Alembic Pharmaceuticals
Alembic Pharmaceuticals
HealthcareKey Fundamentals
SmallcapPharmaceuticalsHealthcareTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 35.7%
Weaknesses
5- Stock is trading at 2.82 times its book value
- The company has delivered a poor sales growth of 6.37% over past five years.
- Tax rate seems low
- Company has a low return on equity of 12.7% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
Alembic Pharmaceuticals has a market capitalisation of about ₹16,557 crore. It trades at a P/E of 24.2x and a P/B of 2.94x, with a dividend yield of 1.41%. Profit has grown 26% TTM and at a 28% 3-year CAGR, but 5-year profit CAGR is -9% and 10-year is 0%. Sales have compounded at 6% over 5 years, ROE has averaged 13% over 3 years, and the stock has returned 2% CAGR over 5 years and -5% over the past year.
- Profit has compounded at 28% over the past 3 years, a sharp recovery from the earnings trough reflected in the -9% 5-year profit CAGR.
- TTM profit growth of 26% is running well ahead of TTM sales growth of 14%, which points to operating leverage and possibly better margins.
- TTM sales growth of 14% is faster than the 3-year (9%) and 5-year (6%) sales CAGRs, so the top line appears to be speeding up.
- The company pays out about 35.7% of profits as dividends, for a dividend yield of 1.41%, giving shareholders some cash return.
- ROE has held at 13% for both the last year and the 3-year average, up from the 5-year average of 11%, so returns have stabilised and improved.
- 10-year sales CAGR of 9% shows the business has grown its revenue over a long period, with a record stretching across more than one cycle.
- Weak stock returns (2% 5-year CAGR, 3% 10-year CAGR) while profits recovered at 28% over 3 years mean less of the earnings recovery is already reflected in the price than would otherwise be the case.
- 5-year profit CAGR is -9% and 10-year profit CAGR is 0%, so long-term earnings are flat to lower despite the recent rebound.
- 5-year sales growth of 6.37% is modest for a pharma company and trails the 9% 10-year sales CAGR, showing a slowdown in the medium term.
- 3-year average ROE of 12.7% and 10-year ROE of 16% show capital efficiency has fallen from its historical levels.
- Shareholder returns have been weak: 5-year stock CAGR of 2%, 10-year of 3%, and -5% over the past year.
- At a P/E of 24.2x and P/B of about 2.94–2.99x with ROE near 13%, the valuation depends on the recent profit growth continuing.
- The company may be capitalising interest cost, which can flatter reported profit. Some of the 26% TTM profit growth could come from accounting treatment rather than operations.
- The tax rate looks low. If it normalises, the 26% TTM profit growth could be harder to sustain.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Investor meetings in Mumbai Sep 18
Alembic Pharmaceuticals will hold one-to-one meetings with institutional investors and analysts in Mumbai on September 23, 2026. The company said discussions will be based only on publicly available information, so no new material disclosures are expected.
TL;DR: The news flow for Alembic Pharmaceuticals is thin, with only one routine item: institutional investor meetings scheduled for September 23, 2026. Meetings like this are standard investor-relations activity and do not change the fundamentals or signal new risks. With no earnings, regulatory, or product news in this set, the trend can't be judged from these articles alone. Investors should watch for USFDA inspection outcomes, US generics launches, and the next quarterly results for clearer direction.
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 | 1,486 | 1,595 | 1,631 | 1,517 | 1,562 | 1,648 | 1,693 | 1,770 | 1,711 | 1,910 | 1,876 | 1,848 | 2,150 |
| Expenses | 1,287 | 1,387 | 1,364 | 1,257 | 1,325 | 1,409 | 1,433 | 1,498 | 1,430 | 1,594 | 1,585 | 1,620 | 1,818 |
| Operating Profit | 199 | 208 | 266 | 260 | 237 | 239 | 260 | 271 | 281 | 316 | 292 | 228 | 332 |
| OPM % | 13% | 13% | 16% | 17% | 15% | 15% | 15% | 15% | 16% | 17% | 16% | 12% | 15% |
| Other Income | 12 | 10 | 3 | 4 | 2 | 30 | 10 | 14 | 6 | 8 | -27 | 2 | 15 |
| Interest | 14 | 16 | 15 | 11 | 13 | 19 | 22 | 25 | 24 | 24 | 23 | 23 | 28 |
| Depreciation | 66 | 68 | 69 | 69 | 69 | 71 | 70 | 69 | 74 | 76 | 80 | 89 | 98 |
| PBT | 130 | 135 | 185 | 183 | 157 | 180 | 178 | 192 | 190 | 224 | 162 | 119 | 222 |
| Tax % | 7% | -1% | 2% | 3% | 14% | 15% | 23% | 18% | 19% | 18% | 18% | -70% | 22% |
| Net Profit | 121 | 137 | 180 | 178 | 135 | 153 | 138 | 157 | 154 | 184 | 132 | 202 | 172 |
| EPS in Rs | 6.14 | 6.95 | 9.18 | 9.07 | 6.85 | 7.8 | 7.04 | 7.98 | 7.85 | 9.4 | 6.76 | 10.31 | 8.8 |
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 | 2,056 | 3,166 | 3,105 | 3,131 | 3,935 | 4,606 | 5,393 | 5,306 | 5,653 | 6,229 | 6,672 | 7,345 | 7,784 |
| Expenses | 1,653 | 2,159 | 2,490 | 2,488 | 3,061 | 3,383 | 3,913 | 4,432 | 4,970 | 5,296 | 5,664 | 6,224 | 6,617 |
| Operating Profit | 403 | 1,007 | 615 | 643 | 874 | 1,223 | 1,480 | 874 | 682 | 932 | 1,008 | 1,121 | 1,167 |
| OPM % | 20% | 32% | 20% | 21% | 22% | 27% | 27% | 16% | 12% | 15% | 15% | 15% | 15% |
| Other Income | 4 | 7 | 2 | 7 | 9 | -39 | 87 | 56 | -2 | 28 | 56 | -14 | -1 |
| Interest | 4 | 5 | 5 | 3 | 18 | 27 | 16 | 18 | 50 | 56 | 79 | 94 | 98 |
| Depreciation | 44 | 72 | 83 | 105 | 115 | 157 | 183 | 287 | 275 | 273 | 279 | 319 | 342 |
| PBT | 359 | 936 | 529 | 541 | 749 | 1,000 | 1,368 | 625 | 355 | 632 | 707 | 694 | 726 |
| Tax % | 21% | 23% | 23% | 22% | 21% | 20% | 19% | 17% | 4% | 3% | 18% | 3% | — |
| Net Profit | 283 | 720 | 403 | 413 | 583 | 801 | 1,146 | 521 | 342 | 616 | 582 | 671 | 690 |
| EPS in Rs | 15.01 | 38.2 | 21.39 | 21.89 | 31 | 43.97 | 58.33 | 26.5 | 17.4 | 31.33 | 29.68 | 34.33 | 35.27 |
| Div. Payout % | 23% | 9% | 19% | 18% | 18% | 23% | 24% | 38% | 46% | 35% | 37% | 35% | — |
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 | 38 | 38 | 38 | 38 | 38 | 38 | 39 | 39 | 39 | 39 | 39 | 39 |
| Reserves | 847 | 1,560 | 1,865 | 2,182 | 2,681 | 3,182 | 5,028 | 5,198 | 4,331 | 4,779 | 5,152 | 5,636 |
| Borrowings | 264 | 114 | 89 | 708 | 1,128 | 1,747 | 584 | 717 | 722 | 513 | 1,258 | 1,430 |
| Other Liabilities | 493 | 718 | 698 | 1,013 | 931 | 1,022 | 1,058 | 1,167 | 1,090 | 1,114 | 1,325 | 1,658 |
| Total Liabilities | 1,641 | 2,429 | 2,689 | 3,941 | 4,778 | 5,989 | 6,709 | 7,122 | 6,183 | 6,446 | 7,773 | 8,763 |
| Fixed Assets | 547 | 708 | 799 | 993 | 1,158 | 1,552 | 1,788 | 1,798 | 2,398 | 2,547 | 2,524 | 3,081 |
| CWIP | 83 | 93 | 396 | 1,010 | 1,551 | 1,846 | 2,183 | 2,304 | 601 | 524 | 837 | 683 |
| Investments | 2 | 87 | 50 | 42 | 49 | 18 | 236 | 118 | 96 | 93 | 127 | 141 |
| Other Assets | 1,009 | 1,541 | 1,444 | 1,896 | 2,019 | 2,573 | 2,502 | 2,902 | 3,087 | 3,281 | 4,285 | 4,858 |
| Total Assets | 1,641 | 2,429 | 2,689 | 3,941 | 4,778 | 5,989 | 6,709 | 7,122 | 6,183 | 6,446 | 7,773 | 8,763 |
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 | 172 | 948 | 329 | 312 | 812 | 449 | 1,463 | 552 | 724 | 803 | 88 | 783 |
| Investing | -256 | -307 | -486 | -884 | -756 | -731 | -840 | -372 | -448 | -321 | -568 | -506 |
| Financing | 87 | -224 | -129 | 503 | 59 | 155 | -597 | -217 | -262 | -438 | 444 | -164 |
| Net Cash Flow | 3 | 417 | -286 | -69 | 115 | -127 | 26 | -37 | 14 | 45 | -37 | 113 |
| Free Cash Flow | -52 | 647 | 348 | -495 | 49 | -285 | 804 | 128 | 282 | 487 | -466 | 290 |
| CFO/OP | 60 | 114 | 73 | 70 | 112 | 56 | 115 | 77 | 115 | 88 | 16 | 79 |
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 | 64 | 40 | 40 | 61 | 45 | 69 | 24 | 56 | 68 | 60 | 77 | 73 |
| Inventory Days | 196 | 266 | 269 | 302 | 356 | 417 | 431 | 406 | 315 | 350 | 466 | 462 |
| Days Payable | 166 | 264 | 213 | 313 | 237 | 220 | 194 | 178 | 145 | 157 | 179 | 154 |
| Cash Conversion Cycle | 94 | 42 | 96 | 51 | 164 | 266 | 261 | 283 | 237 | 253 | 363 | 381 |
| Working Capital Days | 32 | 36 | 61 | 69 | 24 | 50 | 73 | 74 | 77 | 88 | 87 | 87 |
| ROCE % | 38% | 66% | 29% | 22% | 23% | 24% | 26% | 11% | 7% | 13% | 13% | 13% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
Alembic Pharmaceuticals is in the business of development, manufacturing, and marketing of Pharmaceuticals products i.e. Formulations and Active Pharmaceutical Ingredients. The company has 3 R&D and 5 manufacturing facilities.
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