Alivus Life Sciences LimitedQ2 FY27 Results & Financial Update
Alivus Life Sciences Limited: Q2 FY27 standalone results and company financials – revenue ₹681.99 Cr, PAT ₹196.75 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Alivus Life Sciences Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Alivus Life Sciences delivered a strong financial performance in Q2 FY27, reporting revenue from operations of INR 681.99 crore, representing a 15.99% increase year-on-year from INR 587.98 crore in Q2 FY25 and a sequential rise of 6.49% from INR 640.41 crore in Q1 FY27.
Total income for the quarter reached INR 701.90 crore, supported by operational expansion and higher other income of INR 19.92 crore compared to INR 14.72 crore in the corresponding period of the previous year.
Profitability expanded at a faster pace than revenue, driven by a favorable product mix and improved operating efficiencies. Profit before tax (PBT) reached INR 261.97 crore, marking a 50.44% jump year-on-year and a 23.44% increase sequentially.
Net profit after tax (PAT) for Q2 FY27 stood at INR 196.75 crore, registering robust growth of 51.31% over the year-ago PAT of INR 130.03 crore and expanding 22.91% compared to INR 160.08 crore in the preceding quarter.
Basic earnings per share (EPS) for the quarter rose correspondingly to INR 16.02, up from INR 10.60 in Q2 FY26 and INR 13.01 in Q1 FY27, reflecting enhanced operational leverage and earnings quality.
The non-GPL business continued to serve as the primary growth engine, maintaining strong momentum with a 20.8% year-on-year expansion while contributing approximately 79% of total operational revenues during the quarter.
The CDMO segment witnessed a meaningful pick-up, achieving a 32.3% quarter-on-quarter and 79.9% year-on-year revenue increase supported by traction in existing projects and recent product launches.
01 · Business model
What does Alivus Life Sciences do?
Alivus Life Sciences Limited (formerly Glenmark Life Sciences Limited) operates as a developer and manufacturer of active pharmaceutical ingredients (APIs) and intermediates, alongside a growing contract development and manufacturing organization (CDMO) business for global pharmaceutical clients.
The company maintains a broad portfolio of APIs across chronic and acute therapeutic areas, including cardiovascular, central nervous system, anti-infectives, diabetes, dermatology, urology, and allergy treatments.
Manufacturing infrastructure is anchored by key facilities in Ankleshwar and Dahej in Gujarat, alongside Mohol and Kurkumbh in Maharashtra, with a cumulative regulatory filing count spanning 630 DMFs and CEPs across regulated and emerging international markets.
The business model emphasizes regulated markets—which account for the majority of revenues—and leverages long-standing relationships with leading generic pharmaceutical players worldwide alongside a dedicated pipeline of complex molecules and iron complexes.
02 · Historical context
What shaped the business before this quarter
The company operated previously as Glenmark Life Sciences Limited before formally transitioning its corporate identity to Alivus Life Sciences Limited.
Over preceding periods, the company established an extensive global footprint, reaching a cumulative total of 630 DMF and CEP filings across major regulated and emerging markets by September 30, 2026.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹681.99 Cr | ₹587.98 Cr | ₹640.41 Cr |
| Total income | ₹701.90 Cr | ₹602.70 Cr | ₹662.82 Cr |
| Profit before tax | ₹261.97 Cr | ₹174.14 Cr | ₹212.22 Cr |
| Profit after tax | ₹196.75 Cr | ₹130.03 Cr | ₹160.08 Cr |
| EPS | ₹16.02 | ₹10.60 | ₹13.01 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Non-GPL revenues grew by 20.8% year-on-year, driven by robust global demand across Europe, Japan, North America, LATAM, and ROW markets, accounting for 79% of overall operational revenue.
The CDMO segment expanded by 32.3% sequentially and 79.9% year-on-year to INR 50.0 crore, bolstered by project traction and recent commercial launches.
Generic API revenues advanced by 11.0% year-on-year to INR 606.3 crore, supported by new product introductions and steady demand across existing therapeutic portfolios.
Regulated markets accounted for 85% of Q2 FY27 revenues, underpinned by broad-based geographic growth and favorable product realization.
What drove margins
Gross margins expanded significantly to 64.4% in Q2 FY27, up 420 basis points sequentially and 670 basis points year-on-year, driven by a more lucrative product and therapeutic mix.
EBITDA margin reached 41.8%, reflecting an improvement of 520 basis points QoQ and 880 basis points YoY due to better operational efficiencies and disciplined cost absorption.
Net profit margin strengthened to 28.85%, expanding by 385 basis points sequentially and 673 basis points compared to Q2 FY26.
05 · Demand, customers & order book
Where demand is coming from
The company serviced over 170 customers globally in FY26 across 630 active DMF/CEP filings spanning the US, Europe, Japan, Latin America, and other regions.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Generic APIs represented 92% of quarterly revenue at INR 606.3 crore, while CDMO contributed 8% at INR 50.0 crore.
Revenues from Glenmark Pharmaceuticals Ltd. (GPL) stood at INR 145.1 crore (21% of total revenue), showing a 1% year-on-year change affected by inventory rationalization, whereas non-GPL revenue reached INR 536.9 crore (79% share).
Chronic therapies remained the dominant growth driver, accounting for 67% of Q2 FY27 revenues, with acute therapies contributing the remaining 33%.
Geography and market mix
Regulated markets generated 85% of quarterly revenues, while emerging markets contributed 15%.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Installed reactor capacities stand at 950.2 KL in Ankleshwar, 399.9 KL in Dahej, 49.1 KL in Mohol, and 24.6 KL in Kurkumbh.
Construction work for Phase 1 (~340 KL for intermediate blocks and backward integration) and Phase 2 (~125 KL for API/pharma blocks) is underway at the Solapur plant.
Projects, capex and execution
Brownfield capacity additions of approximately 100 KL in Ankleshwar (targeted for Q4 FY27) and ~160 KL in Dahej (targeted for Q3 FY27) are progressing as planned.
Construction of the new state-of-the-art R&D center in Taloja, Navi Mumbai, is advancing steadily to enhance capabilities in flow chemistry, complex molecules, particle engineering, and oncology.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The high-potency API (HP API) portfolio comprises 30 products in active development with a total addressable market (TAM) of ~$86 billion, including 14 validated products and seven in advanced development stages.
Regulatory filings have been completed for one iron compound, with two products validated and another advancing through development, addressing a TAM of ~$2.9 billion.
The company incorporated a wholly owned subsidiary, Alivus Life Sciences Do Brasil Ltda., in São Paulo, Brazil, on September 15, 2026, though no financial transactions or capital injections had taken place as of September 30, 2026.
09 · Reported developments
What changed operationally
Net profit surged 51.31% year-on-year to INR 196.75 crore, supported by a 670 basis point expansion in gross margins and improved operating leverage.
Cash and cash equivalents including short-term investments reached INR 1,011.6 crore at the close of September 2026, underpinned by robust operating cash flows.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The company generated strong free cash flow of INR 270.2 crore during H1 FY27, bringing total cash, cash equivalents, and short-term investments to INR 1,011.6 crore as of September 30, 2026.
Capital allocation & funding
The company maintains a robust balance sheet with minimal debt dependence, reflected by low finance costs of INR 1.31 crore for the quarter.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
Patent Portfolios
During H1 FY27, the company filed 10 additional patents and received 3 grants, taking cumulative patent grants to 88 as of September 30, 2026.
12 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 6.49% sequentially from INR 640.41 crore in Q1 FY27 to INR 681.99 crore in Q2 FY27.
PAT grew by 22.91% QoQ from INR 160.08 crore in Q1 FY27 to INR 196.75 crore in Q2 FY27.
13 · Key Q&A
The quarter, answered directly
What does Alivus Life Sciences do?
Alivus Life Sciences Limited (formerly Glenmark Life Sciences Limited) operates as a developer and manufacturer of active pharmaceutical ingredients (APIs) and intermediates, alongside a growing contract development and manufacturing organization (CDMO) business for global pharmaceutical clients.
What is the clearest takeaway from Q2 FY27?
Alivus Life Sciences delivered a strong financial performance in Q2 FY27, reporting revenue from operations of INR 681.99 crore, representing a 15.99% increase year-on-year from INR 587.98 crore in Q2 FY25 and a sequential rise of 6.49% from INR 640.41 crore in Q1 FY27.
What drove revenue or demand?
Non-GPL revenues grew by 20.8% year-on-year, driven by robust global demand across Europe, Japan, North America, LATAM, and ROW markets, accounting for 79% of overall operational revenue.
What mattered most for margins or profitability?
Gross margins expanded significantly to 64.4% in Q2 FY27, up 420 basis points sequentially and 670 basis points year-on-year, driven by a more lucrative product and therapeutic mix.
What changed operationally beyond the headline numbers?
Installed reactor capacities stand at 950.2 KL in Ankleshwar, 399.9 KL in Dahej, 49.1 KL in Mohol, and 24.6 KL in Kurkumbh.
What should the next disclosure help confirm?
Monitor the operationalization of the ~160 KL brownfield expansion in Dahej slated for Q3 FY27 and the ~100 KL expansion in Ankleshwar slated for Q4 FY27.
14 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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15 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Capacity Commissioning Timelines: Monitor the operationalization of the ~160 KL brownfield expansion in Dahej slated for Q3 FY27 and the ~100 KL expansion in Ankleshwar slated for Q4 FY27.
- 02
Solapur Expansion Progress: Track execution milestones on Phases 1 and 2 (~465 KL combined capacity) at the Solapur greenfield site.
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