Alembic Limited clears Rs 10.64 crore borrowings by September

Alembic Limited repaid Rs 10.64 crore of reported current and non-current borrowings by 30 September 2026, while its combined consolidated investment holdings increased Rs 249.16 crore to Rs 2,223.31 crore from 31 March 2026. Consolidated equity also rose Rs 230.56 crore to Rs 2,675.65 crore over the six months.

Did Alembic repay all of its borrowings?

Yes. Alembic reported nil non-current borrowings and nil current borrowings at 30 September 2026, compared with Rs 6.61 crore of non-current borrowings and Rs 4.03 crore of current borrowings at 31 March 2026. The two March balances totalled Rs 10.64 crore, matching the borrowing repayment in the consolidated cash-flow statement for the half year ended 30 September 2026.

The repayment formed part of Rs 72.93 crore of financing cash outflows in the six-month period. Dividends paid accounted for Rs 61.17 crore, interest and other finance costs were Rs 1.12 crore, and repayment of borrowings was Rs 10.64 crore. In the half year ended 30 September 2025, financing cash outflow was Rs 64.30 crore, including Rs 61.28 crore of dividends and Rs 1.86 crore of borrowing repayment.

The removal of reported borrowings coincided with consolidated finance costs of Rs 1.12 crore for the September 2026 half year, compared with Rs 1.16 crore a year earlier. Alembic nevertheless reported Rs 50.25 crore of non-current liabilities and Rs 100.47 crore of current liabilities at period-end, comprising items including provisions, deferred tax, trade payables, other financial liabilities and current tax liabilities.

How much did Alembic's investments and equity change?

Alembic's combined consolidated investment holdings increased Rs 249.16 crore to Rs 2,223.31 crore at 30 September 2026 from Rs 1,974.15 crore at 31 March 2026. The calculation combines non-current investments, investments accounted for using the equity method, and current investments disclosed in the consolidated balance sheet.

Non-current investments produced the largest movement among the three investment categories, rising Rs 151.37 crore to Rs 324.47 crore. Investments accounted for using the equity method increased Rs 76.37 crore to Rs 1,780.80 crore, while current investments rose Rs 21.42 crore to Rs 118.04 crore. The filing does not identify the individual instruments or transactions responsible for these balance-sheet movements.

Total equity rose Rs 230.56 crore during the six months, as equity share capital remained Rs 51.36 crore and other equity increased to Rs 2,624.30 crore from Rs 2,393.73 crore. Total consolidated assets rose Rs 236.87 crore to Rs 2,826.38 crore, while total liabilities increased Rs 6.30 crore to Rs 150.72 crore. The reported asset increase was therefore largely reflected in the higher equity balance rather than in higher total liabilities.

What do Alembic's cash flows show about capital allocation?

Alembic generated Rs 30.57 crore of net operating cash inflow in the half year ended 30 September 2026, compared with Rs 50.19 crore a year earlier, and recorded Rs 42.70 crore of net investing cash inflow. Financing activities used Rs 72.93 crore, leaving cash and cash equivalents at Rs 1.75 crore, up from Rs 1.41 crore at the beginning of the period.

Operating cash inflow declined while consolidated profit before tax was Rs 90.09 crore, compared with Rs 104.57 crore in the prior-year six months. Operating profit before working-capital changes was Rs 23.63 crore, down from Rs 46.84 crore, after the cash-flow reconciliation deducted Rs 68.49 crore of dividend income. Direct taxes paid increased to Rs 14.94 crore from Rs 11.06 crore.

Investing cash inflow of Rs 42.70 crore included Rs 197.01 crore of investment sale or redemption proceeds, Rs 68.49 crore of dividends received and Rs 2.90 crore of interest received. Alembic purchased Rs 217.44 crore of investments and spent Rs 7.83 crore on property, plant and equipment, investment property, capital work-in-progress and capital advances. Investment purchase outflows were therefore accompanied by larger reported sale or redemption proceeds during the period.

Which operating segments changed during the half year?

Alembic's consolidated revenue from operations declined to Rs 78.99 crore in the half year ended 30 September 2026 from Rs 105.61 crore a year earlier, with both disclosed operating segments reporting lower revenue. The real estate business remained the larger revenue contributor at Rs 60.48 crore, while the active pharmaceutical ingredients business reported Rs 18.51 crore.

Real estate revenue fell Rs 21.87 crore from Rs 82.35 crore in the prior-year half, and its segment result declined to Rs 18.64 crore from Rs 36.35 crore. Active pharmaceutical ingredients revenue fell Rs 4.75 crore from Rs 23.26 crore, while its segment result decreased to Rs 1.49 crore from Rs 4.68 crore. Total segment results before interest and tax consequently declined to Rs 20.13 crore from Rs 41.03 crore.

Dividend income and gain or loss on fair-value change of financial assets were Rs 70.47 crore for the six months, compared with Rs 62.70 crore in the prior-year period. Share of associate profit was Rs 144.49 crore, up from Rs 96.27 crore. Consequently, consolidated profit after tax and share of associate profit increased to Rs 227.74 crore from Rs 190.13 crore, although net profit after tax before the associate share declined to Rs 83.26 crore from Rs 93.86 crore.

Conclusion

Alembic's 30 September 2026 consolidated disclosures show a balance-sheet change in which Rs 10.64 crore of reported borrowings was repaid, combined investment holdings rose Rs 249.16 crore and total equity increased Rs 230.56 crore. The cash-flow statement also records Rs 30.57 crore of operating cash inflow, Rs 42.70 crore of investing cash inflow and Rs 61.17 crore of dividend payments in the six-month period.

The filing discloses no new investment target, borrowing plan, capital project or scheduled event. Future consolidated disclosures will show whether the nil reported borrowing position continues, and whether investment balances change from the Rs 2,223.31 crore reported at 30 September 2026.