Buy Aurobindo Pharma; target of Rs 835: HDFC Securities

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26 Aug, 2025 12:21

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HDFC Securities' research report on Aurobindo Pharma

Aurobindo beat our Revenues/EBIDTA/Adj.PAT forecasts by 5%/14%/17%, aided by strong performance across markets, better product mix and currency tailwinds. While Q1FY21 is expected to be muted, the underlying growth prospects for the business remain strong. Steady progress on differentiated pipeline will drive long term earnings sustainability in our view. Improvement in balance sheet is comforting with net reduction of USD365mn in FY20 and stable working capital days. The company intends to be net debt free by FY22. We increase our earnings estimates by 4-6% to incorporate slightly higher gross margin.

Outlook

Our revised TP of Rs835 is based on 14x FY22 EPS. Maintain Buy.

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