ALIVUS
Large CapAlivus Life Sciences Limited
Pharma
Alivus Life Sciences Limited (formerly Glenmark Life Sciences Limited) is an Indian API manufacturer. The company focuses on generic APIs and CDMO services, with a global footprint across regulated and emerging markets. It has undergone a strategic transformation under Nirma's ownership, focusing on standalone growth and capacity expansion.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 27/100margin compression · Rev +6% YoY · PAT +15% YoY · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹689 Cr | +6.0% | +2.4% |
| EBITDA | ₹215 Cr | +8.6% | -6.9% |
| Operating margin | 31.0% | +0 bps | -300 bps |
| PAT | ₹163 Cr | +14.8% | +8.7% |
| PAT margin | 23.7% | +181 bps | +137 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Alivus reports strong FY26 performance with 6.9% YoY revenue growth and 19.6% YoY EBITDA growth, driven by non-GPL business (+13%) and CDMO turnaround (+18%). Q4FY26 also showed robust YoY growth in revenue, EBITDA, and PAT, with significant margin expansion.
Management's strategic pivot under Nirma ownership is yielding results, with structural margin expansion and strong non-GPL and CDMO growth offsetting GPL de-growth. The company is retaining cash for growth-led investments and capacity expansion, supporting future prospects.
Revenue by Customer Type (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
CDMO Ramp-up
CDMO business delivered the turnaround we had planned in the second half, closing FY26 with 18% YoY growth. Advanced-stage discussions are ongoing for select projects.
Non-GPL Business Growth
Non-GPL business grew 13% in FY26 and now contributes 71% of overall revenues, driven by strong growth in India, Europe, ROW, Japan, and LATAM.
New Product Launches & Complex APIs
New launches, product mix, and operational efficiency drove gross margins. HP API portfolio has 28 products in the active grid, with 12 validated.
Geographical Expansion
Healthy momentum across key geographies like India, Europe, ROW, Japan, and LATAM. Focus on new markets becoming more regulated.
Solapur Greenfield Expansion
Increasing total reactor capacity from 1,198 KL in FY24 to 2,690 KL by FY28. Phase 1 (~115 KL) and Phase 1.1 (~350 KL) are in process, expected Q3 FY27 and Q2 FY27 respectively.
Ankleshwar Brownfield Expansion
Planned addition of ~100KL capacity for API/Intermediate, expected operational by Q2 FY27.
Dahej Brownfield Expansion
Planned addition of ~160KL capacity for API, expected operational by Q2 FY27.
New R&D Centre
Construction work has commenced for a state-of-the-art R&D centre in Taloja (Navi Mumbai) for complex chemistry and oncology research.
Nirma Ownership Transformation
Change of control reset capital allocation, removing legacy constraints and redirecting cash towards a standalone growth agenda.
Structural Margin Improvement
EBITDA CAGR expanded, driven by operating leverage and structural margin improvement, sustained despite PLI roll-off.
Strong Free Cash Flow
Generated a strong free cash flow of ₹2,590 Mn in FY26, leading to Cash and Cash Equivalents of ₹7,824 Mn as of March 31, 2026.
GPL Business De-growth
The GPL business de-grew by 4.9% in FY26, contributing 29% of overall revenue.
Asset Turn Trending Lower
Fixed Assets Turnover Ratio (FATR) is 2.2 times, trending slightly lower due to the ongoing Capex cycle.
Higher Working Capital Days
Working Capital at 199 days, driven by higher Day Sales Outstanding due to business mix.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing overall annual growth and margin expansion, especially given the strategic shift. QoQ is relevant for tracking sequential momentum in operating performance, product mix, and efficiency gains.
Revenue Growth
Revenue grew 6.9% year-on-year for FY26 to ₹25,518 Mn. Q4FY26 revenue grew 6.1% YoY to ₹6,891 Mn.
EBITDA Growth
EBITDA grew 19.6% for FY26 to ₹8,577 Mn. Q4FY26 EBITDA grew 13.8% YoY to ₹2,373 Mn.
EBITDA Margin
EBITDA margins for FY26 were 33.6%, up 360 bps YoY. Q4FY26 EBITDA margins were 34.4%, up 230 bps YoY.
Gross Margin
Gross Margins during Q4FY26 were at 60.7%, up by 420 bps YoY and 180 bps QoQ. FY26 Gross Profit % was 58.2%, up 350 bps YoY.
FY27 Outlook
Management is confident of delivering high single-digit revenue growth for FY27, with margins sustained above 30%, supported by improving operating leverage and new products.
Strategic Evolution
The past two years under Nirma's ownership have strengthened the business foundation and positioned it for the next phase of sustainable growth.
Capital Allocation
Operating cash is now retained and deployed against a defined growth agenda for the standalone business.
CDMO Opportunity
The company is now free to scale CDMO as an independent counterparty, with the conflict overhang removed.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue Growth | FY26: 6.9% YoY | Sustained high single-digit revenue growth in FY27, as guided by management. |
| EBITDA Margin | FY26: 33.6% | Margins sustained above 30% in FY27, supported by operating leverage and new products. |
| Non-GPL Revenue Contribution | FY26: 71% | Continued increase in the share of non-GPL revenue, reflecting the strategic pivot. |
| Capacity Expansion Timelines | Total Reactor Capacity FY26: 1,424 KL | Timely commissioning of Solapur, Ankleshwar, and Dahej expansions to reach 2,690 KL by FY28. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +14.3% / mo
Technical chart
ALIVUSdaily · 6M+15.7%Technical trend read
Bearish setupTrend is weak — long-term trend unclear. RSI 46.
- SMA20 falling (~1.7% over last month) — short-term momentum negative.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 26% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 93.1%.
- Valuation contributes 22/30 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Altman Z is 0.0, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 67th percentile of the scored universe and 57th percentile within Pharma. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 74.9%. Key concern: Only 0 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 57th pctile, median 70 · Large: 43rd pctile, median 74
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.9%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.00.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 35.00
- P/B
- —
- EV/EBITDA
- 19.71
- Market Cap
- 12298.00Cr
Profitability
- ROE
- —
- ROCE
- —
- ROA
- —
- Dividend Y
- 0.50%
Growth (CAGR)
- Revenue 5Y
- 45.86%
- EPS 5Y
- 34.01%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 19.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 6.72×
- Altman Z
- 0.00
- Book Value
- —
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- —
- EPS TTM
- 358.74
Shareholding
- Promoter Hold
- 74.87%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.