Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Aurobindo Pharma Ltd.
NSE: AUROPHARMAHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹1,571.70
- Day change
- −₹39.20 (−2.43%)vs
- Market cap
- ₹98,211 crIndian rupees
- Research updated
- 1 report
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About Aurobindo Pharma
Aurobindo Pharma Ltd. is a prominent pharmaceutical company engaged in the manufacturing and marketing of a broad range of generic pharmaceuticals and active pharmaceutical ingredients (APIs). The primary function of Aurobindo Pharma is to supply affordable healthcare products and solutions across a variety of therapeutic categories, including antibiotics, antiretrovirals, cardiovascular products, gastroenterologicals, and central nervous system agents. Known for its comprehensive portfolio, Aurobindo serves multiple sectors by addressing the healthcare needs of both developed and emerging markets. The company plays a significant role in the global pharmaceutical industry by maintaining numerous manufacturing facilities that meet international standards, securing regulatory approvals in major markets such as the United States, Europe, and Japan. Aurobindo's R&D capabilities are notable, with a strong commitment to innovation and excellence in drug development and delivery. Established in 1986 and based in Hyderabad, India, Aurobindo Pharma Ltd. is pivotal in enhancing access to essential medicines worldwide, reflecting its market significance linked to its expansive supply chain and diverse product offerings.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: AUROPHARMA
- Chief executive
- Dr. Makkapati Satakarni B.E., M.B.A., Ph.D.
- Employees
- 27,707
- Headquarters
- Hyderabad, India
- ISIN
- INE406A01037
- Website
- aurobindo.com
Public research · Report of
Business model & financial foundation
Aurobindo Pharma (NSE: AUROPHARMA), Pharmaceuticals - global generic formulations and APIs: revenue of ₹33,653 crore in FY26 (+6.1% on FY25), an EBITDA margin of 20.4%, net profit of ₹3,505 crore and net cash of ₹2,941 crore.
- Revenue, FY26 (₹ crore)
- 33,653
- consolidated
- Revenue growth, FY26
- +6.1%
- on FY25
- EBITDA margin, FY26
- 20.4%
- EBITDA (company def., before fx, OI, exceptional) / revenue
- Net profit, FY26 (₹ crore)
- 3,505
- to owners
- Return on equity, FY26
- 9.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,941
- Net debt (borrowings less cash, bank balances, current investments)
- Market capitalisation (₹ crore)
- 98,585
- at the close of 13 Oct 2026
Company profile
Aurobindo Pharma is a Hyderabad-based vertically integrated generics maker selling oral and injectable formulations and APIs in over 150 countries. The US (about 41% of Q1 FY27 revenue) and Europe (32%) dominate, with growth markets, ARV and APIs (including the PLI Penicillin-G chain) making up the rest. It holds 896 ANDA filings and is building biosimilars, biologics CDMO (TheraNym), peptides and US specialty brands.
| Item | Value |
|---|---|
| Legal name | Aurobindo Pharma Limited |
| Exchange and ticker | NSE: AUROPHARMA; BSE: 524804 |
| ISIN | INE406A01037 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - global generic formulations and APIs |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells (since 2022) |
| Market capitalisation | ₹98,585 crore (13 Oct 2026) |
| Shares outstanding | 58.08 crore shares (FY26) |
| Price | ₹1,693 (close, 13 Oct 2026) |
| 52-week range | ₹1,080 - ₹1,740 (to 13 Oct 2026) |
| Website | https://www.aurobindo.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Aurobindo Pharma USA Inc. | 100% | US generics marketing; owns Lannett (acquired Jun 2026) |
| Aurolife Pharma LLC | 100% | US manufacturing (Raleigh/Dayton) |
| Eugia Pharma Specialities Limited | 100% | Injectables and specialty (sterile) manufacturing |
| Acrotech Biopharma Inc. | 100% | US specialty/oncology and dermatology brands (Adquey) |
| CuraTeQ Biologics Private Limited | 100% | Biosimilars |
| Lyfius Pharma Private Limited | 100% | Penicillin-G PLI plant, Kakinada |
| Generis Farmaceutica S.A. | 100% | Portugal generics |
| Puren Pharma GmbH & Co. KG | 100% | Germany generics |
| Lannett Company LLC | 100% | US generics manufacturer incl. controlled substances; acquired Q1FY27 for ~US$247mn |
Apitoria Pharma (API), Qule (6-APA), TheraNym (biologics CMO), Auropharm (domestic branded) are further wholly owned subsidiaries.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 51.82% | 51.82% | 51.82% | 51.88% |
| Promoter holding pledged | 17.50% | 17.50% | 23.65% | 13.75% |
| Foreign institutions | 14.21% | 13.94% | 15.24% | 16.38% |
| Domestic institutions | 27.60% | 27.68% | 25.87% | 25.10% |
| of which mutual funds | 19.30% | 19.52% | 17.79% | 16.71% |
| Retail | 6.38% | 6.55% | 7.08% | 5.36% |
| Other | 1.28% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Total formulations | 29,606 | 88.0% |
| Total API | 4,047 | 12.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Dr. Reddy's Laboratories (DRREDDY) | US generics heavy Indian peer of similar size |
| Cipla (CIPLA) | US/India generics peer of similar market cap |
| Lupin (LUPIN) | US generics and inhalation peer |
| Zydus Lifesciences (ZYDUSLIFE) | US generics plus India peer, similar cap |
| Glenmark Pharmaceuticals (GLENMARK) | US/Europe generics peer |
| Alkem Laboratories (ALKEM) | Generics peer with US exposure |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 23,367 | 24,617 | 29,002 | 31,724 | 33,653 |
| Cost of revenue (vendor classification) * | 10,815 | 11,900 | 13,236 | 13,742 | 14,325 |
| Other operating costs (vendor classification) * | 4,637 | 5,516 | 5,838 | 3,734 | 7,125 |
| EBITDA (vendor classification) * | 4,652 | 3,997 | 6,377 | 7,190 | 7,405 |
| EBIT | 3,410 | 2,741 | 4,648 | 5,507 | 5,078 |
| Finance costs | 36.8 | 129.0 | 289.7 | 457.2 | 384.0 |
| PBT after exceptional, before share of JV/associates | 3,373 | 2,613 | 4,397 | 5,098 | 5,110 |
| Total tax expense | 725.6 | 684.9 | 1,211 | 1,583 | 1,609 |
| Profit after tax | 2,647 | 1,928 | 3,169 | 3,484 | 3,503 |
| Diluted EPS (INR) | 45.19 | 32.90 | 54.16 | 59.81 | 60.34 |
| COGS (materials + purchases + inventory change) | 12,603 | 13,026 | 13,488 | ||
| Employee benefits expense | 3,923 | 4,476 | 5,190 | ||
| Other expenses (excl. fx loss) | 6,633 | 7,616 | 8,119 | ||
| EBITDA (company def., before fx, OI, exceptional) | 5,843 | 6,605 | 6,856 | ||
| Other income (excl. fx) | 518.6 | 621.9 | 492.1 | ||
| Forex gain/(loss), net | 38.8 | -22.7 | -10.1 | ||
| Depreciation, amortisation and impairment | 1,522 | 1,649 | 1,778 | ||
| Exceptional items (charge negative) | -191.9 | 0.00 | -65.3 | ||
| Share of profit/(loss) of JV and associates | -17.2 | -31.7 | 1.52 | ||
| Non-controlling interest share of profit | -4.00 | -2.31 | -1.78 | ||
| PAT attributable to owners | 3,173 | 3,486 | 3,505 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 24,574 | 26,852 | 29,851 | 32,647 | 37,883 |
| Borrowings * | 3,279 | 5,286 | 6,648 | 8,263 | 8,073 |
| Cash and cash equivalents * | 4,163 | 4,396 | 3,393 | 5,569 | 7,191 |
| Trade receivables * | 4,012 | 4,466 | 4,817 | 5,746 | 7,094 |
| Inventories * | 7,554 | 8,511 | 9,808 | 10,544 | 12,053 |
| Trade payables * | 2,703 | 3,871 | 4,454 | 4,189 | 5,567 |
| Net property, plant and equipment * | 699.3 | 7,995 | 11,546 | 12,189 | 14,330 |
| Capital work in progress * | 3,041 | 4,808 | 2,866 | 3,445 | 3,279 |
| Total assets * | 33,922 | 39,890 | 45,072 | 49,785 | 58,502 |
| Net debt (borrowings less cash, bank balances, current investments) | -13.7 | -293.8 | -2,941 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 4,818 | 758.2 | 2,435 | 3,925 | 5,526 |
| Free cash flow (vendor definition) * | 2,312 | -333.7 | -1,127 | 1,405 | 2,422 |
| Dividends paid (outflow negative) | -263.7 | -439.5 | -263.6 | -1.04 | -232.4 |
| Capex: PPE incl. CWIP movement + intangibles and IAUD (outflow negative) | -1,672 | -2,393 | -3,562 | -2,520 | -3,105 |
| Acquisitions of businesses, subsidiaries and NCI (outflow negative) | 0.00 | -33.9 | -303.2 | ||
| Buyback of equity shares incl. tax and costs (outflow negative) | 0.00 | -930.2 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 58.59 | 58.59 | 58.59 | 58.29 | 58.08 |
| Weighted average diluted shares for EPS | 58.08 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 7,796 | 7,979 | 8,382 | 7,868 | 8,286 | 8,646 | 8,853 | 9,150 |
| Cost of revenue (vendor classification) * | 3,239 | 3,481 | 3,429 | 3,627 | ||||
| Other operating costs (vendor classification) * | 1,797 | 2,081 | 2,249 | 2,162 | ||||
| EBITDA (vendor classification) * | 1,710 | 1,961 | 1,867 | 2,144 | ||||
| EBIT | 1,305 | 1,431 | 1,322 | 1,394 | ||||
| Finance costs | 112.7 | 118.5 | 115.0 | 97.8 | 95.2 | 92.8 | 98.2 | 101.7 |
| PBT after exceptional, before share of JV/associates | 1,207 | 1,198 | 1,367 | 1,205 | 1,274 | 1,338 | 1,293 | 1,517 |
| Total tax expense | 390.5 | 354.3 | 432.3 | 382.6 | 427.8 | 428.7 | 369.8 | 483.1 |
| Profit after tax | 817.0 | 845.6 | 902.8 | 824.2 | 848.1 | 909.8 | 920.8 | 1,032 |
| Diluted EPS (INR) | 14.00 | 14.56 | 15.56 | 14.20 | 14.61 | 15.67 | 15.86 | 17.86 |
| COGS (materials + purchases + inventory change) | 3,210 | 3,315 | 3,428 | 3,239 | 3,339 | 3,481 | 3,429 | 3,627 |
| Employee benefits expense | 1,109 | 1,132 | 1,163 | 1,229 | 1,277 | 1,310 | 1,374 | 1,480 |
| Other expenses (excl. fx loss) | 1,910 | 1,904 | 2,000 | 1,797 | 1,991 | 2,081 | 2,249 | 2,162 |
| EBITDA (company def., before fx, OI, exceptional) | 1,566 | 1,628 | 1,792 | 1,603 | 1,678 | 1,773 | 1,801 | 1,881 |
| Other income (excl. fx) | 121.4 | 157.3 | 123.2 | 105.3 | 115.6 | 154.1 | 117.0 | 211.6 |
| Forex gain/(loss), net | 14.6 | -49.8 | 11.6 | -0.39 | 4.98 | 33.5 | -48.2 | 52.6 |
| Depreciation, amortisation and impairment | 382.3 | 418.5 | 444.4 | 405.7 | 429.2 | 464.7 | 478.6 | 486.8 |
| Exceptional items (charge negative) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -65.3 | 0.00 | -40.2 |
| Share of profit/(loss) of JV and associates | 0.30 | 1.59 | -32.2 | 1.92 | 1.66 | 0.37 | -2.43 | -1.54 |
| Non-controlling interest share of profit | -0.43 | -0.24 | -0.64 | -0.55 | -0.32 | -0.49 | -0.42 | -0.53 |
| PAT attributable to owners | 817.4 | 845.8 | 903.5 | 824.8 | 848.5 | 910.3 | 921.3 | 1,033 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -4.9% | 5.4% | 17.8% | 9.4% | 6.1% |
| EBITDA margin | 20.1% | 20.8% | 20.4% | ||
| Net margin | 10.9% | 11.0% | 10.4% | ||
| Return on equity | 11.2% | 11.2% | 9.9% | ||
| Return on capital employed | 12.4% | 9.1% | 13.5% | 14.2% | 11.7% |
| Return on assets | 7.5% | 7.3% | 6.5% | ||
| Net debt (₹ crore) | -13.7 | -293.8 | -2,941 | ||
| Net debt / EBITDA | -0.00x | -0.04x | -0.43x | ||
| Interest cover | 92.6x | 21.3x | 16.0x | 12.0x | 13.2x |
| Asset turnover | 0.69x | 0.67x | 0.68x | 0.67x | 0.62x |
| Receivable days | 63 | 66 | 61 | 66 | 77 |
| Inventory days (on revenue) | 118 | 126 | 123 | 121 | 131 |
| Payable days (on revenue) | 42 | 57 | 56 | 48 | 60 |
| Cash conversion | 0.77x | 1.13x | 1.58x | ||
| Capex intensity | 7.2% | 9.7% | 12.3% | 7.9% | 9.2% |
| Free cash flow (₹ crore) | 3,146 | -1,635 | -1,127 | 1,405 | 2,422 |
| Dividend payout | 8.3% | 0.0% | 6.6% | ||
| EPS, diluted (₹) | 45.19 | 32.90 | 54.16 | 59.81 | 60.34 |
| Book value per share (₹) | 419.4 | 458.3 | 509.5 | 560.1 | 652.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company def., before fx, OI, exceptional) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (borrowings less cash, bank balances, current investments); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company def., before fx, OI, exceptional).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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