Alivus Life Sciences Limited — Q2 FY26
Alivus Life Sciences reported a strong Q2 FY26 with revenue of ₹588 crore (up 16% YoY) and EBITDA margin of 33% (up 480 bps YoY), driven by a 39.7% growth in non-GPL API busines...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
78%Questions answered1Evaded / deflected9Questions audited
Partial answer
High priority
R&D capex spend, CDMO project outlook, and GPL business visibility.
Asked by Ahmed Madha, Unifi Capital
Provided capex and CDMO details but gave vague GPL outlook without numbers.
no specific GPL revenue guidanceCDMO numbers still muted
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Question
first on KEX part we have done 110 cooking through KEX in the first half. So how do you see the overall research capex in realistic terms? ... second question was regarding the CDMO business... lastly when we say in press release we have better visibility in terms of the GPL business.
Dr. (CEO)
R&D we expected to close this first half but it has moved out slightly... we will not spend the remainder of that 600 cr this year... CDMO has been doing well... the new projects are picking up really nicely... GPL we expect the second half to be better.
Evasive
Medium priority
Any near-term capital deployment or M&A opportunities?
Asked by Ahmed Madha, Unifi Capital
Acknowledged cash but gave no concrete M&A plans or timeline.
no specific plansgeneric statement
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Question
are we considering anything else in terms of inopenic or any other capital deployment opportunity in near term or we are happy to wait?
Dr. (CEO)
We are evaluating various things... sitting on more than 650 crores of cash... we would much rather take our time and evaluate opportunities across the board.
Partial answer
High priority
API business environment and timeline to reach 700 cr quarterly revenue.
Asked by Tarang Agarwal, Oldbridge
Gave qualitative outlook but avoided committing to a quarter for 700 cr run rate.
no specific timelineuncertainty
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Question
how are you looking at the API business environment? ... when do you think you'll be able to get to about 700 crores per quarter on a consistent basis?
Dr. (CEO)
API business environment is a bit mixed... I don't know whether we will hit 700 this year but... we'll be very close to it.
Answered
Medium priority
Japan business potential and number of new molecules commercialized per year.
Asked by Tarang Agarwal, Oldbridge
Confirmed four new molecules per year in Japan.
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Question
could we fathom a situation where ... four new molecules getting commercialized each year from here on is that something that it's prudent for us to bake in?
Dr. (CEO)
Yeah. We are good for four every year.
Answered
Medium priority
Impact of benign environment on commoditized APIs and volume growth.
Asked by Tarang Agarwal, Oldbridge
Explained volume growth offsetting price decline for mature APIs.
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Question
was there a reason why you did it or it's actually only for commoditized APIs and not the case everywhere?
Dr. (CEO)
on the more mature APIs our volumes have been growing... prices are stable or even declining slightly but then the cost environment is also reasonable... absolute margin is growing slightly as a result of the volume increase.
Partial answer
Low priority
What is API plus and its revenue contribution?
Asked by Ketan Archer, Retail investor
Explained concept but did not quantify revenue contribution.
no revenue contribution given
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Question
you just mentioned about API plus could you please expand what do you mean by API plus and how much is that contributing to our revenues in the current scenario?
Dr. (CEO)
this whole concept is something that basically comes from our CDMO platform... we don't only give API to our CDMO customers... we are giving a whole range of solutions around the API.
Answered
Low priority
Does API plus improve margins compared to pure API?
Asked by Ketan Archer, Retail investor
Confirmed higher margins for API plus.
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Question
does this also help us improve the margins upwards or in other words would this be a higher margin as compared to the a pure API?
Dr. (CEO)
Yes.
Answered
High priority
Will capex delays impede growth in next 1.5 years?
Asked by Tarang Agarwal, Oldbridge
Clearly stated capex delays will not impact growth.
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Question
is it in any case does it in some sense be an impedance for you to grow next year or in the next one and a half years because of the mismatch in the timing of cash flow deployment?
Dr. (CEO)
it's not impacting business because you've seen our market is more than 80% regulated market... happening out of mahal out of aneshwar out of the h... Sholur even if it takes a bit of time is not going to impact business.
Answered
Medium priority
Employee cost inflation and competitive dynamics in API industry.
Asked by Tarang Agarwal, Oldbridge
Provided target employee cost percentage and comparison to industry.
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Question
how have things changed now two years later? ... just wanted to get a broad sense in terms of how are you seeing broad inflation or competitive dynamics when it comes to employees and workforce in the API industry.
Dr. (CEO)
we'll try to maintain our employee cost at around 10 and a half 11%... we are still well below the industry average in terms of our employee cost.
Answered
Medium priority
How is capex reduced yet plants on track?
Asked by Vijay Carp, Individual investor
Explained supplier credit as reason for lower cash outflow despite progress.
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Question
the spend on kex has been reduced for the second half. In spite of that we are seeing that the plants are on track. How are we making that possible?
Dr. (CEO)
getting better credit from our suppliers... while work is progressing, the cash outflow has not been that big in H1, but obviously we'll have to pay our vendors in H2.
Answered
Low priority
Reason for repeated issues with Gujarat pollution board.
Asked by Vijay Carp, Individual investor
Attributed to a specific incident, not systemic issue.
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Question
in spite of having good compliance with the other agencies, why do we keep on getting in trouble with the Gujar state pollution board?
Dr. (CEO)
this was not a sort of a regular issue. we did have an incident where we had a flash fire in the factory and so they penalized us... it's a one-off it's nothing to really worry about.
Answered
Medium priority
Working capital for the quarter and potential to reduce it.
Asked by Vijay Carp, Individual investor
Provided current working capital number and explained limited reduction potential.
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Question
what was the working capital for the quarter and what best can we do with the working capital? How low can it go?
CFO
working capital that was around 1250 crores is about 1,322 crores as of 30th September... receivable days are going to remain where they are... there is a limited scope there for breaking it down.