Alivus Life Sciences Limited (NSE: ALIVUS | BSE: 543322)
Source: Alivus Life Sciences Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Alivus Life Sciences Limited (formerly Glenmark Life Sciences Limited) |
| Corporate Identity Number (CIN) | L74900PN2011PLC139963 |
| ISIN | INE03Q201024 |
| NSE Symbol & BSE Scrip Code | ALIVUS (NSE) | 543322 (BSE) |
| Date of Incorporation / Founding Year | June 23, 2011 |
| Registered Office & Corporate Headquarters | Registered Office: Plot No 170-172, Chandramouli Industrial Estate, Mohol Bazarpeth, Solapur – 413213, Maharashtra, India. Corporate Office: Technopolis Knowledge Park, A Wing, Office No. 401 to 407, 4th Floor, Mahakali Caves Road, Andheri (E), Mumbai – 400093, Maharashtra, India |
| Telephone & Investor Relations Contact | +91 22 6829 7979 | complianceofficer@alivus.com |
| Chairman / Managing Director & CEO | Hiren K. Patel (Chairman & Non-Executive Director) | Dr. Yasir Rawjee (Managing Director & CEO) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Tushar Mistry (CFO & Group Vice President) | Rudalf Corriea (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Nirma Limited |
| Industry / Sector Classification | Active Pharmaceutical Ingredients (APIs) / Pharmaceuticals, Medicinal, Chemical and Botanical Products |
| Total Employees / Workforce (BRSR) | 2,272 permanent employees on the rolls of the Company as of March 31, 2026 |
| Manufacturing Plants / Branches / Offices Count | 4 manufacturing facilities (Ankleshwar, Dahej, Mohol, Kurkumbh) and 3 research and development facilities |
| Countries / States Served | Over 75+ countries worldwide, serving 900+ customers across regulated and emerging markets |
| Statutory Auditors | Walker Chandiok & Co LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Limited |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Alivus Life Sciences Limited (formerly known as Glenmark Life Sciences Limited) operates as a leading, independently managed developer and manufacturer of select, high-value, non-commoditised Active Pharmaceutical Ingredients (APIs). The company focuses extensively on chronic therapeutic segments such as Cardiovascular (CVS), Central Nervous System (CNS), Diabetes, Oncology, Urology, and Pain Management, establishing a trusted presence across regulated and emerging global healthcare markets.
Guided by integrated thinking and a commitment to sustainable value creation, the company leverages its six capitals—Financial, Manufactured, Intellectual, Human, Social & Relationship, and Natural—to drive long-term business performance. By combining scientific depth, regulatory excellence, manufacturing capability, and resilient supply chain management, Alivus serves leading generic and specialty pharmaceutical companies across more than 75 countries.
The Founders, Promoters & Their Legacy
The company is promoted by Nirma Limited, a prominent corporate entity with rich and diverse experience across consumer goods, chemicals, cement, and healthcare industries. Under the guidance of Chairman Hiren K. Patel and the leadership of Managing Director and CEO Dr. Yasir Rawjee, Alivus has strengthened its financial foundation, enhanced operational flexibility, and accelerated its strategic transformation following the transition to Nirma Group ownership.
The Journey: History & Evolution
The enterprise was originally established as an independent entity carved out from Glenmark Pharmaceuticals Ltd in 2019. In July 2021, the company successfully completed its initial public offering (IPO) on Indian stock exchanges, recording the highest number of retail applications in over a decade within India’s pharmaceutical sector at that time. A major strategic turning point occurred when Nirma Limited acquired majority ownership, subsequently leading to the formal rebranding of the company as Alivus Life Sciences Limited.
Over the past two years under Nirma ownership, Alivus has reinforced its manufacturing footprint, expanded its R&D infrastructure, and successfully executed a strategic shift toward high-value differentiated molecules and contract development and manufacturing operations (CDMO).
The Corporate Umbrella
Alivus Life Sciences Limited functions as a standalone entity with a net debt-free balance sheet, supported by strong internal accruals and disciplined capital allocation. The company operates entirely through its domestic manufacturing and research facilities located in Gujarat and Maharashtra, maintaining direct control over its core API and CDMO business verticals without active joint ventures or material subsidiary structures during the reporting period.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
The primary operational engine of Alivus revolves around its generic Active Pharmaceutical Ingredients business and its expanding Contract Development and Manufacturing Organisation (CDMO) services. The generic API portfolio addresses complex organic synthesis, specialized therapeutic segments, and lifecycle management solutions for mature pharmaceutical products.
The CDMO segment leverages the company’s established strengths in process chemistry research, analytical capabilities, and flexible manufacturing infrastructure—ranging from gram-scale development to multi-ton commercial production—to partner with innovator and specialty pharmaceutical companies.
The Product & Service Catalog
Alivus maintains a strategically diversified portfolio comprising 176 unique, high-value API molecules. The total addressable market size of the company’s product portfolio is estimated at USD 267 billion by 2026. The product catalog is supported by 611 cumulative Drug Master Files (DMFs) and Certificates of Suitability (CEPs) filed across major regulated and emerging markets.
- Cardiovascular (CVS): 31 products, including Amiodarone and Ezetimibe.
- Central Nervous System (CNS): 27 products, including Lithium Carbonate and Oxcarbazepine.
- Oncology: 20 specialised molecules targeting complex cancer therapies.
- Diabetes: 13 products, including Dapagliflozin and Sitagliptin.
- Anti-Infective & Respiratory: 12 anti-infectives and 7 respiratory agents, including Ensifentrine.
- Urology & Pain Management: 12 urology products (such as Mirabegron and Solifenacin) and 7 pain management compounds (including Etoricoxib).
The Names You Know
Alivus supplies active ingredients that form the backbone of widely prescribed medications globally. Key commercial molecules driving market presence include Amiodarone and Ezetimibe in Cardiovascular care; Lithium Carbonate and Oxcarbazepine in Central Nervous System disorders; Mirabegron and Solifenacin in Urology; Atovaquone as an anti-parasitic; Etoricoxib in Pain Management; and Dapagliflozin and Sitagliptin in Diabetes management. In addition, the company’s active development pipeline features advanced specialized molecules such as Ensifentrine, Elacestrant, Finerenone, Elinzanetant, Tivozanib, Vonoprazan, and Isavuconazonium Sulfate.
Mapping the Domestic & Global Reach
Alivus serves an extensive international customer base exceeding 900 clients across 75+ countries. The company’s revenue streams are distributed between domestic Indian sales and international exports to regulated and emerging markets, including the United States, Europe, Japan, Russia, Brazil, South Korea, Taiwan, Canada, China, and Australia.
| Geographical Segment | Revenue for FY 2025-26 (₹ in Crores) | Revenue for FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Within India | 1,163.51 | 1,152.37 | +0.97% |
| Outside India (Exports) | 1,388.32 | 1,234.52 | +12.46% |
| Total Revenue from Operations | 2,551.83 | 2,386.88 | +6.91% |
The Brick & Mortar Footprint
The company’s operational infrastructure comprises four multi-purpose, cGMP-compliant manufacturing facilities with a total installed reactor capacity of 1,424 KL as of March 31, 2026:
- Ankleshwar, Gujarat: Multi-purpose manufacturing facility with 950 KL reactor capacity, inspected regularly by global regulators including USFDA, MHRA, PMDA, and ANVISA.
- Dahej, Gujarat: Advanced manufacturing unit with 400 KL reactor capacity, equipped with dedicated independent production modules.
- Mohol, Maharashtra: Dedicated manufacturing site with 49 KL reactor capacity serving key therapeutic intermediates and APIs.
- Kurkumbh, Maharashtra: Specialized manufacturing unit with 25 KL reactor capacity operating under Maharashtra FDA standards.
- Solapur Greenfield Facility, Maharashtra: Under active development in Chincholi Industrial Area to house multi-purpose manufacturing blocks with mid-to-high volume capacity, adding 465 KL in Phase 1 and Phase 2.
- R&D Centres: Advanced research facilities located at Mahape (Navi Mumbai), Ankleshwar, and Dahej, alongside a dedicated upcoming R&D centre at Taloja (Navi Mumbai).
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
For the financial year ended March 31, 2026, Alivus Life Sciences Limited recorded revenue from operations of ₹2,551.83 Crores, representing a year-on-year growth of 6.9%. Profit after tax (PAT) reached ₹564.48 Crores, up 16.2% compared to ₹485.63 Crores in FY 2024-25. EBITDA expanded robustly to ₹857.70 Crores, delivering an improved EBITDA margin of 33.6% driven by favourable product mix, operational efficiencies, and disciplined cost management.
| Consolidated Statement of Profit and Loss Particulars | Year Ended 31 March 2026 (₹ in Crores) | Year Ended 31 March 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 2,551.83 | 2,386.88 | +6.91% |
| Other Income | 60.41 | 34.57 | +74.75% |
| Total Income | 2,612.24 | 2,421.45 | +7.88% |
| Cost of Materials Consumed | 1,063.00 | 1,053.50 | +0.90% |
| Changes in Inventories of Finished Goods and Work-in-Progress | 3.56 | 27.35 | -86.98% |
| Employee Benefits Expense | 272.47 | 251.70 | +8.25% |
| Finance Costs | 5.37 | 2.41 | +122.82% |
| Depreciation and Amortisation Expense | 75.36 | 60.61 | +24.34% |
| Other Expenses | 415.51 | 371.75 | +11.77% |
| Total Expenses | 1,835.28 | 1,767.32 | +3.85% |
| Profit before Exceptional item and Tax | 776.97 | 654.13 | +18.78% |
| Exceptional Items (Statutory impact of New Labour Codes) | 25.66 | – | – |
| Profit Before Tax | 751.31 | 654.13 | +14.86% |
| Current Tax Expense | 183.89 | 162.44 | +13.20% |
| Deferred Tax Expense | 2.93 | 6.06 | -51.65% |
| Total Tax Expense | 186.83 | 168.50 | +10.88% |
| Profit for the Year | 564.48 | 485.63 | +16.24% |
| Other Comprehensive Income (Net of Tax) | 1.22 | (1.25) | N/M |
| Total Comprehensive Income for the Year | 565.71 | 484.38 | +16.79% |
| Basic Earnings Per Share (in ₹) | 45.99 | 39.63 | +16.05% |
| Diluted Earnings Per Share (in ₹) | 45.90 | 39.52 | +16.14% |
Assets, Borrowings, & Net Worth
Alivus maintains a robust balance sheet with total equity standing at ₹3,332.13 Crores as of March 31, 2026. The company remains entirely net debt-free, backed by substantial cash reserves and short-term mutual fund investments.
| Consolidated Balance Sheet Particulars | As at 31 March 2026 (₹ in Crores) | As at 31 March 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-Current Assets | |||
| Property, Plant and Equipment | 1,017.97 | 942.67 | +7.99% |
| Capital Work-in-Progress | 273.40 | 94.25 | +190.08% |
| Intangible Assets | 19.58 | 12.28 | +59.45% |
| Intangible Assets under development | 10.35 | 7.66 | +35.12% |
| Financial Assets – Investments & Other Financial Assets | 6.79 | 6.45 | +5.27% |
| Income Tax Assets (Net) | – | 4.18 | – |
| Other Non-Current Assets | 5.44 | 8.80 | -38.18% |
| Total Non-Current Assets | 1,333.54 | 1,076.30 | +23.90% |
| Current Assets | |||
| Inventories | 691.93 | 673.95 | +2.67% |
| Trade Receivables | 1,072.96 | 969.74 | +10.64% |
| Cash and Cash Equivalents | 1.98 | 71.06 | -97.21% |
| Bank Balance other than Cash and Cash Equivalents | 0.15 | 0.17 | -11.76% |
| Investment in Mutual Funds | 780.38 | 477.62 | +63.39% |
| Other Current Financial Assets | 32.29 | 39.87 | -19.01% |
| Other Current Assets | 69.66 | 102.75 | -32.20% |
| Total Current Assets | 2,649.36 | 2,335.16 | +13.46% |
| TOTAL ASSETS | 3,982.90 | 3,411.45 | +16.75% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity Share Capital | 24.55 | 24.51 | +0.16% |
| Other Equity | 3,307.59 | 2,792.87 | +18.43% |
| Total Equity | 3,332.13 | 2,817.37 | +18.27% |
| Non-Current Liabilities | |||
| Non-Current Lease Liabilities | 48.79 | 50.96 | -4.26% |
| Provisions (Non-Current) | 36.15 | 18.54 | +94.98% |
| Deferred Tax Liabilities (Net) | 57.79 | 54.43 | +6.17% |
| Total Non-Current Liabilities | 142.73 | 123.92 | +15.18% |
| Current Liabilities | |||
| Current Lease Liabilities | 7.98 | 5.65 | +41.24% |
| Trade Payables (MSME & Others) | 372.37 | 390.46 | -4.63% |
| Other Current Financial Liabilities | 74.29 | 40.46 | +83.61% |
| Other Current Liabilities | 17.04 | 16.63 | +2.47% |
| Provisions (Current) | 29.91 | 16.96 | +76.36% |
| Income Tax Liabilities (Net) | 6.46 | – | – |
| Total Current Liabilities | 508.04 | 470.16 | +8.06% |
| Total Liabilities | 650.76 | 594.08 | +9.54% |
| TOTAL EQUITY AND LIABILITIES | 3,982.90 | 3,411.45 | +16.75% |
Cash Flow: Tracking the Money Movement
The company generated strong operating cash flows of ₹565.41 Crores during FY 2025-26, reflecting healthy profitability and working capital management.
| Consolidated Statement of Cash Flows Particulars | Year Ended 31 March 2026 (₹ in Crores) | Year Ended 31 March 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net Cash generated from Operating Activities | 565.41 | 391.52 | +44.41% |
| Purchase of Property, Plant and Equipment (CapEx / CWIP) | (307.06) | (166.19) | +84.76% |
| Proceeds from Disposal of PPE & Intangibles | 0.65 | 0.63 | +3.17% |
| Investment in Fixed Deposits / Mutual Funds (Net of Redemptions) | (264.71) | (470.10) | -43.69% |
| Interest Received | 0.97 | 20.01 | -95.15% |
| Net Cash used in Investing Activities | (570.15) | (615.64) | -7.39% |
| Proceeds from Exercise of Employee Stock Options | 10.39 | 0.67 | +1450.75% |
| Dividend Paid (including dividend distribution) | (61.34) | – | – |
| Principal & Interest Repayment of Lease Liabilities | (13.19) | (6.78) | +94.54% |
| Interest Paid (Others) | (0.21) | (0.12) | +75.00% |
| Net Cash used in Financing Activities | (64.34) | (6.23) | +932.74% |
| Net Increase / (Decrease) in Cash and Cash Equivalents | (69.08) | (230.35) | -70.01% |
| Cash and Cash Equivalents at Beginning of Year | 71.06 | 301.41 | -76.42% |
| Cash and Cash Equivalents at End of Year | 1.98 | 71.06 | -97.21% |
Funding the Future: CapEx, CWIP & R&D Spending
Capital investments during the year totalled ₹307.10 Crores, entirely funded through internal accruals. Research and development expenditure stood at ₹92.54 Crores, accounting for 3.6% of total revenue. Planned capital expenditure for FY 2027 is targeted at approximately ₹ 540 crores, focusing on the greenfield manufacturing facility at Solapur and the advanced R&D centre at Taloja (Navi Mumbai).
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
As disclosed in the statutory reports, the company does not have any subsidiary, joint venture, or associate company as defined under the Companies Act, 2013 during the financial year under review.
Strategic Investments & Treasury Holdings
The company maintains strategic unquoted equity investments, including 76,800 shares of Narmada Clean Tech valued at ₹0.08 Crores, alongside substantial deployment in liquid mutual fund arbitrage instruments totalling ₹780.38 Crores.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The Board comprises seven eminent directors providing balanced governance and strategic oversight across scientific, financial, and operational domains.
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Mr. Hiren K. Patel | Chairman | 00145149 | Non-Executive – Promoter Group |
| Dr. Yasir Rawjee | Managing Director & CEO | 01965174 | Executive Director |
| Mr. Vinod Naik | Executive Director & Head Technical Operations | 03635487 | Executive Director |
| Mr. Kaushikbhai N. Patel | Director | 00145086 | Non-Executive – Independent Director |
| Mrs. Manju Agarwal | Director | 06921105 | Non-Executive – Independent Director |
| Mr. T. L. Easwar | Director | 03135959 | Non-Executive – Independent Director |
| Dr. Savan Godiawala | Director | 07874111 | Non-Executive – Independent Director |
| Mr. Tushar Mistry | Chief Financial Officer & Group VP | – | Key Managerial Personnel |
| Mr. Rudalf Corriea | Company Secretary & Compliance Officer | – | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
The shareholding structure of Alivus Life Sciences Limited as of March 31, 2026, reflects concentrated promoter backing alongside institutional and retail participation.
| Category of Shareholder | Number of Shareholders | Number of Shares Held | % of Total Shares |
|---|---|---|---|
| Company Promoters (Nirma Limited) | 1 | 91,896,285 | 74.87% |
| Mutual Funds / Alternative Investment Funds | 28 | 8,597,323 | 7.00% |
| Foreign Portfolio Investors (FPIs) | 65 | 6,495,130 | 5.30% |
| Resident Individuals (Public Retail) | 121,679 | 12,271,813 | 10.00% |
| Bodies Corporate / HUF / Others | 3,326 | 2,232,231 | 1.83% |
| Insurance Companies & Trusts | 8 | 353,046 | 0.29% |
| Independent Director | 1 | 1,100 | 0.00% |
| Total | 127,969 | 12,27,36,348 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Alivus possesses deep technical expertise in complex organic synthesis, chiral chemistry, and multi-step reaction cascades. The company’s cGMP-compliant manufacturing infrastructure has successfully cleared over 56 global regulatory inspections by agencies such as the USFDA, PMDA, and ANVISA. Long-standing relationships with top global generic companies, robust backward integration capabilities, and an unyielding focus on quality compliance provide significant competitive moats.
What Could Go Wrong? Key Challenges & Business Risks
The company remains exposed to external macroeconomic risks, including geopolitical uncertainties, supply chain disruptions, foreign exchange volatility, and raw material price fluctuations. Regulatory compliance risks across global markets require constant monitoring, while pricing pressures in generic API segments necessitate continuous cost optimization and margin defense.
The Next Chapter: Growth & CapEx Initiatives
Strategic growth will be propelled by the commercialisation of the Solapur greenfield facility—expanding total reactor capacity from 1,424 KL to a planned 2,690 KL by FY 2029—and the establishment of the new R&D centre at Taloja. The company is actively scaling its high-potent API (HPAPI) portfolio, advancing complex molecule development, and accelerating CDMO partnerships through integrated ‘API+’ platform offerings.
The Verdict: Strategic Outlook & Conclusion
Alivus Life Sciences Limited enters its next phase of growth with a fortified balance sheet, net debt-free status, and robust cash generation capabilities. By combining disciplined capital allocation, continuous operational enhancements (such as bio-briquette steam generation and flow chemistry adoption), and expanding scientific depth, the company is exceptionally well-positioned to deliver sustainable value creation for all stakeholders.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.alivus.com