Alembic Pharmaceuticals Ltd Business Overview

Alembic Pharmaceuticals is a century-old Indian pharmaceutical company that does something deceptively simple: it makes the active chemical ingredients (APIs) that go into medicines, and then turns those ingredients into the finished tablets, injections, and creams that patients actually use - all under one roof. Founded in 1907 by the Amin family in Vadodara, Gujarat, the company was demerged from its parent group and listed independently in 2011, carrying forward a tagline of “Touching Lives over 100 years”. The recurring approach that explains everything else is vertical integration paired with a deliberate pivot toward complexity - it started by mastering basic chemistry, then used that base to build branded and generic formulations for India and the world, and now systematically shifts its R&D and manufacturing muscle toward harder-to-copy products like oncology injectables, peptides, and branded therapies that promise better returns than simple generics.

Business segments

A single integrated pharmaceutical engine with three customer-facing channels - branded prescriptions for Indian doctors, generic medicines for the US and international markets, and active pharmaceutical ingredients sold to other drugmakers globally - all fed by a shared R&D and manufacturing backbone.

1. India Branded Business: the company’s domestic prescription engine

A field force of over 5,500 medical representatives drives 136.5 million prescriptions a year from 246,000 doctors, built on a deliberate shift from acute-care medicines toward higher-value chronic and specialty therapies.

Prescription volume, not just sales rank - the company ranks 21st in the Indian Pharmaceutical Market by value but 17th by prescription volume, with 208 brands across 21 marketing divisions, meaning its reach into doctor prescribing habits is deeper than its revenue share alone suggests.
Four brands cross the billion-rupee mark - flagship products including Azithral (an antibiotic with a 30.1% market share in its molecule group) and Althrocin (84.2% share) have each surpassed INR 1 billion in annual sales, giving the company leadership positions it can defend with brand loyalty rather than price competition.
Specialty therapies now lead the mix - the company was historically known for acute-care products like anti-infectives and cough-and-cold treatments, but deliberately reoriented its portfolio so that specialty segments - gynecology, cardiology, gastroenterology, and anti-diabetic - now drive growth and consistently outpace the broader market, creating what management calls “specialty-infused sustainability”.
Animal health is a quiet growth driver - operating within the India business, the animal health division is the market leader in haematinics and antibiotics for livestock and poultry, with 6 brands above INR 300 million in annual sales and 21% growth in FY25, giving the company a second domestic engine that rides on the same distribution infrastructure.
Supply reliability is the silent moat - a new greenfield manufacturing facility in Pithampur near Indore was commissioned in April 2025 at an investment of roughly Rs. 205 crore, moving production that was previously outsourced to third parties in-house and improving logistics and operating efficiency for the domestic business.

2. US Formulation Business: the complex-generics and emerging branded play

The company sells 178 generic products in the United States through a direct front-end established in 2015, and has now begun layering a branded prescription business on top with the launch of its first FDA-approved branded drug, Pivya.

Filling rates built trust with buyers - during the pandemic, when supply chains broke for many manufacturers, Alembic sustained a 97-98% fill rate on its US orders, earning a reputation as an organization that “delivers on its commitment” and securing shelf space that persists even as pricing pressure intensifies.
Fewer filings, harder products - the company has deliberately cut its ANDA (Abbreviated New Drug Application) filing rate from 20-25 per year to about 15, but the proportion of complex products - injectables, ophthalmics, dermatology, and inhalation - has risen, because harder-to-make generics face less competition and hold their pricing better.
The branded bet is small and surgical - rather than building a large primary-care sales force, the company is making a “calibrated strategic entry” into US branded medicines with a focused go-to-market model, starting with Pivya, a treatment for uncomplicated urinary tract infections acquired through the purchase of Utility Therapeutics Limited in 2025 for approximately $12 million in staggered payments.
Inhalation and injectables open new doors - the company launched its first inhalation product, Formoterol, in the US in 2022, and is investing in oncology injectables and peptides, moving into dosage forms that require specialized manufacturing and have higher barriers to entry than oral solids.

3. Ex-US Formulation Business: the global footprint outside America

Operating in more than 40 countries through a mix of subsidiaries, distributor partnerships, and joint ventures, this business contributes 21% of total revenue and is built on a “first generic to launch” strategy that captures market share as patents expire.

Partnerships in every major region - the company has active tie-ups in Europe, Canada, Australia, Brazil, Chile, and South Africa, and has recently incorporated subsidiaries in Thailand, the Philippines, and Germany to move from distributor relationships toward direct presence in promising markets.
Smaller European nations offer stability - rather than competing head-to-head in large European tender markets, the company targeted smaller nations where it could build predictable, relationship-based revenue with distributors, and now has a presence in over 20 European countries.
Chile shows the playbook - in the two years leading up to FY25, the company filed 115 product registrations in Chile, received approval for all 115, and commercialized 40 of them, demonstrating a systematic approach of filing broadly and then activating products as market conditions warrant.
Canada gets a dedicated vehicle - in June 2026, Alembic signed a shareholders’ agreement to take a 45% stake in a newly incorporated Canadian company, creating a dedicated platform for development, commercialization, and distribution in the Canadian market rather than relying solely on third-party partners.

4. Active Pharmaceutical Ingredients (API) Business: the chemical backbone

The company manufactures the active chemical ingredients that go into medicines - both for its own formulation factories and for external customers in over 60 countries - with 149 US Drug Master Filings and a strategy focused on older molecules that remain relevant but have few competitors.

Backward integration that pays for itself - roughly 32% of API output is consumed in-house by Alembic’s own formulation units, giving the company control over quality and supply timing, while the remaining 68% is sold to other drugmakers, turning a cost centre into a 16%-of-revenue business.
Underpopulated molecules, not blockbusters - the API division deliberately targets “old molecules which are relevant today but remain relatively underpopulated,” meaning drugs that are off-patent and essential but have few manufacturers, allowing the company to compete on supply reliability rather than price alone.
Peptides are the next frontier - a dedicated peptide API group is developing high-value injectable therapies, and a new peptide manufacturing block is scheduled to commence operations, with the goal of creating a vertically integrated chain from peptide API to finished injectable - a capability few companies possess.
Volume is the lever, not price - growth in the API business is driven primarily by volumes, with pricing a persistent headwind, so the company’s response focuses on cost improvement, portfolio choices, and capturing opportunities where its development and manufacturing strengths provide a better economic profile.

Manufacturing and R&D backbone

Ten manufacturing facilities and two R&D centres form a shared infrastructure layer that supplies all three customer-facing channels, with a deliberate shift toward complex technologies like nanoparticle injectables and spray-dried oncology products.

Five USFDA-approved formulation plants - the facilities at Panelav, Karkhadi, and Jarod cover oral solids, oncology injectables, general injectables, ophthalmics, and dermatology, with the flagship F1 plant at Panelav cleared by the USFDA with zero observations in its most recent audit.
R&D spends 9.6% of sales on complexity - a team of 875 professionals across Vadodara and Hyderabad focuses on first-to-file opportunities, novel polymorphs (new crystal forms of existing drugs that can create intellectual property advantages), and difficult-to-make products like solid dispersion formulations that require specialized equipment and know-how.
Contract manufacturing fills the new plants - the F2 oncology and F3 injectables facilities, which were previously underutilized while awaiting regulatory approvals, are now operating at much higher occupancy levels thanks to signed contract manufacturing deals, turning fixed-cost burdens into revenue-generating assets.
Sustainability is engineered into operations - a 24 MW solar park at Bhatpur, a target of water neutrality by 2027 (with 81% of treated water already recycled and 112 recharge wells developed), and a Net Zero by 2050 commitment approved by the Science Based Targets initiative mean the manufacturing backbone is being future-proofed against resource constraints.

Group structure and partners

Alembic Pharmaceuticals Limited is the listed Indian entity, held by promoter company Nirayu Limited, with a network of wholly owned subsidiaries across the US, Europe, Australia, Latin America, and now Southeast Asia that serve as local marketing and distribution arms.

US subsidiary is the largest international vehicle - Alembic Pharmaceuticals Inc. handles the US generics and branded business, acquired Utility Therapeutics Ltd. in 2025, and has access to a $22 million term loan facility guaranteed by the parent.
Rhizen Pharmaceuticals is the research associate - Alembic holds a 50% stake in Rhizen Pharmaceuticals SA, a Swiss-based new chemical entity research company whose drug Umbralisib became the first product developed in India to receive USFDA approval and be commercialized, and whose Tenalisib molecule was out-licensed for Greater China in a deal valued at up to $149.5 million plus royalties.
Aleor Dermaceuticals was absorbed - originally a 60:40 joint venture for dermatology products, Alembic bought out its partner in 2022 and merged Aleor into the parent company, bringing its USFDA-inspected dermatology facility at Karakhadi fully in-house as the F5 plant.
Recent subsidiaries signal geographic ambition - new entities incorporated in Thailand, the Philippines, and Germany in early 2026, plus a 45% stake in a Canadian platform company, show a pattern of moving from distributor relationships to direct or joint-venture presence in markets with long-term potential.

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,595	1,631	1,517	1,562	1,648	1,693	1,770	1,711	1,910	1,876	1,848	2,150
Growth YoY Revenue Growth YoY%	8.1	8.1	7.9	5.1	3.3	3.8	16.7	9.5	15.9	10.8	4.4	25.7
Expenses ExpensesCr	1,387	1,364	1,257	1,325	1,409	1,433	1,498	1,429	1,594	1,583	1,620	1,818
Operating Profit Operating ProfitCr	208	266	260	237	239	260	272	281	316	294	228	332
OPM OPM%	13.1	16.3	17.1	15.2	14.5	15.4	15.4	16.4	16.5	15.6	12.3	15.4
Other Income Other IncomeCr	10	3	3	2	30	10	14	6	8	-29	2	15
Interest Expense Interest ExpenseCr	16	15	11	13	19	22	25	24	24	23	23	28
Depreciation DepreciationCr	68	69	69	69	71	70	69	74	76	80	89	98
PBT PBTCr	135	185	183	157	180	178	192	190	224	162	119	222
Tax TaxCr	-2	4	5	22	27	40	35	36	40	30	-83	50
PAT PATCr	137	180	178	135	153	138	157	154	184	132	202	172
Growth YoY PAT Growth YoY%	2.4	48.0	16.8	11.6	12.1	-23.7	-12.1	14.2	20.0	-4.2	28.7	12.2
NPM NPM%	8.6	11.1	11.8	8.6	9.3	8.1	8.8	9.0	9.6	7.0	10.9	8.0
EPS EPS₹	7.0	9.2	9.1	6.8	7.8	7.0	8.0	7.8	9.4	6.8	10.3	8.8

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

1,595

1,631

1,517

1,562

1,648

1,693

1,770

1,711

1,910

1,876

1,848

2,150

Growth YoY

Revenue Growth YoY%

8.1

7.9

5.1

3.3

3.8

16.7

9.5

15.9

10.8

4.4

25.7

Expenses

ExpensesCr

1,387

1,364

1,257

1,325

1,409

1,433

1,498

1,429

1,594

1,583

1,620

1,818

Operating Profit

Operating ProfitCr

208

266

260

237

239

260

272

281

316

294

228

332

OPM

OPM%

13.1

16.3

17.1

15.2

14.5

15.4

16.4

16.5

15.6

12.3

15.4

Other Income

Other IncomeCr

-29

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

135

185

183

157

180

178

192

190

224

162

119

222

Tax

TaxCr

-2

-83

PAT

PATCr

137

180

178

135

153

138

157

154

184

132

202

172

Growth YoY

PAT Growth YoY%

2.4

48.0

16.8

11.6

12.1

-23.7

-12.1

14.2

20.0

-4.2

28.7

12.2

NPM

NPM%

8.6

11.1

11.8

8.6

9.3

8.1

8.8

9.0

9.6

7.0

10.9

8.0

EPS

EPS₹

7.0

9.2

9.1

6.8

7.8

7.0

8.0

7.8

9.4

6.8

10.3

8.8

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,595	1,631	1,517	1,562	1,648	1,693	1,770	1,711	1,910	1,876	1,848	2,150
Growth YoY Revenue Growth YoY%	8.1	8.1	7.9	5.1	3.3	3.8	16.7	9.5	15.9	10.8	4.4	25.7
Expenses ExpensesCr	1,387	1,364	1,257	1,325	1,409	1,433	1,498	1,429	1,594	1,583	1,620	1,818
Operating Profit Operating ProfitCr	208	266	260	237	239	260	272	281	316	294	228	332
OPM OPM%	13.1	16.3	17.1	15.2	14.5	15.4	15.4	16.4	16.5	15.6	12.3	15.4
Other Income Other IncomeCr	10	3	3	2	30	10	14	6	8	-29	2	15
Interest Expense Interest ExpenseCr	16	15	11	13	19	22	25	24	24	23	23	28
Depreciation DepreciationCr	68	69	69	69	71	70	69	74	76	80	89	98
PBT PBTCr	135	185	183	157	180	178	192	190	224	162	119	222
Tax TaxCr	-2	4	5	22	27	40	35	36	40	30	-83	50
PAT PATCr	137	180	178	135	153	138	157	154	184	132	202	172
Growth YoY PAT Growth YoY%	2.4	48.0	16.8	11.6	12.1	-23.7	-12.1	14.2	20.0	-4.2	28.7	12.2
NPM NPM%	8.6	11.1	11.8	8.6	9.3	8.1	8.8	9.0	9.6	7.0	10.9	8.0
EPS EPS₹	7.0	9.2	9.1	6.8	7.8	7.0	8.0	7.8	9.4	6.8	10.3	8.8

Quarter

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Revenue

RevenueCr

1,595

1,631

1,517

1,562

1,648

1,693

1,770

1,711

1,910

1,876

1,848

2,150

Growth YoY

Revenue Growth YoY%

8.1

7.9

5.1

3.3

3.8

16.7

9.5

15.9

10.8

4.4

25.7

Expenses

ExpensesCr

1,387

1,364

1,257

1,325

1,409

1,433

1,498

1,429

1,594

1,583

1,620

1,818

Operating Profit

Operating ProfitCr

208

266

260

237

239

260

272

281

316

294

228

332

OPM

OPM%

13.1

16.3

17.1

15.2

14.5

15.4

16.4

16.5

15.6

12.3

15.4

Other Income

Other IncomeCr

-29

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

PBT

PBTCr

135

185

183

157

180

178

192

190

224

162

119

222

Tax

TaxCr

-2

-83

PAT

PATCr

137

180

178

135

153

138

157

154

184

132

202

172

Growth YoY

PAT Growth YoY%

2.4

48.0

16.8

11.6

12.1

-23.7

-12.1

14.2

20.0

-4.2

28.7

12.2

NPM

NPM%

8.6

11.1

11.8

8.6

9.3

8.1

8.8

9.0

9.6

7.0

10.9

8.0

EPS

EPS₹

7.0

9.2

9.1

6.8

7.8

7.0

8.0

7.8

9.4

6.8

10.3

8.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3,166	3,135	3,131	3,935	4,606	5,393	5,306	5,653	6,229	6,672	7,345	7,784
Growth Revenue Growth%	54.0	-1.0	-0.1	25.7	17.1	17.1	-1.6	6.5	10.2	7.1	10.1	14.1
Expenses ExpensesCr	2,159	2,519	2,488	3,061	3,383	3,913	4,432	4,944	5,295	5,664	6,226	6,615
Operating Profit Operating ProfitCr	1,007	615	643	874	1,223	1,480	874	708	933	1,008	1,118	1,169
OPM OPM%	31.8	19.6	20.5	22.2	26.6	27.4	16.5	12.5	15.0	15.1	15.2	15.0
Other Income Other IncomeCr	7	2	7	9	-39	87	56	-28	27	56	-12	-3
Interest Expense Interest ExpenseCr	5	5	3	18	27	16	18	50	56	79	94	98
Depreciation DepreciationCr	72	83	105	115	157	183	287	275	273	279	319	342
PBT PBTCr	936	529	541	749	1,000	1,368	625	355	632	707	694	726
Tax TaxCr	216	122	120	157	199	253	104	13	16	125	23	36
PAT PATCr	720	407	421	593	801	1,115	521	342	616	582	671	690
Growth PAT Growth%	154.7	-43.5	3.4	40.8	35.1	39.2	-53.3	-34.4	80.1	-5.5	15.3	14.7
NPM NPM%	22.7	13.0	13.4	15.1	17.4	20.7	9.8	6.0	9.9	8.7	9.1	8.9
EPS EPS₹	38.2	21.4	21.9	31.0	44.0	60.8	26.5	17.4	31.3	29.7	34.3	35.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

3,166

3,135

3,131

3,935

4,606

5,393

5,306

5,653

6,229

6,672

7,345

7,784

Growth

Revenue Growth%

54.0

-1.0

-0.1

25.7

17.1

-1.6

6.5

10.2

7.1

10.1

14.1

Expenses

ExpensesCr

2,159

2,519

2,488

3,061

3,383

3,913

4,432

4,944

5,295

5,664

6,226

6,615

Operating Profit

Operating ProfitCr

1,007

615

643

874

1,223

1,480

874

708

933

1,008

1,118

1,169

OPM

OPM%

31.8

19.6

20.5

22.2

26.6

27.4

16.5

12.5

15.0

15.1

15.2

15.0

Other Income

Other IncomeCr

-39

-28

-12

-3

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

105

115

157

183

287

275

273

279

319

342

PBT

PBTCr

936

529

541

749

1,000

1,368

625

355

632

707

694

726

Tax

TaxCr

216

122

120

157

199

253

104

125

PAT

PATCr

720

407

421

593

801

1,115

521

342

616

582

671

690

Growth

PAT Growth%

154.7

-43.5

3.4

40.8

35.1

39.2

-53.3

-34.4

80.1

-5.5

15.3

14.7

NPM

NPM%

22.7

13.0

13.4

15.1

17.4

20.7

9.8

6.0

9.9

8.7

9.1

8.9

EPS

EPS₹

38.2

21.4

21.9

31.0

44.0

60.8

26.5

17.4

31.3

29.7

34.3

35.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	3,166	3,135	3,131	3,935	4,606	5,393	5,306	5,653	6,229	6,672	7,345	7,784
Growth Revenue Growth%	54.0	-1.0	-0.1	25.7	17.1	17.1	-1.6	6.5	10.2	7.1	10.1	14.1
Expenses ExpensesCr	2,159	2,519	2,488	3,061	3,383	3,913	4,432	4,944	5,295	5,664	6,226	6,615
Operating Profit Operating ProfitCr	1,007	615	643	874	1,223	1,480	874	708	933	1,008	1,118	1,169
OPM OPM%	31.8	19.6	20.5	22.2	26.6	27.4	16.5	12.5	15.0	15.1	15.2	15.0
Other Income Other IncomeCr	7	2	7	9	-39	87	56	-28	27	56	-12	-3
Interest Expense Interest ExpenseCr	5	5	3	18	27	16	18	50	56	79	94	98
Depreciation DepreciationCr	72	83	105	115	157	183	287	275	273	279	319	342
PBT PBTCr	936	529	541	749	1,000	1,368	625	355	632	707	694	726
Tax TaxCr	216	122	120	157	199	253	104	13	16	125	23	36
PAT PATCr	720	407	421	593	801	1,115	521	342	616	582	671	690
Growth PAT Growth%	154.7	-43.5	3.4	40.8	35.1	39.2	-53.3	-34.4	80.1	-5.5	15.3	14.7
NPM NPM%	22.7	13.0	13.4	15.1	17.4	20.7	9.8	6.0	9.9	8.7	9.1	8.9
EPS EPS₹	38.2	21.4	21.9	31.0	44.0	60.8	26.5	17.4	31.3	29.7	34.3	35.3

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

Revenue

RevenueCr

3,166

3,135

3,131

3,935

4,606

5,393

5,306

5,653

6,229

6,672

7,345

7,784

Growth

Revenue Growth%

54.0

-1.0

-0.1

25.7

17.1

-1.6

6.5

10.2

7.1

10.1

14.1

Expenses

ExpensesCr

2,159

2,519

2,488

3,061

3,383

3,913

4,432

4,944

5,295

5,664

6,226

6,615

Operating Profit

Operating ProfitCr

1,007

615

643

874

1,223

1,480

874

708

933

1,008

1,118

1,169

OPM

OPM%

31.8

19.6

20.5

22.2

26.6

27.4

16.5

12.5

15.0

15.1

15.2

15.0

Other Income

Other IncomeCr

-39

-28

-12

-3

Interest Expense

Interest ExpenseCr

Depreciation

DepreciationCr

105

115

157

183

287

275

273

279

319

342

PBT

PBTCr

936

529

541

749

1,000

1,368

625

355

632

707

694

726

Tax

TaxCr

216

122

120

157

199

253

104

125

PAT

PATCr

720

407

421

593

801

1,115

521

342

616

582

671

690

Growth

PAT Growth%

154.7

-43.5

3.4

40.8

35.1

39.2

-53.3

-34.4

80.1

-5.5

15.3

14.7

NPM

NPM%

22.7

13.0

13.4

15.1

17.4

20.7

9.8

6.0

9.9

8.7

9.1

8.9

EPS

EPS₹

38.2

21.4

21.9

31.0

44.0

60.8

26.5

17.4

31.3

29.7

34.3

35.3

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	38	38	38	38	38	39	39	39	39	39	39
Reserves ReservesCr	1,560	1,865	2,182	2,681	3,182	5,028	5,198	4,331	4,779	5,152	5,636
Current Liabilities Current LiabilitiesCr	747	693	1,144	1,490	1,752	1,281	1,717	1,637	1,455	2,412	2,594
Non Current Liabilities Non Current LiabilitiesCr	84	94	576	570	1,047	361	168	175	172	171	500
Total Liabilities Total LiabilitiesCr	2,429	2,689	3,941	4,778	5,989	6,709	7,122	6,183	6,446	7,773	8,763
Current Assets Current AssetsCr	1,511	1,372	1,825	1,958	2,463	2,652	2,861	2,910	3,079	4,088	4,543
Non Current Assets Non Current AssetsCr	917	1,317	2,116	2,820	3,526	4,057	4,261	3,273	3,367	3,685	4,220
Total Assets Total AssetsCr	2,429	2,689	3,941	4,778	5,989	6,709	7,122	6,183	6,446	7,773	8,763

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

1,560

1,865

2,182

2,681

3,182

5,028

5,198

4,331

4,779

5,152

5,636

Current Liabilities

Current LiabilitiesCr

747

693

1,144

1,490

1,752

1,281

1,717

1,637

1,455

2,412

2,594

Non Current Liabilities

Non Current LiabilitiesCr

576

570

1,047

361

168

175

172

171

500

Total Liabilities

Total LiabilitiesCr

2,429

2,689

3,941

4,778

5,989

6,709

7,122

6,183

6,446

7,773

8,763

Current Assets

Current AssetsCr

1,511

1,372

1,825

1,958

2,463

2,652

2,861

2,910

3,079

4,088

4,543

Non Current Assets

Non Current AssetsCr

917

1,317

2,116

2,820

3,526

4,057

4,261

3,273

3,367

3,685

4,220

Total Assets

Total AssetsCr

2,429

2,689

3,941

4,778

5,989

6,709

7,122

6,183

6,446

7,773

8,763

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	38	38	38	38	38	39	39	39	39	39	39
Reserves ReservesCr	1,560	1,865	2,182	2,681	3,182	5,028	5,198	4,331	4,779	5,152	5,636
Current Liabilities Current LiabilitiesCr	747	693	1,144	1,490	1,752	1,281	1,717	1,637	1,455	2,412	2,594
Non Current Liabilities Non Current LiabilitiesCr	84	94	576	570	1,047	361	168	175	172	171	500
Total Liabilities Total LiabilitiesCr	2,429	2,689	3,941	4,778	5,989	6,709	7,122	6,183	6,446	7,773	8,763
Current Assets Current AssetsCr	1,511	1,372	1,825	1,958	2,463	2,652	2,861	2,910	3,079	4,088	4,543
Non Current Assets Non Current AssetsCr	917	1,317	2,116	2,820	3,526	4,057	4,261	3,273	3,367	3,685	4,220
Total Assets Total AssetsCr	2,429	2,689	3,941	4,778	5,989	6,709	7,122	6,183	6,446	7,773	8,763

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Equity CapitalCr

Reserves

ReservesCr

1,560

1,865

2,182

2,681

3,182

5,028

5,198

4,331

4,779

5,152

5,636

Current Liabilities

Current LiabilitiesCr

747

693

1,144

1,490

1,752

1,281

1,717

1,637

1,455

2,412

2,594

Non Current Liabilities

Non Current LiabilitiesCr

576

570

1,047

361

168

175

172

171

500

Total Liabilities

Total LiabilitiesCr

2,429

2,689

3,941

4,778

5,989

6,709

7,122

6,183

6,446

7,773

8,763

Current Assets

Current AssetsCr

1,511

1,372

1,825

1,958

2,463

2,652

2,861

2,910

3,079

4,088

4,543

Non Current Assets

Non Current AssetsCr

917

1,317

2,116

2,820

3,526

4,057

4,261

3,273

3,367

3,685

4,220

Total Assets

Total AssetsCr

2,429

2,689

3,941

4,778

5,989

6,709

7,122

6,183

6,446

7,773

8,763

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	948	329	312	812	449	1,463	552	724	803	88	783
Investing Cash Flow Investing Cash FlowCr	-307	-486	-884	-756	-732	-839	-372	-448	-321	-568	-506
Financing Cash Flow Financing Cash FlowCr	-224	-129	503	59	155	-597	-217	-262	-438	444	-164
Net Cash Flow Net Cash FlowCr	417	-286	-69	115	-128	27	-37	14	45	-37	113
Free Cash Flow Free Cash FlowCr	948	348	-423	159	-285	804	128	282	487	-466	350
CFO To PAT CFO To PAT%	131.6	80.7	74.2	137.0	56.1	131.3	106.0	211.7	130.4	15.1	116.7
CFO To EBITDA CFO To EBITDA%	94.1	53.4	48.6	93.0	36.7	98.9	63.2	102.2	86.0	8.7	70.0

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

948

329

312

812

449

1,463

552

724

803

783

Investing Cash Flow

Investing Cash FlowCr

-307

-486

-884

-756

-732

-839

-372

-448

-321

-568

-506

Financing Cash Flow

Financing Cash FlowCr

-224

-129

503

155

-597

-217

-262

-438

444

-164

Net Cash Flow

Net Cash FlowCr

417

-286

-69

115

-128

-37

113

Free Cash Flow

Free Cash FlowCr

948

348

-423

159

-285

804

128

282

487

-466

350

CFO To PAT

CFO To PAT%

131.6

80.7

74.2

137.0

56.1

131.3

106.0

211.7

130.4

15.1

116.7

CFO To EBITDA

CFO To EBITDA%

94.1

53.4

48.6

93.0

36.7

98.9

63.2

102.2

86.0

8.7

70.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	948	329	312	812	449	1,463	552	724	803	88	783
Investing Cash Flow Investing Cash FlowCr	-307	-486	-884	-756	-732	-839	-372	-448	-321	-568	-506
Financing Cash Flow Financing Cash FlowCr	-224	-129	503	59	155	-597	-217	-262	-438	444	-164
Net Cash Flow Net Cash FlowCr	417	-286	-69	115	-128	27	-37	14	45	-37	113
Free Cash Flow Free Cash FlowCr	948	348	-423	159	-285	804	128	282	487	-466	350
CFO To PAT CFO To PAT%	131.6	80.7	74.2	137.0	56.1	131.3	106.0	211.7	130.4	15.1	116.7
CFO To EBITDA CFO To EBITDA%	94.1	53.4	48.6	93.0	36.7	98.9	63.2	102.2	86.0	8.7	70.0

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Operating Cash Flow

Operating Cash FlowCr

948

329

312

812

449

1,463

552

724

803

783

Investing Cash Flow

Investing Cash FlowCr

-307

-486

-884

-756

-732

-839

-372

-448

-321

-568

-506

Financing Cash Flow

Financing Cash FlowCr

-224

-129

503

155

-597

-217

-262

-438

444

-164

Net Cash Flow

Net Cash FlowCr

417

-286

-69

115

-128

-37

113

Free Cash Flow

Free Cash FlowCr

948

348

-423

159

-285

804

128

282

487

-466

350

CFO To PAT

CFO To PAT%

131.6

80.7

74.2

137.0

56.1

131.3

106.0

211.7

130.4

15.1

116.7

CFO To EBITDA

CFO To EBITDA%

94.1

53.4

48.6

93.0

36.7

98.9

63.2

102.2

86.0

8.7

70.0

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	11,321	11,756	10,364	10,001	10,059	18,971	14,572	9,749	19,309	18,266	13,010	15,705
Price To Earnings Price To Earnings	15.7	29.2	25.1	17.1	12.1	16.6	28.0	28.5	31.4	31.3	19.3	22.6
Price To Sales Price To Sales	3.6	3.8	3.3	2.5	2.2	3.5	2.8	1.7	3.1	2.7	1.8	2.0
Price To Book Price To Book	7.1	6.2	4.7	3.7	3.1	3.7	2.8	2.2	4.0	3.5	2.3	2.8
EV To EBITDA EV To EBITDA	10.9	19.0	17.1	12.3	9.6	13.1	17.4	14.7	21.1	19.3	12.7	14.3
Profitability Ratios Profitability Ratios
GPM GPM%	66.4	63.5	62.8	66.4	68.1	68.0	64.3	60.4	63.8	64.0	64.2	64.2
OPM OPM%	31.8	19.6	20.5	22.2	26.6	27.4	16.5	12.5	15.0	15.1	15.2	15.0
NPM NPM%	22.7	13.0	13.4	15.1	17.4	20.7	9.8	6.0	9.9	8.7	9.1	8.9
ROCE ROCE%	55.0	26.8	18.6	21.1	20.7	24.5	10.8	8.0	12.9	12.2	11.1	11.1
ROE ROE%	45.1	21.4	19.0	21.8	24.9	22.0	9.9	7.8	12.8	11.2	11.8	11.8
ROA ROA%	29.6	15.1	10.7	12.4	13.4	16.6	7.3	5.5	9.6	7.5	7.7	7.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

11,321

11,756

10,364

10,001

10,059

18,971

14,572

9,749

19,309

18,266

13,010

15,705

Price To Earnings

15.7

29.2

25.1

17.1

12.1

16.6

28.0

28.5

31.4

31.3

19.3

22.6

Price To Sales

3.6

3.8

3.3

2.5

2.2

3.5

2.8

1.7

3.1

2.7

1.8

2.0

Price To Book

7.1

6.2

4.7

3.7

3.1

3.7

2.8

2.2

4.0

3.5

2.3

2.8

EV To EBITDA

10.9

19.0

17.1

12.3

9.6

13.1

17.4

14.7

21.1

19.3

12.7

14.3

Profitability Ratios

GPM

GPM%

66.4

63.5

62.8

66.4

68.1

68.0

64.3

60.4

63.8

64.0

64.2

OPM

OPM%

31.8

19.6

20.5

22.2

26.6

27.4

16.5

12.5

15.0

15.1

15.2

15.0

NPM

NPM%

22.7

13.0

13.4

15.1

17.4

20.7

9.8

6.0

9.9

8.7

9.1

8.9

ROCE

ROCE%

55.0

26.8

18.6

21.1

20.7

24.5

10.8

8.0

12.9

12.2

11.1

ROE

ROE%

45.1

21.4

19.0

21.8

24.9

22.0

9.9

7.8

12.8

11.2

11.8

ROA

ROA%

29.6

15.1

10.7

12.4

13.4

16.6

7.3

5.5

9.6

7.5

7.7

Operational Ratios

Solvency Ratios

Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	11,321	11,756	10,364	10,001	10,059	18,971	14,572	9,749	19,309	18,266	13,010	15,705
Price To Earnings Price To Earnings	15.7	29.2	25.1	17.1	12.1	16.6	28.0	28.5	31.4	31.3	19.3	22.6
Price To Sales Price To Sales	3.6	3.8	3.3	2.5	2.2	3.5	2.8	1.7	3.1	2.7	1.8	2.0
Price To Book Price To Book	7.1	6.2	4.7	3.7	3.1	3.7	2.8	2.2	4.0	3.5	2.3	2.8
EV To EBITDA EV To EBITDA	10.9	19.0	17.1	12.3	9.6	13.1	17.4	14.7	21.1	19.3	12.7	14.3
Profitability Ratios Profitability Ratios
GPM GPM%	66.4	63.5	62.8	66.4	68.1	68.0	64.3	60.4	63.8	64.0	64.2	64.2
OPM OPM%	31.8	19.6	20.5	22.2	26.6	27.4	16.5	12.5	15.0	15.1	15.2	15.0
NPM NPM%	22.7	13.0	13.4	15.1	17.4	20.7	9.8	6.0	9.9	8.7	9.1	8.9
ROCE ROCE%	55.0	26.8	18.6	21.1	20.7	24.5	10.8	8.0	12.9	12.2	11.1	11.1
ROE ROE%	45.1	21.4	19.0	21.8	24.9	22.0	9.9	7.8	12.8	11.2	11.8	11.8
ROA ROA%	29.6	15.1	10.7	12.4	13.4	16.6	7.3	5.5	9.6	7.5	7.7	7.7
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Current

Valuation Ratios

Market Cap

Market CapitalizationCr

11,321

11,756

10,364

10,001

10,059

18,971

14,572

9,749

19,309

18,266

13,010

15,705

Price To Earnings

15.7

29.2

25.1

17.1

12.1

16.6

28.0

28.5

31.4

31.3

19.3

22.6

Price To Sales

3.6

3.8

3.3

2.5

2.2

3.5

2.8

1.7

3.1

2.7

1.8

2.0

Price To Book

7.1

6.2

4.7

3.7

3.1

3.7

2.8

2.2

4.0

3.5

2.3

2.8

EV To EBITDA

10.9

19.0

17.1

12.3

9.6

13.1

17.4

14.7

21.1

19.3

12.7

14.3

Profitability Ratios

GPM

GPM%

66.4

63.5

62.8

66.4

68.1

68.0

64.3

60.4

63.8

64.0

64.2

OPM

OPM%

31.8

19.6

20.5

22.2

26.6

27.4

16.5

12.5

15.0

15.1

15.2

15.0

NPM

NPM%

22.7

13.0

13.4

15.1

17.4

20.7

9.8

6.0

9.9

8.7

9.1

8.9

ROCE

ROCE%

55.0

26.8

18.6

21.1

20.7

24.5

10.8

8.0

12.9

12.2

11.1

ROE

ROE%

45.1

21.4

19.0

21.8

24.9

22.0

9.9

7.8

12.8

11.2

11.8

ROA

ROA%

29.6

15.1

10.7

12.4

13.4

16.6

7.3

5.5

9.6

7.5

7.7

Operational Ratios

Solvency Ratios

Liquidity Ratios

	GRANULES	CAPLIPOINT	NATCOPHARM	APLLTD	ERIS	JUBLPHARMA	MARKSANS
Market CapitalizationMkt CapCr	21,900	17,186	15,752	15,705	15,468	15,012	13,726
Close PriceClose₹	802.85	2,261.00	803.00	799.00	1,114.90	942.50	302.90
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	29.67	25.83	12.67	22.65	23.71	42.40	26.55
Price To SalesPS	3.89	7.51	4.52	2.02	4.79	1.74	4.33
RevenueRevenueCr	5,632	2,287	3,485	7,784	3,230	8,608	3,172
Revenue Growth TTMRev Gr TTM%	24.8%	15.0%	-20.7%	14.1%	9.6%	16.3%	19.6%
PAT Growth TTMPAT Gr TTM%	38.1%	19.6%	-40.2%	14.7%	62.0%	-23.1%	48.2%

Market CapitalizationMkt CapCr

21,900

17,186

15,752

15,705

15,468

15,012

13,726

Close PriceClose₹

802.85

2,261.00

803.00

799.00

1,114.90

942.50

302.90

IndustryIndustry

Pharma Formulations

Price To EarningsPE

29.67

25.83

12.67

22.65

23.71

42.40

26.55

Price To SalesPS

3.89

7.51

4.52

2.02

4.79

1.74

4.33

RevenueRevenueCr

5,632

2,287

3,485

7,784

3,230

8,608

3,172

Revenue Growth TTMRev Gr TTM%

24.8%

15.0%

-20.7%

14.1%

9.6%

16.3%

19.6%

PAT Growth TTMPAT Gr TTM%

38.1%

19.6%

-40.2%

14.7%

62.0%

-23.1%

48.2%

	GRANULES	CAPLIPOINT	NATCOPHARM	APLLTD	ERIS	JUBLPHARMA	MARKSANS
Market CapitalizationMkt CapCr	21,900	17,186	15,752	15,705	15,468	15,012	13,726
Close PriceClose₹	802.85	2,261.00	803.00	799.00	1,114.90	942.50	302.90
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	29.67	25.83	12.67	22.65	23.71	42.40	26.55
Price To SalesPS	3.89	7.51	4.52	2.02	4.79	1.74	4.33
RevenueRevenueCr	5,632	2,287	3,485	7,784	3,230	8,608	3,172
Revenue Growth TTMRev Gr TTM%	24.8%	15.0%	-20.7%	14.1%	9.6%	16.3%	19.6%
PAT Growth TTMPAT Gr TTM%	38.1%	19.6%	-40.2%	14.7%	62.0%	-23.1%	48.2%

Market CapitalizationMkt CapCr

21,900

17,186

15,752

15,705

15,468

15,012

13,726

Close PriceClose₹

802.85

2,261.00

803.00

799.00

1,114.90

942.50

302.90

IndustryIndustry

Pharma Formulations

Price To EarningsPE

29.67

25.83

12.67

22.65

23.71

42.40

26.55

Price To SalesPS

3.89

7.51

4.52

2.02

4.79

1.74

4.33

RevenueRevenueCr

5,632

2,287

3,485

7,784

3,230

8,608

3,172

Revenue Growth TTMRev Gr TTM%

24.8%

15.0%

-20.7%

14.1%

9.6%

16.3%

19.6%

PAT Growth TTMPAT Gr TTM%

38.1%

19.6%

-40.2%

14.7%

62.0%

-23.1%

48.2%

Alembic Pharmaceuticals Ltd

Alembic Pharmaceuticals Ltd

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