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Revenue
₹8,286 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹1,678 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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). PAT stood at INR 848 crore. Growth was driven by strong US formulation (6% QoQ ex-GE), Europe (+18% YoY to EUR 243M), and ARV (+69% YoY). Pen-G plant operated at 40-50% capacity, producing ~1,050 MT, nearing EBITDA breakeven. Management reiterated FY26 EBITDA margin guidance of 20-21%. Biosimilar pipeline advanced: denosumab phase 3 success, omalizumab recruitment complete, tocilizumab phase 3 waiver in EU. China OSG facility on track for breakeven by Q3-Q4 FY26. Risk: UGF3 reinspection timeline uncertain, delaying injectable launches.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated confidence in achieving internal margin target of 20-21% for FY26, driven by operational leverage and cost efficiency.
- European business on track to comfortably surpass EUR 1 billion annual revenue milestone by end of FY26, driven by consistent growth across major markets.
- The OSG facility in China is on track to deliver EBITDA breakeven by Q3-Q4 FY26, with European approval for 10 products and 3 local approvals.
- Marketing authorization application for denosumab biosimilar to be submitted to EMA in April 2026; FDA submission expected in July quarter of 2026.
Risks flagged
- FDA reinspection for UGF3 facility is pending; timeline is uncertain (up to 8 months from September 2025), delaying injectable product launches.
- Minimum import price (MIP) representation to government is pending; if delayed or denied, Pen-G ramp-up and profitability may be impacted.
- New FDA draft guidance may lower entry barriers, increasing competition; Aurobindo may be third or later entrant in key products like denosumab.
- H1 CapEx at INR 1,500 crore; ongoing investments in biosimilars, biologics CMO, and Pen-G may pressure cash flows despite unutilized capacities.
Key quotes
- 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.
- The 2027, 2028, which I always told, will be the inflection point in the biosimilars business where I expect about seven approvals in Europe and possibly a couple of approvals in the U.S. on the upside.
- We will be cost competitive. We will be the last man standing. We would like to shape the market in a manner that we can sustain our efforts over a long term.
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