ALEMBIC PHARMA LTD

Manufactures and sells generic pharmaceutical formulations and active pharmaceutical ingredients (APIs) across US, ex-US international, India and API markets, with a recently added US branded arm. The US generics franchise is built on 245 cumulative ANDA approvals from USFDA (225 final approvals as of late July 2026), with 6 new ANDA launches in Q4 FY26 alone; FY27 growth in this segment is guided at 10-15% in INR terms. India formulations delivered 5% FY26 growth, with specialty therapies (gynaecology, gastrology, ophthalmology) and animal healthcare outperforming the base business. Ex-US international generics grew 20% in FY26, and the API business delivered modest Q4 growth from volumes against pricing headwinds. The company entered US branded through Alembic Therapeutics with the February 2026 launch of Pivya, which produced a 100-150 bps EBITDA drag and is expected to stop weighing on margins by end-FY27. Manufacturing sits at F2/F3 facilities (ophthalmic line at full capacity, other lines at 40-60% utilisation) plus a fully operational Indore API plant; FY27 capex is guided at INR300-350 crore. Other operating expenses (34.2% of revenue), materials (23.8%) and employee costs (23.6%) are the largest cost lines, with R&D spiked to 11% of revenue in Q4 from peptide development and guided to INR750-800 crore (~8-9% of revenue) for FY27.