AUROBINDO PHARMA LTD

Manufactures and sells finished pharmaceutical formulations and active pharmaceutical ingredients (APIs) across global markets, generating ₹33,653 cr in FY26 revenue at a 21.6% EBITDA margin. The largest revenue streams are US formulations (Q4 FY26 at $387M, targeting a $2B milestone over the next 1–2 years) and Europe formulations, which crossed €1B annual revenue in FY26 with Q4 revenue of €261M. Growth markets were up 25% YoY in Q4 FY26, while India domestic formulations have been transferred to a wholly owned subsidiary called Auropharm Limited effective July 1, 2026. The company is building backward integration into Penicillin-G and 6-APA intermediates (above 10,000 MT output at over 80% capacity utilisation, with external sales commenced in Q4 FY26) and is constructing a biologics CDMO business under TheraNym with 120,000L of mammalian cell culture capacity — described as the largest such facility in India, with first revenues from Unit-1 expected in 2028 and Unit-2 in 2031. Recent strategic moves include the completed acquisition of US-based Lannett (adding a Seymour, Indiana facility with capacity for about 4 billion doses annually and over 400 employees), a non-exclusive voluntary licensing agreement with MSD for an HIV prevention drug covering 129 low- and middle-income countries, and an 80% stake in CRO A1 Biochem Labs. The biggest cost line is materials at 30.6% of revenue, followed by other operating expenses at 24.2% and employee costs at 15.4%, with capex running at 8% of revenue to fund new capacity.