Buy Alkem; target of Rs 3730: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Alkem

ALKEM is well-placed to benefit from a medium term recovery in the Domestic Formulation (DF) business. It had a positive impact of higher offtake of COVID-19 associated drugs in the recent past. The reduction in COVID-19 cases, coinciding with seasonal change, bodes well for a pick-up in the performance of Acute therapies. Bunched-up ANDA launches over the next 12-15 months are expected to improve sales growth as well as profitability of the US business.

Outlook

We have tweaked our FY22E/FY23E EPS estimate by 2%/3% and continue to value ALKEM at 23x 12-months forward earnings to arrive at our TP of INR3,730. We remain positive on the back of robust growth in the DF segment and improving profitability in the US segment. Reiterate Buy.

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