Alembic Q1FY27 revenue up 26% YoY beats guidance; US ramp drags consol PAT growth to 12%

Alembic Pharmaceuticals' consolidated revenue for Q1 FY27 rose 25.7% YoY to ₹2,149.77 Cr (from ₹1,710.72 Cr) and 16.4% QoQ, comfortably ahead of management's own low-double-digit FY27 topline growth target set on the May 2026 concall. Consolidated PAT (before non-controlling interests) was ₹172.36 Cr, up 12.2% YoY but down 14.5% QoQ from ₹201.54 Cr; EPS was ₹8.80 versus ₹7.85 a year ago. There were no exceptional items this quarter or a year ago, so the YoY PAT comparison is clean — the gap versus revenue growth is a margin story, not a one-off.

Consolidated net profit margin compressed to 8.05% from 9.02% a year ago, and operating margin eased to 16.18% from 16.84%, consistent with the 100-150bps EBITDA drag management flagged from scaling up the US branded business. The QoQ decline also overstates weakness: Q4FY26's ₹201.54 Cr PAT was lifted by a one-off ₹114.21 Cr deferred-tax credit that did not recur this quarter. Standalone tells a starkly different story — standalone PAT jumped 90.3% YoY to ₹196.96 Cr (from ₹103.52 Cr), EPS ₹10.02 versus ₹5.27. The gap between standalone (+90% PAT) and consolidated (+12% PAT) growth points to a subsidiary drag: the auditor's report flags one unreviewed subsidiary posting a ₹25.93 Cr net loss this quarter, consistent with the costs of the US ramp management has been guiding to.

The stock went into the print at ₹812.1, down 3% over the past month of trading.

For context: revenue is at a 6-quarter high.

No specific Q1 FY27 consensus revenue/PAT figures turned up in search; the pre-result preview's expectation of ~₹350-360 Cr revenue and 28-30% EBITDA margin sits far below the scale of the reported numbers (₹2,149.77 Cr consolidated revenue, 16.18% OPM), suggesting that estimate referenced a sub-segment (likely the US business) rather than total company revenue — this filing discloses only one reportable segment, so a like-for-like check isn't possible. Pipeline momentum flagged pre-result continued: final USFDA approval for Prucalopride Tablets (Jul 28) and partner Natco Pharma's tentative USFDA approval for Olaparib Tablets (Jul 18). The inspection-risk flag also materialised — USFDA issued a Warning Letter to a clinical investigator (Jul 13) — though this filing gives no detail on scope or remediation. The Board separately fixed Jul 29 as the FY26 dividend record date and set the 16th AGM for Aug 5, both administrative and unrelated to this quarter's numbers. Management has not published a press-release commentary on this result in our records.