Alkem Laboratories
Alkem Laboratories
Healthcare F&OKey Fundamentals
MidcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 26.3%
Weaknesses
2- Promoter holding has decreased over last quarter: -1.50%
- The company has delivered a poor sales growth of 10.7% over past five years.
Growth Rate
AI Analysis — Bull vs Bear
Alkem Laboratories has a market capitalisation of about ₹63,178 crore and trades at a P/E of 28.9x and a P/B of 4.61x, with a dividend yield of 1%. Its return on equity has held steady at around 18-19% over 3, 5 and 10 years, and 3-year profit CAGR is strong at 32%. Against that, TTM profit growth is flat at 0%, 5-year sales CAGR is 11% (10.7% by the known cons), and promoter holding fell 1.50% last quarter.
- Return on equity has been consistent at 19% (last year and 3 years), 18% (5 years) and 18% (10 years), so returns on capital have held up across cycles.
- Profit has compounded at 32% over 3 years, well ahead of 3-year sales CAGR of 8%, which points to meaningful margin expansion or operating leverage over that period.
- TTM sales growth of 13% is faster than the 3-year sales CAGR of 8% and the 5-year sales CAGR of 11%, suggesting revenue momentum has picked up recently.
- Dividend payout is steady at 26.3%, giving a 1% dividend yield while keeping most earnings for reinvestment.
- Over 10 years, sales and profit have both compounded at 12%, showing a long, fairly balanced growth record for a large-cap pharma company.
- The stock has delivered a 14% CAGR over 3 years and 11% over 10 years, so long-term holders have seen positive compounded returns.
- A market cap of about ₹63,178 crore puts Alkem among the larger Indian healthcare companies, which typically brings scale in distribution and liquidity.
- TTM profit growth is 0% even though TTM sales grew 13%, which suggests margin pressure or higher costs in the most recent period.
- Promoter holding fell 1.50% over the last quarter, and some market participants watch reductions in insider ownership closely.
- Five-year sales growth of 10.7% (reported as 11% CAGR) is described as poor, and 3-year sales CAGR slowed further to 8%.
- The P/E of 28.9x and P/B of 4.61x already price in a quality premium, which leaves less room for error while TTM earnings growth is stagnant.
- Five-year profit CAGR is only 9%, below the 11% sales CAGR over the same period, so part of the 32% 3-year profit surge may reflect recovery from a weak base rather than lasting improvement.
- The stock returned -3% over 1 year and only 6% CAGR over 5 years, lagging its 10-year CAGR of 11%.
- A dividend yield of 1% is modest on its own for investors focused on income.
This is AI-generated analysis, not financial advice. Do your own due diligence. The ROE figure (19%) comes from the last-year growth metrics because the key metrics field was null. The source data has no debt-to-equity, ROCE, EPS or 52-week range values (52-week high and low were reported as 0), so this analysis does not assess those factors.
AI News Digest
- CFO Nitin Agrawal resigns Sep 24
CFO Nitin Agrawal has resigned, and his exit from the Senior Management Personnel role takes effect September 30, 2026. His resignation letter is dated July 30, 2026. He oversaw the Adroit, Bombay Ortho and Occlutech acquisitions, so his departure raises continuity questions for M&A and capital allocation while a successor is still to be named.
- First-in-India cenobamate launch Sep 16
On September 16, 2026, Alkem launched NeuCeno (cenobamate), the first launch of this drug in India, as a once-daily oral therapy for adults with partial-onset seizures. Clinical studies show up to 78% fewer seizures when it is added to existing treatment, and it comes in six strengths from 12.5 mg to 200 mg. It targets about 9.4 million Indian epilepsy patients whose seizures are not controlled.
- Patented exosome hair serum launch Sep 8
Alkem launched Renocia Exo, which it describes as India's first patented Ginsenoside Exosome-based hair growth serum for follicular health. The launch adds a differentiated product to its dermatology and consumer-health range.
- HDFC MF one-on-one meeting Sep 23
Alkem will hold an in-person one-on-one meeting with HDFC Mutual Fund in Mumbai on October 7, 2026, according to its SEBI disclosure. This is routine investor engagement, though it shows continued institutional interest.
TL;DR: Alkem's product pipeline is growing. It launched cenobamate for the first time in India for a large group of patients whose epilepsy is poorly controlled, and it added a patented dermatology product. The main risk is the exit of CFO Nitin Agrawal on September 30, 2026, after he led several major acquisitions, which creates uncertainty in finance leadership until a successor is appointed. The trend looks stable to slightly improving on product launches, and investors should watch for the CFO appointment and early sales of NeuCeno in the coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,968 | 3,440 | 3,324 | 2,936 | 3,032 | 3,415 | 3,374 | 3,144 | 3,371 | 4,001 | 3,737 | 3,603 | 3,740 |
| Expenses | 2,579 | 2,693 | 2,616 | 2,534 | 2,423 | 2,662 | 2,615 | 2,752 | 2,632 | 3,080 | 2,909 | 3,086 | 2,974 |
| Operating Profit | 389 | 747 | 708 | 402 | 609 | 753 | 759 | 391 | 739 | 921 | 828 | 517 | 766 |
| OPM % | 13% | 22% | 21% | 14% | 20% | 22% | 23% | 12% | 22% | 23% | 22% | 14% | 20% |
| Other Income | 66 | 6 | 42 | 76 | 120 | 134 | 93 | 146 | 149 | 104 | 90 | 65 | 153 |
| Interest | 30 | 30 | 25 | 27 | 29 | 28 | 36 | 28 | 30 | 35 | 42 | 54 | 47 |
| Depreciation | 72 | 74 | 70 | 83 | 80 | 79 | 85 | 112 | 88 | 94 | 95 | 106 | 100 |
| PBT | 353 | 648 | 655 | 367 | 619 | 780 | 731 | 396 | 771 | 896 | 781 | 423 | 772 |
| Tax % | 18% | 5% | 8% | 17% | 11% | 10% | 12% | 18% | 13% | 13% | 16% | 40% | 32% |
| Net Profit | 288 | 615 | 604 | 304 | 550 | 702 | 641 | 322 | 668 | 779 | 653 | 251 | 521 |
| EPS in Rs | 23.98 | 51.9 | 49.76 | 24.55 | 45.6 | 57.6 | 52.34 | 25.58 | 55.56 | 63.99 | 53.19 | 19.78 | 43.49 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,674 | 4,905 | 5,688 | 6,401 | 7,357 | 8,344 | 8,865 | 10,634 | 11,599 | 12,668 | 12,965 | 14,712 | 15,081 |
| Expenses | 3,248 | 4,038 | 4,687 | 5,392 | 6,237 | 6,868 | 6,920 | 8,580 | 9,977 | 10,419 | 10,452 | 11,706 | 12,049 |
| Operating Profit | 427 | 866 | 1,001 | 1,009 | 1,120 | 1,476 | 1,945 | 2,054 | 1,622 | 2,249 | 2,512 | 3,007 | 3,032 |
| OPM % | 12% | 18% | 18% | 16% | 15% | 18% | 22% | 19% | 14% | 18% | 19% | 20% | 20% |
| Other Income | 176 | 227 | 110 | 115 | 82 | 102 | 230 | 146 | 101 | 186 | 494 | 407 | 412 |
| Interest | 81 | 71 | 45 | 55 | 55 | 65 | 59 | 52 | 107 | 112 | 122 | 161 | 178 |
| Depreciation | 71 | 93 | 101 | 143 | 193 | 253 | 275 | 304 | 310 | 299 | 357 | 382 | 395 |
| PBT | 451 | 928 | 965 | 926 | 955 | 1,260 | 1,842 | 1,844 | 1,305 | 2,023 | 2,527 | 2,871 | 2,872 |
| Tax % | 13% | 19% | 6% | 31% | 19% | 9% | 12% | 9% | 23% | 10% | 12% | 18% | — |
| Net Profit | 392 | 752 | 905 | 638 | 774 | 1,149 | 1,618 | 1,680 | 1,007 | 1,811 | 2,215 | 2,351 | 2,204 |
| EPS in Rs | 32.75 | 62.02 | 74.61 | 52.77 | 63.61 | 94.26 | 133 | 138 | 82.31 | 150 | 181 | 193 | 180 |
| Div. Payout % | 12% | 20% | 20% | 25% | 25% | 27% | 23% | 25% | 61% | 27% | 25% | 28% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| Reserves | 2,975 | 3,668 | 4,444 | 4,840 | 5,415 | 6,137 | 7,353 | 8,614 | 9,021 | 10,288 | 11,961 | 13,796 |
| Borrowings | 1,306 | 658 | 659 | 998 | 944 | 1,616 | 1,707 | 2,668 | 1,397 | 1,418 | 1,381 | 2,047 |
| Other Liabilities | 986 | 1,184 | 1,440 | 1,803 | 1,824 | 2,169 | 2,435 | 2,763 | 3,315 | 3,844 | 4,325 | 4,991 |
| Total Liabilities | 5,291 | 5,534 | 6,568 | 7,664 | 8,208 | 9,946 | 11,519 | 14,069 | 13,757 | 15,575 | 17,691 | 20,858 |
| Fixed Assets | 1,374 | 1,450 | 1,797 | 2,284 | 2,530 | 2,908 | 2,793 | 2,902 | 2,683 | 2,873 | 2,852 | 3,871 |
| CWIP | 111 | 172 | 299 | 381 | 493 | 363 | 393 | 339 | 323 | 159 | 548 | 282 |
| Investments | 481 | 509 | 553 | 444 | 324 | 261 | 333 | 371 | 622 | 484 | 1,846 | 1,869 |
| Other Assets | 3,325 | 3,403 | 3,918 | 4,555 | 4,861 | 6,413 | 8,000 | 10,457 | 10,129 | 12,060 | 12,445 | 14,836 |
| Total Assets | 5,291 | 5,534 | 6,568 | 7,664 | 8,208 | 9,946 | 11,519 | 14,069 | 13,757 | 15,575 | 17,691 | 20,858 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 325 | 726 | 471 | 266 | 780 | 585 | 1,265 | 1,111 | 1,682 | 1,948 | 1,913 | 1,963 |
| Investing | -235 | 205 | -294 | -351 | -318 | -737 | -995 | -1,433 | 120 | -1,011 | -1,288 | -1,682 |
| Financing | -52 | -927 | -138 | 85 | -379 | 79 | -272 | 380 | -1,761 | -1,145 | -811 | -503 |
| Net Cash Flow | 39 | 3 | 40 | 0 | 82 | -73 | -2 | 58 | 42 | -207 | -186 | -222 |
| Free Cash Flow | 190 | 472 | -163 | -411 | 253 | 237 | 1,116 | 783 | 1,453 | 1,761 | 1,278 | 1,476 |
| CFO/OP | 101 | 107 | 73 | 47 | 92 | 59 | 86 | 73 | 121 | 105 | 96 | 86 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 52 | 42 | 46 | 62 | 62 | 72 | 66 | 65 | 67 | 65 | 69 | 74 |
| Inventory Days | 169 | 169 | 198 | 221 | 186 | 198 | 241 | 262 | 194 | 197 | 224 | 239 |
| Days Payable | 101 | 108 | 122 | 147 | 119 | 104 | 112 | 102 | 87 | 129 | 148 | 161 |
| Cash Conversion Cycle | 121 | 103 | 122 | 135 | 129 | 167 | 196 | 225 | 174 | 132 | 145 | 152 |
| Working Capital Days | -52 | 13 | 34 | 40 | 55 | 44 | 48 | 31 | 66 | 135 | 123 | 123 |
| ROCE % | 12% | 23% | 21% | 17% | 16% | 18% | 22% | 18% | 14% | 20% | 20% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Company Information
Alkem Laboratories is engaged in pharmaceutical business with global operations. The Company is engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products.(Source : 202003-01 Annual Report Page No:107)
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