Aurobindo Pharma Limited — Q2 FY26
Aurobindo Pharma reported Q2 FY26 consolidated revenue of INR 8,286 crore (+6% YoY) and EBITDA of INR 1,678 crore (20.3% margin, +7% YoY).
bullish
high
✓ 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.
55%Questions answered3Evaded / deflected11Questions auditedMixedNumbers vs filing
Answered
High priority
Is injectable business back to pre-disruption levels? Pipeline outlook?
Asked by Dayamanti Kerai, HSBC
Management gave a specific gap and timeline to return to pre-disruption levels.
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Question
Are we broadly back to the level where disruption happened? How do you see this business shaping up in the next two years?
Santhanam Subramanian, CFO
It is still we are not back to the pre-disruption levels. I think we still have another $5 million-$10 million to go to reach that level.
Partial answer
High priority
What is Pen-G EBITDA loss and breakeven level? Plan B if MIP fails?
Asked by Neha Manpuria, JPMorgan
Management gave qualitative progress but avoided providing the exact EBITDA loss or breakeven threshold.
no specific EBITDA loss number givenbreakeven level not quantified
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Question
What would be the EBITDA loss contribution from Pen-G at the moment? At what level do we break even on the Pen-G plant?
Satakarni Makkapati, CEO Biosimilars
We have been improving on the yield, etc. We are nearing the break even, right? From the current operations, etc., we have been doing around 6,000 tons per annum.
Evasive
High priority
Are we cost competitive at 8,000 tons/month Pen-G production?
Asked by Neha Manpuria, JPMorgan
Management did not address whether the plant would be cost competitive at that volume.
did not answer cost competitiveness directlydeflected to captive consumption
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Question
If we get to 8,000 tons per month production levels, will we still be cost competitive to be able to?
Satakarni Makkapati, CEO Biosimilars
We are the biggest consumer of 6-APA, amoxi, everything in the country. Irrespective of that, we will produce it, and then we will consume it ourselves.
Answered
Medium priority
Any change in U.S. price erosion trends? Opportunity from competitor disruption?
Asked by Neha Manpuria, JPMorgan
Management quantified erosion as single-digit and close to 1% for the quarter.
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Question
Are we seeing any change in the price erosion trend in the U.S. in the recent months? With this disruption in one of our competitors' plants, how does that position us?
Swami Iyer, CEO Aurobindo Pharma USA
When we take it as a basket, we think we are close to neutral. We have a little bit of erosion, which is very low, single-digit. I would say it is closer to one for the quarter.
Evasive
High priority
EBITDA margin trajectory for FY27 without UGF3 and Pen-G MIP?
Asked by Tushar Manudhane, Motilal Oswal
Management declined to provide any margin outlook without those drivers.
refused to give specific trajectorydismissed the scenario as too many variables
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Question
If I have to extend this for FY 2027, maybe without considering the inspection outcome of UGF3, how do we see the margin trajectory from here on?
Satakarni Makkapati, CEO Biosimilars
Tushar, you are putting a lot of variables. Like, do not consider UGF3, do not consider Pen-G. Then it will remain the same.
Partial answer
Medium priority
Can Europe sustain mid-teen growth for next 2-3 years?
Asked by Tushar Manudhane, Motilal Oswal
Management expressed confidence but did not commit to a specific growth rate.
no specific growth rate commitmentqualitative confidence only
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Question
Given this size of the business, do we think that we'll be able to still sustain mid-teen sort of a growth over the next two to three years?
Swami Iyer, CEO Aurobindo Pharma USA
Considering my all major countries. Contributors in France, Portugal, Netherlands, and Germany continue to demonstrate this growth trajectory, I am very confident in the coming quarters and period as well.
Answered
High priority
What drove 14% QoQ EBITDA improvement?
Asked by Bino
Management confirmed the improvement and cited specific drivers.
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Question
Swami sir, if I heard correctly, you said the EBITDA excluding revenue has improved 14% QoQ. Is that correct? What are the drivers of this?
Satakarni Makkapati, CEO Biosimilars
Sales has grown up by about 7%. Gross profit also gone up by 10%. I think overall, there is an improvement across the businesses.
Partial answer
Medium priority
What drove gross margin QoQ improvement despite lower revenue?
Asked by Bino
Management gave broad reasons but withheld specific product mix details.
declined to give segment/product detailsvague on product mix
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Question
The gross margin QoQ has gone up despite a lower level revenue made. What has driven that? What has changed so much in the product mix?
Satakarni Makkapati, CEO Biosimilars
One is, if you really see the formulation products have gone up this quarter compared to API. Second, Europe has been continuously growing. The operating leverage is getting increased.
Answered
Low priority
Is revenue made minimal for the quarter and done next quarter?
Asked by Bino
Management confirmed revenue made is minimal and next quarter will be close to zero.
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Question
Revenue made, was it minimal for the quarter, and are we completely done with it?
Swami Iyer, CEO Aurobindo Pharma USA
Yes.
Partial answer
Medium priority
What is U.S. portfolio coverage percentage? How does Lannett help?
Asked by Tarang Agrawal, Old Bridge Asset Management
Management gave a rough estimate but no precise number or Lannett-specific impact.
no exact percentageLannett quantitative impact not given
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Question
If you could give us a sense on what's the portfolio coverage. Currently, specifically in the U.S., how does Lannett help it improve, say, quantitatively?
Swami Iyer, CEO Aurobindo Pharma USA
We are into all segments, all therapeutic areas. I would say that we are probably around 50% or more. But it does not cover all the presentations of a product.
Answered
High priority
Biosimilar pipeline updates and commercialization progress?
Asked by Shyam Srinivasan, Goldman Sachs
Management provided detailed pipeline updates and timelines.
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Question
Just sticking to biosimilar commercialization and even the pipeline updates, if you could share, please.
Satakarni Makkapati, CEO Biosimilars
We announced a successful phase three clinical study outcome for our denosumab biosimilar. We are working towards submitting the MA applications to EMA in April 2026.
Declined
High priority
What is the expected MIP range for Pen-G?
Asked by Kunal Randheria
Management explicitly declined to answer due to ongoing government review.
refused to commentdeferred to government decision
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Question
Since we are quite confident of getting a minimum import price for Pen-G, if you could highlight that, would it be only for the Pen-G HS code? Secondly, what is the range that we are looking at?
Yugandhar Puvvala, CEO Eugia
Kunal, all the questions are very relevant because it is already in the review by the DOP, right, and the government. We will not be able to comment on any of your questions.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Sales grew 7% QoQ | 7% | 6% | Matches filing |
| Europe margin at high teens, touching 20% | 20% | 20.3% | Matches filing |
| India turnover INR 275-300 crore per year | ₹275 cr | ₹8,286 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.