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Swing Capital

Alembic Pharmaceuticals Ltd

NSE: APLLTD BSE: 533573Pharma

Alembic Pharmaceuticals is in the business of development, manufacturing, and marketing of Pharmaceuticals products i.e. Formulations and Active Pharmaceutical Ingredients. The company has 3 R&D and 5 manufacturing facilities.

₹722
52W: ₹635 — ₹1108
PE 20.4 · Book ₹286 · +152% vs book
Market Cap₹14,194 Cr
Stock P/E20.4Price to Earnings
ROCE12.2%Return on Capital
ROE12.9%Return on Equity
Div. Yield1.47%Face Value ₹2

Strengths

  • +Company has been maintaining a healthy dividend payout of 37.4%

Weaknesses

  • −Stock is trading at 2.51 times its book value
  • −The company has delivered a poor sales growth of 5.59% over past five years.
  • −Tax rate seems low
  • −Company has a low return on equity of 12.2% over last 3 years.

Shareholding Pattern

Promoters69.74%
FIIs4.26%
DIIs16.17%
Public9.83%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.61%69.61%69.61%69.67%▲0.169.68%▲0.069.74%▲0.169.74%69.74%
FIIs4.32%3.94%▼0.44.17%▲0.23.94%▼0.23.96%▲0.04.04%▲0.14.23%▲0.24.26%▲0.0
DIIs15.47%16.05%▲0.616.05%16.43%▲0.416.46%▲0.016.3%▼0.216.17%▼0.116.17%
Public10.61%10.38%▼0.210.17%▼0.29.96%▼0.29.91%▼0.19.92%▲0.09.84%▼0.19.83%▼0.0

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,5881,4751,4761,5801,4061,5711,4941,7961,6421,719
Expenses1,2511,1861,1841,3211,2261,4001,2801,4931,3711,445
Operating Profit337288291259180171214303272274
OPM %21%20%20%16%13%11%14%17%17%16%
Net Profit2332021761668675104179114243
EPS ₹11.8710.278.968.434.373.835.279.125.8212.37

AI Insights

Revenue Trend

Mar 2026 revenue at ₹6,651Cr, up 10.2% YoY. OPM at 16%.

Debt Position

Borrowings at ₹1,198Cr. Debt-to-equity ratio: 0.21x. Healthy balance sheet.

Capex Cycle

CWIP at ₹634Cr (22% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 16.17% (+2.52pp change). FIIs: 4.26% (-0.08pp change). Promoters hold 69.74%.

Margin & Efficiency

ROCE declining from 41% (Mar 2015) to 12% (Mar 2026). Working capital days: 90.

Valuation

PE 20.4x with 12.2% ROCE. Price is 152% above book value of ₹286. Dividend yield: 1.47%.

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