Neutral Alembic Pharma; target of Rs 860: 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 in-line 2QFY22 earnings. Subdued performance in US/API was offset by a better-than-expected show in the Domestic Formulation (DF) segment. The YoY declining trend in the US business has reached a trough with the limited impact of price erosion and an increased pace of launches going forward. We lower our FY22E/FY23E EPS estimate by 7.5%/5.8%, factoring in a) a delay in successful compliance at injectables sites, b) gradual revival in US sales, and c) higher RM/logistics costs. We value ALPM at 18x 12M forward earnings to arrive at our revised TP of INR860. We maintain our Neutral rating on a limited upside from current levels.

Outlook

We value ALPM at 18x 12M forward earnings to arrive at our TP of INR860. We maintain our Neutral stance on a limited upside from current levels.

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