Alembic Pharmaceuticals
Diversified mid-cap with a large US ANDA portfolio across oral solids, derm, ophthalmic and injectables, an India branded business, and API; post heavy-capex margin-recovery phase.
A full research profile for one company — what it does, how its financials have trended, how the market values it, and a balanced bull/bear/base investment memo.
Scan the top row for the headline numbers, read the charts for trends, check the three gauge scores, then read the auto-generated memo at the bottom. Sources for every figure are linked at the very bottom.
- EBITDA
- — Earnings before interest, tax, depreciation & amortisation — a proxy for operating cash profit.
- PAT
- — Profit After Tax — the bottom-line net profit.
- FCF
- — Free Cash Flow — cash left after running the business and capital spending.
- ANDA
- — Abbreviated New Drug Application — the US FDA filing to sell a generic drug.
Revenue
₹ crore · FY
EBITDA
₹ crore · FY
Margins
EBITDA & PAT margin %
R&D Spend
₹ crore · FY
Free Cash Flow
₹ crore · FY
Revenue Mix
By geography / segment
Quality Score
Growth Score
Regulatory Risk
Snapshot
Business Model
How the company makes money
US generics (oral solids, derm, injectables, ophthalmics), India branded, API; heavy ANDA filer.
US complex/injectable launches + capex monetization
High R&D spend with slow US payback
Peer Group
Click to compare
| Peer | Rev CAGR | EBITDA% | ROCE | P/E |
|---|---|---|---|---|
| Alembic Pharmaceuticals | -5% | 15.2% | 13% | 20x |
| Rubicon Research | 81% | 20.7% | 39.9% | 104x |
| Granules India | 19% | 21% | 15% | 31x |
| Ajanta Pharma | 19% | 27% | 32.3% | 36x |
| Lupin | 25% | 23% | 30.3% | 18x |
| Aurobindo Pharma | 8% | 20% | 13% | 23x |
Investment Memo
Auto-generated from the data layer — illustrative, not advice
- • US complex/injectable launches + capex monetization underpins a -5% 5Y revenue CAGR.
- • Operating leverage as scale builds toward higher margins (currently 15.2% EBITDA).
- • Capacity already in place to support the next growth phase.
- • High R&D spend with slow US payback.
- • Pricing/NLEM exposure on the domestic book can cap realisation.
- • Re-rating depends on proving R&D/return discipline.
Alembic Pharmaceuticals screens as a improving us generics franchise. With revenue of ₹7.3K Cr growing ~-5% and 15.2% EBITDA margins, the base case is steady compounding driven by us complex/injectable launches + capex monetization, while watching high r&d spend with slow us payback.
Trades at 20x P/E, 16.0x EV/EBITDA and 2.6x P/B. Reasonable versus growth — re-rating optionality if execution improves.
- 1 India IPM outperformance & chronic mix
- 2 Gross-margin trajectory & new-launch contribution
- 3 R&D productivity (filings/approvals per ₹ of R&D)
- 4 Capital allocation — capex payback & M&A discipline
ANDA cumulative approvals ~220 (Mar-2025); filings ~250 (approx). Mix from Q4FY25 splits.