Alivus Life Sciences Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Alivus Life Sciences Ltd filed with BSE on 21 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Alivus Life Sciences reported Q4 FY26 revenue of INR689 crores, up 6.1% year-on-year, with EBITDA margin of 34.4%, while full year FY26 revenue stood at INR2,552 crores, up 6.9%, with EBITDA margin of 33.6%, the highest in the company's history. Management attributed the margin improvement to a favorable product mix, cost management, operational efficiencies and growth in the non-GPL business, whose contribution rose to 71% of revenue in FY26. The company also discussed a fire incident at its Dahej plant, capex plans for Solapur and Ankleshwar, and CDMO business recovery during the year.
Numbers mentioned
Revenue: INR689 crores (Q4 FY26)
p. 5
“For Q4 FY26, revenue from operations stood at INR689 crores, reflecting a growth of 6.1% year-onyear.”
Tushar Mistry, page 5 of the filed PDF · View the filing
Gross profit: INR418 crores (Q4 FY26)
p. 5
“Gross profit for the quarter was INR418 crores, up 14% year-on-year.”
Tushar Mistry, page 5 of the filed PDF · View the filing
Gross margin: 60.7% (Q4 FY26)
p. 5
“Gross margins for the quarter stood at 60.7%, up 420 basis points year-on-year, driven by new launches, product mix and operational efficiency.”
Tushar Mistry, page 5 of the filed PDF · View the filing
EBITDA: INR237 crores (Q4 FY26)
p. 5
“EBITDA for the quarter was at INR237 crores, up 13.8% year-on-year.”
Tushar Mistry, page 5 of the filed PDF · View the filing
EBITDA margin: 34.4% (Q4 FY26)
p. 6
“EBITDA margin for the quarter was 34.4%, up 230 basis points year-on-year.”
Tushar Mistry, page 6 of the filed PDF · View the filing
PAT: INR163 crores (Q4 FY26)
p. 6
“PAT for the quarter stood at INR163 crores with PAT margins at 23.6%.”
Tushar Mistry, page 6 of the filed PDF · View the filing
Revenue: INR2,552 crores (FY26)
p. 6
“For full year FY26, revenue from operations stood at INR2,552 crores, a growth of 6.9% year-on-year.”
Tushar Mistry, page 6 of the filed PDF · View the filing
Gross profit: INR1,485 crores (FY26)
p. 6
“Gross profit for FY26 was at INR1,485 crores, up 13.7% year-on-year.”
Tushar Mistry, page 6 of the filed PDF · View the filing
Gross margin: 58.2% (FY26)
p. 6
“Gross margins for FY26 stood at 58.2%, up 350 basis points.”
Tushar Mistry, page 6 of the filed PDF · View the filing
EBITDA: INR858 crores (FY26)
p. 6
“EBITDA for FY26 was at INR858 crores, up 19.6% year-on-year.”
Tushar Mistry, page 6 of the filed PDF · View the filing
EBITDA margin: 33.6% (FY26)
p. 6
“EBITDA margin was at 33.6%, which was up by 360 basis points year-on-year.”
Tushar Mistry, page 6 of the filed PDF · View the filing
PAT: INR565 crores (FY26)
p. 6
“PAT for FY26 stood at INR 565 crores with PAT margins at 22.1%.”
Tushar Mistry, page 6 of the filed PDF · View the filing
R&D expenditure: INR25 crores, 3.6% of sales (Q4 FY26)
p. 6
“R&D expenditure for Q4 FY26 was INR25 crores, which was at 3.6% of our sales.”
Tushar Mistry, page 6 of the filed PDF · View the filing
R&D expenditure: INR91 crores, 3.6% of sales (FY26)
p. 6
“And for the full financial year 2026, it was INR91 crores, again, 3.6% of our sales.”
Tushar Mistry, page 6 of the filed PDF · View the filing
Cash and cash equivalents: INR782 crores (as of March 31, 2026)
p. 6
“As of 31st March 2026, our cash and cash equivalents stood at INR782 crores, with capex for the year being INR306 crores.”
Tushar Mistry, page 6 of the filed PDF · View the filing
Non-GPL business contribution: 71% (FY26)
p. 4
“whose contribution to the overall business has steadily increased over the years from 59% in FY22 to 71% in FY26, thereby reducing our dependence on the GPL business.”
Yasir Rawjee, page 4 of the filed PDF · View the filing
New products added: 11 (FY26)
p. 5
“We have added 11 new products during the year, and the current portfolio stands at 176 unique molecules.”
Yasir Rawjee, page 5 of the filed PDF · View the filing
New customers added: 49 (FY26)
p. 5
“We have also added 49 new customers during FY26, taking our total base of customers to about 900.”
Yasir Rawjee, page 5 of the filed PDF · View the filing
DMF and CEP filings: 611 (as of March 31, 2026)
p. 5
“Our pipeline remains robust with over 611 DMF and CEP filings globally as on March 31, 2026.”
Yasir Rawjee, page 5 of the filed PDF · View the filing
Fire loss booked in other expenses: INR20 crores (Q4 FY26)
p. 7
“From an expense perspective, yes, we have booked a loss due to fire in our other expenses to the extent of INR20 crores.”
Tushar Mistry, page 7 of the filed PDF · View the filing
Forex gain on P&L: INR31 crores for the year (FY26)
p. 7
“For the entire year on the P&L, we have seen a net gain of about INR31 crores on the P&L.”
Tushar Mistry, page 7 of the filed PDF · View the filing
Price erosion in base business (ex-GPL, ex-CDMO): 5.5% (FY26)
p. 10
“Yes. So on that, the price erosion is about 5.5% is what we have seen on the non-GPL, non-CDMO.”
Tushar Mistry, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 30% to 32% · going forward
stated conditionally by Yasir Rawjee
p. 5
“we remain confident in the strength of our business fundamentals and our ability to sustain EBITDA margins in the range of 30% to 32% going forward.”
Yasir Rawjee, page 5 of the filed PDF · View the filing
Capex — about INR540 crores · FY27
stated firmly by Tushar Mistry
p. 6
“Looking ahead to FY27, we plan to incur a capex of about INR540 crores, which includes carryover commitments from FY26 as well as fresh capital investments.”
Tushar Mistry, page 6 of the filed PDF · View the filing
Capacity — 2,690 KL by FY28 · FY28
stated firmly by Tushar Mistry
p. 6
“The capacity we are adding today will take us from 1,198 KL in FY24 to a planned 2,690 KL by FY28, positioning the company to drive sustained growth well beyond FY28.”
Tushar Mistry, page 6 of the filed PDF · View the filing
Solapur Phase 1 operational date — Q2 FY27
stated firmly by Yasir Rawjee
p. 5
“On the capex front, Solapur Phase 1 is progressing as planned and is expected to be operational in Q2 of this year.”
Yasir Rawjee, page 5 of the filed PDF · View the filing
R&D spend as percentage of sales — 4% · next year or 2
stated as an aspiration by Yasir Rawjee
p. 13
“As far as settling down, I don't think we'll cross 4%, right? We'll probably be at 4% in the next year or 2.”
Yasir Rawjee, page 13 of the filed PDF · View the filing
New CDMO deals — 2 new deals · early second half of this year
stated conditionally by Yasir Rawjee
p. 14
“As far as new projects go, we hope to close 2 new deals in the second half early second half of this year.”
Yasir Rawjee, page 14 of the filed PDF · View the filing
High potent API contribution — FY28
stated conditionally by Yasir Rawjee
p. 15
“It will start in FY28 because customers order material at least 6 to 9 months before the launches happen.”
Yasir Rawjee, page 15 of the filed PDF · View the filing
Solapur capacity utilization — 40% to 50% initially, 60% to 70% following year · first year of operation and following year
stated as an aspiration by Yasir Rawjee
p. 12
“we expect that in when Solapur starts off, we should start off with a robust 40% to 50% utilization and then probably take it up to 60%, 70% in the following year.”
Yasir Rawjee, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the fire hit only the intermediate side, not the API/finished area, so there was no significant spillover and it should be resolved in Q1.
Answered by Yasir Rawjee
Asked by Ahmed Madha: Was there any production/sales impact from the Dahej fire and any spillover into Q1?
p. 7
“So the fire at Dahej impacted only the intermediate side of the facility. The API, the finished area was intact.”
Yasir Rawjee, page 7 of the filed PDF · View the filing
Management confirmed a net Forex gain for the year with specific quarterly and annual figures.
Answered by Tushar Mistry
Asked by Ahmed Madha: Was there a Forex gain booked in other income for Q4 and FY26?
p. 7
“There is about INR11 crores of gain that we have booked for Q4 and about INR20 crores for the full year that we have booked.”
Tushar Mistry, page 7 of the filed PDF · View the filing
Management said backward integration has not yet contributed significantly since Solapur is not yet online.
Answered by Yasir Rawjee
Asked by Krishnendu Saha: Has backward integration of Ankleshwar and Dahej into Solapur played out yet?
p. 8
“No, not yet. Backward integration in a big way still has to contribute. There's some, but not very significant because Solapur is still not yet online, and we don't have the capacity for backward integration yet.”
Yasir Rawjee, page 8 of the filed PDF · View the filing
Management said the only revenue right now comes from exhibit batch sales since patent expiries have not occurred yet, so contribution is not material.
Answered by Yasir Rawjee
Asked by Shubh Mehta: Is the high-potent molecule segment a material revenue contributor this year versus last?
p. 10
“Not very significant, no.”
Yasir Rawjee, page 10 of the filed PDF · View the filing
Management pointed to backward integration once Solapur comes online as a key margin improvement area.
Answered by Yasir Rawjee
Asked by Sunil Kothari: Where does management see further scope to improve margins?
p. 11
“So see, backward integration is certainly one area where we see some scope for margin improvement.”
Yasir Rawjee, page 11 of the filed PDF · View the filing
Management explained brownfield capacity would ramp to 80-90% within 2-3 quarters, while Solapur would start at 40-50% utilization.
Answered by Yasir Rawjee
Asked by Yog Rajani: What is the expected capacity utilization ramp-up timeline for new brownfield and Solapur facilities?
p. 11
“capacity utilization in the brownfield will be pretty rapid in terms of bringing it at the 80%, 90% level in a matter of 2 to 3 quarters because that's brownfield, that's an approved site inspected by FDA and other agencies.”
Yasir Rawjee, page 11 of the filed PDF · View the filing
Management said focus areas include flow chemistry, high potent APIs, and pellets/granules, with R&D spend expected to plateau around 4% of sales.
Answered by Yasir Rawjee
Asked by Alankar Garude: Where does R&D focus lie and where will R&D spend as a percentage of sales settle?
p. 13
“I mean, you talked about flow chemistry, you talked about the CDMO side, and we are looking seriously into pellets and granules.”
Yasir Rawjee, page 13 of the filed PDF · View the filing
Management said it was not really a delay but a moderation of timing, possibly still in the first half.
Answered by Yasir Rawjee
Asked by Bhawana Israni: Are the two CDMO contracts previously expected in June-July now delayed to early H2 FY27?
p. 15
“Not really expecting delays, but then I do want to moderate it a little bit. It may come in the first half also, a little later in the first half.”
Yasir Rawjee, page 15 of the filed PDF · View the filing
Management said CDMO contracts are longer-term, while generic API contracts are shorter, typically one to two years.
Answered by Yasir Rawjee
Asked by Ketan R. Chheda: Are customer contracts long term or short term in nature?
p. 18
“So in our business, right, in CDMO, we have contracts, and these are longer-term contracts. But on the generic API side, we have fewer contracts.”
Yasir Rawjee, page 18 of the filed PDF · View the filing
Risks flagged
Uncertainties around tariffs and regulatory shifts disrupting supply chains and elevating logistics and energy costs
p. 4
“During this period, we have faced some headwinds like uncertainties around tariffs and regulatory shifts. These factors continue to disrupt supply chain, elevated logistics and energy costs and created uncertainty across global markets, making resilience and agility increasingly critical.”
Yasir Rawjee, page 4 of the filed PDF · View the filing
Fire incident at Dahej plant impacting the intermediate side of the facility
p. 7
“So the fire at Dahej impacted only the intermediate side of the facility.”
Yasir Rawjee, page 7 of the filed PDF · View the filing
Rising freight and material costs, particularly solvents, due to the war situation
p. 7
“So freight was impacted first starting from February 28, 2026 itself and more or less, that has been passed on to customers as far as material costs go, solvents were the first materials that went up quite significantly.”
Yasir Rawjee, page 7 of the filed PDF · View the filing
Price erosion in the base business excluding GPL and CDMO
p. 10
“Yes. So on that, the price erosion is about 5.5% is what we have seen on the non-GPL, non-CDMO.”
Tushar Mistry, page 10 of the filed PDF · View the filing
Ongoing geopolitical conflicts and uncertainty around global demand creating a challenging environment for margins
p. 10
“See, this year is going to be a bit challenging because of the war. Supply chains do have a little bit of constraint.”
Yasir Rawjee, page 10 of the filed PDF · View the filing
Overall portfolio price erosion due to reductions given on some products
p. 13
“Although on the overall bucket, we do see an erosion of around 4.5% because of the some price reduction that we have to give on some of the products.”
Yasir Rawjee, page 13 of the filed PDF · View the filing
Asset turnover expected to decline temporarily as new capacity comes online before utilization ramps up
p. 13
“So it would go down a little bit more because like we said, Solapur will be coming online soon and some of the brownfield capacity will also be coming in.”
Yasir Rawjee, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.