Aurobindo Pharma Ltd(AUROPHARMA)

NSE: AUROPHARMABSE: 524804

₹ 1,569.3-3.49%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 90,294 crWebsite: www.aurobindo.comUpdated: 24 Oct 2026

About

Aurobindo Pharma is an Indian integrated pharmaceutical company that develops and manufactures generic formulations and active pharmaceutical ingredients (APIs) across the US, Europe, growth markets, and India. In FY26, consolidated revenues reached Rs. 33,653 crores, making it one of India's largest generics exporters. It held the top position in US generic prescription volume share for the year ended March 2025, per IQVIA. The company has expanded into biosimilars through its CuraTeQ subsidiary and biologics CDMO through TheraNym.^[1][2]

Business segments

US formulations generated $399 million in Q1 FY27, up 8.1% YoY, driven by volume gains and new product launches across oral solids and injectables.^[3]
European formulations crossed €1 billion in annual revenue in FY26; Q1 FY27 revenue reached €267 million (+11% YoY in constant currency).^[4]
Growth Markets revenues rose 38% YoY to Rs. 1,063 crores ($113 million) in Q1 FY27, including new entries into Indonesia and China.^[3]
API business contributed 12% of consolidated revenues in Q2 FY26 (Rs. 961 crores), with Beta-lactam and Non Beta-lactam segments facing pricing headwinds.^[5]
Beta Lactam products made up 73% of API sales in FY25.^[2]
ARV formulations revenue reached Rs. 1,384 crores for FY26, growing 33% YoY, on higher volumes and new tender wins.^[4]

Products and R&D

As of FY25 the range covers generics, specialty products and injectables, APIs, and complex products including biosimilars, vaccines, peptides and metered dose inhalers.^[2]
As of FY25 it runs 9 R&D centres, 5 in Hyderabad and 4 in the US, with more than 1,500 scientists.^[2]
Cumulative US ANDA portfolio stood at 896 as of 30-Jun-26: 737 final approvals, 33 tentative approvals and 126 under review.^[3]
In Q1 FY27 it filed 9 ANDAs, received 10 final approvals and launched 10 new products in the US.^[3]
R&D spend in Q1 FY27 was about Rs. 344 - 350 crores (4% of revenues); FY26 R&D spend was Rs. 1,590 crores (5% of revenue).^[3]

Manufacturing and capacity

As of FY25 it has 30+ manufacturing and packaging facilities: 28 in India and 1 each in Portugal, Brazil and China, including 18 formulation and 13 API commercial plants.^[2]
Formulations capacity grew to over 60 billion doses a year in FY25, up from 50 billion, including 2 billion units from the China OSD plant.^[2]
API manufacturing capacity is about 19,000 MTPA as of FY25, among the largest in India.^[2]
15,000 MT Pen-G and 3,600 MT 6-APA backward-integration facilities at Kakinada were commercialised under the PLI scheme (FY25).^[2]
Pen-G and 6-APA PLI plant turned EBITDA-positive in Q4 FY26, with external sales above Rs. 100 crores in the quarter and >80% capacity utilisation.^[4]
China OSD output doubled over 12 months to over 1 billion tablets annualised as of Q1 FY27, supplying Europe and the US; the plant is EU GMP certified and expandable to 7.0 billion tablets.^[3][2]
Dayton OSD plant (US) moved to commercial manufacturing as of Q3 FY26.^[6]
Eugia injectables Unit 3 underwent a USFDA inspection with procedural/technical observations only (Q1 FY27).^[3]

Key operating metrics

Consolidated gross margin rose 153 bps YoY to 60.4% in Q1 FY27 vs 58.8% in Q1 FY26, on better mix and Pen-G backward integration.^[3]
Europe EBITDA margin reached 20% in Q1 FY27, up from single digits a few years ago.^[3]
Net capex for FY26 was $341 million; FY27 normal capex (ex-biologics) guided at about US$150 - 200 million.^[4]

Customers and distribution

ARVs are sold to over 125 countries through tenders run by the Global Fund, USAID/PEPFAR and country Ministries of Health (FY25).^[2]
In Europe it has 1,300+ employees, including a field force of 395 and 75 sales agents, and signed a deal with Phoenix covering five markets (FY25).^[2]

Biosimilars - CuraTeQ

Denosumab biosimilars FILVIZY and FUGEVY filed with CHMP/EMA in Q1 FY27; commercial supplies live in UK (all four products), multi-country EU, and LATAM via Mexico.^[3]
Approved biosimilars: Bevacizumab in the UK, and Filgrastim, Pegfilgrastim and Trastuzumab in Europe (FY25).^[2]
Omalizumab (OMAZIJEV) Phase 3 met all primary endpoints; EMA filing targeted Q3 CY2026, US FDA filing may slip by one quarter.^[4]
STADA licensing agreement signed in March 2026 to distribute two EMA-approved biosimilars in France and Germany.^[4]
CuraTeQ targets 7 - 8 marketed biosimilars in EU/UK/Canada by FY29 and at least 3 US approvals by 2030.^[3]
AuroVaccines merger into CuraTeQ targeted for completion by March 2027, to repurpose vaccine capacity for biosimilars.^[3]

Expansion and capex

Lannett acquisition (US) closed June 29, 2026 for $247 million after FTC approval; facility utilisation ~40%, with a 12-month ramp plan.^[3]
TheraNym biologics CDMO Unit 1 (60 kL mammalian cell-culture capacity) commissioning targeted by end CY2026; revenues expected from CY2028.^[4]
TheraNym Unit 2 greenfield drug substance facility (60 kL) estimated at US$180 million; construction to begin October 2026, revenues expected from CY2031.^[3]
TheraNym Units 1 and 2 steady-state revenues targeted at US$150 - 200 million from 2032 at 35 - 50% EBITDA margins.^[3]
China OSD production targeted to exceed 2 billion tablets by end CY2026 or mid-CY2027, up from ~1 billion.^[3]

Recent developments

On October 2, 2026, subsidiary Apitoria Pharma completed buying 80% of A1 Biochem Labs (India) and 100% of A1 Biochem Labs LLC (US) for USD 15.247 million, for a CRDMO platform.^[7]
A1 Biochem (India) had turnover of about Rs. 100 crores, 50+ customers and 800+ projects; the remaining 20% is held by Dr. Rajendra Gadikota.^[3]
On September 28, 2026, the Appellate Joint Commissioner confirmed a disputed demand of Rs. 4,60,28,908 (with interest and penalty) over alleged excess input tax credit.^[8]
ANVISA GMP certification for drug substance and drug product facilities secured in Q1 FY27, enabling supply to Brazil.^[3]
Generic Advair launch under Lannett scheduled for August 2026 in the US; ADQUEY, its first NCE (eczema), planned for Q2 FY27.^[3]

Market Cap

₹90,294 Cr

High / Low

₹1,740 / 1,080

Stock P/E

24.5

Price / Book

2.4

Book Value

₹652

EPS

₹60.3

No. of Shares

58.08 Cr

ROCE

12.8%

ROE

9.9%

OPM

16.3%

Debt / Equity

0.20

Sales

₹33,653 Cr

Net Profit

₹3,503 Cr

Promoter holding

51.9%

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