Alembic financials: balance sheet, profit and loss, cash flow

NSE: ALEMBICLTDBSE: 506235RealtySmall Cap

Alembic Limited · Formerly Alembic Chemical Works Co. · Face value ₹2 · Listed Jul 1934 on BSE, Sep 1999 on NSE

₹87.59₹0.37 (0.42%)BSE ₹87.60

Share price at the NSE close on 28 Oct 2026. Previous close ₹87.22.

28 Oct: open ₹87.00, high ₹87.96, low ₹86.58

52-week range of traded prices to 28 Oct 2026

₹70.46Low, 30 Mar 2026₹117.72High, 3 Sep 2026

Next results date: the board meets on 6 Nov 2026 to consider: financial results and other business matters. The notice · Results calendar

Market cap: ₹2,249 Cr1,101st largest listed
P/E: 7.01
P/B: 0.92
Dividend yield: 2.74%
ROE: 13.4%
ROCE: 3.0%
Debt to equity: 0.00
Volume, NSE: 2,30,72147.4% delivered

Alembic's financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.Alembic annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

The years either side of a change of basis do not compare. From the year to Mar 2020, part of the business was demerged on 26 Aug 2019, and figures before the change include the part that left.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue240
Materials and goods−16
Employee costs−37
Other expenses−96
Operating profit90
Depreciation−12
Other income+73
One-off items0.0
Finance costs−2.3
Profit before tax149
Tax−23
Joint ventures+191
Net profit317

What the company owns

Plant, investments and other assets₹2,405 Cr
Current investments₹97 Cr
Inventory₹52 Cr
Receivables₹32 Cr
Cash and bank₹3 Cr

What pays for it: net worth and liabilities

Net worth₹2,445 Cr
Other liabilities₹110 Cr
Owed to suppliers₹24 Cr
Borrowings₹11 Cr

Alembic business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Alembic segment results by quarter

Revenue by segment

₹240 CrTotal

Real Estate Business₹193 Cr80.6% of total
Active Pharmaceutical Ingredients Business₹47 Cr19.4% of total

Profit by segment

Real Estate Business₹81.2 Cr93.5% of total
Active Pharmaceutical Ingredients Business₹5.6 Cr6.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Real Estate Business
Revenue, ₹ crore
61
23
45
46
101
126
190
193
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
22
2
13
12
37
51
88
81
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Active Pharmaceutical Ingredients Business
Revenue, ₹ crore
51
32
26
32
32
47
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
5
2
3
5
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	128	74	74	78	127	157	222	240
Company revenue, as in its results	128	74	74	78	127	157	222	240
Revenue	61	23	45	46	101	126	190	193
Revenue growth	–	–	97.1%	2.1%	119.3%	24.8%	50.8%	2.0%
Profit	22	2	13	12	37	51	88	81
Profit growth	–	–	502.2%	−11.4%	218.2%	38.7%	71.8%	−7.8%
Margin	35.7%	9.5%	29.1%	25.3%	36.7%	40.8%	46.4%	42.0%
Return on capital	32.9%	2.2%	7.9%	5.4%	14.4%	17.7%	25.6%	18.7%
Assets	93	134	215	272	320	367	443	516
Liabilities	27	35	48	55	64	77	99	81
Capital employed	66	99	167	217	256	290	344	434
Revenue	–	51	–	32	26	32	32	47
Revenue growth	–	–	–	–	−17.9%	19.8%	1.5%	44.6%
Profit	–	2	–	5	2	3	5	6
Profit growth	–	–	–	–	−61.3%	65.6%	40.7%	19.5%
Margin	–	3.0%	–	16.3%	7.7%	10.6%	14.7%	12.1%
Return on capital	–	0.8%	–	4.0%	1.6%	2.2%	3.0%	3.9%
Assets	–	204	–	149	153	184	187	181
Liabilities	–	16	–	18	28	29	31	35
Capital employed	–	188	–	131	125	154	156	146
Revenue	–	–	28	–	–	–	–	–
Profit	–	–	−1	–	–	–	–	–
Margin	–	–	−4.5%	–	–	–	–	–
Return on capital	–	–	−0.9%	–	–	–	–	–
Assets	–	–	154	–	–	–	–	–
Liabilities	–	–	17	–	–	–	–	–
Capital employed	–	–	137	–	–	–	–	–
Revenue	67	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–
Margin	0.6%	–	–	–	–	–	–	–
Return on capital	0.3%	–	–	–	–	–	–	–
Assets	175	–	–	–	–	–	–	–
Liabilities	27	–	–	–	–	–	–	–
Capital employed	148	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.Alembic quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 13 May	Mar 2026Filed 19 May	Jun 2026Twelve monthsFiled 11 Aug
Revenue from operations	144	125	128	74	74	78	127	157	222	240	239
	138	114	107	71	62	64	87	101	128	150	153
Materials and goods bought	42	48	45	31	9	11	6	9	9	16	16
Employee costs	–	–	21	21	23	21	24	23	27	37	40
Other expenses	–	–	41	18	30	32	57	68	92	96	97
Operating profit before depreciation	7	11	21	3	11	14	40	57	94	90	86
Operating margin	4.7%	8.9%	16.4%	4.4%	15.1%	17.8%	31.7%	36.1%	42.2%	37.7%	36.1%
Materials, % of revenue	–	–	34.9%	42.5%	12.8%	14.0%	5.0%	5.8%	4.1%	6.8%	6.5%
Employee costs, % of revenue	–	–	16.8%	28.1%	30.7%	27.5%	18.9%	14.6%	12.3%	15.6%	16.8%
Other expenses, % of revenue	–	–	31.8%	24.9%	41.4%	40.7%	44.4%	43.5%	41.4%	39.9%	40.6%
Depreciation and amortisation	5	4	3	3	4	5	7	8	11	12	13
Operating profit after depreciation	2	7	18	0	7	9	34	49	83	78	73
Other income	31	37	29	93	10	89	64	55	75	73	75
Finance costs	0	0	0	0	0	0	0	1	2	2	2
Profit before one-off items and tax	32	44	48	93	17	98	97	103	156	149	146
One-off items	−6	0	0	0	0	0	−11	0	0	0	0
Profit before tax	27	44	48	93	17	98	87	103	156	149	146
	−1	2	4	0	3	12	6	10	11	23	22
Current tax	0	–	5	0	3	11	4	10	18	23	23
Deferred tax	−1	–	−1	0	0	0	2	0	−7	0	0
Share of profit of joint ventures and associates	118	121	187	236	329	136	110	176	166	191	197
	145	163	230	329	343	222	191	269	311	317	321
Belonging to the company's shareholders	145	163	230	329	343	222	191	269	311	317	321
Other comprehensive income	–	–	16	−17	345	107	−214	−60	−34	−88	−28
Total comprehensive income	–	–	247	312	687	329	−23	209	276	230	292
Net margin	100.8%	130.1%	180.4%	445.2%	466.4%	283.9%	149.8%	170.6%	140.0%	132.2%	134.2%
Net margin without joint ventures and associates	19.1%	33.4%	34.0%	125.8%	18.8%	110.2%	63.4%	59.0%	65.2%	52.5%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 13 May	Mar 2026Filed 19 May
	1,229	1,418	2,297	2,497	2,078	2,186	2,339	2,445
Share capital	51	51	51	51	51	51	51	51
Reserves	1,178	1,367	2,246	2,445	2,027	2,134	2,287	2,394
	0	0	0	0	0	9	14	11
Repayable after a year	0	0	0	0	0	7	11	7
Repayable within a year	0	0	0	0	0	2	4	4
	50	46	59	68	84	90	110	101
Trade payables	25	13	18	19	17	31	28	24
Other financial liabilities	3	4	4	4	6	6	8	12
Other liabilities	5	18	27	31	39	25	44	30
Provisions	15	11	11	11	21	21	22	23
Tax owed	1	0	0	2	0	5	5	9
	9	7	53	68	43	53	54	43
Other financial liabilities	4	4	5	6	7	11	12	14
Provisions	1	1	1	1	1	2	2	4
Deferred tax	4	2	47	60	35	32	28	19
	1,288	1,471	2,409	2,632	2,205	2,329	2,503	2,590
Held for sale or for a demerger	0	–	–	–	–	–	–	–
	1,186	1,308	2,307	2,489	2,032	2,191	2,298	2,392
Plant in use, after depreciation	131	131	134	133	132	131	135	170
Plant being built	0	3	6	0	0	1	0	2
Goodwill	0	0	0	0	0	0	0	0
Property held to earn rent	78	94	131	164	189	238	274	302
Investments	121	103	493	613	374	313	277	173
Stakes in joint ventures and associates	856	976	1,538	1,569	1,334	1,462	1,568	1,704
Loans given	0	1	1	0	0	0	0	0
Other financial assets	0	0	4	4	3	47	9	7
Other assets	0	0	1	5	0	0	35	35
	102	163	102	143	172	137	205	197
Inventories	36	35	54	87	89	93	99	52
Trade receivables	14	9	14	15	23	20	30	32
Cash and cash equivalents	2	58	6	1	1	1	3	1
Other bank balances	0	1	1	1	1	1	2	2
Current investments	43	54	17	26	45	11	55	97
Loans given	0	0	0	5	0	0	0	0
Other financial assets	0	0	1	3	8	3	3	4
Tax paid in advance	0	1	0	0	1	0	0	0
Other assets	7	5	10	6	4	9	13	10
Net debt	−45	−113	−23	−28	−47	−5	−45	−89

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 13 May	Mar 2026Filed 19 May
	−2	−18	39	23	86	120
	0	−9	45	22	102	139
	−19	−28	11	−38	−1	40
Receivables	−5	−1	−8	4	−10	−2
Inventories	−19	−33	−2	−4	−7	47
Payables	5	3	−2	14	−3	−4
Other working capital	0	3	23	−52	19	−1
Tax paid	−2	−9	−7	1	−16	−19
Capital spending	7	1	0	1	7	38
Free cash flow	−10	−19	39	21	80	82
	−35	19	7	26	−27	−54
Plant and property sold	0	2	1	0	0	0
Interest received	1	1	1	2	2	2
Dividends received	0	79	57	46	63	63
	−15	−6	−46	−48	−58	−68
Borrowings raised	0	0	0	9	5	0
Borrowings repaid	0	0	0	0	0	−4
Interest paid	0	0	0	−1	−2	−2
Dividends paid	15	5	46	56	61	61
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−52	−5	0	0	1	−1

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Alembic dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 13 May	Mar 2026Filed 19 May
Earnings per share	₹5.44	₹6.10	₹8.93	₹12.82	₹13.35	₹8.65	₹7.43	₹10.46	₹12.10	₹12.36
Diluted earnings per share	₹5.44	₹6.10	₹8.93	₹12.82	–	₹8.65	₹7.43	₹10.46	₹12.10	₹12.36
Dividend per share	₹0.20	₹0.20	₹0.20	₹0.60	₹0.20	₹1.80	₹2.20	₹2.40	₹2.40	₹2.40
Book value per share	–	–	₹47.88	₹55.22	₹89.45	₹97.23	₹80.93	₹85.11	₹91.07	₹95.22
Dividend payout	3.7%	3.3%	2.2%	4.7%	1.5%	20.8%	29.6%	22.9%	19.8%	19.4%
Shareholder yield	–	–	–	–	0.6%	0.3%	3.0%	2.6%	2.4%	3.4%
Market cap at the year end (₹ crore)	979	1,423	1,078	908	2,644	1,860	1,516	2,143	2,530	1,821

Ratios

Consolidated, years to March.Alembic PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025Filed 13 May	Mar 2026Filed 19 May
Revenue growth	14.5%	−13.1%	1.9%	–	−0.6%	6.4%	62.7%	23.8%	40.9%	8.2%
Operating profit growth	−19.2%	65.1%	89.0%	–	237.6%	25.8%	189.5%	41.0%	64.8%	−3.5%
Net profit growth	−37.9%	12.1%	41.4%	–	4.2%	−35.2%	−14.1%	40.9%	15.7%	2.2%
Earnings per share growth	–	12.1%	46.4%	–	4.1%	−35.2%	−14.2%	40.9%	15.7%	2.1%
	–	–	18.7%	24.9%	18.5%	9.3%	8.3%	12.6%	13.7%	13.3%
	–	–	–	6.1 pts	−6.4 pts	−9.2 pts	−0.9 pts	4.3 pts	1.1 pts	−0.5 pts
From the net margin	–	–	–	27.5 pts	1.2 pts	−7.2 pts	−4.4 pts	1.2 pts	−2.3 pts	−0.8 pts
From asset turnover	–	–	–	−21.3 pts	−7.6 pts	−2.0 pts	3.4 pts	3.0 pts	3.3 pts	0.3 pts
From borrowing	–	–	–	−0.1 pts	0.0 pts	0.1 pts	0.0 pts	0.1 pts	0.1 pts	0.0 pts
Return on capital employed	–	–	1.5%	0.0%	0.3%	0.4%	1.6%	2.2%	3.5%	3.2%
Cash conversion	–	–	–	–	−0.6%	−8.0%	20.4%	8.4%	27.8%	37.8%
Interest cover	10.3	43.1	85.0	0.2	19.7	23.3	72.2	44.2	33.6	34.3
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00
Receivable days	–	–	39	44	69	71	67	46	49	49
Inventory days	–	–	291	411	2,112	2,887	5,120	3,697	3,979	1,161
Payable days	–	–	202	151	693	640	1,004	1,238	1,132	530
Cash conversion cycle, days	–	–	127	305	1,487	2,318	4,183	2,504	2,897	680
Working capital days	–	–	19	22	98	223	118	81	64	0
Asset turnover	–	–	0.10	0.05	0.04	0.03	0.05	0.07	0.09	0.09
Assets per rupee of net worth	–	–	1.05	1.04	1.04	1.05	1.06	1.06	1.07	1.06
Sales per rupee of plant	–	–	0.97	0.57	0.55	0.59	0.97	1.21	1.64	1.41
Capital spending to depreciation	–	–	–	–	1.86	0.21	0.01	0.18	0.62	3.09
Plant being built, % of plant in use	–	–	0.0%	2.4%	4.4%	0.1%	0.1%	0.8%	0.0%	0.9%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the year to Mar 2020: between the two periods the company demerged a business, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 12.5%
Cash from operations against operating profit: 132.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	26.7%	23.6%
Profit growth, yearly rate	–	−1.5%	18.5%
Return on equity, average	–	11.4%	13.2%
Return on capital employed, average	–	2.2%	3.0%
Operating margin, average	21.5%	33.1%	38.7%
Net margin, average	219.9%	175.3%	147.6%
Asset turnover, average	–	0.07	0.09
Cash conversion cycle, days, average	–	2,516	2,027
Interest cover, average	36.6	41.5	37.4
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	250	229	120
Cash from investing	−28	−55	−54
Cash from financing	−226	−174	−68
Capital spending	47	46	38
Dividends paid	230	179	61
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	14	14	0
Borrowings repaid	4	4	4

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	3	3	5	5	6	6
Altman Z-scorePublished threshold 1.1	–	–	25.66	32.24	24.75	22.83	20.77	19.44	18.59	21.43
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.16	−2.24	−2.09	−2.42	−2.01	−2.33
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	19.58	8.77	5.98	9.71	10.38	9.86
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.03	0.06	0.19	0.26
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	8.62	54.27	3.83	−8.62	−39.50	10.77	−1.71
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	29.06	123.43	42.98	44.49	−40.25	7.63	−127.63
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.02	6.77	−2.92	3.36	−0.98	2.17	−1.19
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.12	0.83	0.04	0.03	0.17	0.00	0.03
Effective tax ratePublished threshold 17.16 per cent	−3.19	5.41	8.70	0.14	18.78	11.92	7.12	9.56	7.03	15.34
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.68	−0.39	9.01	−2.97	2.32

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
31 Aug 2026	ICRA Limited	Fund-based-Cash credit	[ICRA]AA-Review, Re-affirm	Stable	15
31 Aug 2026	ICRA Limited	Fund-based/Non-fund based-Others	[ICRA]AA-Review, Re-affirm	Stable	25.50
31 Aug 2026	ICRA Limited	Fund-based/Non-fund based-Others	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	10

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.