Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,745.10 last close on 21 Oct 2026 +0.12%
Research updated
Alkem Laboratories Ltd.
NSE: ALKEMHealthcareDrug Manufacturers - Specialty & Generic
- Last close
- ₹5,015.00
- Day change
- +₹11.00 (+0.22%)vs
- Market cap
- ₹59,962 crIndian rupees
- Research updated
- 3 reports
Follow Alkem Laboratories
Create an account, then follow this company for weekday briefs. You will return to Alkem Laboratories after signing in.
About Alkem Laboratories
Alkem Laboratories Ltd. operates as a prominent pharmaceutical company based in India. The primary function of Alkem Laboratories is the development, manufacture, and distribution of a wide range of pharmaceutical formulations and active pharmaceutical ingredients (APIs). The company focuses on both domestic and international markets, supplying generic medications across various therapeutic categories such as anti-infectives, gastrointestinal, pain management, and nutraceuticals. Alkem Laboratories plays a significant role in the healthcare sector by producing drugs that address critical health challenges while maintaining stringent quality standards. The company's research and development efforts emphasize innovative treatments and efficient manufacturing processes. Alkem's extensive distribution network ensures that its products reach numerous healthcare providers and retail outlets across multiple geographies. In the financial markets, Alkem Laboratories is noteworthy for its contribution to the pharmaceutical industry, a sector that experiences consistent demand driven by consumer health needs and regulatory frameworks. The company's financial performance can be significant for investors interested in the healthcare segment, providing insights into broader market trends related to pharmaceuticals and health services.
- Sector
- Healthcare
- Industry
- Drug Manufacturers - Specialty & Generic
- Listing
- NSE: ALKEM
- Chief executive
- Mr. S. Venkatesh
- Employees
- 19,346
- Headquarters
- Mumbai, India
- ISIN
- INE540L01014
- Website
- alkemlabs.com
Public research · Report of
Business model & financial foundation
Alkem Laboratories (NSE: ALKEM), Pharmaceuticals: revenue of ₹14,712 crore in FY26 (+13.5% on FY25), an EBITDA margin of 20.4%, net profit of ₹2,302 crore and net cash of ₹5,474 crore.
- Revenue, FY26 (₹ crore)
- 14,712
- consolidated
- Revenue growth, FY26
- +13.5%
- on FY25
- EBITDA margin, FY26
- 20.4%
- EBITDA (Operating EBITDA (company definition)) / revenue
- Net profit, FY26 (₹ crore)
- 2,302
- to owners
- Return on equity, FY26
- 17.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -5,474
- Company-defined net debt (negative net cash)
- Market capitalisation (₹ crore)
- 59,962
- at the close of 22 Oct 2026
Company profile
Alkem develops, manufactures and markets pharmaceuticals, with a domestic prescription-brand and trade-generics franchise, US generics through Ascend and other international markets. Its acute therapies provide seasonal cash generation while chronic brands grow faster. Enzene adds biologics/CDMO investment and MedTech adds acquisitions; the group reports one Pharmaceuticals segment, with management geography disclosures used as model drivers.
| Item | Value |
|---|---|
| Legal name | Alkem Laboratories Limited |
| Exchange and ticker | NSE: ALKEM; BSE: 539523 |
| ISIN | INE540L01014 |
| CIN | L00305MH1973PLC174201 |
| Sector | Healthcare |
| Industry | Pharmaceuticals |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP |
| Market capitalisation | ₹59,962 crore (22 Oct 2026) |
| Shares outstanding | 11.96 crore shares (FY26) |
| Price | ₹5,015 (close, 22 Oct 2026) |
| 52-week range | ₹4,892 - ₹5,934 (to 22 Oct 2026) |
| Website | https://www.alkemlabs.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Ascend Laboratories LLC | n.d. | US generic drug commercialization; material subsidiary |
| Enzene Biosciences Limited | 99.55% | Biosimilars and biologics CDMO |
| Alkem Wellness Limited | 100% | Domestic trade-generics business transferred 1 October 2025 |
| Alkem Medtech Private Limited | 100% | Medical devices; Occlutech controlling stake acquired July 2026 |
| Indchemie Health Specialities Private Limited | 51% | Pharmaceutical formulations |
| Cachet Pharmaceuticals Private Limited | 60.63% | Pharmaceutical formulations |
FY26: 33 subsidiaries and two associates. Occlutech final stake within 51-55% and purchase cash remain unverified; FY26 structure predates acquisition.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.20% | 51.20% | 49.70% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 9.97% | 10.16% | 10.42% | |
| Domestic institutions | 21.54% | 21.40% | 22.63% | |
| of which mutual funds | 16.06% | 15.57% | 16.71% | |
| Retail | 1.15% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | reportable segment count, FY25 (count) | Share |
|---|---|---|
| Pharmaceuticals (sole reportable segment) | 1.00 | 100.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Torrent Pharmaceuticals (TORNTPHARM) | |
| Mankind Pharma (MANKIND) | Domestic distribution and branded/trade generics. |
| Cipla (CIPLA) | Domestic brands and US generics; respiratory exposure. |
| Dr Reddy's Laboratories (DRREDDY) | US generics and biosimilars; less India-heavy. |
| Lupin (LUPIN) | US generics, India chronic and launch-driven earnings. |
| Zydus Lifesciences (ZYDUSLIFE) | India/US generic portfolio and biosimilars. |
| Ipca Laboratories (IPCALAB) | Domestic formulations, export generics and regulatory risk. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 10,512 | 11,440 | 12,668 | 12,965 | 14,712 |
| Cost of revenue (vendor classification) * | 4,283 | 4,982 | 5,032 | 4,858 | 5,199 |
| Other operating costs (vendor classification) * | 2,196 | 2,720 | 3,009 | 2,959 | 3,465 |
| EBITDA (vendor classification) * | 2,192 | 1,796 | 2,528 | 2,928 | 3,491 |
| Operating EBIT | 1,885 | 1,399 | 1,946 | 2,155 | 2,623 |
| Finance costs | 40.8 | 93.8 | 112.4 | 121.7 | 160.8 |
| Profit before tax | 1,844 | 1,305 | 2,023 | 2,527 | 2,871 |
| Current plus deferred tax expense | 164.0 | 298.0 | 211.7 | 311.0 | 517.8 |
| PAT after associate, before NCI | 1,680 | 1,007 | 1,811 | 2,215 | 2,351 |
| Diluted EPS (₹) | 137.6 | 82.31 | 150.2 | 181.1 | 192.5 |
| Materials, purchases and inventory change | 4,938 | 4,764 | 5,093 | ||
| Employee benefits expense | 2,201 | 2,454 | 2,837 | ||
| Other expenses | 3,284 | 3,234 | 3,777 | ||
| Operating EBITDA (company definition) | 2,245 | 2,512 | 3,005 | ||
| Other income | 310.8 | 493.7 | 583.4 | ||
| Depreciation and amortisation | 299.3 | 357.2 | 382.1 | ||
| Exceptional items (signed) | -121.5 | 0.00 | -174.8 | ||
| Share of associate after tax (signed) | 0.00 | -0.62 | -1.97 | ||
| Profit attributable to NCI | 15.7 | 49.9 | 49.4 | ||
| Profit attributable to owners | 1,796 | 2,165 | 2,302 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 8,847 | 9,435 | 10,714 | 12,434 | 14,349 |
| Borrowings excluding leases | 2,668 | 1,397 | 1,214 | 1,063 | 1,624 |
| Cash and cash equivalents | 232.2 | 273.8 | 455.1 | 304.1 | 247.9 |
| Net trade receivables | 1,885 | 2,132 | 2,253 | 2,466 | 2,979 |
| Inventories | 3,006 | 2,608 | 2,661 | 2,922 | 3,333 |
| Trade payables (MSME plus other creditors) | 1,173 | 1,165 | 1,748 | 1,839 | 2,244 |
| Property, plant and equipment excluding ROU | 139.4 | 137.9 | 2,161 | 2,064 | 2,695 |
| Capital work in progress excluding intangibles | 339.5 | 310.3 | 148.4 | 476.6 | 137.9 |
| Total assets | 14,069 | 13,757 | 15,575 | 17,691 | 20,873 |
| Current and non-current lease liabilities | 204.4 | 318.1 | 423.7 | ||
| Bank balances other than cash equivalents | 1,124 | 1,259 | 1,485 | ||
| Current investments (not all liquid) | 149.0 | 902.3 | 737.3 | ||
| Other non-current investments excluding associate | 334.8 | 910.9 | 1,097 | ||
| Bank and NBFC deposits including accrued interest | 3,955 | 3,669 | 5,076 | ||
| Mutual funds, quoted bonds and NCDs | 213.6 | 1,536 | 1,615 | ||
| Company-defined net debt (negative net cash) | -3,551 | -4,617 | -5,474 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | 819.5 | 1,501 | 1,948 | 1,913 | 1,963 |
| Free cash flow (vendor definition) * | 772.1 | 1,450 | 1,689 | 1,237 | 1,346 |
| Dividends paid (the provider's sign: an outflow is negative) * | -421.9 | -529.5 | -540.5 | -504.6 | -613.7 |
| Cash capital expenditure (positive outflow) | 328.0 | 229.7 | 259.3 | 675.6 | 617.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares outstanding | 11.96 | 11.96 | 11.96 | 11.96 | 11.96 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,415 | 3,374 | 3,144 | 3,371 | 4,001 | 3,737 | 3,603 | 3,740 |
| Cost of revenue (vendor classification) * | 1,205 | 1,204 | 1,373 | 1,171 | 1,401 | 1,273 | 1,248 | 1,201 |
| Other operating costs (vendor classification) * | 846.7 | 785.8 | -1,028 | 767.7 | 968.9 | 914.6 | 1,126 | 963.9 |
| EBITDA (vendor classification) * | 887.3 | 852.4 | 459.0 | 875.5 | 1,024 | 971.1 | 717.5 | 918.8 |
| Operating EBIT | 673.9 | 674.1 | 278.8 | 651.4 | 827.2 | 733.0 | 411.6 | 665.9 |
| Finance costs | 28.1 | 36.0 | 28.4 | 29.8 | 35.0 | 42.1 | 53.9 | 46.6 |
| Profit before tax | 780.3 | 731.1 | 396.3 | 771.0 | 895.8 | 781.2 | 422.9 | 772.0 |
| Current plus deferred tax expense | 78.3 | 90.3 | 73.3 | 102.7 | 116.2 | 127.7 | 171.2 | 250.5 |
| PAT after associate, before NCI | 702.0 | 640.8 | 322.4 | 667.9 | 779.1 | 653.0 | 251.1 | 521.0 |
| Diluted EPS (₹) | 57.60 | 52.34 | 25.57 | 55.56 | 63.99 | 53.19 | 19.77 | 43.49 |
| Materials, purchases and inventory change | 1,205 | 1,204 | 1,279 | 1,171 | 1,401 | 1,273 | 1,248 | 1,201 |
| Employee benefits expense | 610.5 | 624.8 | 616.4 | 693.3 | 710.3 | 721.5 | 712.1 | 808.9 |
| Other expenses | 846.7 | 785.8 | 856.8 | 767.7 | 968.9 | 914.6 | 1,126 | 963.9 |
| Operating EBITDA (company definition) | 752.8 | 759.4 | 391.3 | 739.1 | 920.8 | 828.0 | 517.4 | 766.1 |
| Other income | 134.5 | 93.0 | 146.0 | 136.5 | 103.7 | 143.1 | 200.1 | 152.8 |
| Depreciation and amortisation | 78.9 | 85.3 | 112.5 | 87.7 | 93.6 | 95.0 | 105.8 | 100.2 |
| Exceptional items (signed) | 0.00 | 0.00 | 0.00 | 12.9 | 0.00 | -52.8 | -135.0 | 0.00 |
| Share of associate after tax (signed) | 0.00 | 0.00 | -0.62 | -0.41 | -0.49 | -0.50 | -0.57 | -0.51 |
| Profit attributable to NCI | 13.3 | 15.0 | 16.5 | 3.65 | 14.1 | 17.0 | 14.7 | 1.02 |
| Profit attributable to owners | 688.6 | 625.8 | 305.9 | 664.3 | 765.1 | 636.0 | 236.5 | 520.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 20.4% | 8.8% | 10.7% | 2.3% | 13.5% |
| EBITDA margin | 17.7% | 19.4% | 20.4% | ||
| Net margin | 14.2% | 16.7% | 15.6% | ||
| Return on equity | 17.8% | 18.7% | 17.2% | ||
| Return on capital employed | 18.1% | 12.5% | 17.1% | 17.0% | 17.8% |
| Return on assets | 12.2% | 13.0% | 11.9% | ||
| Net debt (₹ crore) | -3,551 | -4,617 | -5,474 | ||
| Net debt / EBITDA | -1.58x | -1.84x | -1.82x | ||
| Interest cover | 46.2x | 14.9x | 17.3x | 17.7x | 16.3x |
| Asset turnover | 0.82x | 0.82x | 0.86x | 0.78x | 0.76x |
| Receivable days | 65 | 68 | 65 | 69 | 74 |
| Inventory days (on revenue) | 104 | 83 | 77 | 82 | 83 |
| Payable days (on revenue) | 41 | 37 | 50 | 52 | 56 |
| Cash conversion | 1.08x | 0.88x | 0.85x | ||
| Capex intensity | 3.1% | 2.0% | 2.0% | 5.2% | 4.2% |
| Free cash flow (₹ crore) | 491.5 | 1,271 | 1,689 | 1,237 | 1,346 |
| Dividend payout | 30.1% | 23.3% | 26.7% | ||
| EPS, diluted (₹) | 137.6 | 82.31 | 150.2 | 181.1 | 192.5 |
| Book value per share (₹) | 740.0 | 789.1 | 896.1 | 1,040 | 1,200 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA (company definition)) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company-defined net debt (negative net cash).
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA (company definition)).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Alkem Laboratories includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Alkem Laboratories
- Research reportLatest
- Research report
- Research report
Same sector
More research in Healthcare
Divi's Laboratories Ltd.
NSE: DIVISLAB
Healthcare · Drug Manufacturers - Specialty & Generic
₹9,190.00 last close on 21 Oct 2026 +1.13%Research updated
Torrent Pharmaceuticals Ltd.
NSE: TORNTPHARM
Healthcare · Drug Manufacturers - Specialty & Generic
₹4,553.80 last close on 21 Oct 2026 −0.11%Research updated
Apollo Hospitals Enterprise Ltd.
NSE: APOLLOHOSP
Healthcare · Medical Care Facilities
₹7,600.00 last close on 21 Oct 2026 −1.30%Research updated
Lenskart Solutions Limited
NSE: LENSKART
Healthcare · Medical Instruments & Supplies
₹631.35 last close on 21 Oct 2026 −1.34%Research updated
Zydus Lifesciences Ltd.
NSE: ZYDUSLIFE
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,117.30 last close on 21 Oct 2026 +0.31%Research updated
Prices are the last close on the NSE, 21 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 22 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.