Hold Alembic Pharma: target of Rs 1055: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Alembic Pharma

Q4 revenues grew 6.1% YoY to Rs 1280 crore with strong growth in RoW formulations and API segment being partly offset by 17.7% YoY decline in US sales to Rs 475 crore. Domestic formulations grew 4.7% YoY to Rs 358 crore. RoW sales grew a robust 76.5% YoY to Rs 233 crore whereas API segment grew 38.1% YoY to Rs 214 crore. EBITDA margins declined 45 bps YoY to 26.7% with lower gross margins being mostly offset by lower employee cost. EBITDA grew 4.3% YoY to Rs 342 crore. Adjusted PAT grew 6.5% YoY to Rs 251 crore.

Outlook

We maintain HOLD rating and arrive at a target price of Rs 1055 (unchanged) based on 20x FY23E EPS of Rs 52.7.

For all recommendations report, click here

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