NSE: ALEMBICLTD · BSE: 506235
ALEMBIC LIMITED
Operates two distinct businesses — real estate development and manufacture of active pharmaceutical ingredients (APIs). The Real Estate segment contributed 80.6% of FY26 segment revenue at ₹193.40 crore with an EBIT margin of 42.0%, while the API segment contributed 19.4% at ₹46.59 crore with a 12.1% EBIT margin. Standalone cost structure is dominated by other operating expenses at 39.9% of revenue and employee costs at 15.6%, while raw materials account for just 5.8% and depreciation 5.2%. Capex for the year was ₹38.25 crore (15.9% of revenue). Consolidated profits are heavily supplemented by the company's share of profits from associate Alembic Pharmaceuticals Limited, which contributed ₹19,145 lakh in FY26. Statutory auditors flagged a disputed electricity duty matter with a principal provision of ₹2,052.13 lakh and ₹3,500 lakh deposited with the Supreme Court. The Board has recommended a dividend of ₹2.40 per share (120% on face value) for FY26, unchanged from the prior year. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Real Estate Business (81%), Active Pharmaceutical Ingredients Business (19%). Diversified group with a real-estate-led top line, a smaller API manufacturing business, and consolidated earnings heavily lifted by an associate stake in Alembic Pharmaceuticals.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 78 | 127 | 157 | 222 | 240 |
| EBITDA (ex other income) | 14 | 30 | 57 | 94 | 90 |
| margin % | 17.8 | 23.4 | 36.1 | 42.2 | 37.7 |
| Owners' profit | 222 | 191 | 269 | 311 | 230 |
| EPS, as reported (₹) | 8.65 | 7.43 | 10.46 | 12.10 | 12.36 |
| ROE % · ROCE % | 8.9 · 3.8 | 9.2 · 4.1 | 12.3 · 4.6 | 13.3 · 6.6 | 13.0 · 6.1 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 |
| Cash from operations | (18) | 39 | 23 | 86 | 120 |
| Capex | (1) | (0) | (1) | (7) | (38) |
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 | 53 | 58 | 60 | 50 | 56 | 74 | 60 | 49 |
| Profit before tax | 82 | 27 | 27 | 20 | 85 | 26 | 18 | 17 |
| Net profit | 121 | 65 | 68 | 62 | 128 | 60 | 67 | 65 |
| EPS (₹) | 4.71 | 2.55 | 2.67 | 2.40 | 5.00 | 2.34 | 2.61 | 2.53 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Active Pharmaceutical Ingredients Business | 47 | 19.4 |
| Real Estate Business | 193 | 80.6 |
| Total, before eliminations | 240 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.0 | 20.5 | 4 of 57 | 95% |
| P/B | 0.9 | 1.9 | 17 of 64 | 73% |
| ROCE | 6.0 | 6.4 | 34 of 66 | 49% |
| ROE | 13.0 | 8.0 | 15 of 64 | 78% |
| Debt / Equity | 0.0 | 0.4 | 8 of 64 | 89% |
| EBITDA margin | 44.0 | 29.6 | 13 of 66 | 82% |
| Revenue growth | (2.0) | 12.8 | 48 of 67 | 29% |
| Profit growth | 5.3 | 7.5 | 35 of 66 | 48% |
| Market cap | 2251 | 1781 | 32 of 67 | 53% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarter and half-year results | results | low | — | — |
| 8 Oct 2026 · Special window open for physical share dematerialisation | compliance | minimal | — | — |
| 6 Oct 2026 · Quarterly dematerialisation compliance certificate filed for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Please find enclosed herewith the intimation for closure of trading window informing the exchange that the trading window shall remain closed from 1st October, 2026 till 48 hours after .... | compliance | minimal | — | — |
| 12 Aug 2026 · Alembic Limited Q1 FY27 results published in newspapers | compliance | minimal | — | — |
| 11 Aug 2026 · AGM voting results: all 5 resolutions approved, 98.8% to 100% in favour | compliance | minimal | — | — |
| 11 Aug 2026 · Alembic 119th AGM voting results: all 5 resolutions passed | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Alembic Limited 119th AGM held on 11 Aug 2026; 5 resolutions tabled | board shareholder meetings | medium | — | — |
| 11 Aug 2026 · Alembic notifies special window for physical share dematerialisation | compliance | minimal | — | — |
| 11 Aug 2026 · Q1 FY27 results: Consolidated PAT at Rs 64.89 cr, standalone at Rs 14.68 cr | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
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.