Date: October 29, 2026

Financial Performance Summary

Q2FY27 Results (Quarter ended September 30, 2026)

  • Revenue from operations: Rs. 6,820 Mn, growth of 16.0% YoY
  • EBITDA: Rs. 2,851 Mn, growth of 47.0% YoY
  • EBITDA margin: 41.8%, up 520 bps QoQ and 880 bps YoY
  • PAT: Rs. 1,968 Mn, growth of 51.3% YoY
  • PAT margin: 28.9%, up 390 bps QoQ and 680 bps YoY

H1FY27 Results (Half-year ended September 30, 2026)

  • Revenue from operations: Rs. 13,224 Mn, growth of 11.1% YoY
  • EBITDA: Rs. 5,192 Mn, growth of 38.4% YoY
  • EBITDA margin: 39.3%, up 780 bps YoY
  • PAT: Rs. 3,569 Mn, growth of 41.9% YoY
  • PAT margin: 27.0%, up 590 bps YoY

Performance Drivers

  • Broad-based momentum in non-GPL business, which grew at 20.8% YoY
  • CDMO business saw meaningful pick-up during the quarter
  • Favorable product mix and benefits of operating leverage contributed to margin expansion
  • New product launches supported growth

Cash Flow and Balance Sheet Position

  • Generated strong free cash flow of Rs. 2,702 Mn
  • Cash flow from operations: Rs. 270 crores during H1FY27
  • Cash and Cash Equivalents (including short-term investments): Rs. 10,116 Mn as of September 30, 2026
  • Maintains debt-free balance sheet

Management Commentary

Dr. Yasir Rawjee, MD & CEO:

  • Q2FY27 was another strong quarter with revenue growing 16.0% YoY
  • Healthy demand across all key markets and robust contributions from recent launches
  • Non-GPL business momentum was maintained
  • Improving business mix and greater operating efficiencies translated into better underlying profitability
  • Ongoing capacity expansion and healthy development pipeline provide confidence in sustaining momentum

Tushar Mistry, CFO:

  • Strong financial performance with healthy revenue growth, improved profitability and robust cash generation
  • Revenue growth supported by favorable product mix
  • Ample financial flexibility with cash and cash equivalents of Rs. 1,012 crores to support growth initiatives
  • Focus on sustaining profitable growth, maintaining financial discipline and creating long-term value

Additional Business Highlights

Intellectual Property and Filings

  • DMF/CEP filings: Total cumulative filings reached 630 as of September 30, 2026
  • Patent activity:
  • FY26: 15 patents filed, 4 patents granted
  • H1FY27: 10 patents filed, 3 patents granted
  • Cumulative patent grants: 88 as of September 30, 2026

HP API Portfolio

  • 30 APIs in active grid
  • 14 products validated
  • 7 products in advanced stages of development
  • 9 products progressing through lab development stages

Capex Update

Solapur Expansion

  • Phase 1: 340 KL capacity of Intermediate block and Backward Integration
  • Construction underway, expected completion in Q3 FY27
  • Phase 2: 125 KL capacity of API/Pharma block
  • Construction underway, expected completion in Q4 FY27

R&D Facility

  • New R&D facility in Taloja (Navi Mumbai) under construction
  • State-of-the-art center will enhance research capabilities in:
  • Flow chemistry
  • Complex products
  • Particle engineering
  • Oncology research
  • Green chemistry
  • Will strengthen pipeline across key therapeutic areas

Company Background

Alivus Life Sciences Limited is a leading developer and manufacturer of select, high-value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas including cardiovascular disease, central nervous system disease, pain management and diabetes. The company provides CDMO services to multinational and specialty pharmaceutical companies.

Business Profile

  • Diversified portfolio of 183 molecules
  • Supplies to customers in India, Europe, North America, Latin America, Japan, and Rest of the World
  • Four manufacturing facilities located in Ankleshwar, Dahej, Mohol and Kurkumbh
  • Total installed capacity: 1,424 KL
  • Facilities inspected by global regulators: USFDA, PMDA (Japan), EDQM (Europe)