Alivus Life Sciences (ALVUS) Q4 25/26 earnings summary

Executive summary

• Completed two years under new promoter, Nirma, enhancing financial strength and business resilience, with strategic transformation and improved operating performance.

• FY26 revenue grew 6.9% year-on-year, EBITDA up 19.6%, and PAT up 16.2%, reflecting a shift toward non-GPL and CDMO segments.

• Non-GPL segment now contributes 71% of revenue, up from 59% in FY 2022, while GPL business declined 4.9% year-on-year.

• CDMO segment delivered a turnaround with 18% YoY growth for FY26, and regulated markets contributed 85% of Q4FY26 revenue.

• Audited financial results for FY26 were approved with an unmodified audit opinion, and a final dividend of Rs. 5 per share was recommended.

Financial highlights

• FY26 revenue: INR 2,552 crore (Rs. 25,518.32 million), up 6.9% year-on-year; Q4FY26 revenue: INR 689 crore (Rs. 6,891 million), up 6.1% YoY.

• FY26 EBITDA: INR 858 crore, up 19.6% YoY; EBITDA margin at 33.6%, up 366 bps; gross margin for FY26: 58.2%, up 350 bps YoY.

• FY26 PAT: INR 565 crore (Rs. 5,644.83 million), PAT margin at 22.1%; EPS for FY26 increased to 45.99 from 39.63 in FY25.

• Free cash flow for FY26 was Rs. 2,590 million; cash and equivalents at Rs. 7,824 million as of March 31, 2026.

• R&D spend at 3.6% of sales for FY26.

Outlook and guidance

• Confident in sustaining EBITDA margins in the 30%-32% range, with high single-digit revenue growth expected for FY27.

• CapEx of INR 540 crore planned for FY27, fully funded by internal accruals; ongoing capacity expansions and R&D investments to support growth.

• Solapur phase I to be operational in Q2 FY27, supporting backward integration and margin improvement.

• Capacity to increase from 1,198 KL in FY24 to 2,690 KL by FY28.

• Continued monitoring of regulatory developments, including new Labour Codes.