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Alkem Laboratories Margin Trend — Quarter by Quarter

Alkem Laboratories's EBITDA margin moved from 21.7% in Q2 FY24 to 22.2% in Q3 FY26 across 8 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2622.2%—
Q2 FY2623.0%—
Q1 FY2621.9%—
Q3 FY2522.5%—
Q1 FY2520.1%+700 bps
Q4 FY2413.7%+150 bps
Q3 FY2421.3%+160 bps
Q2 FY2421.7%—

What management said about ebitda margin

G

Q3 FY26 · Occlutech EBITDA margin of 23-24% in 3 years

Occlutech's EBITDA margin is expected to reach 23-24% within three years, up from current ~4%.

G

Q3 FY26 · Alkem Medtech EBITDA margin of 25% in 4-5 years

Alkem Medtech (including Occlutech) is expected to achieve 25% EBITDA margin in 4-5 years.

G

Q2 FY26 · Full-year EBITDA margin guidance of 19.5-20%

Despite H2 headwinds from US CDMO OpEx and GST impact, management expects FY26 EBITDA margin of 19.5-20%.

G

Q1 FY26 · FY26 EBITDA margin guidance of ~19.5% maintained

Management reiterated the 19-20% EBITDA margin guidance for FY26, despite strong Q1 performance, citing higher R&D and new business OpEx in H2.

G

Q4 FY25 · EBITDA margin guidance of ~19.5% for FY26

Management expects EBITDA margins to remain stable at around 19.5% in FY26, supported by operating leverage and despite higher R&D investments.

G

Q3 FY25 · Full-year EBITDA margin guidance maintained at 19%

Despite 21.6% margin in 9M, Q4 is seasonally weak with higher R&D spend (5 filings), so full-year margin expected around 19%.

G

Q2 FY25 · EBITDA margin improvement of ~100bps to 18.5-19% for FY25

Full-year EBITDA margin expected to be 18.5-19%, driven by cost controls and product mix improvement.

G

Q1 FY25 · Full-year EBITDA margin around 18%

Management expects EBITDA margin for FY25 to be around 18%, similar to last year, despite gross margin improvement, due to investments in new growth initiatives.

G

Q1 FY25 · Gross margin improvement of ~150 bps to 62.5%

Full-year gross margin expected to improve to 62.5% from 61% in FY24, driven by favorable API pricing and product mix.

G

Q4 FY24 · EBITDA Margin to Remain at Current Levels

EBITDA margin expected to be in line with FY24 levels (~17.7%), with potential 20-30 bps improvement but offset by investments.

G

Q3 FY24 · Full-year EBITDA margin guidance of ~17%

Management expects FY24 EBITDA margin around 17%, with Q4 seasonally weaker but sustainable at that level.

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Q3 FY24 · Annual margin improvement of 50-100bps

Management reiterated internal target of 50-100bps annual EBITDA margin improvement going forward.