APLLTD

Alembic Pharmaceuticals share price & financials

Price
₹825.1
Market cap
₹15.9k Cr
Sector
Healthcare
Calls analysed
6
Latest concall · Q4 FY26 · call held 21 May 2026

Alembic Pharma Q4 FY26

Revenue from Operations ₹1,838 cr +4%PAT ₹203 cr

What went well

  • Q4 revenue of ₹1,838 crores, up 4% YoY, driven by new U.S. launches and volume-led growth in API and Animal Health.
  • Full-year revenue grew 10% YoY, demonstrating resilient performance across businesses.
  • Q4 EBITDA before R&D increased 8% YoY to ₹455 crores, with core margins improving to 25% from 24% in the prior year.

What to watch

  • Q4 R&D spending was higher at ₹209 crores (11% of revenue) due to selective complex and peptide developments, impacting near-term profitability.
  • The new U.S. branded business (Pivya) is expected to cause a margin drag of 100-150 basis points for another one to two quarters.
Read the full call →

What Alembic Pharmaceuticals Limited does

Alembic Pharmaceuticals, founded in 1907 and headquartered in Vadodara, Gujarat, is a research-driven integrated pharmaceutical company that develops, manufactures and markets branded generic formulations in India, generic and branded formulations in the US and other international markets, and Active Pharmaceutical Ingredients (APIs) sold to formulators worldwide. It operates through three business verticals - India Branded Business, International Generics (US and Rest-of-World), and API - run out of 10 manufacturing facilities and 2 R&D centres (Vadodara and Hyderabad). Its India business markets branded generics across therapies such as cardiology, gastrology, gynaecology, anti-infectives, cough & cold and animal health through a field force of medical representatives spread across marketing divisions nationwide, while its API business supplies active ingredients to customers in 60+ countries.

Segments

  • India Branded Business
  • US Formulation
  • Ex-US Formulation (International Generics)
  • API (Active Pharmaceutical Ingredients)
Manufacturing facilities
10
Cumulative ANDA filings with USFDA
274 filed, 235 approved (incl. 19 tentative)
R&D centres
2 (Vadodara and Hyderabad)
Generic products commercialised in the US
178
Field force (medical representatives)
5,500+ across 21 marketing divisions
Branded formulations (India)
208
Founded 1907Headquarters Vadodara, Gujarat, India Company website

Guidance record · Q4 FY26

what the last two calls moved 15 tracked 3 delivered 4 missed 8 open
  • ROW Business Growth delivered said Q4 FY25 Promised: between 12%, 15%, somewhere around there Q4 FY26: Full year Ex-U.S. markets grew 20%, meeting the revised 15-20% target.
  • Borrowing Level missed said Q2 FY25 Promised: hopefully, the borrowing level will be much lower by -- before end of the year Q4 FY26: Gross debt reported at ₹1,361 crores, remaining significantly elevated since the promise was made for FY25.
  • EBITDA Margin Target on track said Q4 FY25 Promised: 18%-19%-20% kind of EBITDA levels... over the next couple of years Q4 FY26: FY26 EBITDA margin was 17%. Management reiterates the long-term goal of 20% over 2-3 years, but current year performance is below the target range.

All 15 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 25.7%, net profit up 11.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,648 1,693 1,770 1,711 1,910 +16%1,876 +11%1,848 +4%2,150 +26%
EBITDA239 260 271 281 316 +32%292 +12%228 −16%332 +18%
Net profit153 138 157 154 184 +20%132 −4%202 +29%172 +12%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −14.8% 1Y

₹0.7k₹0.8k₹0.9k₹1.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 4 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 21 May 2026

1Y: ₹951.95 on 10 Sept 2025 → ₹810.95. High ₹978.1 (17 Sept 2025), low ₹646.55 (23 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−0.5%
21 May
Q3 FY26
+1.5%
5 Feb
Q2 FY26
+3.9%
4 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 9.1% a year over 3 years, FY23 to FY26. Operating margin widened to 15.2%.

Year endingFY23FY24FY25FY26
Revenue₹5.7k Cr₹6.2k Cr₹6.7k Cr₹7.3k Cr
Operating profit₹677 Cr₹933 Cr₹1.0k Cr₹1.1k Cr
Operating margin12.0%15.0%15.1%15.2%
Interest₹50 Cr₹56 Cr₹79 Cr₹94 Cr
Depreciation₹276 Cr₹272 Cr₹279 Cr₹319 Cr
Net profit₹342 Cr₹616 Cr₹583 Cr₹672 Cr
Net margin6.1%9.9%8.7%9.1%
Cash from operations₹724 Cr₹803 Cr₹88 Cr₹783 Cr
Free cash flow₹282 Cr₹487 Cr₹-466 Cr₹290 Cr
ROCE7.0%13.0%13.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹39 Cr₹39 Cr₹39 Cr₹39 Cr₹39 Cr₹39 Cr
Reserves₹5.0k Cr₹5.2k Cr₹4.3k Cr₹4.8k Cr₹5.3k Cr₹5.6k Cr
Borrowings₹584 Cr₹717 Cr₹722 Cr₹513 Cr₹1.5k Cr₹1.4k Cr
Other liabilities₹1.1k Cr₹1.2k Cr₹1.1k Cr₹1.1k Cr₹1.6k Cr₹1.7k Cr
Total liabilities₹6.7k Cr₹7.1k Cr₹6.2k Cr₹6.4k Cr₹8.4k Cr₹8.8k Cr
Fixed assets₹1.8k Cr₹1.8k Cr₹2.4k Cr₹2.5k Cr₹2.8k Cr₹3.1k Cr
Capital work in progress₹2.2k Cr₹2.3k Cr₹601 Cr₹524 Cr₹903 Cr₹683 Cr
Investments₹236 Cr₹118 Cr₹96 Cr₹93 Cr₹129 Cr₹141 Cr
Other assets₹2.5k Cr₹2.9k Cr₹3.1k Cr₹3.3k Cr₹4.5k Cr₹4.9k Cr
Total assets₹6.7k Cr₹7.1k Cr₹6.2k Cr₹6.4k Cr₹8.4k Cr₹8.8k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −0.53 pp while FIIs added +0.21 pp. The shareholder count shrank 2% to 86,796.

Promoters
69.9%
FIIs
4.2%
DIIs
15.9%
Public
10.0%

Since Jun 2025

  • DIIs −0.53 pp
  • FIIs +0.21 pp
  • Promoters +0.19 pp

How it drifted, 12 quarters

Over this window DIIs went from 14.2% to 15.9% — +1.7 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 69.6%, FIIs 4.5%, DIIs 14.2%, Public 11.7%.Dec '23: Promoters 69.6%, FIIs 4.5%, DIIs 14.5%, Public 11.4%.Mar '24: Promoters 69.6%, FIIs 4.5%, DIIs 15.4%, Public 10.5%.Jun '24: Promoters 69.6%, FIIs 4.3%, DIIs 15.5%, Public 10.6%.Sep '24: Promoters 69.6%, FIIs 3.9%, DIIs 16.1%, Public 10.4%.Dec '24: Promoters 69.6%, FIIs 4.2%, DIIs 16.1%, Public 10.2%.Mar '25: Promoters 69.7%, FIIs 3.9%, DIIs 16.4%, Public 10.0%.Jun '25: Promoters 69.7%, FIIs 4.0%, DIIs 16.5%, Public 9.9%.Sep '25: Promoters 69.7%, FIIs 4.0%, DIIs 16.3%, Public 9.9%.Dec '25: Promoters 69.7%, FIIs 4.2%, DIIs 16.2%, Public 9.8%.Mar '26: Promoters 69.7%, FIIs 4.3%, DIIs 16.2%, Public 9.8%.Jun '26: Promoters 69.9%, FIIs 4.2%, DIIs 15.9%, Public 10.0%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Alembic Pharmaceuticals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Nirayu Private Limited 35.78%+0.13 pp
Alembic Limited 28.54%unchanged
Life Insurance Corporation Of India Insurer4.32%unchanged
DSP Small Cap Fund Mutual fund3.86%newly disclosed
Chirayu Ramanbhai Amin 2.13%unchanged
Kotak Small Cap Fund Mutual fund1.74%unchanged
Malika Chirayu Amin 1.53%unchanged
ICICI Prudential Pharma Healthcare And Diaganostics (P.H.D) Fund Mutual fund1.38%+0.26 pp
Tata AIA Life Insurance Co Ltd Unit Linked Multi Cap Fund Insurer1.15%−0.66 pp
Pranav Chirayu Amin 0.51%unchanged
Shaunak Chirayu Amin 0.51%unchanged
Udit Chirayu Amin 0.51%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in APLLTD

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹10 Cr
1 schemes
Biggest holder
HDFC Retirement Savings Fund - Hybrid-Equity Plan
₹10 Cr · 0.6% of that fund
SchemeHoldingLast month
HDFC Retirement Savings Fund - Hybrid-Equity Plan HDFC Mutual Fund₹10 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+17%
vs est. average cost
Held by funds
₹10 Cr
1 schemes · ≈ 0.06% of the company

Shares held by these funds +10%

Aug '23 1.25 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹811, this stock must grow earnings at 15% every year for 7 years. Our analysis caps realistic growth at ~25%. At that growth it is worth ₹1407 — upside of 74%.

Growth the price implies
14.7% a year
for 7 years, fading to 4%
It has actually compounded at
25.3% a year
net profit, FY23–FY26 · EPS 25.4%
The gap
-0.1 pp
74% downside if it only repeats history
Price today ₹810.95 Value at the reference growth ₹1,407.1

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Alembic Pharmaceuticals Limited

Guides on how to read this kind of business and the numbers that matter.