APLLTD
Mid CapAlembic Pharmaceuticals Limited
Pharma
Alembic Pharmaceuticals is an Indian pharma company ranked 21st in the IPM, with a global presence in generics (178 products in US), APIs (60+ countries), and branded formulations. It focuses on specialty drugs for India, injectables, and expanding its US, Canada, South Africa, LATAM, and Middle East portfolios. It has 10 manufacturing facilities and 2 R&D centers.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 37/100margin compression · Rev +4% YoY · PAT +29% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,848 Cr | +4.4% | -1.5% |
| EBITDA | ₹228 Cr | -15.9% | -21.9% |
| Operating margin | 12.0% | -300 bps | -400 bps |
| PAT | ₹202 Cr | +28.7% | +53.0% |
| PAT margin | 10.9% | +206 bps | +389 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Alembic Pharma reported Q4 FY26 revenue of INR 18.48 Bn (+4% YoY) and PAT of INR 2.03 Bn (+29% YoY). Pre R&D EBITDA grew 8% YoY to INR 4.55 Bn, with margin expanding to 25%. R&D spend increased 39% YoY to 11% of revenue, driven by peptide development and higher filings.
The thesis remains intact as strong PAT growth and improved pre-R&D EBITDA margin offset modest revenue growth. Strategic investments in R&D and the launch of US Branded business are positive, though Ex-US and API segments face challenges. USFDA EIR for F3 is a near-term watch.
FY26 Revenue by Business Segment
Latest issuer-disclosed distribution across 4 reported categories.
US Formulation Business
Achieved 11% YoY growth in Q4, driven by key product launches and market share gains across select therapies.
Animal Health Business
Recorded 27% growth in Q4 FY26, with a CAGR of 22% from FY22-FY26, and is a market leader in Haematinics and Antibiotics.
US Branded Business Launch
Launched in Q4 FY26, positioning the company to expand its footprint in branded drugs in the US.
Strategic Portfolio Evolution
Focused on strategically evolving the portfolio and pipeline across complex platforms and specialty segments in the US.
Indore Facility Commissioned
The Indore facility was commissioned in 2025, adding to the company's manufacturing capabilities.
Injectables and Oncology Facilities
Commercialization of products from Injectables and Oncology facilities started in 2023.
US Product Launches
Key product launches in the US are driving US Formulation growth and gains in market share.
US Branded Business Expansion
The launch of the US Branded business in Q4 positions the company to expand its footprint in branded drugs.
Geographical Diversification (Ex-US)
Subsidiaries set up in Thailand, Philippines & Germany are expected to support future growth in the Ex-US market.
Strong India Brand Portfolio
Four flagship brands in the India Branded Business have surpassed INR 1 billion in sales.
Ex-US De-Growth
Quarterly performance for the Ex-US Market was muted due to a higher base effect and one-off variances, leading to -2% YoY de-growth.
API Pricing Challenges
API business growth was tempered by pricing challenges despite strong volumes.
Increased R&D Spend
R&D expenses increased by 39% YoY, driven by one-off peptide development and higher filings, impacting current profitability.
Regulatory Compliance (USFDA)
The response to USFDA Form 483 observations for the F3 Karkhadi (Injectables & Ophthalmic) facility has been submitted, with EIR awaited.
Competition and Pricing Pressure
The API business is facing pricing challenges, indicating competitive pressures in the market.
New Product Development Risks
Challenges inherent in new product development include completion of clinical trials, obtaining regulatory approvals, and gaining market acceptance.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Both YoY and QoQ comparisons are relevant. YoY provides a clear view of performance against the previous year, important for a business with potential seasonality. QoQ highlights recent momentum, especially for new product launches and the impact of R&D spend.
Domestic Formulations Growth
India Branded Business achieved 4% YoY growth with quarterly revenues of INR 5.68 billion in Q4 FY26.
US Formulations Growth
US Formulation business recorded an 11% year-over-year increase in Q4 FY26, driven by key product launches and market share gains.
Ex-US Formulations Growth
Ex-US Formulation recorded De-Growth of -2% year-over-year in Q4 FY26.
R&D Spend (% of Revenue)
R&D expenses increased by 39% YoY in Q4 FY26, reaching 11% of revenue, driven by one-off peptide development and higher filings.
Expanding US Branded Footprint
Management launched the first branded product 'Pivya' in the US in 2026, aiming to expand its presence in branded drugs.
Strategic Portfolio Evolution
Management is focused on strategically evolving the portfolio and pipeline across complex platforms and specialty segments in the US.
Geographical Diversification
Management continues to focus on expanding offerings and strengthening market reach in Ex-US markets, with new subsidiaries in Thailand, Philippines & Germany.
Cost Efficiency in API
Management maintains a continued focus on cost efficiency to remain competitive in the API business.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| F3 Karkhadi USFDA EIR | Response to observations submitted, EIR awaited (Feb'26 audit). | Timely receipt of a clean EIR for the injectables and ophthalmic facility to ensure continued US market access. |
| US Branded Business Contribution | First branded product 'Pivya' launched in Q4 FY26. | The ramp-up and revenue contribution of branded products to the overall US business segment. |
| Ex-US Growth Reversal | Q4 FY26 saw -2% YoY de-growth due to higher base and one-off variances. | Evidence of growth returning in the Ex-US market, supported by new product launches and geographical diversification. |
| R&D Pipeline Progress | R&D spend at 11% of revenue, 5 ANDA filings and 4 approvals in Q4 FY26. | Consistent progress in ANDA filings, approvals, and successful commercialization of complex and specialty products. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -4.8% / mo
Technical chart
APLLTDdaily · 1Y-20.2%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 44. Wait for confirmation.
- SMA20 falling (~2.4% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 24% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 13/15 to the score.
- Cash flow contributes 5/10 to the score.
Main drags
- Fair-value margin of safety is negative at -406.2%.
- Quality is weaker at 2/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 87th percentile of the scored universe and 82nd percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 69.7%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 82nd pctile, median 70 · Mid: 63rd pctile, median 76
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 69.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.9%.
- ▸7 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 20.10
- P/B
- 2.58
- EV/EBITDA
- 11.19
- Market Cap
- 14654.00Cr
Profitability
- ROE
- 13.40%
- ROCE
- 12.60%
- ROA
- 7.66%
- Dividend Y
- 1.48%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- -9.00%
- Revenue 3Y
- 9.00%
- EPS 3Y
- 28.00%
Balance Sheet
- Debt/Equity
- 0.25
- Interest Coverage
- 11.89×
- Altman Z
- 5.24
- Book Value
- 289.00
Cash Flow
- FCF Yield
- 1.89%
- FCF Positive Y
- 7/5
- OCF
- 783.00 Cr
- EPS TTM
- 34.33
Shareholding
- Promoter Hold
- 69.74%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.