US tariff uncertainty
Potential US tariffs on pharmaceutical imports could impact margins; management called it 'hypothetical' and declined to provide specific mitigation strategy.
ALKEM / Q1-FY26 / risks
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Alkem Laboratories · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
US price erosion continues
US business faces 3-4% YoY price erosion, which could offset volume gains and pressure margins.
New business opex drag
CDMO and medtech businesses will incur significant opex (₹50-60 crore per quarter) in H2 FY26, delaying margin expansion.
Seasonality and incentive costs
Employee costs rose 15% YoY due to higher incentives; management expects lower growth in subsequent quarters, but volatility remains.