Alivus Life Sciences (ALVUS) Q3 25/26 earnings summary

Executive summary

• Q3FY26 delivered record revenue of INR 673 crores (6,729 Mn), up 14.4% QoQ and 4.8% YoY, with broad-based strength across segments and geographies.

• CDMO business rebounded strongly, with 100% QoQ and 85.3% YoY revenue growth, driven by new project ramp-up.

• Non-GPL business grew 16.1% for nine months, reflecting successful diversification and robust demand in key markets like Europe, Japan, LATAM, ROW, and India.

• Board approved unaudited financial results for Q3 and nine months ended December 31, 2025, reviewed by the Audit Committee and statutory auditor.

Financial highlights

• Q3FY26 revenue from operations was INR 673 crores (6,729 Mn), up 14.4% QoQ and 4.8% YoY; 9MFY26 revenue reached INR 1,863 crores (18,627 Mn), up 7.2% YoY.

• Gross margin for Q3FY26 was 58.9%, up 330 bps YoY; EBITDA margin reached 36.4%, up 510 bps YoY.

• PAT for Q3FY26 was INR 150 crores (1,503 Mn), with a PAT margin of 22.3%.

• Free cash flow for nine months FY26: INR 221 crores (2,207 Mn); cash and equivalents at INR 733 crores (7,330 Mn) as of Dec 31, 2025.

• Earnings per share (basic) for Q3FY26 was INR 12.25, compared to INR 11.18 in Q3FY25.

Outlook and guidance

• High single-digit revenue growth guided for FY26 and FY27, with margins expected in the 30%-32% range, above prior guidance.

• CapEx for FY26 revised to INR 450 crores, with INR 150 crores deferred to FY27.

• Double-digit growth anticipated from FY28 as Solapur capacity comes fully online.

• Company continues to monitor regulatory developments regarding new labour codes and will adjust accounting as needed.