Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹588 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹194 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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 business and new product launches. Gross margin improved 210 bps to 57.7% due to favorable product mix and cost control. CDMO performance remained soft but management expects a meaningful rebound in H2 from new project ramp-ups and regulatory approvals. GPL segment declined due to customer inventory rationalization but is anticipated to recover in H2. Management reaffirmed high single-digit revenue growth guidance for FY26 and expects margins to sustain around 30% despite PLI benefit absence. Key risk: CDMO turnaround may be slower than expected if project ramp-ups or approvals face delays.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed guidance of high single-digit revenue growth for FY26, driven by stronger H2 performance from non-GPL business, GPL recovery, and CDMO ramp-up.
- Management expects to sustain EBITDA margins around 30% despite absence of PLI benefits, supported by new launches and operational efficiency.
- Management guided for capex of approximately ₹250 crore in H2 FY26, with total FY26 capex expected to be lower than the board-approved ₹600 crore.
- Management expects a meaningful turnaround in CDMO performance in H2, driven by new project additions and ramp-up of existing projects.
Risks flagged
- CDMO performance remained soft in Q2; management expects rebound in H2 but any delay in project ramp-ups or regulatory approvals could impact growth.
- GPL segment declined due to customer inventory rationalization; management expects recovery in H2 but could not quantify, leaving uncertainty.
- Capex spend has been slower than planned; while management says it won't impact near-term growth, delays in capacity expansion could limit medium-term scalability.
- A flash fire led to a penalty from the Gujarat State Pollution Control Board; while management downplays it, repeated issues could affect operations.
Key quotes
- We reported revenue of 588 crores rupees 588 crores registering a healthy 16% growth yi. This was driven by a very strong performance of by of our nonGPL business which grew at by 39.7%.
- Our EITA margin for the quarter was 33% up 480 bips YI.
- We remain confident of sustaining margins at around 30% despite the absence of PLI benefits.
Research modules