Alkem Laboratories Limited
NSE: ALKEMPharmaceuticals
Share price
₹5,249.50
-1.89% close of 8 Oct 2026
Price-based ratios (P/B, dividend yield, EV/EBITDA) are as of 7 Oct 2026, the close above is 8 Oct 2026.
Business score
How strong the business is, in one number. The parts behind it are in Pro.
66
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹62,994 Cr
P/E ratio
27.7
P/B ratio
4.5
ROCE
21.2%
ROE
18.9%
Dividend yield
1.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 13.4% over the past year, and 11.5% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales improved from 15.7% to 20.0% over the last four years.
Whether it grew faster than its sector
It grew 11.5% a year against a sector median of 13.1% — 1.6 percentage points slower.
Room to re-rate, or risk of de-rating
At 27.7× earnings against a market that pays 23.9× across 2199 companies we can price. Its own industry sits at 78.7×, across 5 companies. It is against its own five-year median of 28.1×, the 44th percentile of its own range.
Whether growth justifies the valuation
Priced at 0.9 times its growth rate, on earnings growth of 32%.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Alkem Laboratories Limited — this one | 32%/yr | 27.7× | ₹0.87 |
| Sun Pharmaceutical | 13%/yr | 33.4× | ₹2.6 |
| Divi's Laboratories | 13%/yr | 83.3× | ₹6.4 |
| Torrent Pharmaceuticals | 22%/yr | 78.7× | ₹3.6 |
| Zydus Lifesciences | 32%/yr | 23.1× | ₹0.72 |
| Laurus Labs Limited | 4%/yr | 98.6× | ₹24.7 |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Pharmaceuticals), it ranks 35 of 130 on returns, 64 of 127 on growth, 56 of 130 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
A narrow advantage: it earns 21.2% on capital, ahead of 73% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
Yes — Over the last five years it made ₹8617 crore of cash from the business, spent ₹1866 crore on plant and equipment, and returned ₹3840 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 85 arrived as cash. Its cash comes back more slowly than it used to: it went from being waiting 31 days for its cash to waiting 123 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
8 of 9 checks clear · 89%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Revenue grew 11%, while profit fell 22% because of a higher tax charge.
Announced 14 Aug 2026 · Consolidated · Unaudited
Revenue
₹3,740 Cr
Revenue vs last year
+11.0%
Revenue vs last quarter
+3.8%
Net profit
₹521 Cr
Profit vs last year
-22.0%
Profit vs last quarter
+107.6%
Net margin
13.9%
EPS
₹43.49
Earnings call transcript · 14 Aug 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹62,994 Cr
- Prev close
- ₹5,249.50
- 52w High
- ₹5,934
- 52w Low
- ₹5,051
- Enterprise value
- ₹63,433 Cr
- Beta
- 0.7
- Price CAGR 1y
- -3.0%
- Price CAGR 3y
- 15.0%
- Price CAGR 5y
- 6.0%
- Price CAGR 10y
- 12.0%
Ratios
- Return on assets
- 11.3%
- PEG ratio
- 0.9
- P/E ratio
- 27.7
- P/B ratio
- 4.5
- EV / EBITDA
- 21.7
- Industry P/E
- 38.0
- ROCE
- 21.2%
- ROCE 5y average
- 18.6%
- ROE
- 18.9%
- Debt / Equity
- 0.1
- Interest coverage
- 18.8
- Dividend yield
- 1.0%
- ROE 3y average
- 19.0%
- ROE last year
- 19.0%
Annual P&L
- Annual revenue
- ₹14,712 Cr
- Annual profit
- ₹2,351 Cr
- Operating margin
- 20.0%
- Net profit margin
- 16.0%
- EBITDA margin
- 20.4%
- Sales growth 3y
- 8.2%
- Sales growth 5y
- 10.7%
- Profit growth 3y
- 32.0%
- Profit growth 5y
- 9.0%
- EPS
- ₹193
- Sales growth TTM
- 13.0%
- Profit growth TTM
- 0.0%
- Dividend payout
- 28.0%
Quarter P&L
- Sales latest quarter
- ₹3,740 Cr
- Profit latest quarter
- ₹521 Cr
- YoY quarterly sales growth
- 10.9%
- YoY quarterly profit growth
- -22.0%
- OPM latest quarter
- 20.5%
Balance Sheet
- Book Value
- ₹1,152
- Face Value
- ₹2.0
- Total debt
- ₹2,047 Cr
- Total cash
- ₹1,733 Cr
- Borrowings
- ₹2,047 Cr
- Reserves / Equity
- 574.8
Cash Flow
- Operating cash flow
- ₹1,963 Cr
- Free cash flow
- ₹1,476 Cr
- FCF yield
- 2.1%
- Net cash flow
- -₹222 Cr
Shareholding
- Promoter holding
- 49.7%
- FII holding
- 10.4%
- DII holding
- 22.6%
- Public holding
- 17.3%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Sun Pharma.Inds. | 1,781.00 | 33.9 | 4,28,057 | 0.90 | 2,901.2 | 6.0 | 15,299.9 | 10.5 | 20.5 |
| Divi's Lab. | 9,588.00 | 85.5 | 2,54,665 | 0.31 | 902.0 | 65.5 | 3,080.0 | 27.8 | 22.0 |
| Torrent Pharma. | 4,716.20 | 80.3 | 1,79,164 | 0.81 | 566.0 | 5.8 | 4,921.0 | 54.9 | 15.2 |
| Zydus Lifesci. | 1,153.00 | 23.6 | 1,14,963 | 0.09 | 990.2 | -35.1 | 8,017.0 | 22.0 | 21.1 |
| Laurus Labs | 2,052.80 | 101.3 | 1,10,699 | 0.10 | 362.1 | 125.5 | 2,026.3 | 29.1 | 17.8 |
| Cipla | 1,327.20 | 29.9 | 1,06,997 | 0.98 | 785.6 | -39.2 | 7,119.3 | 2.3 | 15.5 |
| Mankind Pharma | 2,500.00 | 48.7 | 1,03,876 | 0.04 | 574.1 | 29.6 | 4,030.6 | 12.9 | 13.5 |
| Alkem Lab | 5,350.50 | 28.3 | 64,327 | 0.99 | 521.0 | -20.5 | 3,740.2 | 10.9 | 21.2 |
| Median | 417.90 | 34.4 | 2,208 | 0.07 | 13.5 | 29.5 | 164.0 | 18.4 | 15.0 |
Competes with: Aurobindo Pharma, Cipla, Divi's Laboratories, Dr Reddy's Laboratories, Laurus Labs Limited, Lupin, Mankind Pharma Limited, Sun Pharmaceutical, Torrent Pharmaceuticals, Zydus Lifesciences
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,968 | 3,440 | 3,324 | 2,936 | 3,032 | 3,415 | 3,374 | 3,144 | 3,371 | 4,001 | 3,737 | 3,603 | 3,740 |
| Expenses | 2,579 | 2,693 | 2,616 | 2,534 | 2,423 | 2,662 | 2,615 | 2,752 | 2,632 | 3,080 | 2,909 | 3,086 | 2,974 |
| Material Cost | 777 | 827 | 906 | 938 | 895 | 910 | |||||||
| Change in Inventories | 122 | -53 | 24 | 6.98 | -145 | -75 | |||||||
| Purchases of Stock-in-Trade | 380 | 397 | 472 | 328 | 498 | 366 | |||||||
| Employee Cost | 616 | 693 | 710 | 722 | 712 | 809 | |||||||
| Other Expenses | 857 | 768 | 969 | 915 | 1,126 | 964 | |||||||
| Operating Profit | 389 | 747 | 708 | 402 | 609 | 753 | 759 | 391 | 739 | 921 | 828 | 517 | 766 |
| OPM % | 13 | 22 | 21 | 14 | 20 | 22 | 23 | 12 | 22 | 23 | 22 | 14 | 20 |
| Other Income | 66 | 6 | 42 | 76 | 120 | 134 | 93 | 146 | 149 | 104 | 90 | 65 | 153 |
| Exceptional items (within Other Income) | 0 | 13 | 0 | -53 | -135 | 0 | |||||||
| Interest | 30 | 30 | 25 | 27 | 29 | 28 | 36 | 28 | 30 | 35 | 42 | 54 | 47 |
| Depreciation | 72 | 74 | 70 | 83 | 80 | 79 | 85 | 112 | 88 | 94 | 95 | 106 | 100 |
| Profit before tax | 353 | 648 | 655 | 367 | 619 | 780 | 731 | 396 | 771 | 896 | 781 | 423 | 772 |
| Tax % | 18 | 5 | 8 | 17 | 11 | 10 | 12 | 18 | 13 | 13 | 16 | 40 | 32 |
| Net Profit | 288 | 615 | 604 | 304 | 550 | 702 | 641 | 322 | 668 | 779 | 653 | 251 | 521 |
| EPS in Rs | 24 | 52 | 50 | 25 | 46 | 58 | 52 | 26 | 56 | 64 | 53 | 20 | 43 |
| Diluted EPS in Rs | 26 | 56 | 64 | 53 | 20 | 43 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,674 | 4,905 | 5,688 | 6,401 | 7,357 | 8,344 | 8,865 | 10,634 | 11,599 | 12,668 | 12,965 | 14,712 | 15,081 |
| Expenses | 3,248 | 4,038 | 4,687 | 5,392 | 6,237 | 6,868 | 6,920 | 8,580 | 9,977 | 10,419 | 10,452 | 11,706 | 12,049 |
| Material Cost | 3,440 | 3,565 | |||||||||||
| Change in Inventories | -190 | -167 | |||||||||||
| Purchases of Stock-in-Trade | 1,514 | 1,695 | |||||||||||
| Employee Cost | 2,454 | 2,837 | |||||||||||
| Other Expenses | 3,234 | 3,777 | |||||||||||
| Operating Profit | 427 | 866 | 1,001 | 1,009 | 1,120 | 1,476 | 1,945 | 2,054 | 1,622 | 2,249 | 2,512 | 3,007 | 3,032 |
| OPM % | 12 | 18 | 18 | 16 | 15 | 18 | 22 | 19 | 14 | 18 | 19 | 20 | 20 |
| Other Income | 176 | 227 | 110 | 115 | 82 | 102 | 230 | 146 | 101 | 186 | 494 | 407 | 412 |
| Exceptional items (within Other Income) | 0 | -175 | |||||||||||
| Interest | 81 | 71 | 45 | 55 | 55 | 65 | 59 | 52 | 107 | 112 | 122 | 161 | 178 |
| Depreciation | 71 | 93 | 101 | 143 | 193 | 253 | 275 | 304 | 310 | 299 | 357 | 382 | 395 |
| Profit before tax | 451 | 928 | 965 | 926 | 955 | 1,260 | 1,842 | 1,844 | 1,305 | 2,023 | 2,527 | 2,871 | 2,872 |
| Tax % | 13 | 19 | 6 | 31 | 19 | 9 | 12 | 9 | 23 | 10 | 12 | 18 | |
| Net Profit | 392 | 752 | 905 | 638 | 774 | 1,149 | 1,618 | 1,680 | 1,007 | 1,811 | 2,215 | 2,351 | 2,204 |
| EPS in Rs | 33 | 62 | 75 | 53 | 64 | 94 | 133 | 138 | 82 | 150 | 181 | 193 | 180 |
| Diluted EPS in Rs | 181 | 193 | |||||||||||
| Dividend Payout % | 12 | 20 | 20 | 25 | 25 | 27 | 23 | 25 | 61 | 27 | 25 | 28 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- 12%
- 5 years
- 11%
- 3 years
- 8%
- TTM
- 13%
Compounded profit growth
- 10 years
- 12%
- 5 years
- 9%
- 3 years
- 32%
- TTM
- 0%
Stock price CAGR
- 10 years
- 12%
- 5 years
- 6%
- 3 years
- 15%
- 1 year
- -3%
Return on equity
- 10 years
- 18%
- 5 years
- 18%
- 3 years
- 19%
- Last year
- 19%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 | 24 |
| Reserves | 2,975 | 3,668 | 4,444 | 4,840 | 5,415 | 6,137 | 7,353 | 8,614 | 9,021 | 10,288 | 11,961 | 13,796 |
| Borrowings | 1,306 | 658 | 659 | 998 | 944 | 1,616 | 1,707 | 2,668 | 1,397 | 1,418 | 1,381 | 2,047 |
| Other Liabilities | 986 | 1,184 | 1,440 | 1,803 | 1,824 | 2,169 | 2,435 | 2,763 | 3,315 | 3,844 | 4,325 | 4,991 |
| Minority Interest | 449 | 529 | ||||||||||
| Total Liabilities | 5,291 | 5,534 | 6,568 | 7,664 | 8,208 | 9,946 | 11,519 | 14,069 | 13,757 | 15,575 | 17,691 | 20,858 |
| Fixed Assets | 1,374 | 1,450 | 1,797 | 2,284 | 2,530 | 2,908 | 2,793 | 2,902 | 2,683 | 2,873 | 2,852 | 3,871 |
| CWIP | 111 | 172 | 299 | 381 | 493 | 363 | 393 | 339 | 323 | 159 | 548 | 282 |
| Investments | 481 | 509 | 553 | 444 | 324 | 261 | 333 | 371 | 622 | 484 | 1,846 | 1,869 |
| Other Assets | 3,325 | 3,403 | 3,918 | 4,555 | 4,861 | 6,413 | 8,000 | 10,457 | 10,129 | 12,060 | 12,445 | 14,836 |
| Total Assets | 5,291 | 5,534 | 6,568 | 7,664 | 8,208 | 9,946 | 11,519 | 14,069 | 13,757 | 15,575 | 17,691 | 20,873 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 325 | 726 | 471 | 266 | 780 | 585 | 1,265 | 1,111 | 1,682 | 1,948 | 1,913 | 1,963 |
| Cash from Investing Activity | -235 | 205 | -294 | -351 | -318 | -737 | -995 | -1,433 | 120 | -1,011 | -1,288 | -1,682 |
| Cash from Financing Activity | -52 | -927 | -138 | 85 | -379 | 79 | -272 | 380 | -1,761 | -1,145 | -811 | -503 |
| Net Cash Flow | 39 | 3 | 40 | 0 | 82 | -73 | -2 | 58 | 42 | -207 | -186 | -222 |
| Free Cash Flow | 190 | 472 | -163 | -411 | 253 | 237 | 1,116 | 783 | 1,453 | 1,761 | 1,278 | 1,476 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 52 | 42 | 46 | 62 | 62 | 72 | 66 | 65 | 67 | 65 | 69 | 74 |
| Inventory Days | 169 | 169 | 198 | 221 | 186 | 198 | 241 | 262 | 194 | 197 | 224 | 239 |
| Days Payable | 101 | 108 | 122 | 147 | 119 | 104 | 112 | 102 | 87 | 129 | 148 | 161 |
| Cash Conversion Cycle | 121 | 103 | 122 | 135 | 129 | 167 | 196 | 225 | 174 | 132 | 145 | 152 |
| Working Capital Days | -52 | 13 | 34 | 40 | 55 | 44 | 48 | 31 | 66 | 135 | 123 | 123 |
| ROCE % | 12 | 23 | 21 | 17 | 16 | 18 | 22 | 18 | 14 | 20 | 20 | 21 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
total loans / revolving facilities outstanding at period end, the base of loan_default_cr
0.00cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
R&D as % of revenue
4.00pct
2026-06-30
FY revenue / permanent employees + workers, same basis (calc)
49,95,301inr
2026-03-31
News
News and filings about Alkem Laboratories Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- Active Pharmaceutical Ingredients (APIs) and Key Starting Materials
- Packaging materials
Buys from
- Aarti Drugs Limited · active pharmaceutical ingredients (APIs)
- Akums Drugs and Pharmaceuticals Limited · CDMO contract development & manufacturing of formulations
- Brooks Laboratories Limited · contract-manufactured pharmaceutical formulations (injectables, tablets, dry syrups)
- Gufic Biosciences Limited · contract-manufactured lyophilized injectables (CMO)
- JK Paper Limited · pharma cartons / packaging boards via packaging business
- Senores Pharmaceuticals Limited · generic ANDA formulations - Senores owns ANDA, licenses+CMO-manufactures, partner markets…
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Healthcare
- Industry
- Pharmaceuticals
- Classification
- Healthcare › Pharmaceuticals
- ISIN
- INE540L01014
Plants
- Ankleshwar API facility · Ankleshwar, Gujarat
- Baddi formulations facilities
- Daman formulations facilities
- Mandva API & FOS facility
- Norac Pharma (US API site)
- Pune biosimilars facility
- Sikkim formulations facilities
News impact
Big market events that reach Alkem Laboratories Limited, and how the effect spreads.
25 Sept, 15:08 IST · Market event · high impact
Alkem Laboratories CFO Nitin Agrawal resigns
Alkem Laboratories' finance chief resigned, which may hurt Alkem's shares on governance worries while rivals and suppliers see little effect.
Who it hits first
- Alkem Laboratories, the drug maker, loses its finance chief as Nitin Agrawal resigns to pursue personal and professional growth.
- Investors face short-term uncertainty over financial reporting and capital plans until a successor is named.
- Day-to-day medicine sales and factory work continue, so the hit is to confidence, not to current revenue.
Who may gain
- No clear stock-market winner — rival drug makers such as Sun Pharmaceutical, Divi's Laboratories and Cipla gain no prescriptions or tenders from a competitor's finance-chief exit.
- Executive-search firms see a small opportunity as Alkem Laboratories, the drug maker, hunts for a new finance chief.
Along the supply chain
Downstream
No downstream change — distributors and pharmacies receive the same stock; finance-leadership news does not alter supply or prices.
Upstream
No upstream change — ingredient and packaging suppliers keep the same orders since Alkem factories keep running.
Where demand moves
Business
No business demand shifts — hospitals, chemists and patients buy the same Alkem medicines; the event moves investor confidence, not prescriptions.
Capital
Capital may rotate briefly away from Alkem into larger pharma names as a caution trade, then return once a credible successor is named.
How it spreads across sectors
Healthcare
Mild sentiment wobble for pharma shares as investors dislike finance-chief exits; fades in days without further news.
When it plays out
Immediate
1-7 days: Alkem shares wobble on governance talk; rivals and suppliers stay flat.
Medium term
1-6 months: effect fades once the new finance chief sets a steady reporting rhythm; no lasting sales impact seen.
Short term
1-4 weeks: focus on the successor search and any auditor comment; calm if the handover looks clean.
1 Sept, 04:32 IST · Market event · high impact
Trump squeezes mid-size pharma for cheaper US drug prices in a $64 billion savings push, and Sun Pharma agrees to lower its US prices
The White House got nine mid-sized drug companies, including India's Sun Pharma, to agree to charge Americans no more than the lowest price they charge in other rich countries. That caps the most profitable part of Sun Pharma's US business, though past versions of this policy have not actually hurt Indian drugmakers' share prices.
Who it hits first
- Sun Pharma's US specialty franchise, its highest-margin business, now carries an explicit price ceiling under the agreement it signed.
- Other US-exposed Indian drugmakers face the headline risk that branded price compression eventually transmits to generic pricing.
Who may gain
- Generic and active-ingredient suppliers can gain volume if the policy pushes prescriptions toward cheaper medicines - Granules, which sells ingredients and finished doses to US generic makers, rose 11.20% in the week after the May 2025 most-favoured-nation order.
- Aurobindo Pharma is running a live offsetting positive: its Lannett subsidiary has just launched generic Advair Diskus, a complex inhalation product that carries far better pricing than ordinary generics.
- Domestically skewed drugmakers such as Alkem are relatively insulated, because a smaller share of their revenue is exposed to US pricing at all.
Along the supply chain
Downstream
US pharmacy benefit managers, insurers and ultimately American patients are the downstream beneficiaries of lower prices. For Indian exporters the practical downstream effect is on contract renewal terms with US distributors and pharmacy chains, which reset annually rather than immediately.
Upstream
Active pharmaceutical ingredient makers sit one layer above the pricing pressure. If US branded prices fall, formulators squeeze their ingredient suppliers on cost, but if the policy also shifts prescription volume toward cheaper generics, the number of doses made goes up - which is what an ingredient supplier gets paid for. Granules sits squarely at this junction, which is why its direction is mixed rather than negative.
Where demand moves
Business
Volume of medicine consumed does not change - people take the same drugs - so this reallocates value along the chain rather than destroying demand. Money moves from branded manufacturers' margins to US payers and patients. Where prescriptions shift from branded to generic alternatives, volume moves toward Indian generic suppliers, which is the mechanism behind the consistently positive historical reaction.
Capital
Within Indian pharma, capital rotates from US-specialty-heavy names such as Sun Pharma toward domestically skewed names such as Alkem and toward complex-generic stories such as Aurobindo Pharma. Because the historical base rate is flat-to-positive, the rotation has been mild rather than a sector-wide de-rating.
How it spreads across sectors
Healthcare
US specialty pricing capped; generic and active-ingredient volumes potentially supported; domestically skewed drugmakers relatively insulated.
When it plays out
Immediate
Sun Pharma opens weaker on the specialty pricing cap; the wider Indian pharma complex is likely to be muted rather than sold off, based on the base rate.
Medium term
The real risk is cumulative: successive orders capping US branded prices, adding pharmaceutical import tariffs and pressuring generic pricing together would eventually compress the US profit pool Indian exporters draw on, even though no single announcement has done so yet.
Short term
Watch which other Indian companies sign most-favoured-nation deals and on what terms. Watch whether the separate generic tariff proposal from July 2026 advances, because that channel HAS produced negative day-one reactions where the pricing orders have not.
24 Jun, 04:16 IST · Market event · high impact
USFDA approaches Cipla, Alkem, Zydus to supply critical cancer drugs amid US shortages
Who it hits first
- CIPLA, ALKEM, ZYDUSLIFE shares gained on the report
- Incremental US revenue opportunity in oncology generics
Who may gain
- ALKEM, ZYDUSLIFE, CIPLA directly named — strongest signals
- Capital rotation lifts LUPIN, DRREDDY, AUROPHARMA
Along the supply chain
Downstream
US hospitals + oncology pharmacies receive supply relief on critical molecules; insurance reimbursement at FDA-tendered rates
Upstream
Indian API suppliers (Divi's Labs, Suven Pharma) see incremental order flow from ramped-up formulation demand
Where demand moves
Business
US oncology drug demand (shortage-driven) routes to FDA-approved Indian ANDA holders — Cipla, Alkem, Zydus first in line; later spills to Lupin, Dr Reddy's, Aurobindo as supply scales
Capital
Pharma rotation: capital flows into US-exposed generic Indian formulators; mid-cap pharma sees largest re-rating room
How it spreads across sectors
Healthcare
sentiment positive for India-pharma exporters
Pharma
broad positive lift on US-exposed generic names
When it plays out
Immediate
1-3% pop in named tickers on the day; 5-10% over week 1
Medium term
If FDA supply pact becomes structural, ANDA-rich Indian formulators see permanent US-revenue uplift; sector re-rating sustained
Short term
Formal tender allocation in 2-4 weeks; revenue contribution from Q2-Q3 FY27
21 Jun, 04:14 IST · Market event · medium impact
Centre bans 16 fixed-dose combination drugs including paracetamol combos over health risks
Who it hits first
- Manufacturers of the 16 banned FDC formulations — primarily mid-tier OTC/branded acute players (cold/cough/analgesic combos)
- Most listed names: <1% revenue exposure individually
Who may gain
- Single-molecule branded pharma (ABBOTINDIA, GSK PHARMA, PFIZER) — prescription rotation potential
- MNC pharma with cleaner portfolios
Along the supply chain
Downstream
Pharmacy retailers (APOLLOHOSP, MEDPLUS, NETMEDS) face brief inventory rebalancing; minimal revenue impact.
Upstream
Active Pharmaceutical Ingredient (API) suppliers for the banned combos see minor demand reduction — limited impact as same APIs are used in single-molecule formulations.
Where demand moves
Business
FDC ban removes ~16 specific formulations from market — prescribers switch to single-molecule alternatives or non-banned FDCs; net demand displacement, not destruction.
Capital
Sentiment-driven mild sell-off in OTC-heavy names (MANKIND, CIPLA); rotation into MNC-style branded pharma (ABBOTINDIA, GSKPH).
How it spreads across sectors
Healthcare
Modest negative for FDC-heavy MNCs; positive for single-molecule MNCs
Pharma
Mild negative for OTC/branded-acute heavy players; neutral for specialty/US-generics focused
When it plays out
Immediate
Monday open: mild selling pressure on MANKIND, CIPLA — likely -1-2% as market gauges actual exposure
Medium term
Pattern of FDC bans accelerating — sector earnings models stress higher recurring regulatory cost
Short term
Pharma companies issue impact statements; specific FDC contribution to revenue clarified
3 Jun, 04:17 IST · Market event · high impact
Alkem Labs sees Rs 930 crore block deal as promoter family entities pare stake
Who it hits first
- Alkem faces 2-4% overhang on promoter dilution signal
- Institutional absorption (Goldman, Morgan Stanley) provides bid support
Who may gain
- Peer pharma names (Lupin, Sun, Zydus) on modest sector rotation
Along the supply chain
Downstream
No supply-chain link — capital-flow event
Upstream
No supply-chain link — capital-flow event
Where demand moves
Business
No direct business-demand impact — pure capital event
Capital
Float increases supply; institutional buyers (GS, MS) absorb at deal price; broader pharma flow modestly improved
How it spreads across sectors
Pharma
Mild positive sector flow; peer-rotation benefits Lupin, Zydus, Sun
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 7 Aug 2026 | unspecified | ₹10 |
|---|---|---|
| 20 Feb 2026 | interim | ₹43 |
| 8 Aug 2025 | unspecified | ₹8 |
| 14 Feb 2025 | interim | ₹37 |
| 9 Aug 2024 | unspecified | ₹5 |
| 16 Feb 2024 | interim | ₹35 |
| 10 Aug 2023 | unspecified | ₹10 |
| 17 Feb 2023 | special | ₹25 |
Splits, bonuses & buybacks
- daily-prices repair: 8 rows from NSE's archive (replace 1, delete 0, insert 7), 2016-10-30..2026-02-01 (docs/flat_day_repair.md)1× · 30 Oct 2016
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 2 Jun 2026 | JAYANTI SINHA | SELL | 12,38,220 | ₹5,200.00 |
| 2 Jun 2026 | ICICI PRUDENTIAL MUTUAL FUND | BUY | 9,03,527 | ₹5,200.00 |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call25 Aug 2026
- Earnings call · Q1FY2714 Aug 2026
- Annual report · 2025-2629 Jul 2026
- Results presentation30 Jun 2026
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.