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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%; 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 US branded drugs with PBR for urinary tract infections.
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%.
EBITDA post-R&D at INR 613 crores (17% of revenue); net profit margin for Q2 FY26 was 9.67%.
R&D expenses rose 41% year-on-year to INR 187 crores in Q2, mainly for formulation and complex injectables.
Net working capital increased to INR 2,921 crores; net debt rose to INR 1,280 crores due to working capital and acquisition funding.
Interest cost increased to INR 76 crores from INR 71 crores sequentially.
Outlook and guidance
R&D spend for FY26 guided at INR 600-650 crores, expected to remain at 8% of revenue in coming years.
Net debt (excluding PBR launch) expected to gradually reduce in FY27 as new products and facilities ramp up.
EBITDA margin expected to improve to 18-19% in next two years, targeting 20% as capacity utilization rises.
Pipeline includes 10+ product launches in US Generics for H2 FY26.
PBR launch in US expected late Q4 FY26, with initial margin impact but medium- to long-term growth potential.
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