Buy Aurobindo Pharma; target of Rs 1165: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Aurobindo Pharma

Revenues de-grew 2.5% YoY to Rs 6002 crore tracking 4.5% YoY decline in US to Rs 2856 crore and a 6.0% YoY decline in Europe formulations to Rs 1553 crore. RoW markets also declined, posting 18.8% YoY de-growth to Rs 306 crore. On the other hand, ARV segment grew 28.7% YoY to Rs 491 crore. API segment grew 5.1% YoY to Rs 794 crore. EBITDA margins remained flat, down 13 bps YoY at 21.2% (I-direct estimate: 20.7%). EBITDA de-grew 3.2% YoY to Rs 1275 crore against I-direct estimates of Rs 1354 crore. Adjusted PAT de-grew 4.4% YoY to Rs 801 crore (I-direct estimate: Rs 820 crore) in line with operational performance, higher other income and tax rate.

Outlook

We maintain our BUY recommendation with an unchanged target price of Rs 1165 at 16x FY23E EPS of Rs 72.8.

For all recommendations report, click here

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