will not be in the similar line of what we have seen in the current year. But I think we should be able. To post double digit growth for sure.
Tushar Manudhane
And just lastly on this how much would have been the constant currency growth for us?
Yogesh Agrawal
Come again
Tushar Manudhane
sir. How much would be constant currency growth for US business for 3Q FY26 and 9 months.
Yogesh Agrawal
FY26 I think I don’t have that figure right now. Yeah, I will give it share it later. We’ve seen some dollar movement. Our growth is of course far far. The volume growth is far bigger than the currency. Currency rupee appreciation.
Tushar Manudhane
Got it. That’s it from my side.
operator
Thank you. Our next question is from the line of Abdul Kadar Puranwala from ICICI Securities. Please go ahead.
Abdul Kadar Puranwala
Hi sir. Thank you for the opportunity. So first on the India growth of close to 19%. So you mentioned the cardiology portfolio has grown in Line with the pharma market growth or the like to like basis growth. But what exactly has driven this outperformance? If you could highlight.
Rajesh Agrawal
No, I think it’s mostly a little bit of seasonal also for us in some sense. But at the same time we have had some very good activities, some very good customer connect that has happened. Like I said, our gynecology has done much better than what we were expecting. Dermatology, as you would have seen, we have gained two ranks. So we outperformed the market by nearly two times the growth rate. So these are the segments that have contributed better than what we were expecting.
Abdul Kadar Puranwala
Understood. And so with the 150 Europe, what you have added this quarter and I believe in international geography as well. So you know where exactly are the MaaS getting deployed and any new product you’re launching, you know, either on the GLP side in India and overseas with your recent partnership and you know, should we think of this addition in that way or that will be over and above what you have done recently.
Rajesh Agrawal
Number of reps, what we have added in domestic are across these four therapeutic segments and that is basically pan India. So in that sense there is no new division or new therapy launch. These are basically just to increase the coverage. Wherever our productivity was higher, we felt that we need to cover more effectively. So that is what it is for glp. We will be launching in India under our own trademark and we hope to be in the first wave of the product launches that will happen in the month of March. So that will naturally be factored into the growth plans of next year which will start from April to next March.
So that is what it is. Did you have any other question in this?
Abdul Kadar Puranwala
Yeah. So with regards to GLP then you know your overseas partnership with biocon, if you could shed some light as to, you know how the arrangement is.
Yogesh Agrawal
So the arrangement will be that they will be supplying to the finished product. They have the finished product, they have all the required data which they have filed in all the regulated markets. And we have tied up with them for 26 countries where 23 is exclusive. Tie up with us three countries is semi exclusive. Which means semi exclusive is they can come by on their own or they can give to one. So at the most they can give one more company agenda other than agenda. So we are looking to start filing the dossiers from Q1 in all our markets and from 12 months onwards we should start getting the approvals in various countries.
So we are starting, we are looking if all going well from like I think, I think 27, 28. The revenues for the CLP1 should start coming in. So it’s a fairly straightforward. They will give us the product, we will take, commercialize it in this 26 countries where we have a very strong ground presence to our all field force and promote plants.
Arvind Agrawal
It will be in our brand. Yeah, it will be in our brand name.
Abdul Kadar Puranwala
Okay. Okay. So. So fair to assume that this would be like a profit sharing agreement or you would be paying some upfront fee, something like that?
Yogesh Agrawal
Yeah. There is some confidentiality agreements which we have in place. So I’m not able to give the exact details. But it’s a combination of all what you have just mentioned. It is going to be the transfer price and there’ll be some arrangement on some kind of mechanism on some, some profit share, things like that.
Abdul Kadar Puranwala
Yeah, understood. And so last one if I may. Just a bookkeeping question on the depreciation expense. So that has been, you know, ranging little higher as compared to what we have done last year. So what exactly, you know, is the reason for that?
Arvind Agrawal
Basically we commenced one more manufacturing facility at Pitampur for the liquid line which we announced last quarter. So that particular depreciation has already come in in this particular quarter. So because of that the depreciation is increasing.
Abdul Kadar Puranwala
Got it sir. Thank you.
operator
Thank you. Our next question is from the line of Aman Kumar Singh, an individual investor. Please go ahead.
Aman Kumar Singh
Yeah. Good evening. I have two questions to ask. One is about the dividend payouts in terms of percentages of that we have maintained a payout, both payout in terms of dividend and buyback in last four, five years in a range between 60 to 80%. This year we have given a payout of about 44%. Do we expect the similar kind of a payout from the trend what we have seen in the past?
Arvind Agrawal
I think it is still not decided because there is one more quarter which is going to be there. So we need to take a call in the book meeting. But as I we mentioned, you know, you must have seen the article, we are increasing our thrust on the acquisition. So if that happens then in that case maybe board will advise accordingly. So I think we need to wait till quarter four for the decision of the board.
Aman Kumar Singh
Yeah. And another question is that we are nearing, you know, becoming a 500 million dollar turnover company. What is our roadmap or a plan to go from 500 million dollar to a billion dollar company? Please elaborate on this.
Yogesh Agrawal
The plans are. It’s a everyday progress which is being made in the existing markets. We are continuously as you have seen the last 2, 3 years increase in the field. We are increasing the therapeutic segments in India. We have launched two new therapeutic segments internationally. We have got into the psychiatry portfolio. So idea is to increase the new therapeutic segments internationally. We are looking at to add at least one new therapeutic segments now. So the idea is to increase our field presence in various markets, add new therapeutic segments and we are also looking to expand into the new territories, possibly into the Latin America which is probably.
I think we want to take a serious look at it. So there will be some new geographies also which will get added in the coming time. So with all this I think we are expecting and hoping the growth momentum to continue. Continue in the coming years.
Aman Kumar Singh
Okay, good and thank you so much. Yeah, please continue.
Yogesh Agrawal
It was there in the press also that we are actively looking for the acquisition also. And we are as it was there in the news that we are here 1000 crores plus for that. So all those possibilities also do exist. Let us see if and when they materialize.
Aman Kumar Singh
Yeah, and one last question I have is like there was also a news article regarding, you know, although it was denied by the company that there can be an acquisition of, you know, non related business from Ajanta Pharma. So I hope that the denial is firm and we are still only focusing ourselves on the pharmaceutical business.
Arvind Agrawal
Absolutely. We are very clear about this. The, you know you must have seen that later on the clarification also came that it is by one of the promoters family office, not by agenda Pharma. Pharma remains only in pharma business and. We will continue to do this business only.
Aman Kumar Singh
Okay, thank you sir. Thank you.
operator
Thank you. Our next question comes from the line of Kashif Thakur from Elara Capital. Please go ahead.
Kashish Thakur
Hi sir. Thank you for the opportunity. Such as two questions related to India business. We have shown quite good numbers. So just wanted to understand the breakup of the India growth like in the terms of volume growth, price and new products.
Rajesh Agrawal
Yeah sure. I will share that with you in a second. So volume growth IPM is at 2.1%. This is a composition of 8.9% IPM growth and has grown at 3.1% as per IQVR. So we are 1.5 times faster than the IPM in the volume and for the new products IPM has shown a contribution of 2.5% in the growth and Ajanta has shown 3.9%. Is that 4.9? It’s 3.9%. So again nearly 1.5 times the IPM growth rate. In the contribution towards our 11.4% growth.
Kashish Thakur
Understood. And so what has to be the PCPM of this? Although we’ve been adding around 100 over 150m during this quarter as well. So wanted to know that as well.
Rajesh Agrawal
PCPM for the quarter. You. I’m not able to say you really sorry.
Kashish Thakur
Yes, yes. PCPM for the quarter.
Arvind Agrawal
For the quarter it will not be there but I think for the PCPM if you want for nine months period we are at about 3.6 crores. 3.6 lakhs. Lakhs per month.
Rajesh Agrawal
3.7 is the first nine months.
Kashish Thakur
Yeah, understood sir. Thank you.
operator
Thank you. Our next question is a follow up from Tushar Manudane from Motilal Oswal. Please go ahead.
Tushar Manudhane
Thanks for the opportunity again sir. So just on this GLB semaglutide for Asia Africa. While you know, at least in India it seems it’s going to be a competitive market even in the first wave of market formation. If you could just provide certain insights on this Asia Africa focused geography. How do you see the competition shaping up post patent expiry in these markets where you have sort of tied up exclusively with Biocorp?
Yogesh Agrawal
We believe that India would be more will be more aggressive competition in India which could be in the range of what 10, 12, around 15 to 15 to 20 plus. But in the our markets we believe it will not be as aggressive. We are expecting it should remain around 4 to 6 depending on which companies get approval, what kind of what time and point. But it will not be the competition intensity will not in the emerging markets will not be as high what we are going to see in India.
Tushar Manudhane
And subsequently given this low competition. But from a pricing point of view, given your experience with the earlier products in let’s say India, Asia, Africa, how do you see the pricing playing out given their per capita income, given the demand, any. Any color you can show or it’s too early to ask whichever way.
Yogesh Agrawal
I can give you a general sense. As you know the DNA of Ajunta operate at an acceptable margin. We are not interested to sell the product below the margin threshold which is good enough for us. So overall the margin should be good only, decent only. And as I have said the pricing is also a factor of how much competition you will be having in the market. And since we are not expecting as aggressive competition as we are going to see in India, we believe the pricing should remain pretty decent and we are expecting some good margins overall.
I think that’s the broader color which I can give you.
Tushar Manudhane
And Would it require additional marketing as in Mrs. Or marketing spend or this product will get funneled through existing.
Yogesh Agrawal
Exactly. It will go through the existing. In all our markets we already have CBD presence, cardio diabetes presence is there on all our markets. Wherever we are, we tied up this. And that’s precisely the reason for us to go because it really complements our presence in this segment. And the second is the weight loss. So both these segments, every existing team will be able to handle this product. In fact they’ll be able to capitalize on this product better because we already have the relationships with the, with the doctors in the field in this specialty.
Tushar Manudhane
Interesting. Interesting. Yeah, that’s about it. Thank you.
operator
Thank you. Our next question comes from the line of diresh from White Oak. Please go ahead.
Dheeresh Pathak
Yeah, thank you. Sir, I don’t know if you already answered this for nine months in Asia is quite muted. So if you can just explain that sir.
Yogesh Agrawal
No particular reason I can say. I mean we started the year as I said in my opening comments, hoping that Asia would probably post a double digit growth. But somehow we’ve seen some low traction in certain countries because of that our growth has been slightly below what we would have liked it to be. But I think we are very confident structurally fundamentally there’s nothing wrong. I think we are hoping that Q4 onwards itself we will start seeing the revival and we should start posting some good growth. So also there was secondary thing. That also a little bit there were some exports which got delayed shipments from the Q3 which will get pushed over to the Q4.
So had that supplies also come in the Q3 would have looked better than what it is right now. So that also effect we will see in the Q4 the Q3 spillover into Q4 and then we should be able to catch up.
Dheeresh Pathak
Understood. And Arvindi did not see any forex loss in other expense. So I was surprised by that because APNA Hedge book market. Right.
Arvind Agrawal
Fortunately everything got you know booked into the second quarter and fortunately the closing of quarter three was you know, lower than the quarter two. So because of that there was no loss at all during this quarter.
Dheeresh Pathak
That was the case for USD. But Euro was lower only.
Arvind Agrawal
Yeah, but Euro maybe. [Foreign Speech]
Dheeresh Pathak
Nice. And so yay. Eight last question. This biocon partnership is also for India but it’s for non. It’s not for India emerging markets. Okay. So sir bear the responsibility for approval is for the regulatory approval is on us or is in biocon.
Arvind Agrawal
It is on us. It is on us only will provide here. But responsibility in terms of this is.
Dheeresh Pathak
A process called COPP route. So we are following that or we are going through individual or we are going through a COPP route. Sir.
Yogesh Agrawal
No COPP route is applicable for Europe. No, I think it is not there in the. There are few countries in Africa which have this mutual recognition, but mostly it is individual countries.
Dheeresh Pathak
Okay, so we are doing individual countries. All right, sir. Thank you.
operator
Thank you. Our next question is from the line of Umesh Ladha from Nirmal. Bam. Please go ahead. Umesh, your line has been unmuted. You may proceed with your question.
Umesh Laddha
Hello. Hello. I’m audible.
operator
Yes, you are audible. Please go ahead, sir.
Umesh Laddha
Yeah, thank you for the opportunity, sir. So sir, if you see when in last nine months our US business is almost 50 percentage up. So is it that the only newer products are contributing for this 50% growth or it is the older products also which have started to grow in volume terms?
Yogesh Agrawal
Yeah, as I mentioned, older products also we have increased the market share in some of the important products and that also is one of the factor besides the new products.
Umesh Laddha
Okay, so like will it be fair to assume that the older products would have grown BY Almost like 15% and then the rest is only the new launches roughly.
Yogesh Agrawal
Difficult to give you the exact granular details as much, but I can say that it’s a combination of both the new products as well as the existing products. Both. And as I mentioned in the Q3, the small bump up also happened because of the flu seasonal product which we have which sells typically in December, Jan, Feb, so it starts November, December, January, four months when we have the sales for that product.
Umesh Laddha
Okay, so got it. And so just wanted to know that in which all therapeutic segments are we majorly present in US if that’s okay.
Arvind Agrawal
US as such, there is no focus on therapeutic segment. It is the opportunity which we really look at the individual product opportunity. So therapeutic segment is not much, but CNS is there. And mostly it is oral solids.
Umesh Laddha
Okay, so got it. That’s it from my side. Thank you, sir.
operator
Thank you. The next question is from the line of Dhruv Maheshwari from Perpetuity Ventures llp. Please go ahead.
Dhruv Maheshwari
I just have one quick question. If you can provide a guidance on how should we look at the impact of labor costs on staff labor codes, on the staff cost going forward.
Arvind Agrawal
We have already provided for it. So we have provided 7 crores of rupees in the employee cost on account of the new labor core regulation. So there will be an additional liability on account of gratuity and duepay. Which has already been provided in this quarter.
Dhruv Maheshwari
Okay, thank you.
operator
Thank you. The next question is from the line of Forum Parikh from Bank of Baroda Capital Market. Please go ahead.
Foram Parekh
Thank you for the opportunity. My first question is on the Asia business. We have seen softness due to softer traction in certain markets. So could you name the markets where we are seeing softer traction?
Yogesh Agrawal
Unfortunately we don’t give such granular details of the country wise or things like that. But yeah, I think that’s all about as much as.
Foram Parekh
Okay, so could you just give us a guidance like you know for FY27 or FY26 what are we guiding full year for Asia branded and Africa branded.
Yogesh Agrawal
So I think Asia we should be able to post mid teens to, sorry mid single digit to high single digit for the FY26 for the Asia.
Foram Parekh
Okay.
Yogesh Agrawal
For Africa we should probably post in low double digit I think.
Foram Parekh
Okay. And can we give guidance for FY27 as well?
Yogesh Agrawal
Too early I think. Let’s wait for the next quarter.
Foram Parekh
Okay. My second question is on the India business. We mentioned that gynecology is picking up well. So if you can give us some more color like how big is the therapy now or how much does it contribute to the India business? Some color there.
Rajesh Agrawal
The contribution is insignificant. Primary reason being it’s a very new therapy. To have any meaningful contribution to the entire India business it will take some years. What is very important and encouraging is the fact that we are getting good acceptance from the gynecologists. Our brands have been picked up well in otherwise highly competitive segment. We are able to make a good inroad for ourselves and we are very confident that in the next two to three years it should become an important and a prominent therapy. Just the way we have developed the other four therapies. So I think that’s what’s more important.
Foram Parekh
Okay, that’s helpful. And we mentioned that we will be participating in the GLP first wave. So the guidance for FY27 would also include the GLP accountability. So could you just, I mean give us the number? Like what guidance should we look at for FY27 India business?
Rajesh Agrawal
Again it’s still in the works. We would rather focus on the current quarter past quarter. I think we’ll come out with the guidance in the Q4 earnings call. I think that will be more firm and better in that sense. But yes, we will be in the first wave of the GLP launches and that brand, that product would be included in the growth plans for the next year.
Foram Parekh
Okay. And lastly if you can Just help us understand the TAM that you’re looking at for Asia market for the GLP products. Would it be like, would some geographies have like a billion dollar kind of market or would it be lower? How should we look at it? And likewise for Africa as well.
Yogesh Agrawal
It will not be to that level or Africa’s markets are not comparable to Europe or us, Right? Yeah, yeah. Asia can do better than Africa but not in the tunes of billions of dollars. I think currently yeah, it’s very difficult to put a number on it but it’s a growing segment, you know that it’s every year it’s growing exponentially. We’ve never seen a launch of product like this in the longest time. Already globally it’s become I think what 35, 40 billion and 25 billion each. 50 billion and it’s still growing at 25, 30%. So I’ll hesitate to put any number on the market size on this, on this product.
It’s still, it’s evolving.
Foram Parekh
Sure, no problem. That’s helpful. Thank you.
operator
Thank you Ladies and gentlemen, to ask a question you may please press star and one on your touchstone telephones. Our next question comes from the line of Kunal Randaria from Access Capital. Please go ahead.
Kunal Randeria
Hi, good evening everyone. So I’m quite not able to wrap my head around this 19% domestic growth so I appreciate you trying to give a bit more color. Is it because since the nephro gynec is largely new is there some channel filling happening here or is there some recovery in cardiac is led to high primary sales? Because there is a fair bit of discrepancy between you know, what you’ve actually reported what the IQ number suggested.
Arvind Agrawal
Yeah, you are right, you know, because see ultimately this 19% neither it is a channel filling nor it is something which is bump up. It is something which is normal sales. What happens is that every quarter there is some traction which takes comes into some of the segments and that is what is happening in this quarter. There is absolutely nothing, you know really abnormal in this case. And as you see, you know every year this quarter is always good quarter next quarter will be little know lower because as you must have seen your last four or five years, our last quarter is always low.
So that is what is going to happen. But I think it sits in the normal coding. There is no channel filling or there is no abnormal thing at all.
Kunal Randeria
So no particular therapy would like to.
Rajesh Agrawal
The IPM is recording agenta growth at 14.8% for Q3. So IPM is the IQVM I’m sorry. IQVR is showing a near 15% growth for agenda. So this is all pure secondary growth that they are reflecting as against that our internal growth is 19.
Kunal Randeria
So no particular therapy. Right. I mean all therapies are starting to do well. I have learned well.
Rajesh Agrawal
In the 15% that they are reporting. Cardiology is lesser than what we actually are actually recording internally. Right. So if you add that back into 15% it will come up to 19% or 18% or whatever the number may be. So it’s essentially exactly the same.
Kunal Randeria
And for just one more clarification, sir, you mentioned that you have been adding some salesforce in your export businesses. So is it in the existing markets or it’s still some of the new frontiers like a Latam or Anglo Africa that you’re targeting.
Rajesh Agrawal
Not able to understand the increase.
Yogesh Agrawal
In the existing countries only.
Kunal Randeria
Okay, it’s in the existing countries.
Yogesh Agrawal
Correct.
Kunal Randeria
Right, right. And so can you give us some guidance on how much the expansion is yet to take place in the next couple of years?
Yogesh Agrawal
Expansion in terms of what?
Kunal Randeria
Salesforce.
Yogesh Agrawal
Next few years is a very long outlook to give. I think I will restrict to the current year. I think. Let’s talk about next year, in the next quarter.
Kunal Randeria
Sure, sure. Thank you sir. And all the best.
operator
Thank you. Participants who wish to ask questions may press star and do one. Ladies and gentlemen, to ask a question may press star and one. At this time. We have no further questions. Ladies and gentlemen, I would now like to hand the conference over to. To Mr. Yogesh Agrawal for closing comments. Over to you sir.
Yogesh Agrawal
Thank you everyone for joining this call. In case if there are any further questions that remain unanswered today please reach out to our investor relationship. Thank you.
operator
Thank you. On behalf of Ajanta Pharma. That concludes this conference call. Thank you all for joining us. You may now disconnect your lines.