Value: largest US ANDA portfolio
Aurobindo Pharma is one of the leading vertically integrated formulations & API manufacturing companies in the world. It has a strong R&D focus and has a multi-product portfolio with manufacturing facilities in several countries. The company operates diversified businesses, structured to deliver targeted healthcare solutions across geographies and therapeutic areas. Its core operations are built on strong, integrated capabilities, encompassing both APIs and finished products. The company is one of the leading API manufacturers, with expertise in process chemistry and having the advantage of large-scale production. It is recognised globally for high-quality, reliable and cost-effective supplies. Its API business caters to both internal needs and external client demand across multiple therapeutic areas, driving profitability and sustaining the growth of its formulations area.
Aurobindo Pharma Limited, a pharmaceutical company, develops, manufactures, and commercializes generic pharmaceuticals in India, the United States, Europe, and internationally. The company manufactures a range of finished formulation products in various forms, such as oral solids, liquids, injectables for generic pharmaceuticals, branded specialty pharmaceuticals, and active pharmaceutical ingredients for CNS, anti-retroviral, cardiovascular, antibiotics, gastroenterology, anti-diabetics, and anti-allergic therapeutic areas. It also provides ointments, creams, gels, powders, transdermal, and lotions; antiretroviral drugs for PLHIV & CLHIV; and injectable products, including Penems, Penicillin, Cephalosporin, ophthalmic, inhalation, oncology, and hormone products. The company was incorporated in 1986 and is headquartered in Hyderabad, India.
Key people: Mr. Kambam Nithyananda Reddy (Vice Chairman & MD) · Dr. Mettu Madan Mohan Reddy (Whole-Time Director) · Dr. Makkapati Satakarni B.E., M.B.A., Ph.D. (President of Biologics, CEO of Biologics, Vaccines and Peptid & Director) · Mr. Santhanam Subramanian (Chief Financial Officer) · Mr. Mula Surya Narayana Murthy (Senior Vice President of Accounts) · Dr. S. Vijaya Kumar (President of Technical)
Aurobindo Pharma major competitors are Lupin, Dr. Reddy's Labs., Mankind Pharma, Cipla, Zydus Lifesciences, Glenmark Pharma., Alkem Laboratories. Market Cap of Aurobindo Pharma is ₹98,119 Crs. While the median market cap of its peers are ₹1,01,581 Crs.
Aurobindo Pharma seems to be less financially stable compared to its competitors.Altman Z score of Aurobindo Pharma is 5.18 and is ranked 7 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Aurobindo is India's 3rd-largest listed pharma company by revenue (FY26 sales Rs 33,653 cr), a vertically integrated generics maker with 896 US ANDAs (737 final approvals) as of Jun-2026. Q1FY27 revenue mix: US Rs 3,770 cr (41%), Europe Rs 2,937 cr (32%), Growth Markets Rs 1,063 cr, ARV Rs 330 cr, API Rs 1,049 cr. It owns Eugia (injectables), CuraTeQ (biosimilars, 4 EU launches), a Pen-G/6-APA PLI plant at Kakinada, a China oral-solids plant supplying the EU, and completed the Lannett (US) acquisition on 29-Jun-2026.
TTM PE 25.2x per screener; 5-yr average PE not sourced. Axis notes it raised target multiple from 17x to 18x, i.e. stock is at the upper end of its own recent range after +58% in 12 months. EV/EBITDA computed as mcap/FY26 EBITDA given net-cash position. EV/EBITDA 13.9x; dividend yield 0.2%.
| Sun Pharma | Sun trades at a large specialty premium while its US generics fell 9.7% in Q1FY27; Aurobindo offers 21% EPS CAGR at ~19x FY28E with no Revlimid cliff exposure. |
| Cipla | Cipla faces a FY27 gRevlimid earnings decline (brokers flag ~30% PAT drop in Q1FY27 preview); Aurobindo's US base is diversified across 737 approved ANDAs plus injectables and had no Revlimid dependence. |
| Lupin | Lupin's FY26-27 earnings lean on a few US exclusivities (Tolvaptan-type events); Aurobindo's growth is broader (Europe +26%, Growth Markets +38%) and is backed by Pen-G and biosimilar integration. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Healthcare — 6.9%: every headwind of 2016–17 has reversed
Indian pharma's great de-rating had four causes: US pharmacy-benefit managers merged and seized pricing power over generics; the patent cliff migrated from simple to complex molecules faster than Indian companies adapted; GDUFA fees and unannounced FDA inspections produced a wave of 483s and import alerts; and non-Indian generic players took ANDA share. We wrote publicly in 2023 that the winds were changing, and every one of those forces has now inverted. Indian companies have become genuinely good at complex chemistry, peptides and biosimilars, against a patent cliff in complex molecules worth roughly $350 bn ($142 bn of annual innovator sales lose exclusivity by 2030, more than 60% biologics). The FDA has lost about 20% of its staff. The PBM combinations are tied up in litigation. And the GLP-1 wave is real: the semaglutide patent expired in India in March 2026 and Glenmark, Dr Reddy's, Sun and Zydus launched at 50–70% discounts on day one. We like the space across the board — formulations, CDMO/CRO platforms and the GLP-1 supply chain — but we remain valuation-disciplined. Hospitals are excellent businesses that we respect and do not own at 60–80x. The sector thesis is expressed through different archetypes: a Turnaround (Glenmark), two Value names (Aurobindo, Granules), a Cyclical (Dr Reddy's at the lenalidomide trough) and a Core retailer (MedPlus). The domestic market itself is growing 10–12% in value with chronic therapies leading.
Sun Pharma is the quality leader but at 35x+ already prices its specialty franchise and is the most exposed to the lenalidomide cliff; Cipla faces a Goa-plant remediation and a respiratory pipeline dependency; Lupin has re-rated to Sun-like multiples on a handful of US launches; Zydus is the closest competitor to our GLP-1 thesis but priced for it. We own no hospital (Apollo, Max, Fortis at 60–80x EBITDA-normalised P/E) and no CDMO at 70x+ (Divi's, Syngene) — the sector can be attractive while individual valuations still matter. Apollo Pharmacy is buried inside a hospital valuation; MedPlus is the pure play.
| Rx Market Share - USA | 6.80 % | as of Mar 21 |