Pharmaceuticals
Pharma - Formulators
ALKEM delivered in-line revenue and EBITDA/PAT beat in 1QFY27, driven by improved segmental mix and higher-than-expected operating leverage. Considering the front-loading of opex in new business initiatives like Enzene CDMOs and enhanced efforts to improve profitability of med-tech business, we expect earnings to decline in FY27 and subsequently revive FY28 onward. Maintain Neutral.
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