Quick Note - Alkem Laboratories (ALKEM IN) (Buy) - 4QFY26 results: Revenue in line; margins ahead

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Quick Note - Alkem Laboratories (ALKEM IN) (Buy) - 4QFY26 results: Revenue in line; margins ahead

Global Markets Research

Alkem Laboratories ALKE.NS ALKEM IN 29 May 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

Rating4QFY26 results: Revenue in line; margins ahead Remains Buy

Target price INR 6,890 RemainsQuick Note

Closing priceALKEM’s 4QFY26 revenue was in-line with our estimates. EBITDA was 11% ahead of 27 May 2026 INR 5,452

estimate, aided by a better gross margin of 65.4% (+606bp y-y), 420bp ahead of our

estimate. There was an exceptional loss of INR1.35bn on account of an impairment

charge on real estate investments (INR747mn) and incremental impact of the changes in Research Analysts

the Labor Code (INR603mn). PAT was impacted by these exceptional items, which are India Pharmaceuticalsone-off in nature, and a higher effective tax rate.

Saion Mukherjee - NFASL

Guidance for FY27E was in line or ahead of our current expectations. We believe there saion.mukherjee@nomura.com

are potential risks from higher costs due to the West Asia conflict, that is difficult to predict +91 22 403 74184

currently. The company expects India formulation growth at double digits, 100-150bp Kushal Chovatia - NFASL

ahead of the broader market, in FY27E. This compares to our estimate of 10%. The kushal.chovatia@nomura.com

company expects US growth in high single digits on a constant currency basis. This +91 22 403 74013

compares to our current forecast of 4% constant currency growth. The company confirmed

the launch of gJynarque (Tolvaptan) in September-October 2026E, ahead of our current

estimate of an FY28F launch. The company assumes that international markets (ex-US) to

sustain growth in high-teens. ALKEM believes the EBITDA margin could range between