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Alembic Q2 FY27 results: net profit up 26.8% to ₹162.87 crore, revenue down 45.8%
Alembic Limited reported consolidated Q2 FY27 revenue of ₹30.25 crore, down 45.8% from Q2 FY26, while net profit rose 26.8% to ₹162.87 crore. EBITDA was ₹5.28 crore and the EBITDA margin fell to 17.5% from 41.6%, as other income increased to ₹71.55 crore.
Key points
- Consolidated revenue was ₹30.25 crore, down 45.8% from ₹55.86 crore in Q2 FY26 and 37.9% from ₹48.74 crore in Q1 FY27.
- Net profit was ₹162.87 crore, up 26.8% from ₹128.49 crore in Q2 FY26 and 151.0% from ₹64.89 crore in Q1 FY27.
- Basic EPS was ₹6.34, up 26.8% from ₹5.0 in Q2 FY26 and 150.6% from ₹2.53 in Q1 FY27.
- EBITDA was ₹5.28 crore, down 77.3% year on year, while the EBITDA margin fell 24.1 percentage points to 17.5%.
- Other income was ₹71.55 crore, up 10.2% from ₹64.92 crore in Q2 FY26; there was no exceptional item.
How did Alembic perform in Q2 FY27?
Alembic’s consolidated revenue from operations was ₹30.25 crore in Q2 FY27, down 45.8% from ₹55.86 crore in Q2 FY26 and 37.9% from ₹48.74 crore in Q1 FY27. Total income was ₹101.8 crore, down 15.7% year on year but up 86.1% from ₹54.71 crore in the previous quarter.
EBITDA was ₹5.28 crore, down 77.3% from ₹23.24 crore in Q2 FY26 and 65.8% from ₹15.46 crore in Q1 FY27. The EBITDA margin was 17.5%, down 24.1 percentage points year on year and 14.2 percentage points sequentially. Profit before tax was ₹72.76 crore, down 14.2% year on year but up 319.6% from ₹17.34 crore in the previous quarter.
Net profit was ₹162.87 crore, up 26.8% from ₹128.49 crore in Q2 FY26 and 151.0% from ₹64.89 crore in Q1 FY27. Basic EPS was ₹6.34, compared with ₹5.0 in the year-ago quarter and ₹2.53 in the previous quarter. On a standalone basis, revenue was ₹27.69 crore and profit attributable to owners was ₹67.02 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 30.25 | 48.74 | 55.86 | −45.8% | −37.9% |
| Other income | 71.55 | 5.96 | 64.92 | +10.2% | +1100.5% |
| Total expenses | 29.04 | 37.37 | 36 | −19.3% | −22.3% |
| EBITDA | 5.28 | 15.46 | 23.24 | −77.3% | −65.8% |
| EBITDA margin | 17.5% | 31.7% | 41.6% | −24.1 pp | −14.2 pp |
| Profit before tax | 72.76 | 17.34 | 84.78 | −14.2% | +319.6% |
| Tax | 5.19 | 1.64 | 8.72 | −40.5% | +216.5% |
| Net profit | 162.87 | 64.89 | 128.49 | +26.8% | +151.0% |
| EPS (₹) | 6.34 | 2.53 | 5.00 | +26.8% | +150.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Alembic's costs and profit?
Total expenses fell 19.3% to ₹29.04 crore from ₹36 crore in Q2 FY26, with other expenses down 41.8% to ₹12.89 crore and finance costs down 7.1% to ₹0.52 crore. Cost of materials consumed rose 15.8% to ₹2.93 crore, employee benefit expenses rose 49.9% to ₹11.32 crore and depreciation and amortisation rose 26.2% to ₹3.56 crore.
Other income rose 10.2% to ₹71.55 crore from ₹64.92 crore in the year-ago quarter. The consolidated filing also reported dividend income and gain or loss on fair value change of financial assets of ₹6,828 lakh in the quarter, against ₹6,100 lakh in Q2 FY26, and other income or expense of ₹50 lakh against ₹199 lakh.
There was no exceptional item in Q2 FY27. Tax expenses fell 40.5% to ₹5.19 crore from ₹8.72 crore in Q2 FY26. Profit before tax fell 14.2% to ₹72.76 crore, while net profit rose 26.8% to ₹162.87 crore; the filing also reported share of associate’s profit of ₹9,530 lakh in the quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 2.93 | 2.53 | +0.40 | +15.8% |
| Employee cost | 11.32 | 7.55 | +3.77 | +49.9% |
| Finance costs | 0.52 | 0.56 | −0.04 | −7.1% |
| Depreciation | 3.56 | 2.82 | +0.74 | +26.2% |
| Other expenses | 12.89 | 22.14 | −9.25 | −41.8% |
| Total expenses | 29.04 | 36 | −6.96 | −19.3% |
| Other income | 71.55 | 64.92 | +6.63 | +10.2% |
| Tax | 5.19 | 8.72 | −3.53 | −40.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Alembic reported consolidated revenue of ₹78.99 crore, down 25.2% from ₹105.61 crore in H1 FY26. Total income fell 10.1% to ₹156.5 crore from ₹174.12 crore, while profit before tax declined 13.8% to ₹90.09 crore from ₹104.57 crore.
Net profit after tax and the share of associates’ profit rose 19.8% to ₹227.74 crore from ₹190.13 crore in H1 FY26. Basic EPS increased 19.9% to ₹8.87 from ₹7.4. The filing reported share of associates’ profit of ₹14,449 lakh in H1 FY27, compared with ₹9,627 lakh in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 78.99 | 105.61 | −25.2% |
| Profit before tax | 90.09 | 104.57 | −13.8% |
| Net profit | 227.74 | 190.13 | +19.8% |
| EPS (₹) | 8.87 | 7.40 | +19.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹2,826.38 crore, compared with ₹2,589.51 crore at 31 March 2026, and total equity was ₹2,675.65 crore against ₹2,445.09 crore. Borrowings were nil, compared with ₹10.64 crore, while cash and cash equivalents were ₹1.75 crore against ₹1.41 crore. Inventories were ₹52.84 crore, trade receivables ₹15.47 crore and trade payables ₹21.41 crore.
For H1 FY27, net cash inflow from operating activities was ₹30.57 crore, compared with ₹50.19 crore in H1 FY26. Investing cash flow was ₹42.7 crore against ₹12.81 crore, and financing cash flow was a net outflow of ₹72.93 crore against ₹64.3 crore. Capital expenditure was ₹0.4 crore in H1 FY27, compared with ₹0.57 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,826 | 2,590 |
| Total equity | 2,676 | 2,445 |
| Borrowings | 0 | 10.64 |
| Cash and equivalents | 1.75 | 1.41 |
| Inventories | 52.84 | 52.24 |
| Trade receivables | 15.47 | 31.90 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 30.57 | 50.19 |
| Cash from investing | 42.70 | 12.81 |
| Cash from financing | −72.93 | −64.30 |
| Capital expenditure | 0.40 | 0.57 |
Source: Company's results filing (XBRL).
How has Alembic done over the last 8 quarters?
Revenue reached its highest level in the reported series at ₹74.34 crore in Q3 FY26 and its lowest at ₹30.25 crore in Q2 FY27. It rose in Q3 FY26 before falling to ₹60.04 crore in Q4 FY26, ₹48.74 crore in Q1 FY27 and ₹30.25 crore in Q2 FY27.
Net profit peaked at ₹162.87 crore in Q2 FY27 and bottomed at ₹60.13 crore in Q3 FY26. EBITDA margin peaked at 45.6% in Q3 FY25 and fell to its lowest level, 17.5%, in Q2 FY27. Profit rose year on year in each of the last two reported quarters.
Which businesses drove the quarter?
The Active Pharmaceutical Ingredients Business reported revenue of ₹6.79 crore in Q2 FY27, down 34.1% from ₹10.3 crore in Q2 FY26. Segment EBIT was a loss of ₹0.17 crore, compared with a profit of ₹1.95 crore in the year-ago quarter, and the EBIT margin was -2.5%.
The Real Estate Business reported revenue of ₹23.45 crore, down 48.5% from ₹45.56 crore in Q2 FY26. Segment EBIT was ₹4.67 crore, compared with ₹20.41 crore in the year-ago quarter, while the EBIT margin was 19.9%. Total segment results were ₹450 lakh against ₹2,236 lakh in Q2 FY26.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Active Pharmaceutical Ingredients Business | 6.79 | −34.1% | −0.17 | -2.5% |
| Real Estate Business | 23.45 | −48.5% | 4.67 | 19.9% |
Source: Company's results filing (XBRL segment data).
What did the auditors point out?
The statutory auditors’ review report included an Emphasis of Matter concerning the disputed electricity duty matter. The report stated that Alembic had made an aggregate provision for a principal amount of Rs. 2,052.13 lakhs for matters filed against the State of Gujarat, the Collector of Electricity Duty and others; interest was not ascertainable and was disclosed as a contingent liability in the consolidated financial statements for the year ended 31 March 2026.
The auditors also stated that the company had deposited Rs. 35 Crores with the Hon'ble Supreme Court on 26th May 2023 and that the appeal filed by the company had been admitted. The excerpt says the opinion was not modified in respect of the matter. The review was substantially less in scope than an audit and the auditors did not express an audit opinion.
How did other Residential Commercial Projects companies do?
A total of 45 Residential Commercial Projects companies filed results for the quarter as of 6 November 2026. Their median revenue growth was 17.4%, compared with Alembic’s consolidated revenue decline of 45.8%. Of the other companies, 2 grew more slowly than Alembic and 43 grew faster.
Profit was higher at 25 of the 45 peer companies, compared with profit for all 45 companies used in the comparison. The peer figures cover the same Residential Commercial Projects industry group.
| Alembic revenue growth (YoY) | −45.8% |
|---|---|
| Median of 45 other Residential Commercial Projects companies | +17.4% |
| Companies with slower revenue growth than Alembic | 2 of 45 |
| Companies with faster revenue growth than Alembic | 43 of 45 |
| Companies whose net profit rose | 25 of 45 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Alembic's revenue in Q2 FY27?
Revenue from operations was ₹30.25 crore, down 45.8% from ₹55.86 crore in Q2 FY26 (consolidated).
Did Alembic make a profit in Q2 FY27?
Yes. Net profit was ₹162.87 crore, against a net profit of ₹128.49 crore in Q2 FY26.
What was Alembic's EPS in Q2 FY27?
Basic earnings per share were ₹6.34, against ₹5.00 in Q2 FY26.
When did Alembic announce its Q2 FY27 results?
On 6 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Considering The Unaudited Financial Results For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 28 October 2026) · PDF
- Outcome of Board Meeting (NSE, 6 November 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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