Aurobindo Pharma Limited — Q1 FY26
Aurobindo Pharma reported a steady Q1 FY26 with consolidated revenue of INR 7,878 crore (+4% YoY) and EBITDA of INR 1,603 crore (+12% YoY), despite a significant reduction in ge...
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
Medium priority
Clarify if debt limit numbers are at EBITDA or revenue level.
Asked by Damayanti Kerai, HSBC Securities
Confirmed top-line but refused to provide EBITDA impact directly.
deferred calculation to analyst
Read the exchange
Question
Just to clarify, this INR 150 crore less number and then INR 550 crore less number versus 4Q, it's at the EBITDA level, right?
Santhanam Subramanian, CFO
You can take that as the top-line level. EBITDA, you can work it out yourselves.
Answered
High priority
Can Aurobindo still make reasonable sales from generic Revlimid in FY26?
Asked by Damayanti Kerai, HSBC Securities
Clearly stated that no significant future sales are expected from generic Revlimid.
Read the exchange
Question
From an opportunity perspective, do you think you can still make some reasonable sales from this product in FY 2026, or is this an opportunity which is broadly gone now?
Yugandhar Puvvala, CEO Eugia Pharma Specialties
We have most of our generic Revlimid settlement quantities. We have sold it. We have nothing more to sell other than a minimal listing.
Partial answer
Medium priority
Explain the API business decline and whether it is temporary.
Asked by Damayanti Kerai, HSBC Securities
Attributed decline to pricing pressures but gave no specific recovery timeline or quantification.
no timeline givenvague recovery expectation
Read the exchange
Question
If you can explain what has happened in the API, and do you think it's a temporary phenomenon and you can see recovery ahead?
Santhanam Subramanian, CFO
API, the turnover has dropped mainly because of the pricing pressures. Otherwise, I think over a period of time, it will start recovering because it cannot sustain for a long time, right?
Evasive
High priority
Key drivers for maintaining EBITDA guidance despite no Revlimid.
Asked by Damayanti Kerai, HSBC Securities
Did not list any specific drivers; merely cited last quarter's performance as reason for confidence.
no specific drivers givencircular reasoning
Read the exchange
Question
You are maintaining your EBITDA guidance for the year. Basically, which will be the key drivers which make you confident that you can achieve your earlier guidance?
Santhanam Subramanian, CFO
Yeah, because despite no generic Revlimid, we have been able to maintain them. The numbers of the last quarter are helping me to retain that confidence.
Partial answer
Medium priority
Operational losses for various plants in FY26 and outlook for FY27.
Asked by Tushar Manudhane, Motilal Oswal
Provided qualitative outlook but did not share the requested loss figure for FY26.
no specific number givendeferred to future
Read the exchange
Question
With respect to the operational losses for various plants, if I have to club together for FY 2026, if you can share that number and subsequently, you know how to think about that number for FY 2027.
Santhanam Subramanian, CFO
Last year, we have incurred losses predominantly, as you know, in PNG, QUL, and other things... we are expecting good EBITDA starting Q3 onwards. The losses will come down.
Answered
Medium priority
Is API pricing pressure from domestic supply or imports?
Asked by Tarang Agarwal, McKinsey & Co
Gave a clear and concise answer to the question.
Read the exchange
Question
Is this pricing pressure on account of domestic supply being more aggressive, or is it because of imports, or is it because of both?
Santhanam Subramanian, CFO
Because of both.
Declined
Medium priority
U.S. sales numbers for UGF in Q4 FY25 and Q1 FY26.
Asked by Tarang Agarwal, McKinsey & Co
Explicitly refused to provide the requested segment-level sales number.
refused to disclose
Read the exchange
Question
If you could give us the U.S. sales numbers of UGF for Q4 and Q1, Q4 of 2025 and Q1 of 2026.
Santhanam Subramanian, CFO
We are not giving that number separately, Tarang.
Partial answer
High priority
Free cash flow trend and whether $400-450 million annual is visible.
Asked by Tarang Agarwal, McKinsey & Co
Gave a quarterly target but did not confirm the annual figure asked.
conditional languageno commitment to specific annual number
Read the exchange
Question
Is the business now at a point of time where $400 to $450 million of regular free cash generation is something that's visible for you?
Santhanam Subramanian, CFO
We will strive, we will endeavor to achieve a cash generation of $100 million quarter on quarter, subject to any strategic expenditures being incurred.
Answered
High priority
Nature of stocking impact in U.S. business – tariff-related?
Asked by Surya Patra, PhillipCapital
Clearly explained that stocking was due to tariff anticipation.
Read the exchange
Question
What is the nature of this stocking, sir? Is this anything relating to tariff-related preparation, or can you clarify this?
Swami Iyer, CEO Aurobindo Pharma USA
What Subbu had alluded to was primarily, you know, the tariff is supposed to go in effect from April 1... some of the wholesalers have stocked up the product in anticipation.
Partial answer
High priority
Quantify destocking impact in U.S. oral solid business.
Asked by Neha Manpuria, Bank of America
Provided a range estimate but admitted inability to quantify precisely.
no precise numberguesswork
Read the exchange
Question
Could you quantify how much would be the destocking impact just to understand how the date business is done both from a year-on-year and a quarter-on-quarter perspective?
Swami Iyer, CEO Aurobindo Pharma USA
It's hard to quantify exactly the kind of amount... My guess would be it could be anywhere between half a month to one month.
Answered
High priority
Is injectable business back to pre-disruption levels?
Asked by Neha Manpuria, Bank of America
Clearly stated that injectable business has recovered to pre-disruption levels.
Read the exchange
Question
How far are we from the injectable business getting back to, you know, the pre-destruction levels?
Yugandhar Puvvala, CEO Eugia Pharma Specialties
We are back to pre-disruption levels with respect to injectable business. I'm very, very confident.
Partial answer
Medium priority
What is helping hold gross margin at 59% despite revenue decline?
Asked by Binod Modi, InCred Wealth
Listed qualitative factors but did not quantify the contribution of each.
no quantificationvague factors
Read the exchange
Question
What's helping us hold up to a gross margin at 59%, which is comparable to Q2?
Santhanam Subramanian, CFO
It is a combination of multiple things. There is a positive, favorable mix in terms of the businesses... plus the existing product profile also good in the solid oral.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Overall group growth excluding Revlimid is 12% YoY | 12% | 4% | Overstated vs filing |
| Injectable business growing at 20% in Europe | 20% | 4% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.