ALIVUS Q2 FY27 Results Analysis: PAT Jumps 51%, EBITDA Margin Tops Guidance

ALIVUS reported Q2 FY27 numbers with revenue of Rs. 681.99 Cr (+15.99% YoY) and PAT growth of +51.31% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Q2 FY27 revenue grew 15.99% YoY to Rs.681.99 cr with PAT up 51.31% to Rs.196.75 cr, and EBITDA margin of 41.80% came in well above the guided 30%-32% band. H1 revenue growth of 11.14% keeps the FY27 10%-12% revenue guidance on track, backed by 1.29x CFO/PAT and net cash of Rs.958.69 cr. The margin print is flattered by a Rs.56.39 cr inventory build, and sequential input-cost pressure (materials at 43.88% of revenue) bears monitoring.

Key Investment Insights

Key Positives

• Revenue grew 15.99% YoY to Rs.681.99 cr, accelerating from +6.4% in Q1 FY27
• PAT grew 51.31% YoY to Rs.196.75 cr; EPS Rs.16.02 vs Rs.10.60 (+51.1%)
• EBITDA margin (company definition) at 41.80%, up ~881 bps YoY and ~524 bps QoQ, above the guided 30%-32% band
• H1 revenue growth of 11.14% YoY is on track for the FY27 guidance of 10%-12%
• H1 CFO/PAT of 1.29x; FCF of Rs.270.16 cr
• Trade receivables fell 7.90% since March-26; net cash of Rs.958.69 cr with no borrowings
• CWIP up 49.09% since March-26; H1 capex of Rs.189.53 cr (35.10% of the Rs.540 cr FY27 plan)

Risk Factors

• Cost of materials consumed rose to 43.88% of revenue from 39.53% in Q1 FY27 (+435 bps QoQ), consistent with elevated China feedstock and gas input costs
• Rs.56.39 cr inventory build flattered gross profit and EBITDA margin; H1 cash flow shows a Rs.98.53 cr working-capital inventory increase
• D&A rose 18.38% YoY as capex enters service, with under-absorption risk as new capacity lands