Alembic Pharmaceuticals Limited — Q4 FY26
Alembic Pharmaceuticals reported Q4 FY26 revenue of ₹1,848 crore, up 4% YoY, with core EBITDA margin before R&D at 25% (vs 24% YoY).
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Cost drag from underutilized F2/F3 facilities and timeline to breakeven.
Asked by Janvi Mishra, Green Portfolio Private Limited
Management declined to quantify the cost drag and instead discussed occupancy improvements.
no number givenreframed to occupancy levels
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Question
I would like to ask about the F2 and F3 facilities that remain underutilized pending FDRs... roughly how much cost these facilities are adding to the P&L every year without corresponding revenue and at what point... do these facilities start covering their own cost?
Unnamed management (likely J. Krishnan or CEO)
We don't give facility wise break up... both F2 and F3 are working at a much higher occupancy level... the unabsorbed lowheads of both these is not as much of an issue for us.
Answered
High priority
Will contract manufacturing deals generate meaningful revenue in FY27?
Asked by Janvi Mishra, Green Portfolio Private Limited
Management confirmed revenue contribution in FY27 without specifics but directly answered the timeline.
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Question
Of the contract manufacturing deals that are already signed for F2 F3... are any of them expected to generate meaningful revenue in 27 itself or is it more of a FY28 story?
Unnamed management
No, it's already started. I think some of the licensing and some of the contract manufacturing is in progress. So we'll see part contribution from that in FY27 itself.
Partial answer
High priority
Impact of US specialty investment (PIA) on current margins and outlook.
Asked by Rahul Giwani, IFL
Management acknowledged drag but initially avoided quantifying; later gave 100-150 bps impact.
no specific number given initially
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Question
Can you call out what kind of an impact you saw in the quarter from the investment into the US specialty business? So, is there any drag sitting on the current quarters margins because of PIA?
Unnamed management (likely CEO) and Krishna
There was a drag in the quarter due to the Olympic therapeutics business... I expect another quarter or two of drag... by the end of the year we should start seeing a decent contribution.
Answered
High priority
Quantified margin impact from PIA in basis points.
Asked by Rahul Giwani, IFL
Management provided a specific range for the margin impact.
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Question
So on the specific drag I don't want to put a number to this...
Krishna (likely CFO)
I would take about 100 to 150 basis points of impact coming from PIA from the branded business in US.
Partial answer
Medium priority
How does management measure R&D productivity, especially for US business?
Asked by Rahul Giwani, IFL
Management described methodology but did not share historical or target IRR figures.
no specific IRR numbers given
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Question
How do you measure the R&D productivity particularly for the US business... we are again guiding for an increase in R&D spend to 750-800 cr.
Unnamed management
We generally have an IRR for each of our R&D projects... the threshold IRR has come down but we still see some opportunities.
Evasive
Medium priority
What IRR did past R&D spends generate?
Asked by Rahul Giwani, IFL
Management declined to provide any specific IRR numbers for past spends.
no number givendeferred to general trend
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Question
Over FY20-23 or 24 the R&D spend... what kind of an IRR would those spends be generating as of now?
Unnamed management
It's tough to say... the returns came down compared to the returns that we were seeing pre-2020.
Partial answer
High priority
FY27 EBITDA margin guidance and improvement over FY26.
Asked by Rahul Giwani, IFL
Management gave directional improvement but no quantitative guidance for FY27.
no specific FY27 margin number given
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Question
Can you provide some color in terms of EBITDA margins as well... do you think you can improve margins over FY26 levels?
Unnamed management
We will see a definitely see an improvement in the margins this year... over a 2-3 year period we will go back up to the 20% kind of EBITDA margins.
Answered
Medium priority
Is US growth guidance of 10-15% in INR terms?
Asked by Tushar Manutan, Motilal Oswal Financial Services
Management confirmed the growth is in INR terms and acknowledged constant currency would be lower.
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Question
On your US guidance of 10 to 15% is INR term right? So 5-6% depreciation is baked in. So effectively 7-8% growth in constant currency terms?
Unnamed management
Yeah I think... it's not a guidance but just the way I see the business... in terms of INR terms, I mentioned 10 to 15%.
Answered
Medium priority
Peptide R&D investment and capex status.
Asked by Tushar Manutan, Motilal Oswal Financial Services
Management clearly stated capex is complete and R&D costs were an outlier.
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Question
On peptide side like what kind of investment we are in terms of R&D and in terms of capex separately.
Unnamed management
Capex is all done. I think we've already completed the capex for the peptides... moving forward we will not have as many such costs.
Answered
Medium priority
Number of peptide filings expected over next 12 months.
Asked by Tushar Manutan, Motilal Oswal Financial Services
Management provided a clear number of filings and pipeline status.
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Question
How many filings are we sort of thinking on peptides maybe over next 12 months?
Unnamed management
We've got a couple... the portfolio is about five to six that we have. Two of them are filed already and the rest are going on.
Answered
Medium priority
Impact of rising solvent prices on API margins.
Asked by Tushar Manutan, Motilal Oswal Financial Services
Management explained their pricing power and inventory buffer, stating no margin impact.
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Question
On API side at a portfolio level have you seen price increases given the crude linked derivative solvents have seen sharp increase in prices?
Unnamed management
API prices still... we do sell APIs at a much higher price... we're utilizing the inventory... it's not impacting any margins for us.
Answered
Medium priority
Capital allocation priorities for FY27-28 beyond peptides and branded.
Asked by Tushar Manutan, Motilal Oswal Financial Services
Management clearly stated no major new capex areas, focusing on R&D and branded in-licensing.
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Question
In terms of capital allocation... any other areas where the capital allocation would happen in let's say over FY27-28 or these are the key areas?
Unnamed management
We're broadly done with all our capex... on the branded side we will in-license few more products... R&D investments will continue in a measured manner.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| US business growth 10-15% in INR terms | 12.5% | 4% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.