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 enabling capital allocation for growth and capacity expansion.

• FY26 revenue grew 6.9% year-on-year to ₹25,518 million, with Q4FY26 revenue at ₹6,891 million, up 6.1% YoY, driven by broad-based regional momentum.

• Non-GPL business grew 13% YoY, now contributing 71% of total revenue, while GPL business declined 4.9% YoY.

• CDMO business delivered 18% YoY growth for FY26, contributing 7% of the portfolio.

• Added 11 new products and 49 new customers in FY26, with a total portfolio of 176 molecules and over 900 customers.

Financial highlights

• FY26 revenue: INR 2,552 crore (₹25,518 million), up 6.9% year-on-year; Q4FY26 revenue: INR 689 crore (₹6,891 million), up 6.1% YoY.

• FY26 EBITDA: INR 858 crore (₹8,577 million), up 19.6% YoY; EBITDA margin at 33.6%, up 360 bps YoY.

• FY26 PAT: INR 565 crore (₹5,645 million), PAT margin at 22.1%; Q4FY26 PAT margin was 23.6%.

• Gross margin for FY26: 58.2%, up 350 bps YoY; Q4FY26 gross margin was 60.7%.

• R&D spend at 3.6% of sales for FY26; EPS for FY26 increased to ₹45.99 from ₹39.63 in FY25.

Outlook and guidance

• Management expects high single-digit revenue growth for FY27, with EBITDA margins sustained above 30%, supported by operating leverage and new product contributions.

• CapEx of INR 540 crore planned for FY27, fully funded by internal accruals; capacity to increase from 1,198 KL in FY24 to 2,690 KL by FY28.

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

• Expect continued double-digit growth in non-GPL business.

• The company continues to monitor regulatory developments regarding new Labour Codes and will recognize further accounting effects as required.