Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)
Alembic Ltd:
₹60 Cr PAT. ₹79.5/Share. A Hodgepodge
That Somehow Keeps Printing Money.
A 118-year-old holding company that demerged its pharma business, then basically sat down with real estate, APIs, and a 28% stake in a ₹6,800 crore pharmaceutical company. The stock is down 24% in a year, trading at 0.82x book value. Yet dividends flow. Confusion remains eternal.
Market Cap₹2,041 Cr
CMP₹79.5
P/E Ratio6.40x
Div Yield3.04%
ROE13.7%
01 — At a Glance
The Company That Demerged Its Dreams, Kept The Land
- 52-Week High / Low₹126 / ₹74.9
- Q3 FY26 Revenue₹74.3 Cr
- Q3 FY26 PAT₹60.1 Cr
- EPS (Q3)₹2.34
- TTM EPS₹12.41
- Book Value / Share₹98.8
- Price to Book0.82x
- Debt / Equity0.00x (mostly)
- Net Worth (Sep 2025)₹2,535 Cr
- Total Assets (Sep 2025)₹2,727 Cr
Flash Summary: Alembic posted Q3 PAT of ₹60.1 crore at a ₹79.5 stock price, valuing it at just 6.4x TTM earnings. The company is practically debt-free, holds a ₹5,570 crore stake in Alembic Pharma (more than 2.7x its market cap), and still trades below book value. The only mystery: why hasn’t the market re-rated this yet? The answer: because the real estate business keeps confusing everyone.
02 — Introduction
Once Upon A Time: 118 Years, One Identity Crisis
Alembic Limited was born in 1907 — back when Indians were debating whether to wear a waistcoat or just go with dhotis. For over a century, it made pharmaceuticals. Then, in 2010, the board had a think-and-decided: “You know what? Let’s split the company. We’ll keep the holding company, the real estate, the windmills, and the APIs. The actual money-making pharma formulations? Let’s spin that into Alembic Pharma Ltd and keep 28% of it as a trophy.”
Today’s Alembic is that trophy holder. It’s a real estate developer with 102 acres of land in Vadodara (and some posh projects), a minority shareholder in a ₹6,800 crore pharmaceutical company, and a marginal API manufacturer on life support. The stock has returned -25% in one year, -5.74% in five years, and somehow still pays a 3% dividend. This is a company where every quarter feels like showing up to a family gathering where nobody agrees on anything, but everyone leaves happy because there’s free food.
The Plot Twist: Alembic’s 28.5% stake in Alembic Pharmaceuticals (APL) is now worth ₹5,570 crore. Alembic Ltd itself has a market cap of ₹2,041 crore. Mathematically, the market is saying: “Your real estate + APIs + 71.5% of APL holdings we don’t own = negative ₹3,529 crore.” Yes, negative. The market is literally charging you to own the non-APL parts. This is a conundrum wrapped in confusion inside an enigma.
03 — Business Model: WTF Do They Actually Sell?
Real Estate Delivered Dreams. APIs Deliver… Mixed Results.
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