Pharmaceuticals & Drugs · Founded 1979 · www.astrazenecaindia.com/india · BSE 506820 · NSE ASTRAZEN.PH. · ISIN INE203A01020
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Business
Astrazeneca Pharma India Ltd. is the Indian subsidiary of the global biopharmaceutical company AstraZeneca PLC. The company is primarily engaged in the import, marketing, and distribution of pharmaceutical products in India. It focuses on several key therapeutic areas, including Oncology, Cardiovascular, Renal & Metabolism (CVRM), and Respiratory & Immunology. Its business model relies on leveraging the parent company's global research and development (R&D) pipeline to introduce patented, innovative medicines into the Indian market, catering to specialist doctors and hospitals. It generates revenue by selling these specialty drugs to distributors, pharmacies, and healthcare providers.
Revenue Mix
Astrazeneca Pharma India's revenue primarily comes from the sale of medicines across its core therapeutic areas. While specific percentage breakdowns are not always publicly available without deep dive into annual reports, its major focus areas typically include:
Oncology: Products for various types of cancer.
Cardiovascular, Renal & Metabolism (CVRM): Medicines for heart conditions, kidney diseases, and diabetes.
Respiratory & Immunology: Drugs for asthma, chronic obstructive pulmonary disease (COPD), and other respiratory or immunological conditions.
The company strategically focuses on these high-value, specialty segments, often introducing first-in-class or best-in-class therapies from its global pipeline.
Industry
The Indian pharmaceutical industry is highly fragmented, characterized by strong domestic players focusing on generics and a growing presence of multinational corporations (MNCs) in specialty and patented drugs. Astrazeneca Pharma India operates as an MNC subsidiary, positioning itself in the specialty and innovator drug segment. While it may not command a large market share in terms of volume compared to generic giants, it holds a significant position in specific therapeutic niches with its patented portfolio. It competes with other global pharma companies (e.g., Pfizer, Novartis, GlaxoSmithKline) and larger Indian players that are increasingly moving into complex generics and biosimilars.
MOAT
Global R&D Pipeline: Access to AstraZeneca PLC's extensive global research and development capabilities, allowing it to introduce innovative and often first-in-class patented drugs to the Indian market.
Brand & Reputation: Leverages the strong global brand recognition and scientific credibility of AstraZeneca, particularly among healthcare professionals in specialty areas.
Product Differentiation: Focus on highly differentiated, often patented, specialty medicines that address unmet medical needs, providing a competitive edge over generic alternatives until patent expiry.
Regulatory Expertise: Benefits from the parent company's experience in navigating complex global and local regulatory frameworks for new drug approvals and clinical trials.
Growth Drivers
New Product Launches: Introduction of innovative, patented drugs from AstraZeneca's global pipeline into the Indian market.
Increasing Disease Burden: Growing prevalence of non-communicable diseases (e.g., cancer, diabetes, cardiovascular conditions) in India, driving demand for specialty medicines.
Rising Healthcare Expenditure: Increasing disposable incomes and greater health awareness leading to higher out-of-pocket and insurance-based healthcare spending.
Market Penetration: Expanding reach and adoption of existing specialty drugs in new geographies or patient segments within India.
Strategic Alliances: Potential collaborations to enhance market access or manufacturing capabilities.
Risks
Regulatory & Price Controls: The Indian government's Drug Price Control Order (DPCO) and other regulatory interventions can cap drug prices, impacting profitability, especially for patented drugs.
Patent Expiry & Generic Competition: Eventual expiry of patents for key drugs could lead to significant competition from cheaper generic and biosimilar versions.
Forex Fluctuations: As a significant importer of finished products, adverse movements in the Indian Rupee (INR) against major currencies can increase costs and reduce margins.
Intense Competition: Competition from other multinational pharma companies and aggressive domestic players introducing their own innovative products or biosimilars.
R&D Pipeline Dependency: The company's future growth is heavily reliant on the success and timely approval of new drugs from its parent company's global R&D pipeline.
Supply Chain Disruptions: As an importer, it is susceptible to global supply chain issues or geopolitical events affecting drug availability.
Management & Ownership
Astrazeneca Pharma India Ltd. is majority-owned by AstraZeneca PLC, the global biopharmaceutical company. AstraZeneca PLC acts as the promoter. The company is professionally managed by experienced executives who typically execute the global strategies of the parent company while adapting to local market conditions and regulations. The management team focuses on driving market access, regulatory compliance, and commercial execution for its portfolio of specialty drugs in India.
Outlook
Astrazeneca Pharma India operates in a growing pharmaceutical market with increasing demand for specialty care. Its strong backing from a global R&D powerhouse provides a steady pipeline of innovative drugs, which is a significant advantage. The rising prevalence of chronic diseases in India and increasing healthcare spending bode well for its focused therapeutic areas. However, the company faces inherent risks such as strict drug pricing regulations in India, intense competition from both domestic and international players, and the continuous need for new product approvals to offset patent expiries. Its performance will largely depend on its ability to successfully launch and commercialize new molecules from its global pipeline, navigate the complex Indian regulatory landscape, and manage foreign exchange risks effectively.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 306 | 383 | 388 | 408 | 440 | 480 | 526 | 559 | 612 | 579 |
| Other Income | 10 | 9 | 8 | 8 | 8 | 16 | 11 | 6 | 5 | 6 |
| Total Income | 315 | 392 | 396 | 416 | 448 | 497 | 538 | 565 | 617 | 585 |
| Total Expenditure | 291 | 334 | 349 | 355 | 363 | 394 | 445 | 484 | 567 | 518 |
| Operating Profit | 25 | 58 | 46 | 61 | 85 | 103 | 92 | 81 | 50 | 67 |
| Interest | 1 | -0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 4 | 4 | 4 | 9 | 9 | 18 | 17 | 3 | 4 | 6 |
| Exceptional Income / Expenses | 0 | 0 | -58 | 0 | -34 | -6 | -0 | -5 | 1 | -1 |
| Profit Before Tax | 20 | 54 | -15 | 51 | 42 | 78 | 75 | 73 | 47 | 58 |
| Provision for Tax | 5 | 15 | -3 | 13 | 11 | 20 | 19 | 19 | 14 | 13 |
| Profit After Tax | 16 | 39 | -12 | 38 | 31 | 58 | 56 | 54 | 33 | 45 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 16 | 39 | -12 | 38 | 31 | 58 | 56 | 54 | 33 | 45 |
| Adjusted Earnings Per Share | 6.3 | 15.8 | -4.7 | 15.4 | 12.3 | 23.3 | 22.3 | 21.7 | 13 | 18 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 517 | 564 | 544 | 571 | 728 | 832 | 814 | 806 | 1003 | 1296 | 1716 | 2276 |
| Other Income | 8 | 7 | 14 | 12 | 16 | 13 | 13 | 15 | 26 | 35 | 41 | 28 |
| Total Income | 525 | 571 | 558 | 583 | 745 | 845 | 826 | 820 | 1029 | 1330 | 1757 | 2305 |
| Total Expenditure | 531 | 547 | 507 | 525 | 657 | 711 | 678 | 719 | 838 | 1111 | 1462 | 2014 |
| Operating Profit | -6 | 23 | 51 | 59 | 88 | 134 | 148 | 101 | 191 | 219 | 295 | 290 |
| Interest | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 5 |
| Depreciation | 15 | 17 | 16 | 15 | 15 | 19 | 20 | 17 | 16 | 15 | 40 | 30 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40 | 16 | -97 | -5 |
| Profit Before Tax | -21 | 6 | 36 | 44 | 73 | 114 | 127 | 83 | 134 | 220 | 156 | 253 |
| Provision for Tax | 0 | 1 | 15 | 18 | 18 | 42 | 34 | 21 | 35 | 58 | 41 | 65 |
| Profit After Tax | -21 | 5 | 20 | 26 | 54 | 72 | 93 | 62 | 99 | 162 | 116 | 188 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | -21 | 5 | 20 | 26 | 54 | 72 | 93 | 62 | 99 | 162 | 116 | 188 |
| Adjusted Earnings Per Share | -8.3 | 2.1 | 8 | 10.4 | 21.8 | 28.9 | 37.3 | 24.6 | 39.7 | 64.6 | 46.3 | 75 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 32% | 29% | 16% | 13% |
| Operating Profit CAGR | 35% | 43% | 17% | 0% |
| PAT CAGR | -28% | 23% | 10% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -13% | 36% | 18% | 23% |
| ROE Average | 16% | 20% | 19% | 14% |
| ROCE Average | 21% | 27% | 26% | 20% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 151 | 156 | 223 | 247 | 301 | 364 | 456 | 511 | 589 | 712 | 770 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 39 | 89 | 110 | 23 | 44 | 45 | 74 | 69 | 98 | 159 |
| Total Current Liabilities | 260 | 234 | 202 | 219 | 268 | 367 | 373 | 392 | 484 | 467 | 908 |
| Total Liabilities | 412 | 429 | 514 | 575 | 591 | 776 | 874 | 977 | 1142 | 1277 | 1838 |
| Fixed Assets | 101 | 97 | 87 | 75 | 75 | 72 | 81 | 74 | 69 | 67 | 64 |
| Other Non-Current Assets | 47 | 65 | 164 | 167 | 103 | 122 | 105 | 138 | 137 | 167 | 226 |
| Total Current Assets | 263 | 267 | 263 | 333 | 413 | 582 | 689 | 765 | 936 | 1043 | 1548 |
| Total Assets | 412 | 429 | 514 | 575 | 591 | 776 | 874 | 977 | 1142 | 1277 | 1838 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 88 | 23 | 76 | 115 | 114 | 173 | 84 | 352 | 448 | 500 | 506 |
| Cash Flow from Operating Activities | -46 | 57 | 38 | 9 | 55 | 87 | 105 | 101 | 58 | 28 | 65 |
| Cash Flow from Investing Activities | -19 | -4 | 0 | -9 | 4 | -171 | 173 | 5 | 18 | 22 | 31 |
| Cash Flow from Financing Activities | 0 | -1 | 0 | 0 | 0 | -6 | -9 | -9 | -24 | -44 | -66 |
| Net Cash Inflow / Outflow | -64 | 53 | 38 | -1 | 59 | -90 | 269 | 96 | 52 | 5 | 31 |
| Closing Cash & Cash Equivalent | 23 | 76 | 115 | 114 | 173 | 84 | 352 | 448 | 500 | 506 | 536 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | -8.34 | 2.1 | 8.02 | 10.36 | 21.78 | 28.88 | 37.32 | 24.64 | 39.72 | 64.6 | 46.3 |
| CEPS(Rs) | -2.22 | 9.07 | 14.35 | 16.26 | 27.75 | 36.32 | 45.37 | 31.42 | 46.22 | 70.58 | 62.29 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 10 | 16 | 24 | 32 |
| Book NAV/Share(Rs) | 60.3 | 62.41 | 88.49 | 97.94 | 119.48 | 145.14 | 181.83 | 203.78 | 234.45 | 283.45 | 305.28 |
| Core EBITDA Margin(%) | -2.59 | 2.88 | 6.73 | 8.09 | 9.74 | 14.45 | 16.58 | 10.65 | 16.39 | 14.17 | 14.74 |
| EBIT Margin(%) | -3.97 | 1.01 | 6.47 | 7.66 | 9.93 | 13.78 | 15.69 | 10.38 | 13.37 | 16.95 | 9.16 |
| Pre Tax Margin(%) | -3.97 | 1.01 | 6.47 | 7.66 | 9.93 | 13.64 | 15.56 | 10.26 | 13.31 | 16.86 | 9.08 |
| PAT Margin (%) | -3.97 | 0.92 | 3.65 | 4.53 | 7.44 | 8.65 | 11.42 | 7.61 | 9.85 | 12.4 | 6.72 |
| Cash Profit Margin (%) | -1.06 | 3.98 | 6.54 | 7.11 | 9.48 | 10.87 | 13.88 | 9.7 | 11.47 | 13.55 | 9.04 |
| ROA(%) | -5.04 | 1.25 | 4.25 | 4.76 | 9.34 | 10.57 | 11.31 | 6.65 | 9.37 | 13.35 | 7.43 |
| ROE(%) | -12.93 | 3.43 | 10.63 | 11.12 | 20.03 | 21.83 | 22.83 | 12.78 | 18.13 | 24.95 | 15.73 |
| ROCE(%) | -12.93 | 3.76 | 18.74 | 18.65 | 26.53 | 34.61 | 31.24 | 17.36 | 24.49 | 33.94 | 21.29 |
| Receivable days | 33.27 | 40.32 | 41.96 | 31.15 | 33.52 | 35.61 | 37.62 | 38.57 | 35.03 | 36.53 | 35.81 |
| Inventory Days | 63.23 | 52.15 | 44.72 | 54.51 | 57.68 | 61.89 | 72.59 | 67.64 | 59.85 | 58.6 | 82.25 |
| Payable days | 207.79 | 192.9 | 194.34 | 220.03 | 237.77 | 229.92 | 246.52 | 220.48 | 214.92 | 131.27 | 124.39 |
| PER(x) | 0 | 549.84 | 117.29 | 89.4 | 91.75 | 82.8 | 80.66 | 103.71 | 81.76 | 82.35 | 185.9 |
| Price/Book(x) | 15.22 | 18.53 | 10.63 | 9.46 | 16.72 | 16.48 | 16.55 | 12.54 | 13.85 | 18.77 | 28.19 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0.04 | 0.07 | 0.39 | 0.49 | 0.45 | 0.37 |
| EV/Net Sales(x) | 4.39 | 4.99 | 4.11 | 3.84 | 6.62 | 6.88 | 8.82 | 7.37 | 7.6 | 9.88 | 12.22 |
| EV/Core EBITDA(x) | -408.16 | 121.38 | 43.56 | 37.42 | 55.06 | 42.83 | 48.37 | 58.85 | 39.84 | 58.36 | 71.21 |
| Net Sales Growth(%) | 9.09 | 9.02 | -3.55 | 5.02 | 27.55 | 14.21 | -2.19 | -0.98 | 24.5 | 29.17 | 32.48 |
| EBIT Growth(%) | 0 | 127.66 | 515.93 | 23.38 | 65.91 | 58.4 | 11.35 | -34.48 | 60.41 | 63.84 | -28.5 |
| PAT Growth(%) | -3994.91 | 125.24 | 281.25 | 29.23 | 110.15 | 32.62 | 29.21 | -33.98 | 61.19 | 62.66 | -28.34 |
| EPS Growth(%) | -3994.25 | 125.24 | 281.25 | 29.23 | 110.15 | 32.62 | 29.21 | -33.98 | 61.19 | 62.66 | -28.34 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 1.01 | 1.14 | 1.3 | 1.52 | 1.54 | 1.59 | 1.84 | 1.95 | 1.93 | 2.23 | 1.7 |
| Quick Ratio(x) | 0.68 | 0.81 | 1.02 | 1 | 1.1 | 1.14 | 1.42 | 1.59 | 1.54 | 1.74 | 1.1 |
| Interest Cover(x) | 0 | 0 | 0 | 0 | 0 | 100.97 | 117.6 | 88.41 | 213.86 | 183.95 | 108.1 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 2.65 | 2.74 | 2.79 | 2.9 | 2.93 | 2.89 | 3.03 | 2.74 | 2.71 | 2.78 |
| DII | 2.77 | 3.77 | 5 | 5.09 | 5.21 | 4.64 | 4.55 | 5.25 | 5.55 | 5.78 |
| Public | 19.58 | 18.5 | 17.21 | 17.02 | 16.87 | 17.48 | 17.42 | 17.02 | 16.75 | 16.44 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 |
| FII | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.07 | 0.07 | 0.07 |
| DII | 0.07 | 0.09 | 0.12 | 0.13 | 0.13 | 0.12 | 0.11 | 0.13 | 0.14 | 0.14 |
| Public | 0.49 | 0.46 | 0.43 | 0.43 | 0.42 | 0.44 | 0.44 | 0.43 | 0.42 | 0.41 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +32% | +29% | +16% | +13% |
| Operating Profit CAGR | +35% | +43% | +17% | — |
| PAT CAGR | -28% | +23% | +10% | — |
| Share Price CAGR | -13% | +36% | +18% | +23% |
| ROE Average | +16% | +20% | +19% | +14% |
| ROCE Average | +21% | +27% | +26% | +20% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 | 75 |
| FII | 2.65 | 2.74 | 2.79 | 2.9 | 2.93 | 2.89 | 3.03 | 2.74 | 2.71 | 2.78 |
| DII | 2.77 | 3.77 | 5 | 5.09 | 5.21 | 4.64 | 4.55 | 5.25 | 5.55 | 5.78 |
| Public | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 |
| FII | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.07 | 0.07 | 0.07 |
| DII | 0.07 | 0.09 | 0.12 | 0.13 | 0.13 | 0.12 | 0.11 | 0.13 | 0.14 | 0.14 |
| Public | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
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