Alivus Life Sciences is a Nirma-owned API maker whose Q1 FY27 EBITDA margin of 36.6% ran well above its own 30%-32% full-year guidance band, making margin normalisation the central question for this quarter. The print will speak to whether GPL revenues stabilised ahead of the guided H2 recovery, and whether the two new CDMO contracts and the Dahej and Solapur Phase 1 capacity landings remain on track.
| Results date | October 29, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 6,404 Mn (+6.4% YoY, -7.1% QoQ) |
| Previous quarter PAT | Rs. 1,601 Mn (25.0% margin) |
| Previous quarter EBITDA margin | 36.6% (+650 bps YoY) |
| Market cap | Rs. 15,353.8 Cr |
| CMP | Rs. 1,250.6 |
The board will meet on October 29, 2026, to consider the audited financial results for the quarter and year ended September 30, 2026.
The key question for Q2 FY27 is the pace of margin normalisation from Q1's 36.6% EBITDA margin print toward the guided 30%-32% FY27 band, with the 33.0% margin in the year-ago Q2 FY26 base as the comparison point. Cost signals through the July-September window point the same way: DGFT extended minimum-import-price curbs on two pharma raw materials (ATS-8 at USD 111/kg and Sulfadiazine API at USD 1,774/kg), a city-gas peer reported natural gas costs up 43% YoY in Q2 FY27, and US generics pricing pressure persisted — though the company's gas-to-briquette boiler transition blunts the fuel leg and Q1 FY27's material-cost ratio had improved 520 bps YoY to 39.5% of revenue. On demand, bulk-drug and intermediates exports grew 14.17% YoY to $1.37bn in Q1 FY27 and total pharma exports grew in rupee terms in both July (+12.09%) and August (+13.28%), a tailwind consistent with the non-GPL business expanding 26.5% YoY in Q1 FY27; the rupee ended the quarter near 96, a mild translation tailwind for a company with 85% regulated-market revenue. The tension is internal: Q1's +6.4% revenue growth was flagged as requiring H2 acceleration to meet the 10%-12% FY27 guidance, GPL is guided flattish with a historical H2 skew, and the margin glide and capacity ramp at Dahej (~160KL, Q3 FY27) and Solapur Phase 1 (~350KL, Q3 FY27) both lean on execution inside the quarter. The call is likely to cover the margin bridge, GPL stabilisation and CDMO contract confirmation, and commissioning updates ahead of the Q3 capacity landings.
Guidance scorecard: Where each stated FY27 goal stood after Q1 FY27:
Strategic initiative updates expected
Risk follow-ups
Operating metrics focus
Management has guided blended EBITDA margins of ~34% in a steady-state scenario if GPL revenues improve, versus the 32% FY27 guidance with potential to reach 34%. Q1 FY27's 36.6% margin was above the full-year 30%-32% guided band.
Management stated that Ankleshwar and Dahej are on track and were not pushed out, while Solapur 'has got a bit pushed out' partly due to a slowdown with labor. Dahej (~160KL) and Solapur Phase 1 (~350KL) are guided for Q3 FY27, Ankleshwar (~100KL) for Q4 FY27, and Solapur Phase 3 (~535KL) has been deferred to FY29.
R&D spend was ~3.7% of revenue in Q1 FY27, and Dr. Yasir Rawjee said the company 'should sort of end up at a steady state of around 4%.' On whether rising R&D would compress PAT margins, management responded, 'PAT will continue to be good. I mean, there's no problem.'
Two new CDMO contracts guided for early H2 FY27 remain on track as per the Q1 FY27 call. CDMO revenue was Rs. 378 Mn in Q1 FY27, with better growth expected in H2FY27 and several projects in the advanced stage of discussions.
Yes, the company is net debt-free with cash and cash equivalents (including short-term investments) of Rs. 8,802 Mn as of 30th June 2026. Its credit rating was upgraded to IND AA in September 2025.