Alembic Pharmaceuticals Ltd (APLLTD)
🎯 Key Takeaways
- Alembic Pharmaceuticals is in a clear growth phase, driven by strong execution in its US and domestic branded segments, with revenue growth accelerating and margins expanding. Management is actively investing in R&D and pipeline development to sustain momentum, while maintaining a conservative capital structure.
- Revenue grew 16.3% QoQ to ₹2,150 in Q1FY27.
- ⚠️ US market volatility remains a concern due to regulatory and pricing pressures, despite current growth momentum.
- Market Cap
- ₹16,790
- P/E Ratio
- 24.2
- P/B Ratio
- 2.96
- ROE
- 12.2%
- ROCE
- 11.7%
- Debt/Equity
- 0.24
- Div Yield
- 1.40%
- Promoter
- 69.9%
📖 The Story
Alembic Pharmaceuticals is in a clear growth phase, driven by strong execution in its US and domestic branded segments, with revenue growth accelerating and margins expanding. Management is actively investing in R&D and pipeline development to sustain momentum, while maintaining a conservative capital structure. The company is transitioning from a turnaround narrative to a structurally improving growth story, supported by consistent top-line expansion and improving profitability.
📰 What's Happening
In Q1 FY27, Alembic reported 26% YoY revenue growth to ₹2150 crores, with PAT up 12% to ₹173 crores and EBITDA rising 21% to ₹523 crores. The US formulation segment led growth with 49% YoY growth to ₹778 crores, while India Branded Business grew 7% to ₹642 crores. Management highlighted robust order books and strategic expansion in US branded products and peptide R&D. R&D spend increased 26% YoY to 9% of revenue, underscoring commitment to pipeline development. The company scheduled one-on-one investor meetings for September 1-2, 2026, to engage stakeholders on strategy and performance.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,910 | 1,876 | 1,848 | 2,150 |
| Operating Profit | 240 | 213 | 139 | 234 |
| OPM % | 12.5% | 11.4% | 7.5% | 10.9% |
| Net Profit | 184 | 132 | 202 | 172 |
| EPS | ₹9.40 | ₹6.76 | ₹10.31 | ₹8.80 |
Revenue has grown sequentially and YoY over the past four quarters, with Q1 FY27 marking the highest growth at ₹2150 crores. Profitability trends show margin expansion, with EBITDA margin improving to 24% before R&D and PAT margin holding at 8%. Despite rising R&D investment, net profit growth remains resilient, supported by operational leverage and volume gains. The consistent beat in revenue and profit growth reflects effective execution against stated expansion goals.
🔮 Management Outlook & What's Next
Management expects sustained growth through product portfolio strengthening, particularly in US branded products and peptide development, supported by increased R&D spend. They emphasized advancing the pipeline and driving long-term growth during the Q1 FY27 investor presentation. No specific revenue or margin guidance was provided, but the tone was confident in the durability of current growth drivers.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 39 | 39 | 39 | 39 |
| Reserves | 5,152 | 4,849 | 5,636 | 5,280 |
| Borrowings | 1,258 | 1,066 | 1,361 | 1,489 |
| Total Liabilities | 7,773 | 7,230 | 8,763 | 8,397 |
| Fixed Assets | 2,524 | 2,463 | 3,130 | 2,612 |
| Investments | 127 | 102 | 141 | 129 |
| Total Assets | 7,773 | 7,230 | 8,763 | 8,397 |
The balance sheet shows a stable capital structure with total assets growing to ₹8,763 crores as of March 2026, while equity and reserves remain steady at ₹39 crores and ₹5,636 crores respectively. Borrowings increased slightly to ₹1,361 crores, but remain low relative to equity, indicating minimal financial risk. The company is not over-leveraged and appears to be funding growth internally, with no major capex or investment spikes disclosed.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +783 |
| Investing | -506 |
| Financing | -164 |
| Net Cash Flow | +113 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 69.7% | 69.7% | 69.7% | 69.9% |
| FII | 4.0% | 4.2% | 4.3% | 4.2% |
| DII | 16.3% | 16.2% | 16.2% | 15.9% |
| Public | 6.9% | 6.9% | 6.9% | 7.0% |
| # Shareholders | 89,969 | 87,000 | 86,432 | 86,796 |
Promoter holding remains stable near 69.8%, indicating confidence in long-term prospects. FII ownership has slightly declined from 4.25% to 4.18% over the last four quarters, while DII participation has held firm around 16%, suggesting continued institutional interest. The growing number of shareholders (86,796 in Q1FY27) reflects broadening retail interest. No significant selling or accumulation signals are evident from the pattern.
⚖️ Peer Comparison — Pharmaceuticals
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| SUNPHARMA | 4.41 L Cr | 36.5 | 18.7% | — | 0.05 |
| DIVISLAB | 2.53 L Cr | 86.5 | 23.0% | — | 0.00 |
| TORNTPHARM | 1.85 L Cr | 77.7 | 15.1% | — | 1.76 |
| ZYDUSLIFE | 1.21 L Cr | 27.0 | 16.8% | — | 0.43 |
| CIPLA | 1.12 L Cr | 33.3 | 13.2% | — | 0.01 |
| LAURUSLABS | 1.09 L Cr | 99.3 | 20.8% | — | 0.45 |
| DRREDDY | 1.02 L Cr | 31.6 | 10.1% | — | 0.17 |
| MANKIND | 1.01 L Cr | 49.3 | 13.9% | — | 0.38 |
| AUROPHARMA | 97,814 | 26.6 | 12.8% | — | 0.20 |
| LUPIN | 94,274 | 16.6 | 27.9% | — | 0.26 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. US market volatility remains a concern due to regulatory and pricing pressures, despite current growth momentum. 2. Rising R&D spend may pressure short-term profitability if pipeline development does not translate into commercial success. 3. Margin expansion is partly driven by scale and product mix, but input cost inflation or competitive pricing could erode gains. 4. Leadership change in compliance roles, while not operationally impactful, may introduce minor governance uncertainty.
📋 Recent Filings
- Announcement2026-09-28Alembic Pharmaceuticals announced that its trading window will close on October 1, 2026, and remain shut until 48 hours after the unaudited financial …
- 🔴 Announcement2026-09-18Alembic Pharmaceuticals announced one-to-one investor and analyst meetings in Mumbai on September 23, 2026, to discuss publicly available information.…
- 🔴 Announcement2026-09-16Alembic Pharmaceuticals announced that the USFDA closed its inspection of the Vadodara bioequivalence facility conducted from March 3-7, 2025, issuing…
- 🔴 Announcement2026-09-11Alembic Pharmaceuticals announced the successful completion of an unannounced USFDA onsite bioequivalence inspection at its Vadodara facility with no …
- 🔴 Announcement2026-09-07Alembic Pharmaceuticals announced the incorporation of its wholly owned subsidiary, Alembic Pharmaceuticals Global FZCO, in Dubai on August 24, 2026, …
- 🔴 Announcement2026-08-27Alembic Pharmaceuticals announced a series of one-on-one investor and analyst meetings scheduled for September 1-2, 2026, in Mumbai and via virtual co…
- 🔴 Announcement2026-08-27Alembic Pharmaceuticals announced a series of one-on-one investor and analyst meetings scheduled for September 1-2, 2026, in Mumbai and via virtual co…
- Announcement2026-08-20Alembic Pharmaceuticals announced the appointment of Chirag Shukla as Company Secretary and Compliance Officer effective August 20, 2026, following SE…
- 🟡 Board Meeting2026-08-10No summary available
- 🔴 Announcement2026-08-10Alembic Pharmaceuticals announced the resignation of Company Secretary and Compliance Officer Manisha Saraf effective August 10, 2026, as per SEBI Reg…
🧠 Analyst's Read
Alembic Pharmaceuticals is executing well against its growth narrative, with strong US and domestic performance supporting financial resilience. The key watchpoint is whether R&D investments in peptides and US branded products yield meaningful commercial outcomes in the next 12-18 months. Investors should monitor upcoming investor meetings for updates on pipeline timelines and market expansion plans.
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 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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