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Alembic Limited (ALEMBICLTD)

₹97.36 +1.28% last close, 16 Oct

📊 NSE: ALEMBICLTD 🏢 Construction 📢 Latest filing: 06 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Alembic's revenue was ₹48.7 Cr (-2.0% year on year, -18.8% on the previous quarter), and net profit ₹64.9 Cr (+5.3% year on year); the operating margin was 31.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹48.7	-2.0%	-18.8%
Operating profit	₹15.4	-21.1%	-22.8%
Net profit	₹64.9	+5.3%	-3.1%
EPS (₹)	2.53	+5.4%	-3.1%
Operating margin	31.7%	—	—

Full quarterly financials → Results calendar →

ALEMBICLTD delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 57.28% of the ALEMBICLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.27%. The price rose 1.28% on that unusually high delivery, the pattern the delivery dashboard labels accumulation. Volume was 0.3 times its average, well below normal.

57.28%Delivery, 16 Oct

44.27%Own 20-session average

0.3×Volume vs its average

₹97.36NSE close · +1.28%

Delivery in the last 5 sessions: 41.8% · 45.0% · 47.8% · 47.9% · 57.3%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Alembic Limited Submits Demat Compliance Certificate for Q2 Ended Sep 30, 2026

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 06 Oct 2026, 07:33 PM

Alembic Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from the registrar, MUFG Intime India Private Limited, confirms that securities received for dematerialisation were verified, processed, and confirmed within prescribed timelines. This is a regular administrative disclosure with no impact on business operations or financials.

Regulation 74(5) compliance submitted for the quarter ended September 30, 2026
Confirmation issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 3, 2026
Company filing submitted to exchanges on October 5, 2026

💡 No action needed; this is a standard regulatory submission. Investors should monitor upcoming Q2 FY27 operational and financial results.

119th AGM: Alembic Ltd Shareholders Approve Dividend; Institutional Dissent on Director Commission

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 09:57 PM

Alembic Limited concluded its 119th Annual General Meeting on August 11, 2026, with all five resolutions passed by the requisite majority. Key approvals included the adoption of FY26 financial statements and the declaration of a dividend for the fiscal year. Notably, a special resolution for commission payment to Non-Executive Director Mr. Udit Amin faced significant institutional opposition, with 99.95% of institutional votes cast against it, though it passed due to 100% promoter support. The company continues to leverage its 70.88% promoter holding and significant investment stakes in Alembic Pharmaceuticals.

Total of 1,03,085 shareholders were on record for the 119th AGM held via video conferencing.
Dividend declaration for FY25-26 was approved with 100% of valid votes cast in favor (19.06 crore votes).
Institutional investors cast 22,60,847 votes against the commission payment to Mr. Udit Amin, representing 99.95% of the institutional segment's votes.
Promoter and Promoter Group, holding 18.20 crore shares, voted 100% in favor of all five agenda items.
Mrs. Malika Amin was re-appointed as Director with 99.99% overall approval despite 12,704 votes against.

💡 Investors should monitor the dividend payout timeline and observe if institutional dissent regarding director commissions leads to any changes in future compensation structures.

Alembic Ltd Shareholders Approve FY26 Dividend and Financials at 119th AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Aug 2026, 09:48 PM

Alembic Limited concluded its 119th Annual General Meeting on August 11, 2026, where shareholders approved all five proposed resolutions. Key approvals included the adoption of FY26 audited financial statements and the declaration of a dividend for the fiscal year. While all resolutions passed with the requisite majority, a special resolution regarding commission payments to Non-Executive Director Mr. Udit Amin saw significant institutional opposition, with 99.95% of institutional votes cast against it. The company maintains a strong financial position with a TTM PAT of ₹280 Cr, largely supported by its 28.41% stake in Alembic Pharmaceuticals.

119th Annual General Meeting successfully conducted via Video Conferencing on August 11, 2026
Dividend for FY26 approved with 100% of valid votes cast in favor (19,05,95,594 votes)
Special resolution for director commission passed with 98.80% total favor despite 22,60,847 institutional votes against
Total of 1,03,085 shareholders were on record for the meeting as of the cutoff date
Re-appointment of Mrs. Malika Amin as Director approved with 99.99% majority

💡 Investors should monitor the dividend payout timeline and track the company's progress on its 102-acre land bank development in Vadodara, which is a key long-term value driver.

Rs 64.89 Cr Q1 Net Profit; Real Estate Revenue Stable at Rs 37.03 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 04:16 PM

Alembic Limited reported a consolidated net profit of Rs 64.89 Cr for Q1 FY27, a 5.3% increase from Rs 61.64 Cr in the same quarter last year. This growth was primarily driven by a higher share of profit from its associate company (Alembic Pharmaceuticals), which contributed Rs 49.19 Cr (75.8% of total profit). Consolidated revenue from operations remained nearly flat at Rs 48.74 Cr compared to Rs 49.75 Cr YoY. The core Real Estate segment contributed Rs 37.03 Cr to revenue, while the API segment saw a decline in profit to Rs 1.66 Cr.

Consolidated Net Profit increased 5.3% YoY to Rs 64.89 Cr for the quarter ended June 30, 2026.
Share of profit from associate company rose to Rs 49.19 Cr from Rs 43.84 Cr in the previous year's quarter.
Real Estate segment revenue was stable at Rs 37.03 Cr, contributing 76% of total operational revenue.
API segment revenue declined to Rs 11.71 Cr from Rs 12.95 Cr YoY, with segment profit dropping 39% to Rs 1.66 Cr.
Company maintains a provision of Rs 20.52 Cr for a disputed electricity duty matter currently with the Supreme Court.

💡 Monitor the quarterly performance of Alembic Pharmaceuticals, as it remains the primary driver of Alembic Ltd's consolidated bottom line. Watch for updates on the monetization of the 102-acre Vadodara land bank for standalone growth.

Alembic Ltd Sets Aug 4 as Record Date for Final Dividend; 119th AGM on Aug 11

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Jul 2026, 05:57 PM

Alembic Limited has announced its 119th Annual General Meeting (AGM) scheduled for August 11, 2026, via video conferencing. The company has fixed August 4, 2026, as the Record Date for determining shareholder eligibility for the Final Dividend. Shareholders must submit TDS exemption forms by July 24, 2026, to avoid higher tax deductions. The e-voting period for AGM resolutions will run from August 8 to August 10, 2026.

119th Annual General Meeting scheduled for August 11, 2026, at 5:00 p.m. IST
Record date for Final Dividend and e-voting eligibility fixed as August 4, 2026
Last date for submission of TDS exemption forms is July 24, 2026
Remote e-voting window opens on August 8, 2026 (9:00 a.m.) and ends on August 10, 2026 (5:00 p.m.)
Annual Report for FY 2025-26 is now accessible via the company's website and stock exchanges

💡 Shareholders should ensure their KYC and bank details are updated with their Depository Participant or the RTA by August 4 to ensure seamless dividend credit. Review the Annual Report for updates on the 102-acre Vadodara land bank development.

Alembic Limited Submits Quarterly SEBI Dematerialization Certificate for June 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Jul 2026, 06:44 PM

Alembic Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document, issued by Registrar MUFG Intime India Private Limited, confirms that share certificates received for dematerialization during the quarter ended June 30, 2026, were processed within prescribed timelines. It further verifies that the securities are listed on the stock exchanges and the register of members has been updated. This is a standard administrative filing with no impact on the company's financial health or business operations.

Compliance certificate issued for the quarter ended June 30, 2026
Registrar MUFG Intime India Private Limited confirmed all demat requests were processed within timelines
Confirmation that securities are listed on BSE (Scrip Code: 506235) and NSE (Symbol: ALEMBICLTD)
Verification that security certificates were mutilated and cancelled after dematerialization

💡 This is a routine regulatory filing. Investors should monitor upcoming quarterly financial results to assess the performance of the company's real estate and API divisions.

August 4, 2026, Fixed as Record Date for Alembic Limited Dividend

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 10 Jul 2026, 03:45 PM

Alembic Limited has officially set August 4, 2026, as the record date to determine shareholder eligibility for the dividend pertaining to the financial year ended March 31, 2026. The dividend is subject to shareholder approval at the upcoming Annual General Meeting (AGM) scheduled for August 11, 2026. The company maintains a strong financial position with a TTM PAT of Rs 280 Cr, significantly bolstered by its 28.41% stake in Alembic Pharmaceuticals Limited. This filing is a routine administrative step following the conclusion of the fiscal year.

Record date for dividend entitlement fixed as August 4, 2026.
Annual General Meeting (AGM) to be held on August 11, 2026, for dividend approval.
Dividend pertains to the full financial year ended March 31, 2026.
Company holds a strategic 28.41% stake in Alembic Pharmaceuticals, which supports over 60% of pre-tax profits.
TTM PAT stands at Rs 280 Cr against a TTM revenue of Rs 240 Cr, reflecting high non-operating income.

💡 Investors seeking the dividend should ensure they hold the shares before the ex-dividend date (typically one business day prior to the record date). Monitor the AGM outcome on August 11 for final approval and the subsequent payment timeline.

Aug 11 AGM: Alembic Ltd to Seek Approval for ₹2.10 Cr Director Commission and FY26 Dividend

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 10 Jul 2026, 03:19 PM

Alembic Limited has scheduled its 119th Annual General Meeting (AGM) for August 11, 2026, to approve the FY26 financial results and declare a dividend. A key agenda item includes a special resolution for a ₹2.10 Cr commission payment to Mr. Udit Amin for his six-month tenure as a Non-Executive Director. The company has fixed August 4, 2026, as the record date for dividend eligibility. Given that dividend income from its 28.41% stake in Alembic Pharmaceuticals supports over 60% of pre-tax profits, the AGM provides a platform for updates on this core value driver.

119th Annual General Meeting scheduled for August 11, 2026, via Video Conferencing
Record date for FY26 dividend entitlement fixed as August 4, 2026
Proposed commission of ₹2.10 Cr to Mr. Udit Amin, representing 1.41% of net profits for a 6-month period
Ratification of ₹0.50 Lakh remuneration for Cost Auditors for the financial year 2026-27
Re-appointment of Mrs. Malika Amin as Director to be considered by shareholders

💡 Investors should ensure their KYC and bank details are updated by July 31, 2026, to receive dividends electronically and monitor the AGM voting results for governance oversight.

Alembic Limited to Close Trading Window from July 1, 2026 for Q1 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Jun 2026, 04:54 PM

Alembic Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting July 1, 2026. This move is a standard regulatory requirement under SEBI Insider Trading regulations ahead of the release of financial results for the quarter ended June 30, 2026. The window will remain closed until 48 hours after the unaudited financial results are officially declared. The specific date for the board meeting to approve these results will be communicated at a later date.

Trading window closure starts on July 1, 2026
Closure is in anticipation of Q1 financial results for the period ending June 30, 2026
Window will reopen 48 hours after the results are announced to the exchanges
Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 No action is required as this is a routine compliance notification. Investors should look out for the upcoming board meeting date to review the company's quarterly performance.

Alembic Ltd Reminds Physical Shareholders to Update KYC and Demat Shares per SEBI Norms

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 05 Jun 2026, 01:12 PM

Alembic Limited has issued a reminder to shareholders holding shares in physical form to update their PAN, KYC, and nomination details in compliance with the SEBI Master Circular dated June 23, 2025. The company notified that dividends will be withheld for physical folios that lack updated records for PAN, bank details, or signatures. Additionally, the company is strongly urging these shareholders to convert their physical certificates into dematerialized form to ensure market liquidity and ease of transfer.

Compliance with SEBI Master Circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/91 dated June 23, 2025.
Mandatory update of PAN, Address, Mobile Number, Bank Account details, and Specimen Signature for physical folios.
Dividends for non-compliant physical folios will be withheld and only released electronically upon KYC completion.
Physical share transfers have been prohibited since April 1, 2019, necessitating dematerialization for liquidity.
Registrar and Share Transfer Agent (RTA) for the process is MUFG Intime India Private Limited.

💡 Shareholders holding physical certificates should immediately submit KYC forms to the RTA and initiate the dematerialization process to avoid dividend withholding. Investors already holding shares in demat form are unaffected by this update.

Alembic Ltd Issues Reminder for Transfer of Unclaimed Shares to IEPF by August 31, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 May 2026, 05:45 PM

Alembic Limited has notified shareholders regarding the mandatory transfer of equity shares to the Investor Education and Protection Fund (IEPF). This applies to shares where dividends have remained unclaimed for seven consecutive years, beginning from the 2018-2019 final dividend. Affected shareholders must claim their unpaid dividends by August 31, 2026, to prevent the transfer. This is a standard regulatory compliance action under the Companies Act, 2013, and does not affect the company's financial health.

Shares with unclaimed dividends since FY 2018-19 are liable for transfer to IEPF.
The deadline for shareholders to claim unpaid dividends is August 31, 2026.
Transfer is mandated under Section 124(6) of the Companies Act, 2013.
Shareholders can reclaim shares from IEPF later by filing web form IEPF-5.

💡 Long-term shareholders should verify their dividend credit history and update KYC details with the RTA, MUFG Intime India, if necessary. General investors can treat this as a routine administrative update with no impact on stock valuation.

Alembic Ltd Reports FY26 Net Profit of Rs 317.38 Cr, Recommends Rs 2.40 Dividend

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 19 May 2026, 06:06 PM

Alembic Limited reported a consolidated net profit of Rs 317.38 crore for FY26, a marginal increase from Rs 310.68 crore in the previous fiscal. The Board has recommended a final dividend of Rs 2.40 per share (120%), maintaining the payout level from the previous year. While total revenue from operations grew by 8% to Rs 239.99 crore, the API segment showed robust growth of 44.6%. However, Profit Before Tax saw a slight decline to Rs 148.76 crore due to increased employee benefit expenses and material costs.

Consolidated Net Profit for FY26 rose to Rs 31,738 Lakhs from Rs 31,068 Lakhs in FY25.
Recommended a final dividend of Rs 2.40 per equity share of face value Rs 2 each.
API business revenue grew significantly by 44.6% to Rs 4,659 Lakhs from Rs 3,221 Lakhs YoY.
Real Estate segment revenue remained stable at Rs 19,340 Lakhs compared to Rs 18,967 Lakhs in the previous year.
Full-year Earnings Per Share (EPS) improved slightly to Rs 12.36 from Rs 12.10.

💡 The company remains a steady dividend payer with stable consolidated earnings, though investors should monitor the stagnation in the core real estate segment. Keep a watch on the legal contingency regarding the disputed electricity duty liability of Rs 2,052.13 lakhs.

Alembic Ltd FY26 Consolidated Net Profit Rises to ₹317.38 Cr; Recommends ₹2.40 Dividend

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 19 May 2026, 05:55 PM

Alembic Limited reported a consolidated net profit of ₹31,738 Lakhs for FY26, a marginal increase of 2.1% compared to ₹31,068 Lakhs in FY25. The results were significantly supported by the share of profit from its associate, Alembic Pharmaceuticals, which contributed ₹19,145 Lakhs. Revenue from operations grew 8.1% YoY to ₹23,999 Lakhs, primarily driven by the Real Estate segment which accounts for over 80% of total revenue. The company maintained its dividend payout at ₹2.40 per share, consistent with the previous year.

Consolidated Net Profit for FY26 stood at ₹31,738 Lakhs versus ₹31,068 Lakhs in FY25.
Revenue from operations increased to ₹23,999 Lakhs from ₹22,189 Lakhs in the previous fiscal.
Real Estate segment contributed ₹19,340 Lakhs to revenue with a segment profit of ₹8,117 Lakhs.
API business revenue grew to ₹4,659 Lakhs, up from ₹3,221 Lakhs in FY25.
Board recommended a dividend of ₹2.40 per equity share (120% of face value of ₹2).

💡 Investors should monitor the Real Estate segment's execution as it remains the primary revenue driver, while also tracking Alembic Pharma's performance which heavily influences the bottom line. The steady dividend provides a decent yield, but core standalone profit growth remains modest.

Alembic Limited Promoters Declare Zero Share Encumbrance for FY 2025-26

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 18 May 2026, 04:15 PM

Chirayu Amin, representing the promoter group of Alembic Limited, has filed a formal declaration under Regulation 31(4) of the SEBI SAST Regulations. The disclosure confirms that the promoters and persons acting in concert (PAC) did not create any direct or indirect encumbrances on their shareholding during the financial year 2025-26. This annual compliance filing covers 34 distinct entities and individuals within the promoter group. Maintaining zero share pledging is a positive indicator of the promoter group's financial stability and commitment to the company.

Declaration filed under Regulation 31(4) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
Promoter group confirms zero shares were pledged or encumbered during the 2025-26 financial year
The disclosure encompasses a total of 34 promoter group entities and individuals
Key entities listed include Nirayu Private Limited, Shreno Limited, and Alembic Pharmaceuticals Limited

💡 Investors should note this as a routine but positive confirmation that the promoter's stake remains unencumbered. No immediate action is required as this reinforces the existing stable ownership structure.

Alembic Limited Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 02:48 PM

Alembic Limited has informed the stock exchanges that its trading window for dealing in company securities will be closed starting April 1, 2026. This action is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the upcoming financial results. The closure will remain in effect until 48 hours after the declaration of the audited financial results for the quarter and financial year ending March 31, 2026. The specific date for the board meeting to approve these results will be announced separately at a later date.

Trading window closure effective from April 1, 2026
Closure relates to audited financial results for Q4 and FY ending March 31, 2026
Window to reopen 48 hours after the official result declaration
Complies with SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory announcement with no direct impact on stock fundamentals. Investors should wait for the announcement of the board meeting date to assess the company's annual financial performance.

View All ALEMBICLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

For H1 FY26, the Active Pharmaceutical Ingredients (API) business revenue grew by 27.94% YoY to INR 23.26 Cr from INR 18.18 Cr. The Real Estate business revenue decreased by 3.71% YoY to INR 82.35 Cr from INR 85.52 Cr. Total consolidated revenue for H1 FY26 was INR 105.61 Cr, up 1.84% YoY from INR 103.70 Cr.

Geographic Revenue Split

Operations are primarily concentrated in Vadodara, Gujarat, where the company's 102-acre land bank and API manufacturing facilities are located. Specific regional revenue percentages are not disclosed.

Profitability Margins

For FY25, the company registered a net profit of INR 141.95 Cr on a gross revenue of INR 214.36 Cr, resulting in a net profit margin of 66.22%. This high margin is primarily driven by significant dividend income from group companies, which amounted to INR 62.88 Cr in H1 FY26 alone.

EBITDA Margin

Operating profit before working capital changes for H1 FY26 was INR 46.84 Cr, up 11.42% from INR 42.04 Cr in H1 FY25. The consolidated net profit before tax for H1 FY26 was INR 104.57 Cr, a 3.33% increase YoY.

Capital Expenditure

Historical and planned CAPEX figures are not explicitly disclosed in the provided documents, though the company continues to develop its 102-acre land bank into mixed-use assets.

Credit Rating & Borrowing

ICRA reaffirmed the long-term rating at [ICRA]AA- (Stable) and the short-term rating at [ICRA]A1+ on May 30, 2025. Borrowing costs are low as the company maintains negligible debt levels, with total long-term borrowings of only INR 8.57 Cr as of September 30, 2025.

⚙️ Operational Drivers

Raw Materials

Penicillin-G (Pen-G) is the primary raw material for the fermentation-based API business. Specific cost percentages for Pen-G are not disclosed.

Capacity Expansion

Current energy capacity includes four windmills (5 MW) and two co-generation power plants (6 MW) used for captive consumption in the API business. Real estate capacity is centered on a 102-acre land bank in Vadodara.

Raw Material Costs

Raw material costs are subject to volatility in the Pen-G business. In H1 FY26, inventories decreased by INR 7.36 Cr compared to an increase of INR 4.45 Cr in H1 FY25, reflecting shifts in procurement and production cycles.

Manufacturing Efficiency

Efficiency is driven by the integration of captive power plants (11 MW total capacity) which support the fermentation process in the bulk drugs division.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the development of the 102-acre land bank in Vadodara into high-value mixed-use and residential assets. Additionally, the company leverages its 28.41% stake in Alembic Pharmaceuticals Limited and 19.01% stake in Paushak Limited to ensure steady dividend-backed cash flows for reinvestment.

Products & Services

Active Pharmaceutical Ingredients (APIs/Bulk Drugs), leased commercial properties, residential real estate units, and wind power generation.

Brand Portfolio

Alembic

New Products/Services

The company is focusing on developing 'Alembic City' and other mixed-use real estate assets to capitalize on urbanization trends.

Market Expansion

Expansion is focused on the Vadodara real estate market, reinforcing its position as a niche developer of premium commercial and residential spaces.

Market Share & Ranking

The company is positioned as a 'niche developer' in the real estate sector and a pioneer in Penicillin-G based API manufacturing in India.

🌍 External Factors

Industry Trends

The real estate industry is evolving toward mixed-use developments and organized leasing. The API industry is facing increased scrutiny regarding manufacturing standards and environmental compliance.

Competitive Landscape

The company competes with local and regional real estate developers in Gujarat and global API manufacturers.

Competitive Moat

The company's moat is its 28.41% stake in APL, providing high financial flexibility and a steady cash flow that is independent of its standalone operations. This is supplemented by a legacy land bank acquired at historical costs, providing a significant cost advantage in real estate development.

Macro Economic Sensitivity

Real estate demand is highly sensitive to urbanization trends and interest rate cycles, while the API business is sensitive to global pharmaceutical regulatory changes.

Consumer Behavior

Subdued demand in real estate was noted during the pandemic, with some buyers delaying payments due to economic uncertainties.

Geopolitical Risks

The API business is exposed to global trade dynamics and potential import restrictions on key fermentation inputs.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act 2013, SEBI Listing Regulations, and pharmaceutical manufacturing standards. Real estate operations are subject to local land use and labor regulations.

Environmental Compliance

The API division must adhere to strict pollution norms and manufacturing compliance standards, which are monitored as part of social and environmental risk assessments.

Taxation Policy Impact

The company's deferred tax liability (net) increased significantly to INR 47.47 Cr as of September 2025 from INR 28.37 Cr in the previous year.

Legal Contingencies

ICRA is monitoring a specific liability and its potential impact on the credit profile, though the exact INR value is not disclosed in the summary.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the volatility of the Pen-G business and the heavy reliance on dividend income from APL, which is subject to pharmaceutical market dynamics.

Geographic Concentration Risk

High geographic concentration risk as the majority of real estate assets and API operations are located in Vadodara, Gujarat.

Third Party Dependencies

Dependency on group companies (APL and Paushak) for a significant portion of total comprehensive income.

Technology Obsolescence Risk

The API division faces risks if fermentation technologies shift or if newer, more cost-effective synthetic routes are developed for its product portfolio.