Alembic Pharma Q2FY27: consolidated PAT +82% YoY to ₹334 Cr, margins expand sharply

Alembic Pharmaceuticals' consolidated revenue rose 36.3% YoY (21.1% QoQ) to ₹2,603.48 Cr against a ₹1,910.15 Cr base. Consolidated PAT (profit for the period before minority interest, ₹333.91 Cr) grew 81.8% YoY and 93.7% QoQ off a ₹183.71 Cr base; profit attributable to owners was ₹335.17 Cr with EPS of ₹17.05 versus ₹9.40 a year ago. Neither this quarter nor the year-ago quarter carried any exceptional item, so the growth is clean — there is nothing to adjust out, unlike FY26's full-year ₹66.99 Cr exceptional charge, which sits outside this comparison entirely. The operating margin (EBITDA/revenue) expanded to 22.21% from 17.02% a year ago and 16.18% last quarter, and net profit margin rose to 12.87% from 9.58% YoY, on clear operating leverage as revenue scaled. The bottom line didn't quite keep pace with pre-tax profit growth (PBT +95.8% YoY) because the effective tax rate climbed to 23.76% from 17.88% a year ago and 22.31% last quarter — a modest drag worth flagging. Standalone results (the India-plus-exports entity, which runs materially ahead of the Group here) swung even harder: PAT of ₹409.36 Cr, +128% YoY on revenue of ₹2,391.65 Cr (+33.2% YoY), with a standalone operating margin of 27.01% — about 5 points above the consolidated figure. That gap, and consolidated PAT growth trailing standalone by roughly 46 points, lines up directly with management's own guidance caveat that core margins (guided high-teens) would see roughly 150 bps of dilution from investment in the US branded platform: the overseas subsidiaries are growing but diluting group profitability relative to the parent. Management's FY27 guidance, set out on the August 2026 concall in a confident, bullish tone, called for consolidated growth upgraded to mid-teens (US Generics mid-to-high-teens, India high-single-digit, API above 10%). H1 FY27 consolidated revenue grew 31.3% YoY and this quarter alone grew 36.3% — comfortably ahead of that mid-teens bar, so the print confirms and exceeds the outlook management laid out last quarter; guidanceSource here is the prior concall record rather than the filing itself, since the PDF carries no fresh guidance restatement. No verified street consensus for this specific quarter turned up in a search, and no management press release was available to extract direct commentary from, so the street comparison is marked unknown rather than guessed. The quarter also carried three USFDA final approvals (Venetoclax Tablets, Valganciclovir Oral Solution, Cipro & Dexa Otic Suspension) and the incorporation of a new UAE subsidiary, consistent with the continued US-pipeline execution underpinning the guidance upgrade. With H1 already running well ahead of the FY27 growth guidance, the next checkpoint is whether management reaffirms or raises that bar at Q3, and whether the elevated tax rate and the standalone-consolidated margin gap narrow as the newly approved US products ramp.