PL Capital has initiated coverage on Ajanta Pharma with a 'Buy' rating and a target price of Rs 3,200, projecting a 17% EBITDA CAGR and 14% PAT CAGR from FY25-28. This follows Ajanta Pharma's in-licensing agreement with Biocon to market semaglutide in 26 emerging markets, with Biocon as the manufacturing partner. Ajanta Pharma will handle commercialization, expecting revenue contribution post-Q3FY27, contingent on regulatory approvals. The deal is seen as a strategic fit with Ajanta's existing global franchise.