Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

NSE: AUROPHARMA· HealthCareValue · Aug 26Mid cap

Aurobindo Pharma

Value: largest US ANDA portfolio

Last close: ₹1,697.70; 29 Sept 2026 · reference
1D · 1M: 0.0% · +3.2%; price-only
Weight: 1.6%; 31 Jul 2026 · Aug rank 29
Thesis review: 8 Sep 2026; Why We Own, p42

Coverage owner: Research (per book); latest results Q Jun-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

3.9

Profitability

2.9

Balance sheet

4.4

Cash conversion

4.0

Valuation

3.3

Sales33,653 cr FY26

Net Profit3,505 cr FY26

Operating margin20.3% FY26

ROCE14.3% FY26

Revenue CAGR 3y

10.6%

5y 6.3%

Net profit CAGR 3y

22.0%

5y −8.1%

Operating margin

20.3%

3y avg 18.6%

CFO / PAT, 3y

1.17x

FCF ₹2,809 cr cumulative

ROCE

14.3%

3y avg 15.4%

Debt / equity

0.20x

interest cover 14.3x

Cash conversion cycle

-55 days

-30 days three years earlier

P/E

26.3x

PEG 1.2 on 3y PAT growth

Promoter holding

51.9%

pledged 13.8%

Growth. Revenue compounded 10.6% a year over FY23–FY26, net profit 22.0%; the latest year grew 6.1% (profit 0.5%). · Tijori P&L, annual
Margins. Operating margin 20.3% in FY26, +1.6 pp against the prior three-year average. · Tijori P&L (OPM)
Cash conversion. Operating cash flow was 1.17x reported profit across the last three years; free cash flow of ₹2,809 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 14.3% and ROE 9.3% in FY26 (three-year average ROCE 15.4%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.20x, interest covered 14.3x by EBIT in FY26. · Tijori ratios sheet
Working capital. Cash conversion cycle shortened from -30 to -55 days over three years. · Tijori ratios sheet
Valuation. 26.3x trailing earnings, 10.0x EV/EBITDA, 2.0x book — 1.2x the three-year profit growth rate; dividend yield 0.3%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 16.3% YoY, net profit 25.2% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results
Ownership. 13.8% of promoter shares are pledged. · Tijori shareholding (latest quarter)

Forensic flags · Tijori

Accounting & Shareholding

Contingent Liabilities: Company does not have significant contingent liabilities
Depreciation Effect: Depreciation accounting is not leading to increase in profits
Other Income: Other income is not affecting ratios of the company
Pledge: Promoters have not pledged a significant portion of their holding
Promoter Holding: Promoter has not sold any shares in the last 90 days
Retail Holding: Retail has been selling the stock which is usually a good time to buy
Revenue Recognition: Chances of aggressive revenue recognition - operating profit of company is not getting converted to cash and recievables rising faster than sales

Price & Performance

ROE: Asset turnover is responsible for roe increase over last 10 years
Share price: Share price has increased over last 10 years due to earnings
Working Capital: Working capital of the company seems to be under control
Capex vs ROCE: Roce of the company has decreased even without significant capex
Current vs Historic Valuation: Company is trading at a premium to 3yr historic valuations
Debt: Company should not have issues servicing its debt
Sales Growth: Sales of the company has grown at a slow pace
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Aurobindo Pharma

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	9.25%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	9.25%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	10.10%
Net profit	Tijori P&L	FY26	consolidated, annual	₹3,505 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹3,713 cr
	Tijori screener	TTM	trailing 12 months	₹3,712 cr
	House model (one-pager)	FY26	standalone, annual	₹3,503 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹1,033 cr
P/E	Tijori screener	TTM at 2026-09-25	price ÷ trailing EPS	26.30x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	21.60x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	26.00x
P/B	Tijori screener	at 2026-09-25	price ÷ book value per share	2.58x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	2.00x
Market cap	BSE master	2026-09-25	BSE full market cap	₹98,850 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹97,641 cr
	House one-pager	31-Jul-26	as printed	₹90,697 cr
Promoter holding	Tijori screener	latest filing	% of shares	51.88%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	29,002	31,724	33,653
EBITDA (₹ cr)	5,826	6,560	6,870
Net profit (₹ cr)	3,169	3,484	3,503
ROE (%)	n.a.	n.a.	10.1

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	16,463	19,564	23,099	24,775	23,455	24,855	29,002	31,724	33,653	34,935
Operating Expenses	12,691	15,612	18,234	19,441	19,071	21,137	23,159	25,141	26,836	27,850
Raw Material	6,571	8,562	8,823	9,558	8,422	10,600	12,295	12,270	12,309	10,664
Material Cost (%)	36.96	40.31	37.75	35.63	39.39	41.00	39.13	36.79	35.70	29.41
Employee Cost	2,131	2,585	3,219	3,535	3,451	3,522	3,923	4,476	5,190	5,442
Power & Fuel Cost	471	557	588	589	627	843	826	1,012	1,118	—
Operating Profit	3,772	3,952	4,864	5,333	4,385	3,719	5,843	6,583	6,817	7,085
Other Income	102	155	192	381	323	291	557	622	520	690
OPM (%)	22.91	20.20	21.06	21.53	18.69	14.96	20.15	20.75	20.26	20.28
Depreciation and Amortisation	558	668	967	1,055	1,127	1,245	1,522	1,649	1,778	1,859
Interest	78	263	305	74	49	140	290	457	384	388
Profit Before Tax	3,241	3,091	3,743	7,344	3,373	2,613	4,380	5,066	5,112	5,422
Tax	818	727	899	2,010	726	685	1,211	1,583	1,609	1,709
Net Profit	2,423	2,365	2,845	5,335	2,648	1,928	3,173	3,486	3,505	3,713
Number of shares(Crs)	59	59	59	59	59	59	59	58	58	—
Dividend Payout Ratio(%)	6.04	6.19	6.18	4.39	19.91	9.12	8.31	0.00	6.63	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	46.88	42.70	12.77	13.27	99.58	70.34	19.60	16.12	12.08	14.31
Cash Conversion Cycle	48.20	41.57	-24.78	-19.75	-18.84	-16.62	-29.67	-49.62	-46.37	-55.17
Inventory Days	101.00	113.00	59.64	57.72	62.82	63.29	57.65	55.92	58.44	59.32
Days Receivable	89.16	64.66	29.56	29.85	29.37	28.69	30.42	28.34	30.33	33.71
Days Payable	142.00	136.00	114.00	107.00	111.00	109.00	118.00	134.00	135.00	148.00
Debt to Equity Ratio	0.36	0.41	0.50	0.33	0.23	0.10	0.18	0.21	0.24	0.20
Free Cash Flow/Sales (%)	10.69	4.34	0.58	12.85	6.07	11.48	-1.30	-3.68	4.44	7.33
Free Cash Flow(est) (Crs)	1,594.00	714.00	114.00	2,969.00	1,503.00	2,693.00	-323.00	-1,067.00	1,408.00	2,468.00
Gross Margin (%)	60.35	63.04	59.69	62.25	64.37	60.61	59.00	60.87	63.21	64.30
Op Profit Margin (%)	23.03	22.91	20.20	21.06	21.53	18.69	14.96	20.15	20.75	20.26
Net Profit Margin (%)	15.44	14.72	12.09	12.32	21.53	11.29	7.75	10.94	10.99	10.41
ROCE (%)	32.95	27.01	24.13	23.53	20.49	14.05	9.97	15.41	16.43	14.26
ROIC (%)	26.72	23.01	21.77	21.77	19.51	13.02	9.03	13.10	13.93	12.75
ROE (%)	24.56	20.75	17.02	16.91	24.33	10.78	7.18	10.63	10.68	9.25
Net Profit Margin (%)	15.44	14.72	12.09	12.32	21.53	11.29	7.75	10.94	10.99	10.41
P/E	17.19	13.47	19.47	8.51	9.68	14.80	15.75	20.12	19.32	21.60
Price to Book	4.22	2.80	3.32	1.44	2.36	1.59	1.13	2.14	2.06	2.00
EV/EBITDA	11.95	9.33	12.43	5.32	8.95	7.94	7.26	9.98	9.31	10.02
Dividend Yield (%)	0.37	0.45	0.32	0.73	0.45	1.35	0.58	0.41	0.00	0.31

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.