*Alkem Laboratories Ltd.* | *CMP* Rs. 5230 | *M Cap* Rs. 62532 Cr | *52 W H/L* 6440/4410 (Nirmal Bang Retail Research) *Result is below expectations* Revenue from Operations came at Rs. 3143.8 Cr (-6.8% QoQ, 7.1% YoY) vs expectation of Rs. 3143.1 Cr, QoQ Rs. 3374.3 Cr, YoY Rs. 2935.8 Cr EBIDTA came at Rs. 391.3 Cr (-48.5% QoQ, -2.7% YoY) vs expectation of Rs. 437.6 Cr, QoQ Rs. 759.4 Cr, YoY Rs. 402 Cr EBITDA Margin came at 12.4% vs expectation of 13.9%, QoQ 22.5%, YoY 13.7% Adj. PAT came at Rs. 305.9 Cr vs expectation of Rs. 342.9 Cr, QoQ Rs. 625.8 Cr, YoY Rs. 306.1 Cr Quarter EPS is Rs. 25.6 Stock is trading at P/E of 25.7x FY26E EPS