External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Growth Driven by Base Business: Aurobindo reported revenue of Rs 8,286 Cr in Q2FY26, broadly in line with expectations.</li><li>Revenue grew 6.3% YoY and 5.3% QoQ, supported by strong performance in its core base business.</li><li>Consolidated growth was maintained despite limited contribution from Revlimid, which is expected to taper off entirely from Q3 onwards.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Growth Driven by Base Business: Aurobindo reported revenue of Rs 8,286 Cr in Q2FY26, broadly in line with expectations.Revenue grew 6.3% YoY and 5.3% QoQ, supported by strong performance in its core base business.Consolidated growth was maintained despite limited contribution from Revlimid, which is expected to taper off entirely from Q3 onwards.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aurobindo Pharma Ltd - Base Business Sustaining Momentum

<ul><li>Q1FY26 Miss; US Weakness Offsets Emerging Market Gains: Aurobindo reported revenue of Rs 7,868 Cr in Q1FY26, missing our estimates.</li><li>Revenue grew by 4% YoY but declined 6.1% QoQ, primarily due to a drop in gRevlimid sales in the US and price erosion in the API segment.</li><li>Despite the headwinds, performance was supported by momentum in Europe and growth markets, along with an incremental contribution from the ARV market.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1FY26 Miss; US Weakness Offsets Emerging Market Gains: Aurobindo reported revenue of Rs 7,868 Cr in Q1FY26, missing our estimates.Revenue grew by 4% YoY but declined 6.1% QoQ, primarily due to a drop in gRevlimid sales in the US and price erosion in the API segment.Despite the headwinds, performance was supported by momentum in Europe and growth markets, along with an incremental contribution from the ARV market.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aurobindo Pharma Ltd - Robust Base; Near-Term Revlimid Pressure

<ul><li>Steady Growth Backed by Robust US and Europe Sales: Auro’s revenue for Q4FY25 was reported at Rs 8,382 Cr, in line with our estimates.</li><li>Revenue grew by 10.6% YoY and 5.1% QoQ, driven by strong performance in the US and European markets.</li><li>Margins Show Mixed Trends; Reported Profit Misses Estimates: Gross margins improved by 30 bps QoQ but declined by 50 bps YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Steady Growth Backed by Robust US and Europe Sales: Auro’s revenue for Q4FY25 was reported at Rs 8,382 Cr, in line with our estimates.Revenue grew by 10.6% YoY and 5.1% QoQ, driven by strong performance in the US and European markets.Margins Show Mixed Trends; Reported Profit Misses Estimates: Gross margins improved by 30 bps QoQ but declined by 50 bps YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aurobindo Pharma Ltd - Sustained Momentum, Strategic Focus

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Our FY26/27E EPS estimates broadly remains unchanged.</li><li>Other expenses remained elevated on the back of higher PenG-related operational cost and supply disruptions due to ongoing remediation.</li><li>However, mgmt. stated remediation related cost has been completed. We expect margins to improve with ramp up in PenG facility, Vizag pant commercialization and launches in US.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our FY26/27E EPS estimates broadly remains unchanged.Other expenses remained elevated on the back of higher PenG-related operational cost and supply disruptions due to ongoing remediation.However, mgmt. stated remediation related cost has been completed. We expect margins to improve with ramp up in PenG facility, Vizag pant commercialization and launches in US.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Aurobindo Pharma’s Q3FY25 performance was below our expectation due to lower-than-anticipated sales in US while Europe (up 22.7% YoY) and growth markets (up 39.2% YoY) maintained traction.</li><li>EBITDA margin was 20.4% despite lower gRevlimid sales and INR 600mn cost of Pen-G plant.</li><li>We believe from Q4 higher revenue of gRevlimid, lower losses of Pen-G plant and normalisation of supplies from Eugia Unit 3 may boost growth and margins.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aurobindo Pharma’s Q3FY25 performance was below our expectation due to lower-than-anticipated sales in US while Europe (up 22.7% YoY) and growth markets (up 39.2% YoY) maintained traction.EBITDA margin was 20.4% despite lower gRevlimid sales and INR 600mn cost of Pen-G plant.We believe from Q4 higher revenue of gRevlimid, lower losses of Pen-G plant and normalisation of supplies from Eugia Unit 3 may boost growth and margins.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aurobindo Pharma - Soft Quarter; Growth Levers Intact

India

Aurobindo Pharma Limited manufactures and markets oral and sterile antibiotics, antibacterials, anti-ulcerants and other generic basic drugs. Products include semi-synthetic penicillin drugs like ampicillin and amoxycillinas well as antibiotics, which include cloxacillin and dicloxacillin. The Company also manufactures formulations like astemizole, domeperidone and omeprazole.

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Aurobindo Pharma (ARBP IN)

Aurobindo Pharma Ltd - Base Business Sustaining Momentum

Growth Driven by Base Business: Aurobindo reported revenue of Rs 8,286 Cr in Q2FY26, broadly in line with expectations. Revenue grew 6.3% YoY and...

Axis Direct

Aurobindo Pharma Ltd - Robust Base; Near-Term Revlimid Pressure

Q1FY26 Miss; US Weakness Offsets Emerging Market Gains: Aurobindo reported revenue of Rs 7,868 Cr in Q1FY26, missing our estimates.

Axis Direct

Aurobindo Pharma Ltd - Sustained Momentum, Strategic Focus

Steady Growth Backed by Robust US and Europe Sales: Auro’s revenue for Q4FY25 was reported at Rs 8,382 Cr, in line with our estimates.

Axis Direct

Aurobindo Pharma - Margins to Improve

Other expenses remained elevated on the back of higher PenG-related operational cost and supply disruptions due to ongoing remediation.

Prabhudas Lilladhar

Aurobindo Pharma - Soft Quarter; Growth Levers Intact

Aurobindo Pharma’s Q3FY25 performance was below our expectation due to lower-than-anticipated sales in US while Europe (up 22.7% YoY) and growth...

ICICI Securities Limited

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