Alivus Life Sciences Limited (ALIVUS) share price

₹1337.20 on NSE as of 2026-10-08. -2.41% on the day. market cap ₹16,413 Cr. P/E 27.2. 52-week range ₹860.05 to ₹1443.70. Healthcare.

www.alivus.com

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

Alivus Life Sciences makes active pharmaceutical ingredients, the chemical that does the work inside a tablet. Revenue in the three months to June 2026 was ₹640 crore, up 6.4% on a year earlier. Net profit was ₹160 crore, up 31.7%. Growth of that shape in the top line and that shape in the bottom line rarely sit in the same quarter.

Underneath the top line the business split into two halves that moved in opposite directions. Revenue from Glenmark Pharmaceuticals, the former promoter and still the largest single customer, fell 52.6%. Management attributes the fall to Glenmark running down inventory after a strong three months to March 2026. Everything other than Glenmark grew 26.5%. Glenmark's share of revenue fell from 25.4% a year ago to 11.3%.

Operating profit was ₹212 crore against ₹172 crore a year earlier. The operating margin was 33%. Depreciation is the accounting charge for plant wearing out. Management calls the quarter's margin before interest, tax and depreciation, at 36.6%, the highest the company has recorded. It attributes that to product mix, new launches and fixed costs spread over more sales. Guidance for the year to March 2027 is a margin of 30% to 32%, below the quarter just delivered. The CEO gives raw-material prices in a war situation as the reason for that caution, with solvents named as the sensitive input.

The year to March 2026 ended with borrowings of ₹57 crore against net worth of ₹3,332 crore. That is a debt-to-equity ratio of 0.02. India Ratings, a credit-rating agency, upgraded the bank facilities to IND AA with a stable outlook in September 2025.

The market pays ₹25.40 for every ₹1 of yearly profit.

Introduction

The company has changed its name, its owner and its shareholder register inside about two years. The chemistry in the reactors stayed the same throughout.

The business in active pharmaceutical ingredients, the chemical inside a tablet, began within Glenmark Pharmaceuticals. It was carved out through a business transfer agreement in January 2019 into Glenmark Life Sciences. That company listed on the NSE and BSE in the year to March 2022. In March 2024 Nirma Limited acquired a 75% stake by buying 91,895,379 equity shares. Nirma is a diversified group spanning consumer products, cement and chemicals. The name change to Alivus Life Sciences was announced in October 2024, and the rebrand press release followed in January 2025.

The filing record since then is dense. In July 2025 a USFDA inspection of an ingredients plant ended with a No Action Indicated classification, the regulator's cleanest result. In April 2025 an establishment inspection report with Voluntary Action Indicated status was issued for a manufacturing facility. That status means the regulator noted matters but did not plan action of its own. April 2025 also brought an agreement for a renewable energy investment. September 2025 brought the India Ratings upgrade to IND AA.

Then came a run of tax and regulatory items. A customs order in August 2025 carried fines of ₹3 crore. A goods and services tax order followed in October 2025, with tax of ₹1.28 crore and a penalty of ₹1.29 crore. The Gujarat Pollution Control Board ordered compensation of ₹50 lakh after a flash fire on 30 September 2025. A revised tax demand of ₹83.4 lakh arrived in January 2026. An income-tax assessment order in March 2026 demanded ₹2.61 crore for the assessment year 2023-24. The company has stated that 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 that insurance cover was adequate. A follow-up statement on 25 February said the ingredients section was unaffected. Production there restarted on 1 March and intermediates by the middle of that month, with some shipments delayed.

The board approved results for the three months to June 2026 on 30 July 2026. The earnings call was held the next day.

Business model

Alivus makes the molecule, not the pill. It develops and manufactures active pharmaceutical ingredients, the chemical that does the work in a tablet. The focus is on select, high-value, non-commoditised ingredients for long-term conditions. Those cover the heart, the central nervous system, pain management and diabetes. The buyers are the drug companies whose names appear on the packet.

The range reads like a cardiologist's prescription pad. Olmesartan and Telmisartan treat the heart, Zonisamide the nervous system and Sitagliptin diabetes. Atovaquone, Adapalene and Rosuvastatin are also made. The June 2026 press release puts the portfolio at 181 molecules. Drug master files and certificates of suitability are the dossiers a regulator needs before an ingredient may be sold there. Cumulative filings of both stood at 617 as on 30 June 2026. The United States accounts for 187 of them and Europe for 120. Brazil accounts for 101 and the rest of the world for 162. Australia has 25 and Japan 22. Heart-related filings alone number 164.

Generic ingredients were 94% of revenue in the three months to June 2026, at ₹592 crore. Contract development and manufacturing, which means working with innovator drug firms on process chemistry, manufacturing and analytical research, was the other 6%. That segment brought in ₹38 crore and grew 3.8% on a year earlier. Management puts its current run rate at ₹160 crore to ₹170 crore. It comes from five projects, with active discussions on about seven more. Five projects is a business that fits around a conference table. Management describes the segment's quarter-to-quarter performance as inherently variable.

Regulated markets contributed 83% of revenue in the quarter and emerging markets 17%. Chronic therapies were 74% of the quarter. The company's presentation attributes that rise primarily to a fall in acute-segment sales to Glenmark.

Manufacturing sits across four sites. Ankleshwar holds 950.2 kilolitres of reactor capacity and Dahej 399.9. Mohol holds 49.1 kilolitres and Kurkumbh 24.6, for a total of 1,424. The USFDA last inspected Ankleshwar in January 2025 and Dahej in May 2025. It last inspected Mohol in March 2018 and has not inspected Kurkumbh.

Research runs from Mahape, Ankleshwar and Dahej. Construction has begun on a centre at Taloja for flow chemistry, particle engineering, oncology and green chemistry. Research spending was ₹24 crore in the quarter, or 3.7% of sales. Management targets roughly 4%.

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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