Neutral Alembic Pharma; target of Rs 1122: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal 's research report on Alembic Pharma

Alembic Pharma (ALPM) delivered record revenue/EBITDA/PAT for 1QFY21 on the back of strong performance in Export Formulations/API and partly due to lower R&D spend for the quarter. ALPM remains on track in terms of completing capex, with ~INR15b spent over FY16–20 and a similar amount expensed for R&D. We expect the meaningful benefit to be reflected from 2HFY22.

Outlook

We raise our EPS estimate by 20%/19.4% for FY21/FY22 to factor new launches in US Generics and a favorable outlook for Non-US Formulations/API sales. Accordingly, we revise our price target to INR1,100 (from INR975 earlier), valuing the stock on a 20x 12M forward earnings basis. Maintain Neutral stance on limited upside from current levels.

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