Alivus Life Sciences (ALVUS) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹6,819.87m, up 16.0% YoY, supported by broad-based demand, launches and stronger CDMO activity.

• Improved product mix and operating efficiencies lifted EBITDA margin to 41.8% and PAT margin to 28.9%; adjusted EBITDA margin excluding one-time income was ~39.5%.

Financial highlights

• Q2 revenue rose 16.0% YoY; H1 FY27 revenue was ₹13,224.01m, up 11.1% YoY.

• Q2 EBITDA was ₹2,851m, up 47.0% YoY; H1 EBITDA was ₹5,192m, up 38.4%.

• Q2 net profit was ₹1,967.45m, up 51.3% YoY; H1 net profit was ₹3,568.21m, up 41.9%.

• Q2 gross margin was 64.4%, up 420 bps QoQ and 670 bps YoY; H1 gross margin was 62.3%, up 590 bps YoY.

• H1 operating cash flow was ₹4,596.91m, compared with ₹2,607.29m in H1 FY26.

Outlook and guidance

• FY27 revenue growth guidance of 10%-12% and EBITDA-margin guidance of 35%-36% were reaffirmed; management expects a stronger H2 contribution.

• CDMO revenue is expected to exceed last year; the longer-term target is to double the business to 12%-15% of revenue over 3-4 years.

• Planned capacity additions include ~100 KL at Ankleshwar by Q4 FY27, ~160 KL at Dahej by Q3 FY27 and 535 KL at Solapur by FY29.