Aurobindo Pharma financials and balance sheet

NSE: AUROPHARMABSE: 524804Pharmaceuticals & BiotechnologyMid Cap

₹1,571.70₹39.20 (2.43%)BSE ₹1,569.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,610.90.

52-week range of traded prices to 23 Oct 2026

₹1,080.10Low, 24 Oct 2025₹1,740.00High, 24 Sep 2026

Market cap: ₹90,432 Cr138th largest listed
P/E: 24.4
P/B: 2.4
Dividend yield: Nonein the last 12 months
ROE: 10.5%
ROCE: 11.5%
Debt to equity: 0.20
Volume, NSE: 6,50,60251.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Aurobindo Pharma annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹33,653 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.3% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue33,653
Materials and goods−13,488
Employee costs−5,190
Other expenses−8,129
Operating profit6,846
Depreciation−1,778
Other income+492
One-off items−65
Finance costs−384
Profit before tax5,110
Tax−1,609
Joint ventures+1.5
Net profit3,503

What the company owns

Plant, investments and other assets₹28,737 Cr
Inventory₹12,053 Cr
Cash and bank₹9,870 Cr
Receivables₹7,094 Cr
Current investments₹747 Cr

What pays for it: net worth and liabilities

Net worth₹37,883 Cr
Borrowings₹7,676 Cr
Other liabilities₹7,376 Cr
Owed to suppliers₹5,567 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Aurobindo Pharma quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 4 Jun	Mar 2021Filed 31 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 27 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Revenue from operations	15,090	16,500	19,564	23,099	24,775	23,455	24,855	29,002	31,724	33,653
	11,656	12,728	15,672	18,274	19,441	19,069	21,137	23,159	25,141	26,807
Materials and goods bought	6,434	6,753	8,713	9,735	9,902	10,140	11,293	12,603	13,026	13,488
Employee costs	1,768	–	2,585	3,219	3,535	3,451	3,522	3,923	4,476	5,190
Other expenses	3,454	–	4,374	5,319	6,004	5,478	6,321	6,633	7,639	8,129
Operating profit before depreciation	3,434	3,772	3,892	4,825	5,333	4,387	3,719	5,843	6,583	6,846
Operating margin	22.8%	22.9%	19.9%	20.9%	21.5%	18.7%	15.0%	20.1%	20.8%	20.3%
Materials, % of revenue	42.6%	–	44.5%	42.1%	40.0%	43.2%	45.4%	43.5%	41.1%	40.1%
Employee costs, % of revenue	11.7%	–	13.2%	13.9%	14.3%	14.7%	14.2%	13.5%	14.1%	15.4%
Other expenses, % of revenue	22.9%	–	22.4%	23.0%	24.2%	23.4%	25.4%	22.9%	24.1%	24.2%
Depreciation and amortisation	428	558	668	967	1,055	1,127	1,245	1,522	1,649	1,778
Operating profit after depreciation	3,007	3,214	3,224	3,858	4,278	3,260	2,474	4,321	4,933	5,068
Other income	116	102	116	86	381	320	291	557	622	492
Finance costs	67	78	163	160	74	49	140	290	457	384
Profit before one-off items and tax	3,056	3,238	3,177	3,784	4,584	3,532	2,624	4,589	5,098	5,176
One-off items	0	3	−88	−26	2,815	−128	0	−192	0	−65
Profit before tax	3,056	3,241	3,089	3,758	7,399	3,404	2,624	4,397	5,098	5,110
	760	818	727	914	2,010	726	685	1,211	1,583	1,609
Current tax	–	–	712	957	2,325	719	1,071	1,778	1,700	1,736
Deferred tax	–	–	15	−43	−316	7	−387	−567	−117	−127
Share of profit of joint ventures and associates	5	–	3	−15	−55	−31	−12	−17	−32	2
	2,302	2,423	2,365	2,830	5,334	2,647	1,928	3,169	3,484	3,503
Belonging to the company's shareholders	2,302	2,423	2,365	2,831	5,339	2,648	1,928	3,173	3,486	3,505
Belonging to outside owners of subsidiaries	–	–	0	−1	−1	−1	0	−4	−2	−2
Other comprehensive income	–	–	−4	287	5	262	736	99	304	1,965
Total comprehensive income	–	–	2,360	3,117	5,339	2,909	2,663	3,268	3,787	5,468
Net margin	15.3%	14.7%	12.1%	12.2%	21.5%	11.3%	7.8%	10.9%	11.0%	10.4%
Net margin without joint ventures and associates	15.2%	–	12.1%	12.3%	21.8%	11.4%	7.8%	11.0%	11.1%	10.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 4 Jun	Mar 2021Filed 31 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 27 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	13,892	16,811	21,929	24,574	26,852	29,851	32,647	37,883
	13,891	16,810	21,930	24,576	26,840	29,843	32,653	37,891
Share capital	59	59	59	59	59	59	58	58
Reserves	13,832	16,752	21,871	24,517	26,781	29,784	32,595	37,833
Belonging to outside owners of subsidiaries	2	0	−1	−2	12	8	−6	−8
	6,753	5,422	4,971	2,373	4,862	6,315	7,942	7,676
Repayable after a year	180	0	168	249	619	2,135	1,562	803
Repayable within a year	6,573	5,422	4,803	2,124	4,243	4,180	6,380	6,873
	12,043	11,387	10,665	8,156	11,494	12,199	14,682	18,039
Trade payables	2,677	2,545	2,795	2,703	3,871	4,454	4,189	5,567
Other financial liabilities	1,661	2,239	2,129	1,935	1,825	2,181	3,006	4,408
Other liabilities	884	636	556	1,166	1,143	877	547	626
Provisions	181	417	172	171	201	257	276	353
Tax owed	66	128	210	58	212	249	285	211
	519	729	1,260	1,192	1,544	3,022	2,456	2,580
Other financial liabilities	0	264	320	330	334	268	253	535
Other liabilities	11	87	40	30	29	36	55	536
Provisions	47	75	157	172	173	226	283	400
Deferred tax	281	302	575	411	390	357	303	306
	26,454	28,926	33,854	33,922	39,890	45,072	49,785	58,502
Held for sale or for a demerger	–	–	84	79	–	434	–	–
	11,090	12,514	14,030	15,799	18,344	20,866	22,623	25,793
Plant in use, after depreciation	5,694	6,495	6,887	7,728	7,995	11,546	12,189	14,330
Plant being built	1,342	1,622	2,429	2,938	4,496	2,739	3,266	3,009
Intangible assets	1,949	1,986	2,058	2,328	2,432	2,352	1,987	2,277
Goodwill	833	916	429	475	596	595	618	800
Intangible assets being developed	327	364	633	810	894	1,129	1,634	2,205
Investments	360	145	337	539	302	227	206	195
Stakes in joint ventures and associates	0	410	95	79	90	95	46	109
Loans given	6	6	7	6	6	6	7	8
Other financial assets	89	117	143	129	150	351	538	550
Deferred tax	321	246	453	608	677	1,213	1,293	1,484
Trade receivables	1	0	–	0	0	–	108	0
Other assets	168	208	561	159	705	613	731	828
	15,365	16,413	19,740	18,044	21,546	23,772	27,162	32,709
Inventories	7,246	7,700	9,027	7,554	8,511	9,808	10,544	12,053
Trade receivables	3,414	4,315	3,503	4,012	4,466	4,817	5,746	7,094
Cash and cash equivalents	1,886	2,764	5,373	4,163	4,396	3,393	5,569	7,191
Other bank balances	71	78	101	28	1,688	2,885	2,667	2,679
Current investments	0	0	160	379	151	51	0	747
Loans given	10	14	14	13	12	13	16	18
Other financial assets	1,363	40	34	71	290	263	262	101
Tax paid in advance	35	16	79	270	76	6	3	22
Other assets	1,340	1,486	1,449	1,555	1,954	2,536	2,357	2,803
Net debt	4,796	2,580	−663	−2,196	−1,374	−14	−294	−2,941

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 31 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 27 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
	3,329	5,016	2,387	2,435	3,925	5,526
	4,614	6,275	3,121	4,201	5,656	7,358
	−1,149	1,576	−1,095	−1,675	−1,244	164
Receivables	716	−411	−432	−264	−862	−1,171
Inventories	−1,594	1,536	−927	−1,304	−735	−1,500
Payables	126	111	708	583	−311	1,282
Other working capital	−398	341	−444	−690	664	1,553
Tax paid	−1,285	−1,258	−717	−1,767	−1,731	−1,832
Interest paid	0	0	129	0	0	0
Capital spending	1,438	2,053	2,404	2,780	1,968	2,686
Free cash flow	1,891	2,964	−17	−346	1,957	2,841
	599	−3,215	−3,978	−4,256	−1,875	−3,458
Plant and property sold	0	381	11	60	3	46
Companies bought	0	−581	−197	0	−11	−303
Interest received	19	25	147	281	347	329
Dividends received	0	0	0	0	0	2
	−1,365	−2,969	1,814	800	120	−1,269
Borrowings raised	177	83	2,458	1,478	2,723	720
Borrowings repaid	−1,137	−2,637	0	−17	−1,119	−1,304
Interest paid	−48	−19	−111	−251	−420	−344
Lease payments	−122	−133	−92	−147	−110	−109
Dividends paid	234	264	440	264	0	232
Shares bought back	0	0	0	0	930	0
Shares issued	0	0	0	0	0	0
Net change in cash	2,563	−1,168	223	−1,021	2,169	799

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Aurobindo Pharma dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 4 Jun	Mar 2021Filed 31 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 27 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Earnings per share	₹39.33	₹41.36	₹40.36	₹48.32	₹91.04	₹45.19	₹32.90	₹54.16	₹59.81	₹60.34
Diluted earnings per share	₹39.33	₹41.36	₹40.36	₹48.32	₹91.04	₹45.19	₹32.90	₹54.16	₹59.81	₹60.34
Dividend per share	₹2.50	₹2.50	₹2.50	₹3.00	₹4.00	₹9.00	₹3.00	₹4.50	–	₹4.00
Book value per share	–	–	₹237.08	₹286.92	₹374.29	₹419.46	₹458.10	₹509.35	₹562.21	₹652.39
Dividend payout	6.4%	6.0%	6.2%	6.2%	4.4%	19.9%	9.1%	8.3%	–	6.6%
Shareholder yield	–	–	–	–	0.5%	0.7%	1.4%	0.4%	1.4%	0.3%
Market cap at the year end (₹ crore)	39,511	32,683	45,950	24,208	51,639	39,173	30,357	63,794	67,402	75,760

Ratios

Consolidated, years to March.Aurobindo Pharma PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 4 Jun	Mar 2021Filed 31 May	Mar 2022Filed 31 May	Mar 2023Filed 27 May	Mar 2024Filed 27 May	Mar 2025Filed 12 Jun	Mar 2026Filed 21 May
Revenue growth	8.6%	9.3%	18.6%	18.1%	7.3%	−5.3%	6.0%	16.7%	9.4%	6.1%
Operating profit growth	7.1%	9.8%	3.2%	24.0%	10.5%	−17.7%	−15.2%	57.1%	12.7%	4.0%
Net profit growth	16.1%	5.3%	−2.4%	19.7%	88.5%	−50.4%	−27.2%	64.4%	9.9%	0.6%
Earnings per share growth	15.9%	5.2%	−2.4%	19.7%	88.4%	−50.4%	−27.2%	64.6%	10.4%	0.9%
	–	–	17.0%	18.4%	27.6%	11.4%	7.5%	11.2%	11.2%	9.9%
	–	–	–	1.4 pts	9.1 pts	−16.2 pts	−3.9 pts	3.7 pts	0.0 pts	−1.2 pts
From the net margin	–	–	–	0.2 pts	14.0 pts	−13.1 pts	−3.6 pts	3.1 pts	0.0 pts	−0.6 pts
From asset turnover	–	–	–	2.2 pts	−1.7 pts	−1.8 pts	−0.2 pts	0.1 pts	−0.2 pts	−0.7 pts
From borrowing	–	–	–	−1.0 pts	−3.1 pts	−1.3 pts	−0.1 pts	0.5 pts	0.1 pts	0.1 pts
Return on capital employed	–	–	15.6%	17.4%	15.9%	12.1%	7.8%	11.9%	12.2%	11.1%
Cash conversion	–	–	–	–	62.4%	189.5%	123.8%	76.8%	112.7%	157.8%
Interest cover	45.1	41.4	19.8	24.1	57.4	67.0	17.6	14.9	10.8	13.2
Debt to equity	–	–	0.49	0.32	0.23	0.10	0.18	0.21	0.24	0.20
Receivable days	–	–	64	68	52	62	66	61	66	77
Inventory days	–	–	304	289	333	272	275	284	295	326
Payable days	–	–	112	95	103	97	125	129	117	151
Cash conversion cycle, days	–	–	255	261	281	237	216	216	244	252
Working capital days	–	–	148	120	121	116	118	119	122	118
Asset turnover	–	–	0.74	0.83	0.79	0.69	0.67	0.68	0.67	0.62
Assets per rupee of net worth	–	–	1.90	1.80	1.62	1.46	1.44	1.50	1.52	1.54
Sales per rupee of plant	–	–	3.44	3.56	3.60	3.04	3.11	2.51	2.60	2.35
Capital spending to depreciation	–	–	–	–	1.36	1.82	1.93	1.83	1.19	1.51
Plant being built, % of plant in use	–	–	23.6%	25.0%	35.3%	38.0%	56.2%	23.7%	26.8%	21.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 6.5%
Cash from operations against operating profit: 80.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.2%	6.3%	10.6%
Profit growth, yearly rate	5.9%	−8.1%	22.1%
Return on equity, average	–	10.2%	10.8%
Return on capital employed, average	–	11.0%	11.7%
Operating margin, average	20.3%	19.0%	20.4%
Net margin, average	12.7%	10.3%	10.8%
Asset turnover, average	–	0.67	0.66
Cash conversion cycle, days, average	–	233	237
Interest cover, average	31.1	24.7	13.0
Debt to equity, average	–	0.19	0.22

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	19,289	11,886	5,526
Cash from investing	−16,782	−9,590	−3,458
Cash from financing	−1,504	−349	−1,269
Capital spending	11,891	7,434	2,686
Dividends paid	1,199	496	232
Shares bought back	930	930	0
Shares issued for cash	0	0	0
Borrowings raised	7,461	4,921	720
Borrowings repaid	5,077	2,440	1,304

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	5	5	6	6	6
Altman Z-scorePublished threshold 1.81	–	–	4.22	3.46	5.28	4.90	3.49	4.73	4.58	4.30
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.32	−2.47	−2.48	−2.37	−2.43	−2.46
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	4.48	2.49	9.53	11.75	3.02	2.65
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.08	1.27	1.02	1.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	8.34	−26.07	19.85	5.35	−8.84	9.91	17.39
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−5.47	15.51	−18.72	1.30	3.64	4.14	10.77
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−5.18	0.08	1.43	1.71	1.67	−0.58	0.90
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.92	1.68	1.49	2.97	0.54	1.42	0.77
Effective tax ratePublished threshold 17.16 per cent	24.86	25.25	23.53	24.31	27.16	21.32	26.10	27.54	31.05	31.48
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−15.65	−1.23	−12.64	−2.92	−4.37

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
10 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA+; IND A1+Review, Re-affirm	Stable	6,493

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.