ALPA - Alpa Laboratorie

📊 NSE: ALPA 🏢 Pharmaceuticals - Indian - Formulations 📅 Last Updated: 12/13/2025 18:12

💰 Financial Performance

Revenue Growth by Segment

The company operates in a single segment of Drugs & Chemicals, which achieved a standalone total income of INR 13,575.71 Lacs in FY 2024-25, representing a growth of 9.82% compared to INR 12,361.28 Lacs in the previous year.

Geographic Revenue Split

Not disclosed in available documents, although the company highlights a strategic focus on expanding export revenues and penetrating new international markets.

Profitability Margins

Profit After Tax (PAT) margin stood at 14.6% for FY 2024-25, with PAT increasing 17.62% YoY to INR 1,982.90 Lacs. Profit Before Tax (PBT) grew by 24.99% to INR 2,584.12 Lacs.

EBITDA Margin

EBITDA margin improved to 20.85% in FY 2024-25 from 18.62% in FY 2023-24, with absolute EBITDA growing 22.99% to INR 2,830.99 Lacs.

Capital Expenditure

Property, plant, and equipment (standalone) was valued at INR 2,105.38 Lacs as of September 30, 2025. Net cash outflow for the purchase of property, plant, and equipment was INR 166.82 Lacs for the half-year ended September 2025.

Credit Rating & Borrowing

The company's bank facilities are rated 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. Interest charges decreased by 31.60% YoY to INR 26.63 Lacs in FY 2024-25, indicating reduced borrowing costs or debt levels.

⚙️ Operational Drivers

Raw Materials

Active Pharmaceutical Ingredients (APIs) and other key raw materials represent approximately 52% of total income, with costs amounting to INR 7,071.93 Lacs in FY 2024-25.

Import Sources

Not disclosed in available documents; however, the company notes a significant dependence on imported APIs.

Capacity Expansion

Not disclosed in available documents, but the permanent workforce increased by 10.48% to 453 employees in FY 2024-25 to support expanding operations.

Raw Material Costs

Cost of materials consumed was INR 7,071.93 Lacs in FY 2024-25. For the half-year ended September 2025, standalone material costs were INR 2,849.50 Lacs, representing 47.1% of total income for that period.

📈 Strategic Growth

Expected Growth Rate

9.82%

Growth Strategy

Growth will be driven by expanding the geographic footprint in overseas markets to enhance export revenues, investing in R&D for new product launches, and upgrading manufacturing facilities to meet global compliance standards like USFDA and EMA.

Products & Services

The company manufactures a wide range of pharmaceutical products, specifically generic formulations and drugs & chemicals.

Brand Portfolio

Alpa Laboratories.

Market Expansion

Strategic entry into new international markets is identified as a key driver for future topline growth.

🌍 External Factors

Industry Trends

The industry is seeing heightened scrutiny from USFDA, EMA, and WHO. There is a shift toward biotechnology and digital healthcare, requiring companies to adopt new technologies to avoid obsolescence.

Competitive Landscape

Intense competition from domestic players, multinational corporations, and generic manufacturers in both domestic and international markets.

Competitive Moat

Moat is built on WHO-GMP and ISO 9001:2000 certifications and a diversified product portfolio. Sustainability depends on maintaining high compliance standards to differentiate from domestic competitors.

Macro Economic Sensitivity

Highly sensitive to inflation and interest rate fluctuations, which impact operational costs and the 31.60% reduction in interest charges seen in FY25.

Geopolitical Risks

Trade restrictions and changing geopolitical dynamics are cited as risks that may affect exports and overall profitability.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the National Pharmaceutical Pricing Authority (NPPA) for pricing and global bodies like USFDA, EMA, and WHO for manufacturing standards.

Environmental Compliance

The company is subject to environmental regulations and climate-related sustainability mandates, though specific compliance costs are not disclosed.

Taxation Policy Impact

The effective tax rate for FY 2024-25 was approximately 23.8%, with total tax and deferred tax expenses rising 58.13% to INR 616.18 Lacs.

Legal Contingencies

The company has pending litigations disclosed in Note 35 of its financial statements, though management and auditors state these are not expected to have a material impact on the financial position.