Alkem reported 7.1% YoY revenue growth in Q4 to Rs. 3144 Cr, with India sales up 8.1% and international up 7.2%. FY25 revenue rose 2.3% to Rs. 12,965 Cr; EBITDA grew 12% with margins expanding to 19.4%, and PAT rose 20.6% to Rs. 2165 Cr. Domestic volume growth outpaced the market by 90 bps, led by strong traction in anti-infectives and chronic therapies. The US business showed signs of stabilization, targeting mid-single-digit growth with ongoing pricing pressures. Enzene CDMO plant is on track for Q2 start; Rs. 550 Cr capex spent and Rs. 100-125 Cr EBITDA losses expected from CDMO and MedTech units. Gross margins dipped in Q4 due to one-offs but should stabilize near 63%. Management is confident about sustained growth and margin stability, driven by tactical interventions and expanded R&D focused on complex therapies.