Revenue solid, but PAT crushed by taxes and new venture drag

Company 13.2% vs IPM 12.2% = 100 bps outperformance

Q1 EBITDA margin 20.5% reported

Consolidated tax rate 30-32% vs prior 27-28% stand-alone; new venture losses (Enzene CDMO ₹60 Cr/Q opex)

Int'l revenue (incl. US) +16% but forex-flattered; constant-currency showing softness; no volume growth

45% of US revenue at risk; management claims no disruption but regulatory risk material

Prior 'high single digit'; now 'high single-digit to mid'. Reflects volume weakness (no growth in recent launches) and Daman OAI risk mitigation in tone.

Prior 'higher teens growth'; now emphasized 'sustainable double digit.' Q1 delivered 16%, so guidance not formally withdrawn but tone suggests lower expectations going forward.

Prior 100-150 bps above market; delivered 100 bps in Q1, targeting ~12% for FY27 (still 100 bps above market growth). Brands +12%, Trade Generics flattish as expected.

Prior target 10% margins 'in near term'; now guidance 7-8% EBITDA margin improvement YoY over 3-4 years, with Q1 integration only starting (deal closed mid-July). Breakeven shifted from year 1 to year 3.

No revenue yet (operational since Nov 2025). Management expects USD 25-30M annualized breakeven (not FY27, not FY27.5, but FY28). Long cycle, lumpy pipeline.

Yes, Trade Generics flattish; cost inflation from 1,200 MRs added, Enzene CDMO opex, currency conversion 10% higher than prior year. Brands +12%.

Delayed, pushed off by at least few months from prior goal date. No new timeline given.

₹150 Cr annual sales, margins improved via backward integration. Part of India revenue.

Strategic discipline on DSOs and pricing; expect recovery in coming quarters. Jan-June higher single digit growth.

USD 25-30M annualized (confusing start, then corrected); depends on project mix and biotech funding cycles. Decent pipeline but lumpy.

7-8% EBITDA margin improvement YoY; target full guidance over 3-4 years due to integration delays (closed mid-July).

45% exposure confirmed. Pending ANDA count withheld; said 'we'll come back to it'.

No acquisitions planned right now. Very early stage ramp-up; no need to acquire.

Searching actively, expected to be in place by next quarterly call. Critical hire, can't hurry.

Very small right now. But Alkem is among top 3 in semaglutide generics.

Price erosion has bottomed out. No volume growth from recent launches. Only forex helping. US challenging.

High single-digit to mid. Daman OAI not expected to impact FY27, resolved in 6-12 months.

Brands +12% delivered Q1, Trade Generics recovery expected. Market growth ~11%, company target 12% = 100 bps outperformance maintained

Softened from prior 'high single digit'. Daman OAI risk acknowledged but no impact expected FY27; price erosion bottomed; no volume growth

Prior 'higher teens', now 'double digit sustainable'. Q1 delivered 16%. Management says 'more than sustainable' but no numeric upgrade

Maintained. Q1 benefited from mix (lower Trade Generics, higher prescription) and currency. API price increases expected to offset going forward

Not explicitly guided but Q1 held. New-venture (CDMO, MedTech) losses will be absorbed at consolidation level

Management flagged future capex need for CDMO as it scales to USD 30M+ annualized. No FY27 capex impact expected

Daman facility received OAI; represents 45% of US revenue. Management claims no supply impact and confident on 6-12 month resolution, but regulatory risk is material near-term.

US business showing no volume growth from launches in last 12-24 months; only forex and price anchoring contributing. Constant-currency revenue soft. Indicates market saturation or launch execution issues.

US CDMO burning ₹60 Cr/quarter with zero revenue yet (operational since Nov 2025). Breakeven requires USD 25-30M annualized, expected by FY28. Lumpy project cycle and biotech funding dependency.

Occlutech acquired mid-July (after Q1); integration just started. Prior guidance ~10% margins 'in near term' now pushed to 7-8% improvement YoY over 3-4 years. Small ortho business (₹50 Cr yearly) also integrating.

Consolidated tax rate 30-32% vs prior stand-alone guidance 27-28%. Driven by new-venture losses (Enzene, MedTech) where deferred tax assets not recognized. Masks core pharma profitability.

Trade Generics flattish YoY, dragging India average to 10.3% (vs branded +12%). Management attributes to competition intensification and intentional DSO discipline. Recovery to single-digit growth acceptable to management, not double-digit.