Alivus Life Sciences (ALVUS) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue reached INR 588 crore (5,880 Mn), up 16% YoY, driven by strong non-GPL business growth of 39.7% YoY, now comprising 76% of total revenue, and successful new product launches.

• EBITDA for Q2 FY26 was INR 194 crore (1,939 Mn), up 35.7% YoY, with margin at 33%, a 480 bps YoY improvement.

• PAT for Q2 FY26 was INR 130 crore (1,301 Mn), up 36.5% YoY, with a PAT margin of 22.1%.

• Free cash flow generation was strong at INR 148 crore (1,477 Mn), with cash and equivalents at INR 653 crore (6,526 Mn) as of September 30, 2025.

• Board approved unaudited financial results for Q2 and H1 FY26, reviewed and unmodified by the statutory auditor.

Financial highlights

• Q2 FY26 revenue: INR 588 crore (5,880 Mn, up from 5,068.79 Mn in Q2 FY25), +16% YoY; H1 FY26 revenue: INR 1,190 crore (11,898 Mn), +8.6% YoY.

• Q2 gross margin: 57.7%, up 210 bps YoY and 260 bps QoQ; Q2 EBITDA: INR 194 crore (1,939 Mn), margin 33%.

• Q2 PAT: INR 130 crore (1,301 Mn), margin 22.1%; H1 PAT: INR 252 crore (2,516 Mn), up 21.7% YoY.

• EPS for Q2 FY26: 11.57, up from 7.78 in Q2 FY25.

• ROICE for H1 FY26: 29%; Fixed Asset Turnover Ratio: 2.4x.

Outlook and guidance

• Guidance reaffirmed for high single-digit revenue growth in FY26, with stronger performance expected in H2, supported by non-GPL momentum and improved GPL visibility.

• Margins expected to be sustained at around 30%, supported by new launches and operational efficiency.

• CDMO and GPL businesses anticipated to rebound in H2 FY26, with new project additions.

• Company continues to focus on the API segment as its core business.