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Revenue
₹1,848 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Alembic Pharmaceuticals reported Q4 FY26 revenue of ₹1,848 crore, up 4% YoY, with core EBITDA margin before R&D at 25% (vs 24% YoY). PAT of ₹203 crore included exceptional items and tax adjustments. India business grew 4% YoY, US showed volume-led growth, and API grew modestly. Management guided for low double-digit consolidated revenue growth in FY27, with R&D spend of ₹750-800 crore and capex of ₹300-350 crore. The US branded business (Pivya launch) is expected to be a near-term margin drag of 100-150 bps, offset by core operating leverage. Risks include sustained pricing pressure in generics, delayed ramp-up of new facilities, and execution risk in the branded specialty pivot.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets low double-digit topline growth for FY27 at consolidated level.
- R&D investments expected to be around ₹750-800 crore, focusing on complex and peptide developments.
- Capital expenditure guided at ₹300-350 crore, primarily for capacity debottlenecking and replacement.
- With Pivya launch, branded franchise expected to reach meaningful revenue profile in next few quarters.
Risks flagged
- Pricing pressure and competitive intensity continue to impact the US and API businesses, potentially limiting margin expansion.
- The launch of Pivya and the US branded specialty business will drag margins by 100-150 bps in the near term, with uncertain timing of breakeven.
- R&D spend increased to 11% of revenue in Q4, and guidance for FY27 is elevated at ₹750-800 crore; returns on this investment are uncertain.
- F2 and F3 facilities are still underutilized (40-60% on some lines), and revenue contribution from contract manufacturing may take time to materialize.
Key quotes
- We are not assuming any major easing in pricing pressure, competition or supply chain volatility.
- The objective is not rapid scale but to build a credible and sustainable specialty platform over a period of time.
- I expect as I mentioned at some point we will go back up to the 20% kind of EBITDA margins over a 2-3 year period.
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