NOMURA ON ALKEM LABS (CMP: ₹5,294.50) MAINTAIN BUY TARGET PRICE: ₹5,430 Q4 Sales In-line, EBITDA/PAT 2%/6% Below Est; FY26 Guidance A Mixed Bag Co Expects Effective Tax Rate To Rise To 35-37% In FY27, Vs Our Current Estimate Of 20% Increase In ETR Has A Negative Impact On Reported Earnings But No Impact On Cash Flows Co Expects Domestic Formulations Growth Approx 100 bps, Ahead Of Broader Market In FY26 Co Expects To Be In The First Wave Of Semaglutide Launch In India In March 2026