NSE: ALIVUS · BSE: 543322
ALIVUS LIFE SCIENCES LTD
Manufactures and sells active pharmaceutical ingredients (APIs) to other pharmaceutical companies globally, with FY26 revenue of ₹2,551.832 crore. The business is split between a non-GPL portfolio (branded/innovator customer products) that contributed 71% of revenue and grew 13% in FY26, a smaller GPL (generic) business that de-grew 4.9% in FY26, and a CDMO (contract development and manufacturing) segment that grew 18% in FY26 and contributes around 7% of sales. A pipeline of 28-29 high-potency API molecules is being built against an addressable market of $82 billion, with commercial revenue flagged from FY28 onward. Current manufacturing capacity of 1,198 KL (FY24) is planned to expand to 2,690 KL by FY28, anchored by a new Solapur facility (370 KL for backward integration plus 120 KL for API block) targeted for Q2 FY27 commissioning; FY27 capex is set at ~₹540 crore. The portfolio spans 176 unique molecules with 11 new launches in FY26, ~900 customers globally, and 617 DMF/CEP filings. Therapeutic mix is concentrated in cardiovascular and CNS therapies (58% of topline), with chronic therapies at 70% of sales. R&D spend ran at 3.7% of sales in Q1 FY27, with a ~4% medium-term target. The largest cost is raw materials at 41.7% of revenue, followed by employee costs at 10.7%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Non-GPL APIs (71%), GPL APIs, CDMO services (7%). B2B, asset-heavy API manufacturer and CDMO with a debt-free balance sheet.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,123 | 2,161 | 2,283 | 2,387 | 2,552 |
| EBITDA (ex other income) | 616 | 642 | 674 | 683 | 772 |
| margin % | 29.0 | 29.7 | 29.5 | 28.6 | 30.2 |
| Owners' profit | 419 | 467 | 471 | 486 | 564 |
| EPS, as reported (₹) | 35.63 | 38.11 | 38.43 | 39.63 | 45.99 |
| ROE % · ROCE % | 20.4 · 28.4 | 21.8 · 28.6 | 20.2 · 26.2 | 17.2 · 22.3 | 16.9 · 21.8 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 598 | 313 | 414 | 392 | 565 |
| Capex | (132) | (170) | (129) | (166) | (307) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 507 | 642 | 650 | 602 | 588 | 673 | 689 | 640 |
| Profit before tax | 127 | 185 | 191 | 163 | 174 | 198 | 216 | 212 |
| Net profit | 95 | 137 | 142 | 122 | 130 | 150 | 163 | 160 |
| EPS (₹) | 7.78 | 11.18 | 11.57 | 9.91 | 10.60 | 12.25 | 13.23 | 13.04 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.6 | 30.1 | 72 of 158 | 55% |
| P/B | 5.0 | 3.0 | 115 of 163 | 30% |
| ROCE | 21.6 | 10.8 | 29 of 183 | 85% |
| ROE | 16.9 | 9.8 | 36 of 166 | 79% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 36.6 | 17.5 | 16 of 165 | 91% |
| Revenue growth | 6.4 | 16.3 | 108 of 161 | 33% |
| Profit growth | 31.7 | 30.9 | 78 of 158 | 51% |
| Market cap | 16666 | 810 | 32 of 181 | 83% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Alivus Life Sciences Q2 FY27 earnings call on Oct 30, 2026 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Board meet on Oct 29, 2026 to approve Q2/H1 FY26 results; trading window closed Oct 1-31 | compliance | minimal | — | — |
| 21 Oct 2026 · Board meeting on Oct 29 to consider Q2 and H1 FY26-27 results | results | low | — | — |
| 9 Oct 2026 · Alivus gets GST order of about Rs 51 lakh for FY20-22; plans to appeal | general | low | — | — |
| 7 Oct 2026 · Alivus acquires 9.21% stake in Torrent Urja 19 for renewable energy | strategic transactions | medium | — | — |
| 16 Sept 2026 · Alivus incorporates wholly owned subsidiary in Brazil | strategic transactions | medium | — | — |
| 11 Sept 2026 · Alivus to attend Kotak Healthcare Forum 2026 on Sep 17 in Mumbai | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Alivus Life Sciences to attend Kotak Healthcare Forum 2026 | investor communications | low | — | — |
| 8 Sept 2026 · 15th AGM completed; all 4 resolutions passed with Rs 5 dividend approved | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · Alivus Life Sciences 15th AGM: All 4 resolutions passed, Rs.5 dividend approved | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.