Alkem Laboratories Limited — Q4 FY25
Alkem Laboratories reported Q4 FY25 revenue of INR 3,144 crore, up 7.1% YoY, driven by domestic growth of 8.1% and international growth of 7.2%.
bullish
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.
79%Questions answered1Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Why was Alkem's growth lower than IPM in big therapy segments in Q4?
Asked by Damyanti Kerai, HSBC
Management shifted focus to annual outperformance and did not explain Q4 weakness specifically.
reframed to annual performancedid not address Q4 underperformance directly
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Question
In India, in some of the bigger segments, anti-infective, cardiac, anti-diabetic, etc., in the fourth quarter number, according to your presentation, Alkem's growth was lower than IPM growth. If you can explain or elaborate what has happened or which segments within these big therapies are seeing some weakness, etc., that will be helpful.
Vikas Gupta, CEO
Actually, if you see our annual performance, as I mentioned, all these therapies we have outperformed. ... On the anti-infective side, ... oral solids and oral liquids, we have outperformed the market. Injectable business, sometimes we see certain challenges...
Evasive
Medium priority
How is anti-infective seasonal demand looking in May?
Asked by Damyanti Kerai, HSBC
Management declined to provide any current demand data, citing it's too early.
deferred to next quarterno specific data given
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Question
Again, coming back to anti-infective, we are already towards the end of May. How is anti-infective seasonal demand looking up?
Vikas Gupta, CEO
I'm sure that it has rains. I guess it'll be too early for you guys to really look into it, but I think let this quarter get over. ... It will not be wise or fair on my part to make any prediction for the quarter that comes.
Answered
High priority
What is the EBITDA margin guidance for FY26?
Asked by Damyanti Kerai, HSBC
Management gave a specific margin guidance of 19.5% for FY26.
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Question
How should we look at EBITDA margins for FY26?
Vikas Gupta, CEO
We expect the EBITDA margins to remain similar as far as this financial year is concerned... overall our EBITDA guidance in terms of percentage would be stable at 19.5% for this financial year.
Answered
High priority
Update on biosimilar seed plants investment and timeline.
Asked by Damyanti Kerai, HSBC
Management provided timeline and cumulative CapEx figures.
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Question
If you can update us on the biosimilar seed plants in terms of investment and how we are looking at completing the project and supplying us.
Vikas Gupta, CEO
The project is running on track. We expect the project to get completed latest by Q2, to become operational by Q2. ... Cumulative in total, it will be around INR 550 crore. Out of that, INR 450 crore was spent last year on CapEx.
Answered
High priority
Why did gross margins decline in Q4? Any one-offs?
Asked by Neha Manpuriya, Bank of America
Management explained three specific reasons for the gross margin decline.
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Question
It seems after a very long time, we have seen gross margins sort of come off meaningfully. I understand part of this could be mix, but is there any other one-off that is sitting, or this is purely driven because of the pickup in the acute business that we have seen?
Vikas Gupta, CEO
Q4, our margin, gross margin was a bit lower... There were two, three reasons. One was our production was lower... Second reason was in last year, in the same quarter, we had some settlement fees... Third is we saw some higher expiry in few of our markets...
Answered
High priority
What is the gross margin outlook for FY26?
Asked by Neha Manpuriya, Bank of America
Management gave a specific range for gross margins.
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Question
How should I think about gross margins for the full year going forward? Should it be similar to fiscal 2025, about 63%, or should we see moderation?
Vikas Gupta, CEO
It will be on the similar lines. It will be around 63 or a bit, maybe 25 basis points better than what we have.
Partial answer
Medium priority
What interventions improved acute business growth? Breakup of trade vs branded generics?
Asked by Neha Manpuriya, Bank of America
Management did not provide the requested breakup and gave only generic description of interventions.
no breakup providedvague on interventions
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Question
In the opening remarks, you mentioned that we have taken certain targeted interventions in India. Could you give us some color on what these interventions are and how they've helped improve our growth? ... just a breakup between trade generics and branded generics for fiscal 2025?
Vikas Gupta, CEO
The interventions were largely tactical and strategic both. We have focused on the right specialties, right indications, right geographies. ... As compared to the overall growth, I would say domestic, we will be, say, in line with the market growth or 100 basis points surpassing the market growth.
Answered
Medium priority
What was trade generic growth in FY25 and outlook?
Asked by Neha Manpuriya, Bank of America
Management provided specific growth rate and forward outlook.
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Question
On trade generic, how was the growth for trade generic for the full year this time around? ... I just wanted to get a sense on how we did in 2025 and how should we think about that trade generic growth going forward?
Vikas Gupta, CEO
Trade generic saw mid-single-digit kind of growth within the range of around 6-7%. ... Going forward, I think it should be in line with how the IPM would grow.
Partial answer
High priority
Timeline for Syntrastor launch in FY26?
Asked by Abdulkader Puranwala, ICICI Securities
Management gave a tentative timeline but with significant uncertainty.
conditional on litigation outcome
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Question
In the past, you've talked about a couple of product launches, namely on Syntrastor. I mean, any timeline on when that would happen in fiscal 2026?
Vikas Gupta, CEO
This matter is under—there is a litigation going on between MSN and the innovator, right? ... The earliest estimate could be somewhere in July, but it will all depend on how the case takes shape.
Answered
High priority
US business growth outlook for FY26?
Asked by Abdulkader Puranwala, ICICI Securities
Management reiterated mid-single-digit growth guidance for US.
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Question
For FY2026, how should we look at your US business in terms of growth?
Vikas Gupta, CEO
My guidance has always been a mid-single-digit kind of growth from U.S. business. We expect that to happen in this financial year.
Answered
High priority
How many US launches planned for FY26? Any high-value ones?
Asked by Rashmi Shetty, Dollar Capital
Management gave a specific number of launches and clarified no major high-value launch.
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Question
When you said that we'll be able to clock at least mid-single-digit growth, how many launches are you planning for FY26? Earlier, you indicated that you will be doing around one or two high-value launches this year.
Vikas Gupta, CEO
We look forward to launching at least five to six new products this year. Of course, not a very major big launch that we have, but we are hopeful that put together, these launches would help in getting us to the growth number that we have talked about.
Answered
Medium priority
What is the R&D spend guidance for FY26?
Asked by Rashmi Shetty, Dollar Capital
Management provided a specific R&D spend guidance of around 5%.
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Question
What is the guidance for the R&D for full year? I mean, we have done around 4.3% for FY25, but you earlier commented that investments for R&D is likely to go up. What is the guidance that you give?
Vikas Gupta, CEO
We expect it to be within the range of 5%. That is what we are expecting because there are some filings that we will be doing in certain markets...
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| India business Q4 growth 8.1% | 8.1% | 7.1% | Matches filing |
| EBITDA margin guidance 19.5% for FY26 | 19.5% | 12% | Overstated vs filing |
| Gross margin around 63% for FY26 | 63% | 12% | Overstated vs filing |
| Trade generic growth 6-7% in FY25 | 6.5% | 7.1% | Matches filing |
| Engine revenue INR 290 crore in FY25 | ₹290 cr | ₹3,144 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.