Alpa Laboratories is a pharmaceutical company built on a single, integrated idea: make finished medicines - primarily branded generics - in its own factories, sell them to doctors, governments and export markets, and keep the operating model simple enough that every product decision traces back to the same manufacturing and quality backbone. Founded in Indore in 1988 and listed since 2007, the company has spent nearly four decades refining one reportable segment - Drugs and Chemicals - which covers research, development, manufacturing and distribution under one roof. The recurring approach is to own the formulation plant, launch products early into unmet medical needs, and manage regulatory and currency risks with conservative hedges - a pattern that repeats whether the customer is a government tender, a domestic doctor or an overseas buyer. # Business segments A single integrated engine - branded generic formulations - that makes medicines in-house and sells them across three customer channels: domestic prescriptions, government tenders and export markets. ## 1. Branded generic formulations: the company’s only business **One factory-to-pharmacy engine makes finished-dose medicines, sells them to doctors, governments and foreign buyers, and earns on every box shipped - no other segment exists.** - **Owns the manufacturing** - the company produces the major portion of its formulations at in-house facilities that follow Good Manufacturing Practices and maintain an independent quality assurance system, so quality and supply sit under its own control rather than a contractor’s. - **Sells through three distinct channels** - domestic sales go through dealers and directly to doctors and healthcare professionals; a growing government-institution channel supplies tenders from public departments; and export sales reach overseas markets, with revenue recognised when the bill of lading is issued. - **Launches early, not cheap** - the competitive playbook is to identify unmet medical needs and bring niche new products to market ahead of rivals, rather than competing solely on price in crowded commodity generics. - **Manages what it cannot control** - foreign-currency receivables and advances are hedged with a disciplined forward-contract policy, product-liability risk is covered by insurance and pre-launch clinical studies, and the product mix is steered away from drugs under India’s price-control order. - **Adding floor space for more output** - during FY25 the company bought land at Pithampur, Madhya Pradesh, for future expansion of manufacturing capabilities, signalling intent to grow capacity beyond the existing Indore plant. # Group structure and partners **A listed parent with one dormant subsidiary awaiting merger, plus two small LLP partnership stakes - the operating business is entirely inside Alpa Laboratories Ltd.** - **Wholly-owned subsidiary in merger limbo** - Norfolk Mercantile Private Limited is a 100% subsidiary that issued compulsory convertible debentures to the parent, opted for amalgamation back in 2017 due to a liquidity shortage, and remains pending before the National Company Law Tribunal as of FY25. - **Two LLP partnerships with minority profit shares** - the company holds an 18% profit share in Seabright Landmark Projects LLP and a 15% share in Wealthpile Trading LLP, neither of which constitutes a material subsidiary. - **Promoter holdings reshuffled without cash** - during June 2025, a series of inter-se gift transfers among the promoter group consolidated control: Paresh Chawla’s stake rose to roughly 34%, while Mahendra Singh Chawla and Pravin Shah each reduced to near-zero holdings, all with no consideration and no change in total promoter-group shareholding.