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Alivus Life Sciences Results: Latest Quarterly Results & Analysis

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Alivus Life Sciences Ltd. 07 Nov 2025 11:48 AM
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Q2FY26 Quarterly Result Announced for Alivus Life Sciences Ltd.

Pharmaceuticals company Alivus Life Sciences announced Q2FY26 results

  • For Q2FY26, Alivus registered a Revenue from operations of Rs 5,880 million, a growth of 16.0% YoY.
  • For Q2FY26, EBITDA was at Rs 1,939 million, a growth of 35.7% YoY. EBITDA margins were at 33.0%, up 480 bps YoY.
  • PAT for Q2FY26 stood at Rs 1,301 million, a growth of 36.5% YoY and PAT margins were at 22.1%, up 330 bps YoY.

Yasir Rawjee, MD & CEO, Alivus Life Sciences, said: “Our performance, this quarter, was fuelled by strong momentum in the non-GPL business, which delivered an impressive 39.7% YoY growth. Non-GPL business has shown a robust performance over last four quarters, driven by healthy demand across key geographies including ROW, LATAM, Japan, Europe, and India, all of which contributed meaningfully to the overall performance.

As we look forward, we remain confident of delivering a stronger performance in second half. This outlook is supported by continued robustness in non-GPL business and a better visibility on GPL business. Moreover, a continued ramp-up of our CDMO projects gives us confidence in the overall growth of our business.

We remain confident of maintaining margins at around 30%, despite the absence of PLI benefits. The margins are reinforced by a robust pipeline of new launches and operational efficiencies.”

Tushar Mistry, CFO, Alivus Life Sciences, said: “At Alivus Life Sciences, we delivered a strong revenue growth of 16% in Q2FY26. During the quarter, gross and EBITDA margins were at 57.7% and 33% respectively, at the upper end of our guided ranges of above 55% and 30%, supported by a favourable product mix, successful new launches, and continued cost efficiency. Notably, we maintained margins beyond our guidance even without the PLI scheme benefits, reflecting the robustness in our operations.

The Company generated strong cash flow from operations of Rs 148 crore in Q2FY26, with cash & cash equivalents of Rs 653 crore on the books as of 30th September 2025, providing ample support for our ongoing growth plans and allowing us to sustain a healthy, debt-free balance sheet.”

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Pharmaceuticals company Alivus Life Sciences announced Q1FY26 results

  • Revenue from operations for Q1FY26 reached Rs 6,018 million, a growth of 2.2% YoY.
  • EBITDA was at Rs 1,813 million, a growth of 9.9% YoY. EBITDA margins were at 30.1%, up 210 bps YoY.
  • PAT for the quarter stood at Rs 1,215 million and PAT margins were at 20.2%.
  • During Q1FY26, the company generated a strong free cash flow of Rs 1,000 million leading to Cash and Cash Equivalents (including short term investments) of Rs 6,604 million as of June 30, 2025.

Yasir Rawjee, MD & CEO, Alivus Life Sciences, said: "Our performance this quarter was primarily driven by strong growth in the Non-GPL business, which expanded by 14.5% YoY. Key regions including India (Ex-GPL), Europe, ROW, LATAM, and Japan were major contributors to this growth. We remain confident of achieving high single-digit revenue growth in FY26, with stronger momentum expected in the second half. Margins are projected to remain healthy in the 28–30% range.

Our ongoing investments in capacity building and pipeline enrichment form the foundation of our future growth, and we believe these efforts, supported by an increasingly favourable market environment, will help unlock further value."

Tushar Mistry, CFO, Alivus Life Sciences, said: "Q1FY26 witnessed robust revenues of Rs 602 crore, while consistently maintaining our gross margin at ~55% and EBITDA margin around ~30%, well within our guided range.

This financial discipline, coupled with a healthy free cash flow of Rs 100 crore during the quarter, strengthens our debt-free balance sheet and positions us well to achieve the high single-digit growth we anticipate for the full year."

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Pharmaceuticals company Alivus Life Sciences announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from operations for Q4FY25 reached Rs 6,496 million, a growth of 21.1% YoY and 1.2% QoQ.
  • For Q4FY25, EBITDA was at Rs 2,085 million, a growth of 44.2% YoY and 3.8% QoQ. EBITDA margins were at 32.1%, up 520 bps YoY and up 80 bps QoQ.
  • PAT for the quarter stood at Rs 1,419 million and PAT margins were at 21.8%.

FY25 Financial Highlights:

  • For FY25, revenue from operations was Rs 23,869 million, a growth of 4.5% YoY.
  • EBITDA for FY25 was at Rs 7,172 million while EBITDA margins stood at 30.0% as compared to 30.1% in FY24 despite the absence of PLI benefit in the current year.
  • For FY25, the company recorded PAT of Rs 4,857 million with PAT margins of 20.3%.
  • During FY25, the company generated a strong free cash flow of Rs 2,328 million leading to Cash and Cash Equivalents (including short term investments) of Rs 5,487 million as of 31 March 2025.

Commenting on the company’s performance Yasir Rawjee, MD & CEO, Alivus Life Sciences said, "FY25 was our first full year under the Nirma ownership. Our overall performance has remained consistent with past years, with sustained margins, despite facing external challenges, most notably the loss in PLI revenue. The road ahead has significant opportunities for which we have begun working in earnest via capacity investments and the integration of newer technologies into R&D and manufacturing operations

One of the most encouraging outcomes this year was our ability to maintain EBITDA margins at 30%, even in the absence of PLI benefits and amid market headwinds. This reflects the strength of our diversified portfolio and our continued focus on operational efficiency.

Our full-year sales grew by 7.1%, normalizing for the PLI benefit last year and backed by healthy contributions from both GPL and Non-GPL segments. As we move into FY26, we remain committed to delivering sustainable growth with stable margins, while continuing to invest in our core growth drivers, expanding our product pipeline, and scaling our operations to create long-term value."

Tushar Mistry, CFO, Alivus Life Sciences said, "We delivered strong revenue growth of 21.1% in Q4FY25, with 520 bps improvement in EBITDA margins at 32.1%. We concluded the year on a positive note, with full-year revenue growth of 7.1% normalised for PLI benefits, which has been in line with our earlier guidance.

For FY25, both gross margins and EBITDA margins remained stable at ~55% and ~30% respectively, supported by a favourable product mix and cost discipline. Notably, we maintained EBITDA margins of 30% without PLI scheme benefits, a strong validation of our operational resilience.

Alivus Life Sciences has generated healthy cash flows of Rs 233 Crore during the year, which supports our growth initiatives while enabling us to maintain a debt-free balance sheet."

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Pharmaceuticals company Alivus Life Sciences announced 9MFY25 & Q3FY25 results

  • Revenue from operations for Q3FY25 reached Rs 6,418 million, a growth of 12.0% YoY and 26.6% QoQ. For 9MFY25, revenue from operations was Rs 17,373 million.
  • For Q3FY25, EBITDA was at Rs 2,008 million, a growth of 15.2% YoY and 40.5% QoQ. EBITDA margins were at 31.3%, up 90 bps YoY and 310 bps QoQ. EBITDA for 9MFY25 was at Rs 5,086 million while EBITDA margins stood at 29.3%.
  • PAT for the quarter stood at Rs 1,370 million and PAT margins were at 21.3%. For 9MFY25, the company recorded PAT of Rs 3,438 million with PAT margins of 19.8%.
  • During 9MFY25, the company generated a strong free cash flow of Rs 1,838 million leading to Cash and Cash Equivalents (including short term investments) of Rs 4,993 million as of 31 December 2024.

Yasir Rawjee, MD & CEO, Alivus Life Sciences, said: “The start of the new year marks a notable shift for us as we transition to Alivus Life Sciences.

I am pleased to report that our Q3 performance reflects this renewed energy, with growth across both GPL and Non-GPL segments. Geographically, regions like India, Europe, ROW and Japan contributed to the growth.

Our quest for high-quality, innovative solutions and scalability continues, in order to build a sustainable business over the long term.”

Tushar Mistry, CFO, Alivus Life Sciences, said: “Our emphasis on achieving quality growth has delivered encouraging outcomes with highest ever quarterly revenue at Rs 6,418 million. This translated to steady gross margins at ~56%, while our EBITDA grew by 15.2% YoY, underscoring our ability to cater a diversified product range while maintaining stringent cost efficiency."

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Pharmaceuticals company Glenmark Life Sciences announced Q2FY25 results

  • For H1FY25, GLS registered a revenue from operations of Rs 10,955 million, a de-growth of 6.7% YoY. For Q2FY25, revenue from operations was at Rs 5,069 million.
  • EBITDA for H1FY25 was at Rs 3,079 million, a de-growth of 16.2% YoY while EBITDA margins stood at 28.1%. For Q2FY25, EBITDA was at Rs 1,429 million and EBITDA margins were at 28.2%, up 20 bps QoQ.
  • PAT for H1FY25 was at Rs 2,068 million whereas for the quarter it stood at Rs 953 million.
  • During H1FY25, company generated strong free cash flow of Rs 1,340 million, leading to Cash and Cash Equivalents of Rs 4,461 million as of 30 September, 2024.

Yasir Rawjee, MD & CEO, Glenmark Life Sciences said: “The temporary closure of Ankleshwar facility has resulted in delayed servicing of orders, impacting the quarter revenue across geographies. However, the loss of production has substantially been recovered and we expect H2FY25 to be better than the earlier estimates. A key highlight is that our product mix has led to better gross margins i.e. above 55%. Looking ahead, we expect a strong second half of the fiscal year, supported by our solid order book. While overall growth for FY25 is projected to be in high single digits, we are confident in maintaining stable margins throughout the year.”

Tushar Mistry, CFO, Glenmark Life Sciences said: “I am pleased to share that despite the temporary setback, our gross margins improved both year-on-year and sequentially, returning to approximately 55.6%, while EBITDA margins remained steady at around 28.2%. GLS generated a solid cash flow of Rs 134 crores during H1FY25, enabling continued growth and allowing us to maintain a debt-free balance sheet."

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Pharmaceuticals company Glenmark Life Sciences announced Q1FY25 results:

Financial Highlights:

  • For Q1FY25, GLS registered a revenue from operations of Rs 5,886 million, recording a growth of 9.7% QoQ and 1.8% YoY.
  • EBITDA for Q1FY25 was at Rs 1,650 million, a growth of 14.1% QoQ and EBITDA margins were at 28%, up 110 bps QoQ.
  • PAT for Q1FY25 was at Rs 1,115 million, a growth of 13.9% QoQ.
  • During Q1FY25, company generated strong free cash flow of Rs 1,213 million, leading to Cash and Cash Equivalents of Rs 4,263 million as of 30 June, 2024.

Business Highlights:

  • Generic business in Q1 FY25 grew by 10.5% QoQ and 6.2% YoY to Rs 5,354 million whereas CDMO business grew by 20.2% QoQ to Rs 425 million.
  • DMF / CEPs filing continue across major markets, taking the total cumulative filings to 532 as on 30 June 2024
  • In Q1FY25, Addition of 5 new products to the development grid, of which 3 products are High potent API (HP API) / Oncology class of drugs and 2 are synthetic small molecules. The HP API portfolio now extends to 20 products with an addressable market of USD 40 billion (Source: IQVIA, MAT Mar’24); 4 products are validated, and 4 products are in advanced stages of development.

Commenting on the company’s performance Yasir Rawjee, MD & CEO, Glenmark Life Sciences said, “We are pleased to report broad-based revenue growth for the quarter, where, as anticipated, growth has picked up sequentially. Our Generic API business experienced a robust 10.5% QoQ and 6.2% YoY growth. YoY growth was led by Europe, LATAM and RoW.

The GPL business saw a significant recovery this quarter. With the key drivers of our business - GPL, Non-GPL and CDMO performing well, we anticipate delivering steady growth with stable margins throughout FY25.”

Tushar Mistry, CFO, Glenmark Life Sciences said, “Q1FY25 has been marked by a recovery in growth. While gross margins were impacted by the discontinuation of the PLI benefit to GLS as well as product mix, employee costs have normalized, leading to stable EBITDA margins of 28% for Q1FY25. We are optimistic about maintaining the growth momentum for the rest of the year.

GLS generated strong cash flow of Rs. 121 crores during the quarter, further strengthening our debt-free balance sheet.”

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Pharmaceuticals company Glenmark Life Sciences announced FY24 & Q4FY24 results:

Financial Highlights: 

  • For FY24, GLS registered revenue from operations of Rs 22,832 million, a growth of 5.6% YoY. For Q4FY24, revenue from operations was at Rs 5,366 million.
  • EBITDA for FY24 was at Rs 6,863 million, a growth of 2.2% YoY and EBITDA margins for the full year were at 30.1%. For the quarter, EBITDA stood at Rs 1,446 million and EBITDA margins were at 26.9%.
  • PAT for FY24 was at Rs 4,709 million, a growth of 0.8% YoY, whereas for the quarter it stood at Rs 979 million.
  • During FY24, company generated strong free cash flow of Rs 2,845 million leading to Cash and Cash Equivalents of Rs 3,014 million as of 31 March 2024.

Commenting on the company’s performance Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences said, “FY24 was a milestone year for Glenmark Life Sciences, marked by the successful acquisition by Nirma Limited. With Nirma's commitment and strategic vision, we are poised for accelerated growth and market positioning.

We concluded the financial year on a positive note with revenue growth of 5.6% on full year basis, driven by regulated markets in external business.

Our commitment to high-quality, innovative solutions and scalability will fuel sustainable long-term growth. These, coupled with a strong order book and demand visibility will ensure steady growth in FY25 and beyond.”

Tushar Mistry, CFO, Glenmark Life Sciences Limited said, “Despite global uncertainties and our integration efforts with Nirma Limited, we achieved a revenue growth of 5.6% in FY24. Our annualized margins continue to be in the range of ~30% despite one-time costs such as bonuses and transaction expenses.

Our strong free cash flow generation in FY24 has bolstered our financial standing, enabling continued growth while maintaining a debt-free balance sheet.”

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Pharmaceuticals company Glenmark Life Sciences announced Q1FY24 results:

  • GLS registered revenue from operations of Rs 5,785 million for Q1FY24, recording a strong growth of 18.1% YoY and a decline of 6.9% compared to the high base of Q4FY23.
  • Gross margins improved strongly in Q1FY24 trending at 57.1%, up 220 bps QoQ and 380 bps YoY; driven by lower input costs and a better product mix.
  • EBITDA for Q1FY24 was at Rs 1,950 million up 24.8% YoY.
  • EBITDA margins were at 33.7%, up 180 bps YoY driven by higher gross margin and offset by higher operating cost.
  • PAT was at Rs 1,355 million in Q1FY24, registering a growth of 24.6% YoY. PAT Margin for the quarter was at 23.4%, up 120 bps YoY.
  • R&D expenditure for Q1FY24 was at Rs 174 million, 3% of sales.
  • Capital expenditure for Q1FY24 was at Rs 354 million.
  • ROICE (adjusted for Cash and CWIP) was 35% for Q1FY24 and the Fixed assets turnover ratio at 2.7x.
  • Strong free cash generation of Rs 982 million during Q1FY24 leading to Cash & Cash Equivalents of Rs 3,820 million as on June 30 2023.

Commenting on the company’s performance Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences said, “Our performance in the quarter was driven by Generic API and the CDMO businesses. Geographically, the US, Europe, ROW and India markets spearheaded this growth.

We remain focused on our strategic priorities of building capacities as well as strengthening our product pipeline. This coupled with an improved demand environment and supply situation will act as a catalyst for growth in the coming quarters.”

Commenting on the company’s performance Tushar Mistry, CFO, Glenmark Life Sciences said, “I am delighted to report continued growth momentum in Q1 with improved gross margins on the back of rationalisation in input cost and improved product mix. EBITDA and PAT margins improved due to better gross margins.

GLS generated strong free cash flow of Rs 98 crore during the quarter further strengthening the debt-free balance sheet.”

 

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Pharmaceutical company Glenmark Life Sciences announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Revenue from operations of Rs 6,213 million for Q4FY23, recording a strong growth of 14.9% QoQ and growth of 20.9% YoY
    • Gross Margins for Q4FY23 were at 54.9%, up 390 bps QoQ and up 450 bps YoY
    • Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for Q4FY23 was at Rs 2,092.7 million up 37.6% on QoQ and 42.1% YoY. EBITDA margins were at 33.7%, up 560 bps QoQ and up 500 bps YoY
    • Profit After Tax (PAT) was at Rs 1,463.6 million in Q4FY23, registering a growth of 39.4% QoQ and 48% YoY. PAT Margin for the quarter was 23.6%.
  • FY23:
    • Revenue from operations for FY23 was at Rs 21,612 million, up 1.8% YoY
    • EBITDA for FY23 was at Rs 6,712.5 million, up 6.4% YoY
    • PAT for FY23 was at Rs 4,670 million, up 11.5% YoY
    • R&D expenditure for FY23 was at Rs 652 million, 3.0% of sales
    • Capital expenditure for FY23 was at Rs 1,702 million
    • Healthy cash generation from operation at Rs 3,134 million with free Cash flow of Rs. 1,432 million
    • ROICE (adjusted for Cash and CWIP) was 33.5% for FY23 and the Fixed assets turnover ratio at ~3x

Commenting on the company’s performance Dr. Yasir Rawjee, MD & CEO, Glenmark Life Sciences said, “At Glenmark Life Sciences we have concluded the financial year 2023 on a high note delivering revenue from operations of Rs 621 crore which grew by 15% on sequential basis and 21% YoY. The growth was driven by strong momentum in the Generic API business as well as significant recovery in demand in the CDMO business. Going forward we shall continue to focus on our strategy to prioritize investment into our growth pillars, build a strong pipeline of products and scale up our business to deliver sustainable long-term growth.”

Tushar Mistry, CFO, Glenmark Life Sciences Limited said, “It gives me pleasure to inform you that our strong growth was accompanied by better margins driven by higher contribution from CDMO business, better product mix, PLI benefit and lower input costs. On the balance sheet part, working capital has eased off during the quarter driven by lower inventory levels compared to previous quarter as well as higher payable days. Our cash generation remains strong during FY23 leading to stable debt free balance sheet with healthy cash.”

 

 

Result PDF

Pharmaceuticals firm Glenmark Life Sciences announced Q3FY23 results:

  • Q3FY23:
    • GLS registered a revenue of Rs 5,407 million for Q3FY23 from operations, recording a growth of 6.2% QoQ and 3.5% YoY.
    • Gross margins for the quarter were at 51.0%, up 20 bps YoY, driven by product mix and PLI scheme benefit
    • EBITDA was at Rs 1,520.6 million for Q3FY23. EBITDA margin at 28.1% remains steady on YoY basis, with a slight sequential decline mainly due lower gross margins
    • PAT for the quarter was at Rs 1,049.9 million in Q3FY23, registering a growth of 1.2% YoY. PAT margin for the quarter was at 19.4%.
    • Gross margins for the quarter were at 51.0%, up 20 bps YoY, driven by product mix and PLI scheme benefit.
    • R&D expenditure was at Rs 167.6 million, 3.1% of sales.
    • Capital expenditure was at Rs 324 million.
    • ROICE (adjusted for Cash and CWIP) was 32.2% for 9MFY23 and the fixed assets turnover ratio at ~3x.

Commenting on the company’s performance, Dr Yasir Rawjee, MD & CEO, Glenmark Life Sciences Limited, said, “I am pleased to report that the company has continued its upward trajectory to witness steady growth both on sequential as well as YoY basis on the back of a robust performance of our external business. India, Europe and LATAM were the main catalysts for growth whereas the US witnessed a healthy recovery. The GPL business saw a strong recovery in the current quarter while the CDMO business was sluggish, and we expect it to pick up strongly from Q4 onwards.”

Rawjee further added, “During 9MFY23, we launched 5 new products, and we continue to cross-sell our wide product basket to existing customers across different geographies. Overall, as the three levers of the business (External business, GPL and CDMO) are on track to perform well, I am confident of delivering steady growth with stable margins in the coming quarters.”

Tushar Mistry, CFO, Glenmark Life Sciences Limited, said, “The company continues to grow steadily with revenue from operations growing 3.5% on YoY basis and 6.2% sequentially. EBITDA for the quarter at 28.1% was steady on YoY basis. Our proactive cost control measures have helped us maintain our EBITDA margins for the nine months at 30%. We are also witnessing increased capacity as Dahej block comes online. That said, we are strategically commissioning the Dahej block module-wise to keep expenses under control which will ensure steady margins in the coming quarters. Our prudent working capital management during the quarter has led to healthy cash flow generation from the operations. Reviving demand in the regulated markets and GPL business supported by excess capacity availability will propel growth in coming quarters.”

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