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Alembic Pharmaceuticals (APLLTD) investor relations material
Alembic Pharmaceuticals Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q2 FY26 revenue grew 16% year-on-year to INR 1,910 crores, with net profit up 20% to INR 185 crores, driven by strong performance across India Branded, US Generics, Ex-US Generics, and API segments.
EBITDA before R&D rose 32% year-on-year to INR 503 crores, with margin improving to 26% from 23% last year; EBITDA margin for Q2 FY26 was 17%.
R&D investment increased 41% year-on-year to 10% of revenue, supporting accelerated product filings and approvals.
Acquisition of UTILITY Therapeutics completed, marking entry into U.S. branded drugs with PIVYA for urinary tract infections.
The Board approved unaudited financial results for the quarter and half year ended 30 September 2025.
Financial highlights
Half-year revenue up 13% year-on-year to INR 3,621 crores; EBITDA before R&D at INR 927 crores (26% margin), up 28%.
Net profit margin for Q2 FY26 was 9.67%, with EPS at ₹9.40, up from ₹7.79 in Q2 FY25.
Net working capital increased to INR 2,921 crores from INR 2,734 crores in March 2025.
Net debt rose to INR 1,280 crores from INR 967 crores in June 2025, reflecting acquisition and working capital funding.
Interest cost increased to INR 76 crores from INR 71 crores sequentially.
Outlook and guidance
Net debt (excluding PIVYA launch) expected to gradually reduce in FY 2027 as new products and facilities ramp up.
R&D spend guidance maintained at INR 600-650 crores for the year, with future spend expected at 8-10% of revenue.
EBITDA margin expected to improve to 18-20% over the next couple of years as utilization and product launches increase.
Pipeline includes 10+ product launches in US Generics for H2 FY26.
PIVYA launch in late Q4 FY 2026; initial profitability impact expected, with medium- to long-term growth potential.
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