AUROPHARMA
Mid CapAurobindo Pharma Limited
Pharma
Aurobindo Pharma is an Indian pharmaceutical company with a global presence, manufacturing and marketing a wide range of formulations and active pharmaceutical ingredients (APIs). The company is strategically expanding into biosimilars through CuraTeQ Biologics and biologics contract manufacturing (CDMO) via TheraNym.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 12/100margin compression · Rev +6% YoY · PAT +2% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹8,853 Cr | +5.6% | +2.4% |
| EBITDA | ₹1,750 Cr | -0.6% | -1.3% |
| Operating margin | 20.0% | -100 bps | -100 bps |
| PAT | ₹921 Cr | +2.0% | +1.2% |
| PAT margin | 10.4% | -37 bps | -13 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Aurobindo Pharma reports Q4FY26 revenue growth of 5.6% YoY, driven by strong Europe performance and stable US base business, despite lower transient product sales. Net profit grew 2.0% YoY, while EBITDA margin saw a slight contraction.
Q4FY26 results show continued momentum in Europe and Growth Markets, offsetting a decline in US revenue due to seasonality and reduced transient product sales. Significant strategic investments in biosimilars and biologics CDMO, coupled with regulatory progress and capacity additions, position the company for future growth, though execution and ramp-up remain critical.
Revenue by Segment (Q4FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Biosimilars Pipeline
A diversified portfolio of 15 products is positioned to drive and sustain CuraTeQ’s growth trajectory through 2030 and beyond.
Europe Formulations
Europe business posted growth of 11% YoY with strong performance across all key markets.
Biologics CDMO (TheraNym)
TheraNym is positioned to become a reliable node in the global biologics supply chain for life-saving therapies by 2030.
Growth Markets Expansion
Growth Markets reported a YoY growth of 18% driven by strong performance across the markets.
CuraTeQ Biosimilars Capacity
Addition of bulk manufacturing and filling capacities in progress at CuraTeQ Units 1 and 2, to support pipeline of products, align capacities for 2028 and beyond.
TheraNym CDMO Unit 1
60 kL integrated mammalian cell culture facility commissioning to be fully completed by end-2026, as planned.
TheraNym CDMO Unit 2
Unit 2 will house an aggregate 60 kL mammalian cell-culture bioreactor capacity plus requisite downstream purification infrastructure, estimated to require about USD 150-175 Mn in capital expenditure.
Easing Biosimilar Regulatory Barriers
Agencies, including EMA and US FDA, are warming up to the idea of doing away with multimillion-dollar Phase 3 studies.
Expanding Biologics CDMO Market
The global biologics CDMO/CMO market is growing at CAGR of over 12%.
New Biosimilar Markets
Demand from RoW and semi-regulated markets is expected to rise on increasing biosimilars adoption. CuraTeQ is filing in multiple growth markets.
US Market Seasonality/Transient Sales
US revenue in Q4FY26... Q-o-Q decline was primarily driven by seasonality impact... despite lower transient product sales.
Regulatory Approvals
A number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations.
Competitive Pressures
Competitive pressures could adversely affect our business and financial performance.
Currency Exchange Rates
Movements in currency exchange and interest rates could adversely affect our business and financial performance.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall business growth and performance against the previous year's quarter. QoQ comparison is relevant for tracking sequential momentum in specific markets like US (seasonality impact) and API, and for monitoring project execution in biosimilars and CDMO.
US Revenue Growth
US revenue in Q4FY26 accounted for 40.0% of consolidated revenue. The Q-o-Q decline was primarily driven by seasonality impact. The base business remained stable despite lower transient product sales. (-13.0% YoY, -5.2% QoQ)
Europe Revenue Growth
Europe business posted growth of 11% YoY with strong performance across all key markets. (+30.2% YoY, +3.4% QoQ)
Growth Markets Revenue Growth
Growth Markets reported a YoY growth of 18% driven by strong performance across the markets. (+24.7% YoY, +13.3% QoQ)
API Revenue Growth
API business revenues increased by 13% YoY driven by volume growth in non-antibiotics segment. (+12.9% YoY, +25.4% QoQ)
Biosimilars Commercialization
Partnerships across growth markets planned to strengthen biosimilar commercialization and expand global reach.
TheraNym 2030 Vision
With Unit 1 and Unit 2’s large-scale capacity and MSD partnership, TheraNym is positioned to become a reliable node in the global biologics supply chain for life-saving therapies by 2030.
CuraTeQ 2030 Goal
Curateq by 2030 is poised to be one of the leading biosimilars players with a strong focus on oncology and a growing focus on immunology segments.
Next-Wave Biosimilar Filings
Denosumab biosimilar filing as planned by Q2 2026 with EMA followed by filing with FDA. Omalizumab Phase 3 Completion enables planned EMA and FDA filings by end of Q2 2026.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Biosimilar Filings (Denosumab/Omalizumab) | Denosumab filing as planned by Q2 2026 with EMA followed by filing with FDA. Omalizumab Phase 3 Completion enables planned EMA and FDA filings by end of Q2 2026. | Timely filings and subsequent approvals in regulated markets for these key biosimilars. |
| TheraNym Unit 1 Commissioning | 60 kL integrated mammalian cell culture facility commissioning to be fully completed by end-2026, as planned. | On-schedule completion and ramp-up of manufacturing for MSD and other potential clients. |
| US Base Business Stability | The base business remained stable despite lower transient product sales. | Sustained stability or growth in US base business, offsetting transient product volatility and market pressures. |
| EBITDA Margin Trend | 20.3% in Q4FY26 (-103 bps YoY, -17 bps QoQ). | Improvement in EBITDA margin driven by operating efficiencies, new product contributions, and biosimilar ramp-up. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +19.3% / mo
Technical chart
AUROPHARMAweekly · 5Y+9.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 59. Wait for confirmation.
- SMA20 rising (~16.2% over last month) — short-term momentum positive.
- RSI(14) at 59 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 42% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- FCF yield is supportive at 4.3%.
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -173.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 90th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 90th pctile, median 70 · Mid: 74th pctile, median 76
231 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.3%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 23.80
- P/B
- 2.23
- EV/EBITDA
- 10.71
- Market Cap
- 84306.00Cr
Profitability
- ROE
- 10.10%
- ROCE
- 12.80%
- ROA
- 5.99%
- Dividend Y
- 0.28%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 23.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 17.83×
- Altman Z
- 4.55
- Book Value
- 652.00
Cash Flow
- FCF Yield
- 4.34%
- FCF Positive Y
- 6/5
- OCF
- 5526.00 Cr
- EPS TTM
- 60.34
Shareholding
- Promoter Hold
- 51.82%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.