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Revenue
₹4,001 Cr
verified against source
Revenue YoY
17.2%
reported change
EBITDA
₹920.8 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Alkem delivered a strong Q2 FY26 with revenue of ₹4,010 crore (+17.2% YoY), driven by robust growth across India (+12.4%), US (+28%), and non-US markets (+32.4%). EBITDA margin improved to 23% (+22.3% YoY), aided by operating leverage and better gross margins. PAT grew 11.1% to ₹765 crore. Management reiterated India outperformance of 100-150 bps over IPM and guided for full-year EBITDA margin of 19.5-20%, despite H2 headwinds from US CDMO opex (~₹50-60 cr/quarter) and GST impact (~₹50-60 cr in H2). New launches, especially Sacubitril in the US, are driving growth. Key risk: price erosion in US generics could pressure margins.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects India growth to continue at double-digit, outperforming the IPM by 100-150 bps in H2 and FY27.
- Despite H2 opex from US CDMO (~₹50-60 cr/quarter) and GST impact (~₹50-60 cr), management expects EBITDA margin of 19.5-20% for FY26.
- The US CDMO plant, operational from September, is expected to achieve an annual run-rate of ₹300 crore within 12-18 months.
- R&D expenses were 3.3% in H1; management expects full-year R&D to be within 4-5% due to phasing of filings in Q4.
Risks flagged
- Sacubitril launch faces competitive pricing pressure; price erosion could impact US revenue growth in subsequent quarters.
- GST revision will reduce benefits from Sikkim facility, causing a ₹50-60 crore impact in H2, pressuring margins.
- CDMO plant opex of ₹50 cr/quarter with only ₹20 cr revenue initially; breakeven expected in 12-18 months, but delays could weigh on profitability.
- Government may impose minimum import price on Penicillin G; management declined to comment, citing speculation, but it could increase costs.
Key quotes
- We'll continue to outperform the market at least by 100 to 150 basis points.
- I see somewhere between 19 and a half to 20 should be our EBITDA for the full year.
- We are hopeful that we should be closing the year close to a double digit kind of growth from US.
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