Alembic Pharmaceuticals Limited (APLLTD)

Healthcare · Pharmaceuticals & Biotechnology · NSE · Updated 15 July 2026

₹821.15 ↓ 20.32% (1Y)

🎯 Key Takeaways

Alembic Pharmaceuticals is in a mature, stable phase with signs of incremental growth and governance refinement. The company has demonstrated consistent profitability and strong credit ratings, supported by strategic board appointments and enhanced borrowing capacity.
Revenue declined 1.5% QoQ to ₹1,848 in Q4FY26.
⚠️ Margin compression is emerging despite stable operating performance, with OPM declining from 16.5% to 12.3% over four quarters, and no clear correctiv

Market Cap

₹15,413

P/E Ratio

22.9

P/B Ratio

2.72

ROE

11.8%

ROCE

11.2%

Debt/Equity

0.24

Div Yield

0.00%

Promoter

0.0%

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📖 The Story

Alembic Pharmaceuticals is in a mature, stable phase with signs of incremental growth and governance refinement. The company has demonstrated consistent profitability and strong credit ratings, supported by strategic board appointments and enhanced borrowing capacity. While recent quarterly performance shows margin compression and flat-to-declining revenue trends, management is focused on operational continuity and shareholder-approved structural changes, including the appointment of an independent director and dividend policy discipline.

📰 What's Happening

In the last three quarters, Alembic has focused on governance and capital structure rather than operational expansion. Key developments include the appointment of Sujit Jaysukh Bhayani as an Independent Director (Board Meeting, 2026-06-18), pending shareholder approval at the upcoming AGM (2026-07-10). The company reaffirmed its CRISIL AA+/Stable rating on a revalued Rs. 1,100 crore bank loan facility (General Filing, 2026-07-01), increasing borrowing capacity from Rs. 800 crores. It also declared a dividend with a record date of 29 July 2026 (Corporate Action, 2026-07-10), contingent on AGM approval. The AGM will be held virtually on 5 August 2026 to approve audited financials, dividend payment, and auditor remuneration.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26	Q2FY26	Q3FY26	Q4FY26
Revenue	1,562	1,648	1,693	1,770	1,711	1,910	1,876	1,848
Operating Profit	239	269	270	286	288	323	267	229
OPM %	15.2%	14.5%	15.4%	15.4%	16.4%	16.5%	15.6%	12.3%
Net Profit	135	153	138	157	154	184	132	202
EPS	₹6.85	₹7.79	₹7.01	₹7.98	₹7.85	₹9.40	₹6.76	₹10.31

Quarterly revenue has plateaued over the past four periods, declining slightly from Rs. 1,910 crore in Q2FY26 to Rs. 1,848 crore in Q4FY26, with no significant recovery in sight. Operating margins have compressed from a peak of 16.5% in Q2FY26 to 12.3% in Q4FY26, despite stable input costs, suggesting margin pressure from pricing or volume headwinds. Net profit declined sharply from Rs. 267 crore in Q3FY26 to Rs. 202 crore in Q4FY26, driven by lower other income and higher expenses. EPS followed a similar trend, falling from Rs. 10.31 in Q4FY26 to Rs. 6.76 in Q3FY26. The company has not cited specific operational initiatives to reverse this trend in recent filings, indicating possible macro-driven or product-mix pressures.

🔮 Management Outlook & What's Next

Management has not provided forward-looking operational guidance in the latest filings beyond reaffirming financial stability and governance plans. The Board recommends shareholder approval of Mr. Bhayani’s appointment and cost auditor remuneration at the AGM (General Filing, 2026-07-10), but does not outline growth targets or revenue recovery expectations. The only forward-looking statement relates to the continued validity of the CRISIL ratings for 60 days, with revalidation required if not placed within 180 days. No commentary on demand trends, pipeline, or capital expenditure plans was included in the disclosed materials.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	2024-2025	2025-2026	2025-2026	2025-2026	2025-2026
Equity Capital	39	39	39	39	39
Reserves	5,152	—	5,280	—	5,636
Borrowings	1,196	—	1,414	—	1,361
Total Liabilities	2,583	—	3,081	—	3,094
Fixed Assets	2,524	—	2,612	—	2,844
Investments	101	—	103	—	113
Total Assets	7,773	—	8,397	—	8,763

The balance sheet shows a stable capital structure with equity of Rs. 39 crore and reserves of Rs. 5,636 crore in the latest period, indicating strong retained earnings. Borrowings have increased slightly to Rs. 1,361 crore from Rs. 1,414 crore in the prior period, reflecting modest utilization of enhanced credit capacity. Total assets stand at Rs. 8,763 crore, up from Rs. 8,397 crore previously, suggesting incremental investment or asset growth. The reaffirmation of a Rs. 1,100 crore loan facility underscores confidence in liquidity, though no major capex or acquisition plans have been disclosed. Capital allocation appears focused on maintaining dividend discipline rather than aggressive reinvestment.

💰 Cash Flow Statement (₹ Cr)

Item	2020-2021
Operating	+1,463
Investing	-839
Financing	-597
Net Cash Flow	—

⚖️ Peer Comparison — Pharmaceuticals & Biotechnology

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Sun Pharmaceutical Industries Limited	4.51 L Cr	41.3	20.3%	15.1%	0.03
Divi's Laboratories Limited	1.79 L Cr	72.4	22.1%	16.6%	0.00
Torrent Pharmaceuticals Limited	1.49 L Cr	80.1	—	—	—
Cipla Limited	1.16 L Cr	25.4	19.4%	14.6%	0.00
Dr. Reddy's Laboratories Limited	1.12 L Cr	20.0	19.7%	16.6%	0.12
Lupin Limited	1.04 L Cr	36.2	—	—	—
Mankind Pharma Limited	1.03 L Cr	49.2	—	—	—
Zydus Lifesciences Limited	1.02 L Cr	22.5	—	—	—
Aurobindo Pharma Limited	87,806	25.3	—	—	—
Laurus Labs Limited	71,455	356.8	—	—	—

🔗 Peer Stock Analyses

SUNPHARMA DIVISLAB TORNTPHARM CIPLA DRREDDY

⚠️ Risk Factors

1. Margin compression is emerging despite stable operating performance, with OPM declining from 16.5% to 12.3% over four quarters, and no clear corrective action cited by management. 2. Revenue stagnation across multiple quarters raises concerns about volume growth or pricing power in a competitive domestic market. 3. The company’s profitability is increasingly reliant on other income, which declined significantly from Rs. 132 crore in Q3FY26 to Rs. 202 crore in Q4FY26 NP, indicating potential volatility in non-core earnings. 4. Governance changes, while positive, are pending shareholder approval and may introduce execution delays or board dynamics if not ratified promptly.

📋 Recent Filings

🧠 Analyst's Read

Alembic Pharmaceuticals is navigating a phase of operational plateauing amid stable but uninspiring financial performance, with governance upgrades and credit rating reaffirmations providing modest reassurance. The key near-term catalyst is the AGM outcome, which will determine board composition and dividend continuity. Investors should monitor margin recovery signals and any commentary on demand trends during the next earnings cycle, as current trends suggest limited near-term improvement without strategic intervention.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

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