ALKEM / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Alkem Laboratories · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY26 · 2025-08-06Back to quarter ↗

Questions audited

11

Answered directly

55%

Numeric claims

6

Consistency

contradicted

Question ledger

What was answered, and how?

Kunal Dhamesha · Macquarie

evasive

Will you revise FY26 guidance after strong Q1?

I find it a little too early to revise the guidance approach. I can clearly tell you, if the year progresses the way we are seeing for some more time then definitely we would overachieve on the guidance that we have given.

Kunal Dhamesha · Macquarie

direct

Is the lower R&D expense lumpy or a trend?

It's more about phasing of the expenses. Our overall annual guidance has been within the range of 4.5%-5% and I stay put with that.

Kunal Dhamesha · Macquarie

direct

Was there any FOREX gain offsetting expenses?

At overall level there was FOREX gain so we reported under other income. In this quarter there was FOREX gain at the consolidated level.

Amlan Jyoti Das · Nomura

direct

What is the medtech business contribution to India revenue?

Our first quarter revenue is around INR 2.5 crore, which is very minimal. We are pretty confident with the way we started that business.

Sidharth Negandhi · CWC

evasive

What is the growth split between branded and generic in India?

We've never given these kind of breakups earlier. If you look at IQVIA data, we are all co-founding in our branded generic business. If that is any reflection of our growth, then IQVIA is reflecting a 9.7% growth.

Neha Manpuria · Bank of America

direct

What drove gross margin improvement and sustainable level?

There was a positive impact on account of lower API prices. It was around 3.8%, 3.9%, and the mix has improved because our domestic contribution is higher. We have given a guidance of around 64%.

Neha Manpuria · Bank of America

direct

When will medtech business break even and what are costs?

Let's say when you have to break even in FY 2028. For the full year of FY 2026, there can be an estimate, say, the plot is around INR 40-50 krore. For FY 2026, FY 2027, there may be losses of INR 40-60 krore.

Neha Manpuria · Bank of America

evasive

Why not raise margin guidance despite strong Q1?

We are waiting for, you know, let's let Q2 also, you know, get over. We will have more clarity on, you know, if there are any headwinds... we are staying put with the margin guidance that we have given.

Chirag · DSP Mutual Fund

direct

What is the higher R&D budget for and on what?

We are also focusing on growing our non U.S. business. There are a lot of filings that we are doing in the non U.S. markets as well. ... on an overall absolute basis, the cost may be looking higher, but if you look at percentage wise, it will be still within 4.5% - 5% for overall driven.

Rashmi · Dolat Capital

partial

What is driving US growth and is it sustainable?

We have launched with everyone else. ... our guidance was about mid single digit kind of growth from U.S. markets. I will maintain at least that growth. Looking at the trends, if everything remains favorable, we may even surpass that.

Gagan Thareja · ASK Investment Managers

evasive

Can you split India growth into NLEM and non-NLEM?

I do not have the data handy. You can check it from the IQVIA data, but we have never given product level or segment specific.

Gagan Thareja · ASK Investment Managers

partial

What were Europe revenues and profits in Q1?

In the first quarter, total [investment] was around INR 90 crores. This is including CDMO business in Europe, and EBITDA, I think, the five quarters back, we including both.