Alembic Pharmaceuticals Limited (APLLTD) share price
₹808.20 on NSE as of 2026-09-04. +0.57% on the day. market cap ₹15,886 Cr. P/E 22.9. 52-week range ₹646.55 to ₹978.10. Healthcare.
Alembic Pharma Q1 FY27: Revenue Up 26% to ₹2,150 Cr, US Formulations Up 49%, and a 22% Tax Rate
At a glance
Alembic Pharmaceuticals reported consolidated revenue of ₹2,150 Cr for the quarter ended 30 June 2026, up 26% year-on-year. Operating profit came in at ₹332 Cr against ₹281 Cr a year earlier. PAT was ₹173 Cr, up 12%, and EPS was ₹8.80.
The gap between a 26% revenue line and a 12% profit line has an explanation the company supplies itself: the effective tax rate went to about 22% from about 19%, which management attributes to migration to the new tax regime. Profit before tax rose 17% to ₹222 Cr. Somewhere between PBT and PAT, the taxman took his cut of the good news.
The engine this quarter was the United States. US formulation revenue grew 49% year-on-year, which management called the quarter's standout feature and described as predominantly volume driven despite pricing pressure. API grew 33%. Ex-US grew 17%. India branded formulations grew 7% — the slowest of the four, and the one management is actively reorganising.
Depreciation rose to ₹98 Cr from ₹74 Cr, with the CFO attributing roughly 70–75% of the increase to amortisation of intangibles acquired for the US branded expansion, spread over about seven to eight years. That is the accounting shadow of a strategy that only started last year.
Seven products launched in the quarter. Four ANDA filings. Ten approvals. A 121-year-old Vadodara company is currently behaving like a startup with a compliance department.
Introduction
Alembic Pharmaceuticals develops, manufactures and markets formulations and active pharmaceutical ingredients. The pharma business of Alembic Ltd — domestic formulations, international generics and APIs — was transferred to Alembic Pharma following a demerger effective 1 April 2010, per CRISIL's rating rationale. The company was established by the Amin family in 1907 and is listed on both the BSE and the NSE. Chirayu Amin signs the results as Chairman.
The recent record is a company adding new front-ends. In 2025 the Indore facility was commissioned and Utility Therapeutics Limited was acquired. In 2026 the company expanded into the US branded footprint through Alembic Therapeutics and formed a Canadian joint venture for product commercialisation. Subsidiaries in Thailand, the Philippines and Germany have been added to the ex-US structure — Alembic Pharmaceuticals (Thailand) Ltd was incorporated on 6 March 2026, per the auditor's annexure.
The approval flow through the June quarter and just after it was steady. USFDA final approvals came for Dapagliflozin (7 April, eligible for 180-day exclusivity), Methotrexate Injection (16 April, taking total ANDA approvals to 236), Fingolimod Capsules (25 April, estimated US$145 million market), Levothyroxine Sodium across twelve strengths (22 May), Tretinoin Cream (12 June, estimated US$76 million market), Oseltamivir oral suspension (26 June, estimated US$27 million market) and Prucalopride Tablets (28 July). Tentative approvals arrived for Darolutamide (14 May), Larotrectinib (11 June, with potential 180-day exclusivity) and Binimetinib (19 June). On 18 July the company disclosed that NATCO received tentative approval for Olaparib tablets, which Alembic will distribute in the US.
On 14 May the company received an Establishment Inspection Report from the USFDA for its Karakhadi injectable facility following the February 2026 inspection. On 13 July it disclosed a USFDA warning letter dated 10 July 2026 issued to a clinical investigator, stating there was no data integrity issue or facility restriction.
On 27 April the company informed the exchanges of the demise of Resident Director Saibal Mukherjee on 26 April 2026.
Business model
Four buckets. In Q1 FY27 the split was India branded business 30% of revenue, US formulation 36%, ex-US formulation 18%, and API 16%.
India is the brand cabinet. 208 brands, 5,500-plus medical representatives, 21 marketing divisions, and a 1.1% share of the Indian pharmaceutical market by IQVIA MAT Jun-26 — ranked 21st. Five flagship brands have crossed ₹1 billion in sales. Azithral, Althrocin, Roxid, Crina-NCR, Deltone, Gerijoint and Elata all rank first in their molecule groups; Althrocin and Roxid carry market shares of 87.8% and 95.1% respectively, which is less "leading brand" and more "the category is basically them." Prescriptions reached 137.6 million on a MAT Jun-26 basis from 131.3 million a year prior.
Inside India, the mix in Q1 FY27 was speciality 57%, acute 21%, animal health 22%. Animal health grew 24% year-on-year to ₹1,410 million from ₹1,140 million, and covers livestock, poultry and companion animals with market leadership in haematinics and antibiotics. A company whose flagship human brand is an antibiotic also sells antibiotics to chickens. Vertical integration of a sort nobody planned.
The US is the volume machine: 185 products commercialised as of the quarter, 279 cumulative ANDA filings, 244 approvals including 20 tentative. The approved ANDA basket skews oral solids at 164, then derma 33, ophthalmic 23, injectable 22, inhalation 2.
Ex-US runs through partnerships in Europe, Canada, Australia, Brazil, Chile and South Africa. API supplies more than 60 countries and filed three US DMFs in the quarter, taking cumulative DMF filings to 152.
Nine manufacturing facilities and two R&D centres in Vadodara and Hyderabad, plus a Bio Centre. The plant list reads like a family that ran out of names and switched to serial numbers: F1 Panelav, F2 Panelav, F3 Karkhadi, F4 Jarod, F5 Karkhadi, API I and II at Panelav, API III at Karkhadi. F3 received its EIR on 13 May 2026. Team size is 17,200-plus.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Alembic Pharmaceuticals Limited.
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