Alkem Laboratories Ltd(ALKEM)

NSE: ALKEMBSE: 539523

₹ 4,931.75-1.02%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 58,966 crWebsite: www.alkemlabs.comUpdated: 24 Oct 2026

About

Alkem Laboratories is an Indian pharmaceutical company that manufactures and markets branded generics, trade generics, active pharmaceutical ingredients, biosimilars, and medical devices, with operations in India and over 40 international markets. Alkem holds the #1 position in anti-infectives in India for over 15 consecutive years and is expanding into biologics CDMO and cardiovascular medical devices.^[1][2]

Business segments

India branded generics grew 13.2% YoY vs IPM's 12.2% in Q1 FY27, a 100 bps outperformance; the chronic sub-segment delivered 250 bps outperformance (17.9% vs 15.4%).^[3]
India domestic revenue was ₹98,514 Mn in FY26, growing 9.7% YoY; branded generic growth was close to 10% for the full year.^[4]
US business grew 20.3% YoY to ₹29,845 Mn in FY26, representing 20.5% of total sales, focused on cardiovascular, CNS, anti-diabetic, iron deficiency, and pain management.^[1]
Non-US international revenue grew 26.7% YoY to ₹16,964 Mn in FY26; non-US share of total sales rose to 11.7% from 10.5%.^[4]
Trade Generics (Alkem Wellness), carved out as a separate entity, grew only ~4.3% in FY26 due to restructuring headwinds; growth was flattish in Q1 FY27 amid intensifying competition and deliberate DSO tightening.^[4][3]

Products and brands

Domestic portfolio comprises 800+ brands and 1,500+ SKUs; 17 brands crossed ₹100 Crore in annual sales and together contributed 52% of total domestic revenue in FY26.^[1]
PAN remained in the top five IPM brands growing 14.6% YoY; Clavam rose two ranks to #9 growing 12.3%; PAN-D ranked 12th in FY26.^[1]
Alkem ActivLife's A to Z portfolio surpassed the leading competitor in IQVIA and achieved #1 position in the Syrup & Drop segment in FY26.^[1]
Semaglutide (GLP-1) injectable was launched on day 1 of patent expiry in March 2026; most recent IQVIA data showed ~11% unit market share.^[4]
Enzene received EMA Marketing Authorisation for its Denosumab biosimilar, marking Enzene's first approval in a major regulated international market.^[1]

Domestic market position

#5 in the Indian Pharmaceutical Market by value with a 4.1% overall market share; #3 most-prescribed company (SMSRC MAT Feb'26).^[1]
#1 in anti-infectives for 15+ consecutive years; #2 in Vitamins/Minerals/Nutrients; #3 in Pain and Analgesics; #4 in Gastrointestinal therapies.^[1]
Chronic business reached ~22% of branded generic revenue in FY26, improving ~1 percentage point per year over the past 3 - 4 years.^[4]
Field force comprises 14,500+ medical representatives in India; total global headcount exceeds 25,000 employees.^[1]
Distribution network: 11 central warehouses, 73 sales depots and CFAs, and 8,800+ stockists.^[1]

US generics pipeline and regulatory status

Cumulative US filings as of Q1 FY27: 192 ANDAs, 2 NDAs, and 1 BLA; cumulative approvals: 170 (including 18 tentative); 5 approvals received in Q1 FY27 alone.^[3]
US revenue grew 6.5% YoY in Q1 FY27; 11 products were launched in the US in FY26.^[3][4]
The Daman formulations facility received OAI (Official Action Indicated) status in August 2026 following an April 2026 inspection; this facility accounts for 45% of US revenue. Approved product supplies continue without interruption.^[3]
Alkem's clinical research facility at Taloja cleared the USFDA BIMO inspection in March 2025 with zero observations.^[1]
R&D spend was ₹6,173 Mn (4.2% of revenue) in FY26; Q1 FY27 R&D as a percentage of sales was 4.0%, up 50 bps vs Q1 FY26's 3.5%.^[4][3]

Manufacturing and API operations

Enzene Biosciences' Chakan, Pune facility has multi-unit bioreactor suites (20L - 2,000L) with a fill-finish line and EU GMP certification; supply is EMA-approved.^[1]
Enzene Inc.'s CDMO facility in Hopewell, New Jersey is 80,000 sq ft, representing a $50 Million investment; it was commissioned in September 2025 and focuses on mAbs, clinical and development batches.^[1][3]
Alkem Activa (API division) has 3 USFDA-approved sites, 70+ scientists, and manufacturing capacity of 500KL reaction volume; total API sales including captive reached ₹100 Crore in FY26, up 26% YoY.^[1]

Key operating metrics

Gross profit margin was 67.9% in Q1 FY27, up 260 bps vs Q1 FY26 (65.3%), aided by lower Trade Generics share and favourable USD/AUD currency tailwinds.^[3]
FY26 full-year gross profit margin was 65.4%, up 210 bps YoY; FY26 EBITDA was ₹3,005 Crore (20.4% margin), the first time EBITDA crossed ₹3,000 Crore.^[4]
Non-US international sales grew 34.5% YoY to ₹4,785 Mn in Q1 FY27, driven by double-digit growth across key markets including Chile and Australia; non-US share of total sales rose to 12.9% from 10.8% in Q1 FY26.^[3]
India biosimilar annual revenue run-rate was ~₹150 Crore as of FY26; Enzene India (bio-CDMO) was operating in early double-digit EBITDA margins.^[3][4]

Expansion and new businesses

Alkem MedTech acquired a 51 - 55% stake in Occlutech Holding AG (Switzerland), the #3 global occluder company with €50 Mn 2025 revenue and 73% gross margin, for a total equity value of €180.70 Mn (₹19,516 Mn); the deal closed mid-July 2026.^[5][3]
Occlutech FY27 revenue is targeted at ₹400 Crore for ~8.5 months of consolidation at EBITDA breakeven; management targets 7 - 8 percentage point annual EBITDA improvement thereafter.^[3]
Alkem MedTech Ortho (Bombay Ortho) is scaling knee and hip implants; knee technology transfer launch is scheduled for Q2 FY27 and hip for Q4 FY27; annual sales are ~₹50 Crore with an EBITDA loss of ₹5 - 7 Crore/quarter.^[1][3]
Enzene US CDMO is incurring ~₹60 Crore/quarter in operating expenses; breakeven requires USD 25 - 30 Mn annualised revenue and is expected in FY28 (4 - 5 quarters from Q1 FY27).^[3]
Occlutech PFO device is awaiting US FDA approval targeted for June 2027 and Japan approval targeted for December 2027.^[5]

Recent developments

Daman formulations facility received OAI status from USFDA in August 2026 following an April 2026 inspection; comprehensive corrective and preventive actions have been initiated.^[3]
Mr. Nitin Agrawal resigned as Chief Financial Officer and Key Managerial Personnel effective 30 September 2026.^[6]
A new CEO search is under way with top-3 global headhunters engaged; management expects the appointment to be completed by the Q2 FY27 earnings call (~November 2026).^[3][4]
Tolvaptan (Jynarque generic) US launch is targeted for Q2 FY27 (September - October 2026) in a limited-competition market.^[3]
Denosumab (Xgeva biosimilar) Europe launch via partnership with Theramex is approximately 3 months away from August 2026; US Prolia biosimilar approval has been delayed to Q3 FY27 or later.^[3]

Market Cap

₹58,966 Cr

High / Low

₹5,933 / 4,880

Stock P/E

27.3

Price / Book

4.3

Book Value

₹1,156

EPS

₹192.5

No. of Shares

11.96 Cr

ROCE

20.8%

ROE

17.8%

OPM

21.0%

Debt / Equity

0.12

Sales

₹14,712 Cr

Net Profit

₹2,351 Cr

Promoter holding

49.7%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials