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Swing Capital

Alembic Ltd

NSE: ALEMBICLTD BSE: 506235Pharma

Alembic Limited is engaged in the businesses of Pharmaceuticals, Real Estate, and Power Assets. The company was started in 1907 as the flagship company of the Alembic Group. In 2010, the company demerged its core pharmaceutical business (formulations) into a wholly-owned subsidiary, Alembic Pharma Ltd and after the demerger, APL became the flagship company of the Alembic Group. With its registered office in Vadodra, Alembic Ltd currently holds a 28.41% stake in Alembic Pharma Ltd and a 19.01% stake in another group entity Paushak Limited.[1]

₹87.2
52W: ₹70.5 — ₹126
PE 16.2 · Book ₹98.8 · -12% vs book
Market Cap₹2,238 Cr
Stock P/E16.2Price to Earnings
ROCE18.1%Return on Capital
ROE17%Return on Equity
Div. Yield2.75%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Stock is trading at 0.89 times its book value
  • +Market value of investments Rs.5,490 Cr. is more than the Market Cap Rs.2,235 Cr.
  • +Company has been maintaining a healthy dividend payout of 60.4%
  • +Company's working capital requirements have reduced from 86.7 days to 58.4 days

Weaknesses

  • −Tax rate seems low
  • −Company has a low return on equity of 12.4% over last 3 years.
  • −Earnings include an other income of Rs.73.1 Cr.

Shareholding Pattern

Promoters70.88%
FIIs1.25%
DIIs0.05%
Public27.81%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters70.88%70.88%70.88%70.88%70.88%70.88%70.88%70.88%
FIIs1.42%1.97%▲0.61.78%▼0.21.65%▼0.11.5%▼0.11.38%▼0.11.29%▼0.11.25%▼0.0
DIIs0.04%0.08%▲0.00.06%▼0.00.05%▼0.00.05%0.05%0.05%0.05%
Public27.66%27.07%▼0.627.27%▲0.227.41%▲0.127.57%▲0.227.68%▲0.127.78%▲0.127.81%▲0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales31384849515658485472
Expenses22252430333032293245
Operating Profit10132319182626192327
OPM %31%35%49%40%36%46%45%39%42%37%
Net Profit51112117772623177622
EPS ₹20.440.810.662.9810.890.672.950.87

AI Insights

Revenue Trend

TTM revenue at ₹232Cr, up 8.4% YoY. OPM at 41%.

Debt Position

Borrowings at ₹13Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Institutional Flow

DIIs: 0.05% (-3.88pp change). FIIs: 1.25% (+0.53pp change). Promoters hold 70.88%.

Margin & Efficiency

ROCE improving from 16% (Mar 2014) to 18% (Mar 2025). Working capital days: 58.

Valuation

PE 16.2x with 18.1% ROCE. Price is -12% above book value of ₹98.8. Dividend yield: 2.75%.

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