Dear Members,
Your Directors have pleasure in presenting their 119th Annual Report together with the
Audited Financial Statements for the financial year ended on 31st March, 2026.
(1) Operations and State of Affairs of the Company:
Particulars |
For the Year ended |
|
31st March, 2026 |
31st March, 2025 |
| Revenue from operations |
23,193.16 |
21,435.79 |
| Other Income |
7,277.04 |
7,451.02 |
| Profit for the year before Interest, Depreciation and Tax |
16,046.35 |
16,406.35 |
Less: |
|
|
| Interest (net) |
156.74 |
182.98 |
| Depreciation & Amortization Expenses |
1,200.60 |
1,024.46 |
| Profit before Tax |
14,689.01 |
15,198.91 |
Less: |
|
|
| Tax Expenses |
2,235.18 |
1,004.19 |
Profit after Tax |
12,453.83 |
14,194.71 |
| Other Comprehensive Income |
(9,464.55) |
(3,588.73) |
Total Comprehensive Income |
2,989.28 |
10,605.98 |
| Break-up of segment wise standalone revenue is as under: |
|
|
Particulars |
2026 |
2025 |
| Real Estate Business |
18,534.64 |
18,214.31 |
| API Business |
4,658.52 |
3,221.48 |
Total |
23,193.16 |
21,435.79 |
The Standalone and Consolidated Financial Statements are prepared in accordance with
the Companies (Indian Accounting Standards) Rules, 2015 prescribed under Section 133 of
the Companies Act, 2013 (“Act”).
(2) Transfer to Reserve:
During the year, no amount was transferred to any of the reserves of the Company.
(3) Dividend:
The Board of Directors at their meeting held on 19th May, 2026 have recommended
Dividend of Rs. 2.40/- (i.e.120%) per equity share having face value Rs. 2/- each for the
financial year ended 31st March, 2026 which is the same as the dividend of Rs. 2.40/-
(i.e.120%) per equity share having face value Rs. 2/- each for the financial year ended
31st March, 2025.
(4) Management Discussion and Analysis Report:
The Management Discussion and Analysis Report as required under Regulation 34 read with
Schedule V of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations, 2015”) is
annexed herewith as Annexure A. Certain Statements in the said report may be
forward-looking. Many factors may affect the actual results, which could be different from
what the Directors envisage in terms of future performance and outlook.
(5) Subsidiaries, Associates and Joint Ventures:
A statement containing the salient features of the financial statements of subsidiary
and associate companies, as per Section 129(3) of the Act, is part of the consolidated
financial statements.
In accordance with fourth proviso of Section 136(1) of the Act, the Annual Report of
the Company, containing therein its standalone and the consolidated financial statements
has been placed on the website of the Company, www.alembiclimited.com. Further, as per
fifth proviso of the said section, separate audited annual accounts of the subsidiary
company have also been placed on the website of the Company. Any Shareholder interested in
obtaining a physical copy of the audited annual accounts of the subsidiary company may
write to the Company Secretary requesting for the same.
As on 31st March, 2026, Alembic City Limited is a wholly owned material subsidiary of
the Company. The Company has a policy for determining Material Subsidiary. The same is
available on the website of the Company as mentioned below:
https://www.alembiclimited.com/policy/Policy-on-Material-Subsidiaries.pdf
(6) Directors:
During the year under review, the Board of Directors, based on the recommendation of
Nomination and Remuneration Committee and approval of the Audit Committee, appointed Mr.
Udit Amin (DIN: 00244235), who was serving as a Non-Executive Non-Independent Director, as
the Managing Director (KMP) of the Company, not liable to retire by rotation for a period
of 5 (five) years w.e.f. 1st October, 2025. The Members of the Company approved the
appointment of Mr. Udit Amin and remuneration payable to him by way of a special
resolution passed through Postal Ballot. The Company also obtained approval from the
Central Government for the said appointment as Mr. Udit Amin is a Non-Resident Indian
(NRI) in terms of Explanation I in Part I of Schedule V to the Act.
Mrs. Malika Amin (DIN: 00242613) relinquished the position of Managing Director &
CEO of the Company w.e.f. 1st January, 2026. She continues to serve as a Non-Executive
Non-Independent Director, liable to retire by rotation.
In accordance with the provisions of Section 152 and other applicable provisions, if
any, of the Act and the Articles of Association of the Company, Mrs. Malika Amin (DIN:
00242613), Non-Executive Non-Independent Director of the Company, will retire by rotation
at the ensuing Annual General Meeting (“AGM”) and being eligible, offers herself
for re-appointment.
(7) Key Managerial Personnel:
Mr. Udit Amin, Managing Director, Mr. Rasesh Shah, CFO and Mr. Keval Thakkar, Company
Secretary are the Key Managerial Personnel of the Company.
(8) Meetings of the Board:
Four (4) Meetings of Board of Directors were held during the financial year ended 31 *
March, 2026. The details of the Board Meetings with regard to the dates and attendance of
each of the Directors thereat are provided in the Report on Corporate Governance forming
part of this Annual Report.
Independent Directors:
The Company has received declarations / confirmations from all the Independent
Directors of the Company as required under Section 149(7) of the Act read with Rule 6 of
the Companies (Appointment and Qualifications of Directors) Rules, 2014 and Regulation
25(8) of the SEBI Listing Regulations, 2015.
(10 Performance Evaluation:
Pursuant to the provisions of the Act, SEBI Listing Regulations, 2015 and Nomination
and Remuneration Policy of the Company, the Nomination and Remuneration Committee
(“NRC”) and the Board has carried out the annual performance evaluation of the
Board, its Committees and individual Directors by way of individual and collective
feedback from Directors. The Independent Directors have also carried out annual
performance evaluation of the Chairperson, the Non-Independent Directors and the Board as
a whole. Structured questionnaires covering the evaluation criteria laid down by the NRC,
prepared after taking into consideration inputs received from Directors were used for
carrying out the evaluation process.
The Directors expressed their satisfaction with the evaluation process.
Audit Committee:
In compliance with the requirements of Section 177 of the Act and Regulation 18 of the
SEBI Listing Regulations, 2015, the Company has formed an Audit committee. The composition
of the Committee is provided in the Report on Corporate Governance forming part of this
Annual Report. The Committee inter alia reviews the Internal Control System, Reports of
Internal Auditors, Key Audit Matters presented by the Statutory Auditors and compliance of
various regulations. The Committee also reviews the financial results and financial
statements before they are placed before the Board of Directors. During the financial year
2025-26, the recommendations of Audit Committee were duly accepted by the Board.
? Vigil Mechanism/Whistle Blower Policy:
Pursuant to the provisions of Section 177(9) & (10) of the Act and Regulation 22 of
the SEBI Listing Regulations, 2015, a Vigil Mechanism or Whistle Blower Policy for
directors, employees and other stakeholders to report genuine concerns has been
established. The same is also uploaded on the website of the Company and the web-link as
required under SEBI Listing Regulations, 2015 is as under:
https://www.alembiclimited.com/policy/Whistle-Blower-Policy.pdf
? Internal Control Systems:
The Company's internal control procedures which includes internal financial controls,
ensure compliance with various policies, practices and statutes and keeping in view the
organization's pace of growth and increasing complexity of operations. The internal
auditors' team carries out extensive audits throughout the year across all locations and
across all functional areas and submits its reports to the Audit Committee. The Audit
Committee of the Company actively reviews the adequacy and effectiveness of the internal
control systems.
(14 Corporate Social Responsibility:
Alembic Group has been proactively carrying out CSR activities since more than fifty
years. Alembic Group has established, nurtured and promoted various Non-Profit
organizations focusing on three major areas - Education, Healthcare and Rural Development.
In compliance with requirements of Section 135 of the Act, the Company has laid down a
CSR Policy. The composition of the Committee, contents of CSR Policy and report on CSR
activities carried out during the financial year ended 31st March, 2026 in the format
prescribed under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is
annexed herewith as Annexure B.
(14 Policy on Nomination and Remuneration:
In compliance with the requirements of Section 178 of the Act and Regulation 19 of the
SEBI Listing Regulations, 2015, the Company has laid down a Nomination and Remuneration
Policy which has been uploaded on the Company's website. The web-link as required to be
disclosed under the Act is as under:
https://www.alembiclimited.com/policy/NRC-Policy.pdf The salient features of the NRC
Policy are as under:
1) Setting out the objectives of the Policy.
2) Definitions for the purposes of the Policy.
3) Policy for appointment and removal of Director, KMP and Senior Management Personnel.
4) Policy relating to the Remuneration for the Managerial Personnel, KMP Senior
Management Personnel & other employees.
5) Remuneration to Non-Executive / Independent Director.
(16 Dividend Distribution Policy:
In compliance with the requirements of Regulation 43A of the SEBI Listing Regulations,
2015, the Company has laid down a Dividend Distribution Policy, which has been uploaded on
the Company's website. The web-link as required under SEBI Listing Regulations, 2015 is as
under:
https://www.alembiclimited.com/policy/AL-Dividend%20
Distribution%20Policy.pdf
? Related Party Transactions:
In accordance with the requisite approvals obtained, the Company has entered into
transactions with the related party(ies) as mentioned in Note No. 36(D) of Standalone
Financial Statements. There were no related party transactions entered into by the
Company, which may have potential conflict with the interest of the Company.
Necessary disclosure in Form AOC-2 in terms of Section 134 of the Act read with Rule 8
of the Companies (Accounts) Rules, 2014, with respect to the applicable transactions is
annexed herewith as Annexure C. Save and except the above, the Company has not entered
into any other arrangement / transaction with related parties which could be considered
material in accordance with the Company's Policy on Related Party Transactions, read with
the SEBI Listing Regulations, 2015, during the year under review.
The Board has approved a policy for related party transactions which has been uploaded
on the Company's website. The web-link as required to be disclosed under SEBI Listing
Regulations, 2015 is as under:
https://www.alembiclimited.com/policy/Related-Party-
Transaction-Policy.pdf
(14 Corporate Governance Report:
The Report on Corporate Governance as stipulated under Regulation 34(3) read with
Schedule V of the SEBI Listing Regulations, 2015 forms part of this Annual Report.
The certificate from M/s. Samdani Shah & Kabra, Practicing Company Secretaries
required as per the aforesaid Schedule V confirming compliance with the conditions of
Corporate Governance as stipulated under the SEBI Listing Regulations, 2015 is annexed to
the Report on Corporate Governance.
(14 Business Responsibility & Sustainability Report:
The Business Responsibility & Sustainability Report as required under Regulation
34(2)(f) of the SEBI Listing Regulations, 2015, forms part of this Annual Report.
(20 Listing of shares:
The equity shares of the Company are listed on BSE Limited (BSE) and National Stock
Exchange of India Limited (NSE) with Stock Code 506235 and security ID / symbol of
ALEMBICLTD respectively. The ISIN for equity shares is INE426A0I027.
The Company confirms that the annual listing fees for the financial year 2026-27 have
been paid to both the stock exchanges.
24 Loans, Guarantee or Investments:
During the year under review, the Company has not granted any Loans and given any
Guarantees falling within the purview of the provisions of Section I86 of the Act read
with the Companies (Meetings of Board and its Powers) Rules, 2014. The details of
Investments made under the said provisions are provided in Note No. 6 & 10. of Notes
to Standalone Financial Statements of the Company.
Auditors:
(a) Statutory Auditors:
In compliance with the provisions of Section 139 of the Act read with Companies (Audit
and Auditors) Rules, 2014, M/s. CNK & Associates LLP Chartered Accountants, having
Firm Registration No. 10196W/ W-100036 were appointed as Statutory Auditors of the Company
by the Members at their 115th AGM held on 20th September, 2022 to hold office for a second
term of five (5) years i.e. till the conclusion of 120th AGM for the financial year ended
2026-27.
The Auditor's Report for financial year 2025-26 does not contain any qualification,
reservation or adverse remark. The Auditor's Report is enclosed with the financial
statements in this Annual Report.
(b) Secretarial Auditors:
In compliance with the provisions of Section 204 of the Act read with rules framed
thereunder and Regulation 24A SEBI Listing Regulations, 2015, M/s. Samdani Shah &
Kabra, Practicing Company Secretaries, Vadodara, having Firm Registration Number:
P2008GJ016300 were appointed as Secretarial Auditors of the Company by the Members at
their 118th AGM held on 12th August, 2025 for a term of five years commencing from
financial year 2025-26 till financial year 2029-30.
The Secretarial Audit Report of M/s. Samdani Shah & Kabra, Practicing Company
Secretaries for the financial year ended 2025-26, is annexed as Annexure D. The
Secretarial Audit Report does not contain any qualification, reservation or adverse
remark.
In accordance with the provisions of Regulation 24A of SEBI Listing Regulations, 2015,
M/s. Samdani Shah & Kabra, Practicing Company Secretaries, Vadodara were appointed by
the Board of Directors of Alembic City Limited (“ACL”), material unlisted Indian
subsidiary to conduct its Secretarial Audit. The Secretarial Audit Report issued by them
for ACL is annexed as Annexure E to this Report. The said Secretarial Audit Report does
not contain any qualification, reservation or adverse remark.
During the year under review, the Company has complied with all the applicable
provisions of the Secretarial Standards as prescribed by the Institute of Company
Secretaries of India.
(c) Cost Auditors:
The provisions of Section 148(1) of the Act and the Companies (Cost Records and Audit)
Rules, 2014 with regard to maintenance of cost records are applicable to the Company and
the Company has made and maintained the cost records as specified therein.
The Board of Directors appointed M/s. Santosh Jejurkar & Associates, Cost &
Management Accountants as Cost Auditors for conducting audit of the cost records
maintained by the Company for the financial year 2026-27.
(d) Internal Auditors:
The Board of Directors appointed M/s. Sharp & Tannan Associates, Chartered
Accountants as Internal Auditors of the Company for the financial year 2026-27.
Risk Management:
The Company has constituted a Risk Management Committee to review the risk management
process of the Company. Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuing basis. These are
discussed at the meetings of the Risk Management Committee, Audit Committee and the Board
of Directors.
Material Changes:
There have been no material changes and commitments affecting the financial position of
the Company since the close of financial year ended 31st March, 2026. Further, it is
hereby confirmed that there has been no change in the nature of business of the Company.
Annual Return:
A copy of Annual Return as required under Section 92(3) and Section I34(3)(a) of the
Act has been placed on the website of the Company. The web-link as required under the Act
is as under:
https://www.alembiclimited.com/#services
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
The information required under Section 134(3)(m) of the Act read with Rule 8(3) of the
Companies (Accounts) Rules, 2014, is annexed herewith as Annexure F.
(23 Particulars of employees and related disclosures:
Disclosures pertaining to remuneration and other details as required under Section
197(12) of the Act read with Rule 5(I) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is annexed herewith as Annexure G.
A statement showing the names and particulars of the employees falling within the
purview of Rule 5(2) of the aforesaid Rules are provided in the Annual Report. The Annual
Report is being sent to the members of the Company excluding the aforesaid information.
The said information is available for inspection at the Registered Office of the Company
during working hours and the same will be furnished on request in writing to the members.
(28 Other Disclosures:
(a) During the year under review, the Company has not accepted any deposits covered
under Chapter V of the Act. Therefore, requirement of disclosure of details relating to
deposits as per Section 134(3)(q) of the Act read with rules made thereunder is not
applicable.
(b) The Company does not have any scheme of provision of money for the purchase of its
own shares by employees or by trustees for the benefit of employees.
(c) In the opinion of the Board, the Independent Directors are person of integrity and
possess expertise, experience and proficiency.
(d) The Managing Director of the Company has not received any remuneration or
commission from its subsidiary.
(e) No fraud has been reported by the Auditors under Section 143(2) of the Act to the
Audit Committee or the Board.
(f) No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Company's operations in future.
(g) The Company has in place a policy on prevention of Sexual Harassment in line with
the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 and has constituted the Internal Complaints Committee to redress
complaints received regarding sexual harassment. During the year, no complaint was
received by the Company.
(h) The Company has complied with the provisions of the Maternity Benefit Act, 1961.
The Company remains committed to providing a supportive work environment in accordance
with statutory requirements.
(i) Neither any application was made nor any proceeding is pending under the Insolvency
and Bankruptcy Code, 2016.
(j) No settlements have been done with banks or financial institutions.
(28 Directors' Responsibility Statement:
Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of its
knowledge and ability, confirm that:
(a) in preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures, if any;
(b) they have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of the Company at the end of the financial year and of the profit
of the Company for that period;
(c) they have taken proper and sufficient care for maintenance of adequate accounting
records in accordance with the provisions of the Act, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
(d) they have prepared the annual accounts on a going concern basis;
(e) they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and operating effectively; and
(f) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
| For and on behalf of the Board of Directors, |
|
|
Chirayu Amin |
|
Chairman |
Alembic Limited |
DIN: 00242549 |
| CIN: L26I00GJI907PLC000033 |
|
| Reg. Off.: Alembic Road, Vadodara - 390 003 |
|
| Tel: +91 265 6637000 |
|
| E-mail ID: alembic.investors@alembic.co.in |
|
| Website: www.alembiclimited.com |
|
| Date: 19th May, 2026 |
|
| Place: Vadodara |
|
