During Q4FY25, Alembic Pharma’s revenue stood at INR 17,696 Mn, up by 16.7% YoY (+4.5% QoQ), above our estimates by 11.6% driven by strong growth traction in the USA and Ex-USA segment. EBITDA stood at INR 2,719 Mn., up by 4.6% YoY (+4.5% QoQ), sharply above our estimates led by 34.7% led by higher-than-expected revenue and higher operating leverage.