Alembic Pharmaceuticals Limited (APLLTD)
₹789.45 -0.40% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Alembic Pharmaceuticals' revenue was ₹2,150 Cr (+25.7% year on year, +16.3% on the previous quarter), and net profit ₹173 Cr (+12.7% year on year); the operating margin was 15.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,150 | +25.7% | +16.3% |
| Operating profit | ₹332 | +18.0% | +45.6% |
| Net profit | ₹173 | +12.7% | -14.3% |
| EPS (₹) | 8.80 | +12.1% | -14.6% |
| Operating margin | 15.4% | — | — |
APLLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 51.01% of the APLLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.39%. That is close to its usual level.
Delivery in the last 5 sessions: 39.9% · 45.5% · 55.9% · 56.2% · 51.0%
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 Pharmaceuticals Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate covers the quarter and half-year ended September 30, 2026. Issued by RTA MUFG Intime India Private Limited, it confirms that all share dematerialisation requests received during the period were processed and confirmed within prescribed regulatory timelines. This is a purely procedural regulatory filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI regulations for the period ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Confirms mutilation, cancellation, and substitution of depositories in the register within prescribed timelines
- Announcement released to BSE and NSE on October 6, 2026
Alembic Pharmaceuticals has informed the exchanges that company officials will conduct one-to-one meetings with institutional investors and analysts in Mumbai on Wednesday, 23rd September 2026, starting at 10:00 AM. The company clarified that discussions will be based solely on publicly available information without sharing any unpublished price sensitive information (UPSI). With Alembic generating TTM revenues of Rs 7,550 Cr and holding a market cap of Rs 16,611 Cr, this interaction is a standard corporate IR engagement.
- Meeting format: One-to-one institutional investor and analyst interactions
- Scheduled date: Wednesday, 23rd September 2026
- Start time: 10:00 AM onwards in Mumbai
- No Unpublished Price Sensitive Information (UPSI) to be shared
Alembic Pharmaceuticals has received an Establishment Inspection Report (EIR) from the USFDA, marking the formal closure of the inspection at its Bioequivalence Facility in Vadodara, Gujarat. The inspection took place between March 3, 2025, and March 7, 2025. This clears regulatory compliance uncertainty for the facility, supporting Alembic's ongoing clinical and bioequivalence studies required for its US generic pipeline. With Alembic generating TTM revenue of ₹7,550 Cr, smooth USFDA compliance across all sites is critical for its targeted 15-20 annual US product launches.
- USFDA issued an Establishment Inspection Report (EIR) indicating inspection closure
- Inspection conducted from 3rd March, 2025 to 7th March, 2025
- Facility cleared is the Bioequivalence Facility located at Vadodara, Gujarat
- Closure follows original intimation filed on 7th March, 2025
Alembic Pharmaceuticals has successfully completed an unannounced onsite USFDA Bioequivalence inspection at its Vadodara facility with zero Form 483 observations. The inspection took place between August 31, 2026, and September 10, 2026. A clean regulatory outcome at bioequivalence sites is vital for the company's US pipeline and planned 15-20 product launches in FY26. For a company generating Rs 7,550 Cr in TTM revenue, avoiding compliance disruptions protects ongoing US export growth.
- Unannounced USFDA Bioequivalence inspection completed with 0 Form 483 observations
- Inspection conducted over 11 days, from 31st August, 2026 to 10th September, 2026
- Facility inspected is the Bioequivalence Facility located in Vadodara, Gujarat
- Supports ongoing US filing pipeline and target of launching 15-20 products in the US in FY26
Alembic Pharmaceuticals Limited has incorporated a wholly owned subsidiary named Alembic Pharmaceuticals Global FZCO in Dubai, UAE. The subsidiary was incorporated on August 24, 2026, with intimation received by the company on September 7, 2026. The initial subscription cost is AED 100,000 (~₹0.23 Cr), representing 100 shares of AED 1,000 each. The entity is set up to explore new business opportunities and promote, sell, and distribute pharmaceutical products internationally, representing a negligible fraction of Alembic's TTM revenue of ₹7,550 Cr.
- Incorporation of wholly owned subsidiary Alembic Pharmaceuticals Global FZCO in Dubai, UAE
- Cost of subscription is AED 100,000 paid in cash consideration
- Share capital comprises 100 shares of AED 1,000 each, 100% owned by Alembic
- Subsidiary incorporated on August 24, 2026, with confirmation received on September 7, 2026
Alembic Pharmaceuticals Limited has scheduled one-on-one meetings with 9 institutional investors and analysts across September 1 and September 2, 2026. The participating firms include ICICI Securities, HSBC, Ashmore (Fund), 360 ONE Capital, Dolat Capital, Equirus Securities, BOB Capital Markets, Nirmal Bang, and Yes Securities. The interactions will largely take place in-person in Mumbai, with one virtual session. The company explicitly noted that no Unpublished Price Sensitive Information (UPSI) will be shared.
- Management to conduct one-on-one meetings with 9 institutional investors/analysts
- Scheduled dates are September 01, 2026 (6 meetings) and September 02, 2026 (3 meetings)
- Format includes 8 in-person meetings in Mumbai and 1 virtual video conference
- Company affirmed that no Unpublished Price Sensitive Information (UPSI) is proposed to be shared
Alembic Pharmaceuticals Limited has appointed Mr. Chirag Shukla as Company Secretary and Compliance Officer (Key Managerial Personnel), effective August 20, 2026. Mr. Shukla has over 19 years of experience in corporate secretarial, legal, and compliance functions, having previously served at Deepak Phenolics, Schaeffler India, and Alembic Limited. This is a routine statutory management appointment and has no direct impact on the company's financial performance or ongoing operations.
- Mr. Chirag Shukla appointed as Company Secretary and Compliance Officer (KMP) effective August 20, 2026
- Appointee brings over 19 years of professional experience across legal, compliance, and corporate governance
- Term of appointment is designated as permanent employment
- Previously associated with Deepak Phenolics Limited, Schaeffler India Limited, and Alembic Limited
Alembic Pharmaceuticals Limited announced the resignation of Ms. Manisha Saraf from the post of Company Secretary, Compliance Officer (Key Managerial Personnel), and Nodal Officer. Her resignation takes effect from the close of business hours on August 10, 2026. The resignation letter cites pursuing new external career opportunities as the reason for stepping down. The company will need to appoint a successor to manage statutory compliance and secretarial functions.
- Resignation of Ms. Manisha Saraf as Company Secretary & Compliance Officer (KMP)
- Effective cessation date is 10th August, 2026 (close of business hours)
- Resignation tendered earlier on 4th June, 2026 to pursue other career opportunities
Ms. Manisha Saraf has resigned from her position as Company Secretary, Compliance Officer, and Nodal Officer of Alembic Pharmaceuticals Limited. The resignation is effective from the close of business hours on August 10, 2026. The departure is to pursue a new career opportunity, as per the resignation letter dated June 4, 2026. This is a routine change in the Key Managerial Personnel (KMP) layer for the ₹16,308 Cr market cap company.
- Resignation of Ms. Manisha Saraf effective from August 10, 2026
- Resignation letter was originally submitted on June 4, 2026
- Company reported TTM revenue of ₹7,111 Cr and TTM PAT of ₹655 Cr
- The role includes responsibilities as Compliance Officer and Nodal Officer
Alembic Pharmaceuticals reported a strong Q1 FY27 with consolidated revenue growing 26% YoY to ₹2,150 cr, significantly exceeding the TTM quarterly average. The growth was led by a 49% surge in US Generics and a 33% increase in the API business. Consequently, management has upgraded its FY27 revenue growth guidance from low double-digits to the mid-teen range. While EBITDA grew 21% to ₹348 cr, margins (16%) remain under pressure due to ongoing investments in the US branded specialty platform and high R&D spending at 9% of revenue.
- Consolidated revenue grew 26% YoY to ₹2,150 cr, driven by broad-based growth across all segments.
- US Generics revenue increased 49% YoY, supported by 7 new product launches and volume growth.
- R&D expenditure remained high at ₹186 cr, representing 9% of quarterly revenue.
- Gross debt increased to ₹1,600 cr from March levels due to higher working capital and receivables.
- Management upgraded FY27 overall revenue growth guidance to the mid-teen range.
Alembic Pharmaceuticals Limited (APLLTD) has successfully passed all five resolutions at its 16th Annual General Meeting held on August 5, 2026. Key approvals include the adoption of FY26 financial statements and the declaration of a dividend for the same period. While most resolutions passed with near-unanimous support, the appointment of Mr. Sujit Jaysukh Bhayani as an Independent Director saw 6.92% opposition, primarily from public institutions. The company maintains a stable promoter holding of 69.74% as per recent filings.
- Total of 17.60 crore votes polled across 89,089 shareholders as of the record date July 29, 2026
- Resolution for dividend declaration passed with 100% favor from 17.60 crore votes cast
- Appointment of Independent Director Mr. Sujit Jaysukh Bhayani passed with 93.08% favor, despite 1.21 crore votes against
- Public Institutions showed notable dissent on Resolution 4, with 34.85% of their 3.48 crore votes cast against
- Re-appointment of Director Mr. Pranav Amin passed with 99.72% favor
Alembic Pharmaceuticals Limited held its 16th Annual General Meeting (AGM) on August 5, 2026, to transact several key items including the adoption of FY26 financial statements. The company, which reported a TTM revenue of ‡7,111 Cr and PAT of ‡654.81 Cr, sought shareholder approval for a dividend for FY25-26. Key management decisions included the re-appointment of Mr. Pranav Amin as Director and the fresh appointment of Mr. Sujit Jaysukh Bhayani as an Independent Director. The meeting concluded with 78 members in attendance, and final voting results are expected by August 7, 2026.
- 16th Annual General Meeting successfully conducted on August 5, 2026, via video conferencing
- Shareholders considered the adoption of Audited Financial Statements for the year ended March 31, 2026
- Proposed dividend for FY25-26 and ratification of cost auditor remuneration for FY26-27
- Appointment of Mr. Sujit Jaysukh Bhayani as an Independent Director and re-appointment of Mr. Pranav Amin
- A total of 78 members attended the meeting which concluded at 4:42 p.m. IST
Alembic Pharmaceuticals has published the audio recording of its post-results conference call held on August 4, 2026. This filing is a standard regulatory requirement to ensure transparency following the announcement of quarterly financial results. The call likely addressed the company's TTM revenue of Rs 7,111 Cr and its strategy to launch 15-20 new products in the US market during FY26. Investors can access the recording on the company's website to hear management's outlook on the Rs 150 Cr overhead absorption impact from new facilities.
- Audio recording of the conference call held on August 4, 2026, is now available for public access.
- The company operates with a TTM revenue of Rs 7,111 Cr and a market capitalization of Rs 15,878 Cr.
- Management is targeting 15-20 new product launches in the US market for FY26 to drive growth.
- The recording covers discussions on the three new USFDA-approved manufacturing facilities that began operations in H2 FY23 and FY24.
Alembic Pharmaceuticals reported a strong start to FY27 with consolidated revenue growing 26% YoY to ₹2,150 Cr, representing approximately 30% of its TTM revenue. The growth was primarily driven by a 49% surge in the US Formulation business, which reached ₹778 Cr. While Profit After Tax (PAT) grew by a more modest 12% YoY to ₹173 Cr, the company maintained a healthy pre-R&D EBITDA margin of 24%. Operational momentum was supported by 7 new US launches and 10 ANDA approvals during the quarter.
- Consolidated revenue increased 26% YoY to ₹2,150 Cr for the quarter ended June 30, 2026.
- US Formulation revenue grew 49% YoY to ₹778 Cr, supported by 7 new product launches.
- API business delivered robust growth of 33% YoY, reaching ₹346 Cr.
- EBITDA (pre-R&D) stood at ₹523 Cr with a margin of 24%.
- Received 10 ANDA approvals during the quarter, strengthening the US pipeline.
Alembic Pharmaceuticals delivered a strong top-line performance in Q1 FY27, with consolidated revenue rising 26% YoY to ₹2,150 Cr. The growth was primarily fueled by a 49% jump in the US Formulation business (₹778 Cr) and a 33% increase in API sales (₹346 Cr). While EBITDA (pre-R&D) margins were healthy at 24%, Profit After Tax (PAT) grew at a slower pace of 12% YoY to ₹173 Cr. The company continues its US momentum with 7 new launches and 10 ANDA approvals during the quarter.
- Revenue from operations increased 26% YoY to ₹2,150 Cr, representing ~30% of TTM revenue.
- US Formulation business grew 49% YoY to ₹778 Cr, supported by 7 new product launches.
- API business recorded 33% growth reaching ₹346 Cr for the quarter.
- EBITDA pre-R&D stood at ₹523 Cr with a margin of 24%.
- Received 10 ANDA approvals during the quarter, strengthening the US pipeline.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 7% YoY to INR 6,672 Cr in FY25. For H1 FY26, revenue increased 13% YoY to INR 3,621 Cr. The India Branded Business grew 5% YoY in Q2 FY26 to INR 639 Cr. International generic business showed healthy growth, while the API business experienced a decline in FY25 but is expected to recover.
Geographic Revenue Split
The company has a significant presence in the US market, which is expected to grow by at least 10% per annum over FY26-FY27. Other key markets include Canada, Chile, the European Union, and Australia, with strategic alliances strengthened in Australia and Europe through new product launches.
Profitability Margins
Gross margins are guided to remain in the 70-75% range. The PAT margin stood at 9% in FY25. Operating margins are expected to improve to 16-17% over the medium term as capacity utilization of new facilities increases.
EBITDA Margin
EBITDA margin improved to 16% in FY25 from 15% in FY24, representing a 10% growth in absolute EBITDA to INR 1,053 Cr. H1 FY26 EBITDA margin (post-R&D) was 17% (INR 613 Cr), reflecting improved capacity utilization and revenue growth.
Capital Expenditure
The company has completed its major capital expenditure cycle for three new manufacturing facilities. Annual cash accruals of INR 700-800 Cr are expected to be sufficient to cover routine maintenance capex and working capital requirements.
Credit Rating & Borrowing
Credit ratings are maintained with a 'Stable' outlook. Total debt increased to INR 1,258 Cr as of March 31, 2025, from INR 513 Cr in the previous year due to higher working capital needs. Interest costs for Q2 FY26 rose to INR 76 Cr from INR 71 Cr YoY.
Operational Drivers
Raw Materials
Active Pharmaceutical Ingredients (APIs) and specialty chemicals used in complex chemistry formulations; specific chemical names not disclosed.
Capacity Expansion
The company has three new manufacturing facilities targeted at the US market, all of which are USFDA approved. Commercial operations began in H2 FY23 and FY24. Current focus is on ramping up utilization to achieve economies of scale.
Raw Material Costs
Raw material costs are managed through a focus on high-margin projects and cost optimization measures to maintain gross margins above 70%.
Manufacturing Efficiency
Capacity utilization is currently sub-optimal at new facilities, resulting in an overhead absorption impact of approximately INR 150 Cr in FY25, which constrained profitability.
Strategic Growth
Expected Growth Rate
10-11%
Growth Strategy
Growth will be driven by ramping up three new USFDA-approved facilities, launching 15-20 new products in the US market in FY26, and focusing on complex chemistry and specialty therapies like Entresto and Pivya. The company is shifting its portfolio mix toward higher-margin specialty products to enhance profitability.
Products & Services
Differentiated generics, specialty therapies, branded formulations, and Active Pharmaceutical Ingredients (APIs).
Brand Portfolio
Alembic Pharmaceuticals.
New Products/Services
Planned launch of 15-20 products in the US market in FY26. Recent launches include Pivya and Entresto generics.
Market Expansion
Expanding geographic presence in the US, Canada, Chile, EU, and Australia.
Strategic Alliances
Strategic alliances with partners in Australia and Europe for new product launches; acquisition of Utility Therapeutics to support the Pivya launch.
External Factors
Industry Trends
The industry is seeing growing penetration of health insurance and a shift toward complex generics. Alembic is positioning itself by investing in R&D for difficult-to-formulate molecules that generate superior value.
Competitive Landscape
Intense competition in the US generic space and domestic acute therapy segments.
Competitive Moat
Moat is built on a strong ANDA pipeline (220 cumulative approvals), USFDA-approved manufacturing infrastructure, and expertise in complex chemistry. These are sustainable due to high entry barriers in specialty generics.
Macro Economic Sensitivity
Margins are sensitive to inflation-driven costs and pricing pressure in international markets.
Consumer Behavior
Increased demand for specialty therapies and chronic disease treatments.
Geopolitical Risks
Exposure to regulatory changes in India and overseas markets (US, EU, Australia).
Regulatory & Governance
Industry Regulations
Subject to USFDA, European Medicines Agency (EMA), and TGA Australia inspections. Domestic operations are impacted by the Drug Pricing Control Order (DPCO).
Environmental Compliance
Not disclosed in absolute INR; company maintains ESG compliance to facilitate capital raising.
Taxation Policy Impact
Tax expense for H1 FY26 was INR 0.76 Bn.
Legal Contingencies
No major instances of litigations or product recalls reported in the past.
Risk Analysis
Key Uncertainties
US price erosion, USFDA regulatory risks, and the speed of sales ramp-up from new facilities (overhead cost of INR 150 Cr).
Geographic Concentration Risk
Relatively high exposure to the US generic business, which is currently facing pricing pressure.
Technology Obsolescence Risk
Mitigated by R&D focus on complex molecules and high-value platforms.
Credit & Counterparty Risk
Trade receivables stood at INR 1,314 Cr as of September 30, 2025; collection cycles have extended in certain export markets.
