We value Aurobindo Pharma shares at Rs1,010 on 14x Mar'27E EPS. Our target PE  of 14x is in-line with the company's company’s 10-year mean.

Upside risks that could sustain the shares above our target price include: a) sustained improvement in the US generic pricing environment; b) better-than-expected upside from Pen-G; and c) positive surprises from the US generics pipeline.