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Dossier · ALEMBIC PHARMA LTD · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. US Generics, Ex-US International Generics, India Formulations, API (Active Pharmaceutical Ingredients), US Branded (Alembic Therapeutics). Diversified global generics manufacturer with US, India and ex-US formulation businesses plus an API arm; asset-heavy formulation manufacturing with high R&D intensity and ongoing investment in specialty, peptides and US branded.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
5,306
5,653
6,229
6,672
7,345
EBITDA (ex other income)
874
708
933
1,021
1,051
margin %
16.5
12.5
15.0
15.3
14.3
Owners' profit
546
342
616
583
671
EPS, as reported (₹)
27.76
17.40
31.33
29.68
34.33
ROE % · ROCE %
9.9 · 11.8
7.8 · 9.6
12.8 · 13.8
11.2 · 14.6
11.8 · 12.8
Debt / equity (x)
0.12
0.15
0.09
0.23
0.24
Cash from operations
552
724
803
88
783
Capex
(426)
(443)
(327)
(564)
(435)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ALEMBIC PHARMA LTD · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
1,648
1,693
1,770
1,711
1,910
1,876
1,848
2,150
Profit before tax
180
177
193
191
222
163
118
221
Net profit
153
138
157
154
184
132
202
172
EPS (₹)
7.79
7.01
7.98
7.85
9.40
6.76
10.31
8.80
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
SUN PHARMACEUTICAL IND L
4,21,677
34.9
5.03
22.6
13.7
17.5
11.8
32.3
DIVI S LABORATORIES LTD
2,53,976
87.0
15.15
65.5
15.3
18.8
8.7
42.8
TORRENT PHARMACEUTICALS L
1,54,957
73.1
8.81
38.5
12.2
8.0
11.8
33.1
LAURUS LABS LIMITED
1,17,877
107.7
21.70
65.6
16.4
17.2
7.2
32.0
ZYDUS LIFESCIENCES LTD
1,17,315
26.2
3.97
15.1
17.3
18.0
12.4
25.2
DR. REDDY S LABORATORIES
1,11,506
34.5
2.92
14.9
10.9
13.0
12.1
15.0
CIPLA LTD
1,10,320
32.7
3.20
16.9
11.2
14.7
8.0
19.7
MANKIND PHARMA LIMITED
1,02,829
50.3
6.21
28.3
11.7
10.8
—
27.3
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
22.3
30.8
58 of 158
64%
P/B
2.7
3.1
74 of 163
55%
ROCE
11.3
10.8
88 of 183
52%
ROE
11.8
9.8
65 of 166
61%
Debt / Equity
0.2
0.2
101 of 166
39%
EBITDA margin
16.1
17.5
87 of 165
48%
Revenue growth
25.7
16.3
57 of 161
65%
Profit growth
12.2
30.9
101 of 158
36%
Market cap
15468
806
35 of 181
81%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · ALEMBIC PHARMA LTD · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
28 Oct 2026 · Alembic Pharma sets November 4 call to discuss Q2 FY27 results
board shareholder meetings
low
—
—
28 Oct 2026 · Alembic Pharma publishes notice for lost equity share certificate
compliance
minimal
—
—
27 Oct 2026 · USFDA approves Alembic's Valganciclovir oral solution
business updates
medium
—
—
19 Oct 2026 · Alembic Pharma sets up new subsidiary Alvesta in Dubai
strategic transactions
medium
—
—
17 Oct 2026 · USFDA Final Approval for Ciprofloxacin and Dexamethasone Otic Suspension
business updates
medium
—
—
8 Oct 2026 · Newspaper publication on physical shares dematerialisation
compliance
minimal
—
—
6 Oct 2026 · Reg 74(5) certificate submitted for Q2 FY27
compliance
minimal
—
—
29 Sept 2026 · DSP MF and FII sell 1.36 lakh Alembic Pharma shares; holding falls to 2.97%
ownership changes
high
—
—
28 Sept 2026 · Trading window closed from 1 Oct 2026 till Q2 results declaration
compliance
minimal
—
—
18 Sept 2026 · Alembic Pharma officials to hold one-on-one investor meetings in Mumbai
board shareholder meetings
low
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
