Alembic Pharma Q1 FY27 Results (NSE: APLLTD)

4 Aug 2026 · Analysis by Alpha Inflection

Signal: Growth reaccelerated

The read

The key inflection is a return to consolidated EBITDA margin expansion at 16.1%, up 410bps QoQ from 12% in Q4FY26, while revenue accelerated to 26% YoY on US formulations growing 49%; however, PAT growth at 12% trailed EBITDA growth and consolidated margin remained 320bps below the standalone 19.3%.

P&L walk

Consolidated revenue increased 26% YoY to ₹2149.77 Cr, EBITDA increased 21% to ₹346.79 Cr and margin improved to 16.1%, while PAT rose 12% to ₹173.07 Cr; the growth engine was US formulations, supported by launches and approvals.

Segments

US formulations were the primary growth driver at ₹778 Cr, up 49% YoY and representing the largest reported international business, while API grew 33% to ₹346 Cr and India Branded grew 7% to ₹642 Cr.

Key positives

• US Formulation revenue rose 49% YoY to ₹778 Cr, supported by 7 launches during the quarter.
• API revenue increased 33% YoY to ₹346 Cr, providing a second material growth pillar beyond US formulations.
• Consolidated EBITDA margin recovered to 16.1% from 12% in Q4FY26, a 410bps sequential improvement after the prior-quarter contraction.
• The company received 10 ANDA approvals and introduced 3 new products, strengthening the future product pipeline.
• EPS rose 12% YoY to ₹8.8, tracking PAT growth without a disclosed dilution divergence.

Key concerns

• PAT increased 12% YoY to ₹173.07 Cr, materially slower than 21% EBITDA growth, so operating improvement did not fully flow through to the bottom line.
• Consolidated EBITDA margin of 16.1% was 320bps below standalone margin of 19.3%, indicating subsidiary-level dilution of group profitability.
• India Branded Business grew only 7% YoY to ₹642 Cr, substantially below US Formulation growth of 49%.

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