Alivus Life Sciences Ltd(ALIVUS)

NSE: ALIVUSBSE: 543322

₹ 1,245.5-1.74%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 15,291 crNext results: 29 Oct 2026Website: www.glenmarklifesciences.comUpdated: 24 Oct 2026

About

Alivus Life Sciences Ltd is an Indian active pharmaceutical ingredient (API) manufacturer supplying generic API and contract development and manufacturing (CDMO) services to regulated and emerging markets worldwide. In FY26 the company reported revenue of Rs 2,551.83 crore and EBITDA of Rs 832.04 crore. Regulated markets accounted for 83% of revenue in Q1 FY27, with manufacturing sites at Ankleshwar and Dahej holding clean USFDA status.^[1][2]

Business segments

Non-GPL (generic API sold outside the GPL channel) was 71% of total revenue in FY26, up from 59% in FY22, growing 13% in FY26 and a further 26.5% YoY in Q1 FY27.^[3][2]
GPL (generic pharmaceutical licensee channel) contributed ~11% of Q1 FY27 revenue, down from 29% in FY26 and 41% in FY22, following a 52.6% YoY decline on customer inventory rationalisation.^[2][3]
CDMO was 7% of total revenue in FY26 (up from 6% in FY25), with 5 live projects; the segment grew 18% YoY in FY26 and 3.8% YoY in Q1 FY27.^[3][2]

Products and portfolio

The portfolio stood at 176 unique molecules as of FY26, after 11 new products were added during the year; total cumulative DMF and CEP filings reached 617 as of Q1 FY27.^[3][2]
Chronic therapy APIs contributed 74% of revenue in Q1 FY27 and 67% in FY26.^[2][3]
The high-potency (HP) API pipeline had 29 products in active development as of Q1 FY27, with a total addressable market of ~$82 billion; 13 are validated, 7 in advanced development and 9 in lab stage.^[2]
The company commercialised its first flow chemistry product in FY26, establishing the technology as a new R&D direction alongside complex API and HP API platforms.^[3]
An API-plus model - bundling regulatory, analytical and documentation support with API supply - is being extended from CDMO customers to selected generic API customers and carries higher margins than pure API.^[4]

Manufacturing operations

Ankleshwar plant received a USFDA inspection in January 2025 with one observation; classification outcome: VAI (Voluntary Action Indicated).^[2]
Dahej plant received a USFDA inspection in May 2025 with zero observations; classification outcome: NAI (No Action Indicated).^[2]
Total installed reactor capacity was 1,198 KL in FY24; the expansion programme targets 2,690 KL by FY29.^[3][2]
R&D spend was 3.7% of sales in Q1 FY27, up from 3.6% in FY26; steady-state target is ~4% of sales.^[2][3]

Key operating metrics

Regulated markets (Europe, US, Japan and other regulated geographies) accounted for 83% of revenue in Q1 FY27, consistent with 83% in Q3 FY26.^[2][5]
Gross margin was 60.2% in Q1 FY27, up 510 bps YoY from 55.1% in Q1 FY26, driven by new product launches and favourable mix; Q4 FY26 gross margin was 60.7%, +420 bps YoY.^[2][3]
EBITDA margin reached 36.6% in Q1 FY27 (+650 bps YoY) and was 33.6% for full-year FY26 (+360 bps YoY), the highest in the company's history at the time.^[2][3]
CDMO has 5 live projects; peak run-rate for Projects 4 and 5 together is guided at ~$12 million, expected in H2 FY27.^[5]
Fixed asset turnover was 2.2x in FY26.^[3]

Customers and distribution

Total customer base was ~900 as of FY26, with 49 new customers added during the year.^[3]
Japan commercial product count grew from 4 to 8 - 9 in FY26; management guides ~4 new molecule commercialisations per year in Japan for the next 2 - 3 years.^[4]
LATAM (Brazil, Argentina, Mexico) recovered fully in FY26 after Argentina FX normalisation; new launches have also been made in Europe, China, LATAM and Russia.^[4][5]

Expansion and capex

Solapur greenfield Phase 1 (~350 KL backward integration block) targets Q3 FY27; Phase 2 (~115 KL API/intermediate) targets Q4 FY27; Phase 3 (~535 KL) deferred to FY29 from FY28.^[2]
Dahej brownfield expansion (~160 KL) and Ankleshwar brownfield expansion (~100 KL) target Q3 FY27 and Q4 FY27 respectively.^[2]
FY27 capex guidance is approximately Rs 540 crore, covering Solapur greenfield and the standalone Taloja R&D centre, funded entirely from internal accruals.^[2][3]
Solapur will be targeted for USFDA inspection within ~1 year of startup; regulated-market supply from Solapur is expected by late FY28.^[2]
The Solapur land bank has the potential to accommodate a further 700 - 800 KL of API capacity beyond Phase 3.^[3]
HP API commercial launches are projected from FY28 as patent expiries on relevant molecules begin in late calendar 2027, with management describing a strong pipeline runway for 4 - 5 years thereafter.^[2]

Recent developments

On 7 October 2026, Alivus acquired a 9.21% stake in Torrent Urja 19 Private Limited for Rs 14.04 crore, aligned with a commitment to carbon neutrality by 2030.^[6]
As of Q1 FY27, two new CDMO deals are on track to close in early H2 FY27, with 7 additional projects in active discussion.^[2]
Net cash and short-term investments stood at Rs 880 crore as of 30 June 2026, with free cash flow of Rs 90 crore generated in Q1 FY27; the company remains debt-free.^[2]
Management is actively evaluating synergistic inorganic acquisitions, with a preference for pipeline or platform targets offering API-plus value rather than simple capacity addition.^[2]

Market Cap

₹15,291 Cr

High / Low

₹1,495 / 830

Stock P/E

26.6

Price / Book

4.8

Book Value

₹271

EPS

₹46.0

No. of Shares

12.27 Cr

ROCE

25.0%

ROE

18.4%

OPM

29.9%

Debt / Equity

0.00

Sales

₹2,552 Cr

Net Profit

₹564 Cr

Promoter holding

74.8%

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