NSE: ALKEM · BSE: 539523
ALKEM LABORATORIES LTD.
Manufactures and sells pharmaceutical formulations in India and overseas, with FY26 consolidated revenue of Rs 14,712.27 crore growing 13.5 percent year-on-year. Domestic branded generics form the core; the standalone Indian business contributed Rs 9,664 crore in turnover, while international operations grew 22.5 percent. The company launched semaglutide, a GLP-1 drug used in type-2 diabetes and weight management, priced from Rs 350 per unit, and was the first in India to offer it in single-shot pre-filled syringes; biosimilars are nearing European launch. To diversify beyond formulations, it acquired a 51-55 percent stake in Switzerland-based Occlutech Holding AG for Euro 99.4 million through wholly owned subsidiary Alkem Medtech, entering cardiovascular and orthopedic medical devices, and completed the Bombay Ortho acquisition. A scheme to amalgamate wholly owned Adroit Biomed is before the NCLT. Materials account for 24.2 percent of revenue, employees 19.3 percent, other operating expenses 25.7 percent, and EBITDA margin is 23.2 percent. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic branded generics (India), International pharmaceutical business, MedTech (cardiovascular and orthopedic devices). Diversifying Indian pharmaceutical company - branded generics domestically, growing international business, expanding into MedTech and biosimilars.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,634 | 11,599 | 12,668 | 12,965 | 14,712 |
| EBITDA (ex other income) | 2,038 | 1,506 | 2,124 | 2,512 | 2,830 |
| margin % | 19.2 | 13.0 | 16.8 | 19.4 | 19.2 |
| Owners' profit | 1,646 | 984 | 1,796 | 2,165 | 2,302 |
| EPS, as reported (₹) | 137.63 | 82.31 | 150.19 | 181.11 | 192.51 |
| ROE % · ROCE % | 19.0 · 20.5 | 10.7 · 14.1 | 16.9 · 18.4 | 17.8 · 19.3 | 16.4 · 18.8 |
| Debt / equity (x) | 0.30 | 0.15 | 0.11 | 0.09 | 0.11 |
| Cash from operations | 1,111 | 1,683 | 1,948 | 1,913 | 1,963 |
| Capex | (339) | (233) | (259) | (676) | (617) |
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 | 3,415 | 3,374 | 3,144 | 3,371 | 4,001 | 3,737 | 3,603 | 3,740 |
| Profit before tax | 780 | 731 | 396 | 771 | 896 | 781 | 423 | 772 |
| Net profit | 702 | 641 | 322 | 668 | 779 | 653 | 251 | 521 |
| EPS (₹) | 57.60 | 52.34 | 25.57 | 55.56 | 63.99 | 53.19 | 19.77 | 43.49 |
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 | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.1 | 30.1 | 75 of 158 | 53% |
| P/B | 4.2 | 3.0 | 104 of 163 | 36% |
| ROCE | 17.8 | 10.8 | 45 of 183 | 76% |
| ROE | 16.4 | 9.8 | 40 of 166 | 76% |
| Debt / Equity | 0.1 | 0.2 | 76 of 166 | 55% |
| EBITDA margin | 24.6 | 17.5 | 55 of 165 | 67% |
| Revenue growth | 10.9 | 16.3 | 92 of 161 | 43% |
| Profit growth | (22.0) | 30.9 | 117 of 158 | 26% |
| Market cap | 60707 | 810 | 12 of 181 | 94% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Alkem Labs initiates forensic audit over alleged fund misappropriation by former employee | regulatory legal | high | — | — |
| 12 Oct 2026 · Alkem Labs appoints two senior management personnel effective Oct 12 | management changes | medium | — | — |
| 24 Sept 2026 · Alkem Laboratories CFO Nitin Agrawal resigns, last day 30 September 2026 | management changes | high | — | — |
| 24 Sept 2026 · Alkem Laboratories CFO Nitin Agrawal resigns, exits 30 Sept 2026 | management changes | high | — | — |
| 23 Sept 2026 · Alkem Labs to meet HDFC Mutual Fund on 7 October in Mumbai | board shareholder meetings | low | — | — |
| 22 Sept 2026 · Trading window closed for Q2 and H1 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · Corporate Guarantee for step-down subsidiary's term loan | credit debt | medium | — | — |
| 16 Sept 2026 · Alkem launches NeuCeno for partial-onset seizures in India | business updates | medium | — | — |
| 15 Sept 2026 · Alkem Labs appoints Dr Shubhadeep Sinha as Senior Management Personnel | management changes | medium | — | — |
| 8 Sept 2026 · Alkem launches Renocia Exo, India's first patented Ginsenoside Exosome hair serum | business updates | medium | — | — |
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.