Alembic Ltd Q1 FY27: PAT +5% YoY to ₹65 Cr, propped up by Pharma stake; core profit -12%

Alembic Ltd's consolidated Q1 FY27 (quarter ended 30 June 2026) net profit — including its share of associate Alembic Pharmaceuticals' profit — was ₹64.89 Cr, up 5.3% YoY from ₹61.64 Cr but down 3.3% QoQ from ₹67.13 Cr; EPS was ₹2.53 versus ₹2.40 a year ago. Consolidated revenue from operations fell 2.0% YoY to ₹48.74 Cr and 18.8% QoQ from ₹60.04 Cr, the QoQ drop reflecting lumpy real-estate revenue recognition rather than a change in run-rate. Strip out the associate contribution and the underlying picture is weaker: Alembic Ltd's own pre-associate profit before tax was ₹17.34 Cr, down 12.3% YoY, and its own post-tax profit (before the associate share) was ₹15.70 Cr versus ₹17.80 Cr a year ago — core operating margin (own PBT/revenue) compressed to 35.6% from 39.8% YoY. Employee costs rose 33.6% YoY (₹10.46 Cr vs ₹7.83 Cr) and other expenses rose 38.9% YoY, both outpacing the revenue decline and driving that margin compression even as consolidated total expenses grew 11.4% YoY. The headline PAT growth was driven almost entirely by Alembic's stake in Alembic Pharmaceuticals: the associate profit share booked by Alembic Ltd rose 12.2% YoY to ₹49.19 Cr and now accounts for 76% of consolidated PAT, up from 71% a year ago. That tracks with Alembic Pharmaceuticals' own Q1 FY27 print reported separately on 4 August 2026 — consolidated net profit of ₹173 Cr, up 12.1% YoY on 26% revenue growth — where management raised FY27 revenue guidance to mid-teens from low-double-digit; that guidance belongs to the associate, not to Alembic Ltd, which has no guidance of its own on record (guidanceSource: none) and no analyst coverage or street estimates found for the holding entity itself. At the segment level, both of Alembic Ltd's own businesses lost ground YoY: the API segment result fell 39.2% YoY to ₹1.66 Cr (though it recovered from a ₹1.17 Cr loss in Q4 FY26), and the Real Estate segment result fell 12.3% YoY to ₹13.98 Cr (down 33.3% QoQ). Standalone PAT (Alembic Ltd excluding its Alembic City subsidiary) was ₹14.68 Cr, down 14.2% YoY from ₹17.12 Cr, with EPS of ₹0.57 versus ₹0.67. No separate management commentary or press release accompanied this filing beyond the standard board-outcome letter to the exchanges, and the auditors carried forward an unchanged emphasis-of-matter on the ₹20.52 Cr electricity-duty dispute with Gujarat authorities (₹35 Cr already deposited with the Supreme Court), with no new provision this quarter. Heading into Q2 FY27, Alembic Ltd's reported profit trajectory now leans more on Alembic Pharmaceuticals' growth than on its own API and real-estate operations, both of which softened this quarter.