Alivus Life Sciences Limited (ALIVUS) share price
₹1386.80 on NSE as of 2026-09-11. -0.24% on the day. market cap ₹17,022 Cr. P/E 28.2. 52-week range ₹860.05 to ₹1443.70. Healthcare.
What the company does
ALS manufactures select, high-value, non-commoditized, APIs in therapy areas such as cardiovascular, central nervous system, pain management and diabetes. The company also provides contract development and manufacturing organisation services to a range of multinational and specialty pharmaceutical companies. It has a diversified portfolio of 165 molecules and supplies its products to customers in India, Europe, North America, Latin America, Japan and the rest of the world. The company has four manufacturing facilities located in Ankleshwar, Dahej, Mohol and Kurkumbh.
Filed by India Ratings, page 4.
Alivus Life Sciences Q1 FY27: Revenue Up 6.4%, Profit Up 31.7%, and the Largest Customer Down 52.6%
At a glance
Revenue of ₹640 Cr grew 6.4% year-on-year. Net profit of ₹160 Cr grew 31.7%. Those two numbers are not usually found in the same quarter of the same company, and the gap between them is the entire story of Alivus Life Sciences this period.
Underneath the modest top line, the business split into two halves that went in opposite directions. Revenue from Glenmark Pharmaceuticals — the former promoter, still the single biggest customer — fell 52.6% year-on-year, which management attributes to inventory rationalisation after a strong Q4. Everything that isn't Glenmark grew 26.5%. The GPL share of revenue dropped from 25.4% a year ago to 11.3%.
Operating profit came in at ₹212 Cr against ₹172 Cr a year earlier, and the operating margin printed 33%. Management calls the 36.6% EBITDA margin the company's highest ever, and attributes it to product mix, new launches, and operating leverage — while simultaneously guiding FY27 margins to 30–32%, i.e. lower than the quarter they just delivered. The CEO's stated reason for the conservatism is raw-material prices under a war situation, with solvents flagged as the sensitivity.
The balance sheet ended FY26 with ₹57 Cr of borrowings against ₹3,332 Cr of net worth, a debt-to-equity of 0.02 that rounds to a rounding error. India Ratings upgraded the bank facilities to IND AA/Stable in September 2025.
The market pays 25.4x. What it's paying for depends entirely on which half of the revenue you think is the business.
Introduction
This company has changed its name, its owner, and its shareholder register in the space of about two years, while the chemistry inside the reactors stayed exactly the same.
The API business was originally part of Glenmark Pharmaceuticals. It was carved out through a Business Transfer Agreement in January 2019 into Glenmark Life Sciences, which listed on the NSE and BSE in FY22. In March 2024, Nirma Limited — the diversified conglomerate spanning consumer products, cement and chemicals — acquired a 75% stake by buying 91,895,379 equity shares. The company announced the name change to Alivus Life Sciences in October 2024, with the rebrand press release following in January 2025.
The recent filing record is dense. In July 2025, a USFDA inspection at an API facility ended with a No Action Indicated classification; in April 2025, an EIR with VAI status was issued for a manufacturing facility. In April 2025 the company entered an agreement for a renewable energy investment. September 2025 brought the India Ratings upgrade to IND AA. Then a run of tax and regulatory items: a customs order in August 2025 with fines of ₹3 Cr, a GST order in October 2025 (tax ₹1.28 Cr, penalty ₹1.29 Cr), a GPCB compensation order of ₹50 lakh following a flash fire on 30 September 2025, a revised GST demand of ₹83.4 lakh in January 2026, and an income-tax assessment order in March 2026 demanding ₹2.61 Cr for AY 2023-24. The company has stated it will appeal the tax matters.
A fire at the Dahej block on 14 February 2026 injured three people and suspended production; the company disclosed insurance was adequate. A follow-up on 25 February said the API section was unaffected, with API restart on 1 March and intermediates by mid-March, with some shipments delayed.
Q1 FY27 results were approved by the board on 30 July 2026, with the earnings call held on 31 July.
Business model
Alivus makes the molecule, not the pill. It develops and manufactures select, high-value, non-commoditized active pharmaceutical ingredients in chronic therapy areas — cardiovascular, central nervous system, pain management, diabetes — and sells them to the companies whose logos you actually see on the strip.
The therapeutic list reads like a cardiologist's prescription pad: Olmesartan and Telmisartan for CVS, Zonisamide for CNS, Sitagliptin for diabetes, plus Atovaquone, Adapalene and Rosuvastatin. As of the June 2026 press release, the portfolio runs to 181 molecules. Cumulative DMF and CEP filings stood at 617 as on 30 June 2026, spread across the US (187), Europe (120), Brazil (101), ROW (162), Australia (25) and Japan (22). CVS alone accounts for 164 of those filings.
The generic API business was 94% of Q1 FY27 revenue at ₹592 Cr. CDMO — partnering with innovators on process chemistry, manufacturing and analytical research, with lifecycle management and specialty APIs aimed at the US — was the other 6% at ₹38 Cr, growing 3.8% YoY. Management describes the current CDMO run-rate as ₹160–170 Cr from five projects, with active discussions on about seven more, and describes the segment's quarter-to-quarter performance as inherently variable. Five projects is a business you could fit around a conference table, which is roughly what the 6% share suggests.
Geographically, regulated markets contributed 83% of Q1 revenue and emerging markets 17%. Chronic therapies were 74% of the quarter — up, per the presentation, primarily because sales in the GPL acute segment fell.
Manufacturing sits across four facilities: Ankleshwar (950.2 KL), Dahej (399.9 KL), Mohol (49.1 KL) and Kurkumbh (24.6 KL), totalling 1,424 KL of installed capacity. Ankleshwar was last USFDA-inspected in January 2025, Dahej in May 2025, Mohol in March 2018, and Kurkumbh not at all. R&D runs from Mahape, Ankleshwar and Dahej, with construction begun on a new centre at Taloja for flow chemistry, particle engineering, oncology and green chemistry. R&D spend was ₹24 Cr in Q1, 3.7% of sales, against a management target of roughly 4%.
The high-potency API grid holds 29 products against a stated TAM of ~$82 bn — of which 13 are validated, seven in advanced development, and nine still in the lab. Management places the meaningful commercial window at patent expiries around end-calendar-2027. A $82 bn addressable market and nine products still on a bench is a fair description of how the API industry measures time.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Alivus Life Sciences Limited.
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