Alembic Limited (ALEMBICLTD) share price
₹111.41 on NSE as of 2026-09-04. +1.74% on the day. market cap ₹2,861 Cr. P/E 8.9. 52-week range ₹70.90 to ₹111.41. Realty.
Alembic Ltd Q1 FY27: ₹48.7 Cr of Revenue, ₹49.2 Cr of Associate Profit, and a 119th AGM
At a glance
A company founded in 1907 reported quarterly revenue of ₹48.74 crore and net profit of ₹64.89 crore for the quarter ended June 2026. Both of those numbers are correct, and they are in that order.
The arithmetic that gets you there: operating profit of ₹15.46 crore, other income of ₹5.96 crore, and then a line called Share of Associate's Profit worth ₹49.19 crore, which is Alembic's 28.5% slice of Alembic Pharmaceuticals landing on the consolidated P&L like a parcel from a wealthier relative. Revenue was down 2.03% year on year; profit was up 5.27%.
Elsewhere in the quarter, the company held its 119th Annual General Meeting on 11 August 2026 — an institution old enough that the first hundred were held before television. It also published newspaper cuttings about a special window for dematerialising physical shares, which tells you something about how long some of these certificates have been sitting in cupboards.
The balance sheet at March 2026 carried ₹2,589.5 crore of total assets, of which ₹1,974.15 crore was investments. Borrowings were ₹10.64 crore. Market cap is ₹2,569 crore. The rest of this entry is about a pharmaceutical pioneer that now mostly builds apartments in Vadodara.
Introduction
Alembic Limited was incorporated on 30 July 1907, promoted by Shri Bhailalbhai Amin along with Prof. TK Gajjar and Shri Kotibhaskar. Per ICRA, the company was a pioneer in manufacturing Penicillin-G through the fermentation process — which is to say Alembic was brewing antibiotics in Gujarat while most listed Indian companies had not been invented yet.
In 2010 the board approved the demerger of the core pharmaceutical formulations business into a wholly-owned subsidiary, Alembic Pharmaceuticals Limited, effective 1 April 2010. ICRA records the stated purpose as unlocking shareholder value and insulating the core pharma operations from the volatility of the Pen-G business. After the demerger, APL became the flagship of the Alembic Group and both entities were listed. The parent company, having handed over the crown, kept the land.
Today Alembic Ltd holds 28.41% of Alembic Pharma and 19.01% of Paushak Limited, with its registered office on Alembic Road, Vadodara — a company important enough to have a road named after it, which is the corporate equivalent of a plaque.
On the corporate side, an August 2025 filing recorded Q1 FY2026 results approved, Udit Amin appointed as new MD, and then-MD Malika Amin resigning effective January 2026. The June 2026 results carry Udit Amin's signature as Managing Director.
The recent record is mostly procedural: the 119th AGM proceedings, the scrutinizer's report, the outcome of the AGM, and two separate newspaper-publication filings in the same week of August 2026. Corporate India's most reliable output remains the paper cutting confirming that another paper cutting was published.
Business model
Three things, in descending order of size and ascending order of romance.
**Real estate (81% of segment revenue in FY26, versus 85% in FY25).** The company develops residential and commercial projects, provides project management and marketing consultancy, and leases commercial property. The residential portfolio is concentrated in Vadodara — premium low-rise duplexes, villas and apartments, with completed projects including Shangri La, Samsara, Veda and Urban Forest. In FY26, VEDA-II, a 22-storey gated community of 367 two- and three-bedroom homes, achieved full sales after completing in FY25. The Gardens, a duplex project, was completed and fully sold during FY26. Park Crescent, comprising 3/4-BHK apartments, was launched in FY25. A new commercial office building is being set up with roughly 90% of leasable area already secured through lease commitments — pre-let to that degree, the building is basically arriving with its social calendar full.
Commercial tenants span IT/ITeS, KPO, BPO, engineering, chemicals, retail, BFSI and F&B. There is also the Alembic Art District within the Alembic City campus: art studios, exhibition spaces, a museum, restaurants and a skate park. A 1907 fermentation pioneer now operates a skate park, and there is no polite way to make that transition sound gradual.
**Active Pharmaceutical Ingredients (19% in FY26 vs 15% in FY25).** Fermentation- and chemistry-based APIs with R&D at Vadodara, revenue primarily from job-work for group companies and other pharma players. Segment revenue for the June 2026 quarter was ₹11.71 crore against ₹12.95 crore a year earlier; segment result was ₹1.66 crore.
**Power assets.** Four windmills totalling 5 MW and two cogeneration plants totalling 6 MW, used for captive consumption of the bulk drugs business. Eleven megawatts is not a power business; it is an electricity bill with better PR.
And underneath all three sits the equity: 28.5% of APL and 19.07% of Paushak. Per ICRA, dividend income accounted for 23% of revenues and 40% of operating profit in FY2025.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Alembic Limited.
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