We expect Alembic Pharmaceutical Ltd.’s recovery in earnings growth over FY26E-FY27E, aided by ramp-up in new product launches offsetting US price erosion and recovery in domestic and RoW markets.
We maintain our ‘Accumulate’ rating with revised target price of Rs 1,040 at 22x FY27E P/E.
Key risks: Adverse pricing pressure in the US, currency movements and regulatory issues at any of its facilities.
