Any current/future new fundraising through debt or equity?

No plans for new debt in FY’26-27 as stated by Yasir Rawjee: "No, we are not planning any debt." The company continues to invest heavily in CAPEX (around Rs.550-600 crore for FY’26) funded through internal accruals and existing cash reserves. The company remains net debt-free with strong cash flow from operations and cash equivalents of Rs.549 crores as of March 31, 2025. There is no mention of any planned equity fundraising in the provided text. Overall, the company appears focused on growth funded through existing resources without external debt or equity raising in the near term.

Any current/future capex/capital investment/strategic investment?

Total planned CAPEX for FY’26 is upwards of Rs. 550 crores (Rs. 550-600 crores range). Major CAPEX includes: - Greenfield expansion in Solapur. - Brownfield expansions in Ankleshwar and Dahej to be completed this year. - New R&D center near Mumbai with Rs. 70-80 crores allocated. The 2650 KL volume expansion initially planned for FY’27 is now pushed to FY’28 due to brownfield expansions providing sufficient capacity for next 2-3 years. Asset turnover may be lower initially during this investment phase but expected to reach around 2x gradually. Focus remains on completing brownfield expan

Future growth expectations in sales/revenue/volumes?

FY’26 volume growth expected in mid-teens, driven by new product launches and opening of new markets. Revenue growth projected to be in high single digits due to pricing erosion despite volume growth. Incremental volume growth primarily from newer product sites, though base products continue solid volume growth. CDMO business expected to grow significantly with 4th project reaching full potential by end FY’25 and 5th project obtaining regulatory approval in second half FY’26. Longer-term, growth is backed by a strong pipeline with product launches aligned with patent expiries starting FY’28. C

Future growth expectations in earnings/operating earnings/profits/EPS?

**Volume Growth:** Mid-teens volume growth expected in FY’26 driven by new product launches and market expansion. **Revenue Growth:** High single-digit revenue growth anticipated due to pricing pressures despite volume growth. **CDMO Business:** Targeting 4x growth from FY’24 levels by FY’28 with Rs.500-600 crore revenue, fifth project approval expected H2 FY’26. **Margins:** Operating margins expected to stabilize in the 28%-30% range going forward. **Earnings:** PAT margin for FY’25 stood at 20.3%, with Q4 FY’25 PAT margin at 21.8%, indicating steady profit growth. **Capex Impact:*

Current/ Expected Orderbook/ Pending Orders?

The CDMO business has a small base with three commercial projects currently driving volume. The 4th CDMO project started commercializing in Q3 of the previous year but is on a slow uptake, expected to reach full potential by end of the current year. The 5th CDMO project is under regulatory approvals, with an anticipated approval for use as an API source in the second half of FY’26. There are ongoing discussions and multiple projects ("irons in the fire") in the CDMO pipeline aimed at bringing more projects by late FY’26 or early FY’27. Average size of CDMO contracts is around Rs.50 to Rs.60 cr

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Alivus Life Sciences LtdQ1 FY25Pharmaceuticals & Biotechnology

Alivus Life Sciences Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,108P/E: 22.7Market Cap: ₹12.7K CrSector: Pharmaceuticals & Biotechnology

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→FY’26 volume growth expected in mid-teens, driven by new product launches and opening of new markets.
→Revenue growth projected to be in high single digits due to pricing erosion despite volume growth.
→Incremental volume growth primarily from newer product sites, though base products continue solid volume growth.
→CDMO business expected to grow significantly with 4th project reaching full potential by end FY’25 and 5th project obtaining regulatory approval in second half FY’26.
→Longer-term, growth is backed by a strong pipeline with product launches aligned with patent expiries starting FY’28.
→Company remains optimistic about future trajectory supported by favorable demand environment and healthy order book.
→Margins expected to stabilize in the 28% to 30% range going forward.

Margin guidance

Category 3

→**Volume Growth:** Mid-teens volume growth expected in FY’26 driven by new product launches and market expansion.
→**Revenue Growth:** High single-digit revenue growth anticipated due to pricing pressures despite volume growth.
→**CDMO Business:** Targeting 4x growth from FY’24 levels by FY’28 with Rs.500-600 crore revenue, fifth project approval expected H2 FY’26.
→**Margins:** Operating margins expected to stabilize in the 28%-30% range going forward.
→**Earnings:** PAT margin for FY’25 stood at 20.3%, with Q4 FY’25 PAT margin at 21.8%, indicating steady profit growth.
→**Capex Impact:** Short-term impact on asset turns due to ongoing capex, but expected to normalize with growth projects coming online (Dahej, Ankleshwar expansions by Nov-Dec, Solapur by Q4).
→**Long-Term Outlook:** Optimistic growth trajectory supported by strong order book, pipeline, and favorable demand environment.

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Fundraise plans

→No plans for new debt in FY’26-27 as stated by Yasir Rawjee: "No, we are not planning any debt."
→The company continues to invest heavily in CAPEX (around Rs.550-600 crore for FY’26) funded through internal accruals and existing cash reserves.
→The company remains net debt-free with strong cash flow from operations and cash equivalents of Rs.549 crores as of March 31, 2025.
→There is no mention of any planned equity fundraising in the provided text.
→Overall, the company appears focused on growth funded through existing resources without external debt or equity raising in the near term.

Order book

Yes

→The CDMO business has a small base with three commercial projects currently driving volume.
→The 4th CDMO project started commercializing in Q3 of the previous year but is on a slow uptake, expected to reach full potential by end of the current year.
→The 5th CDMO project is under regulatory approvals, with an anticipated approval for use as an API source in the second half of FY’26.
→There are ongoing discussions and multiple projects ("irons in the fire") in the CDMO pipeline aimed at bringing more projects by late FY’26 or early FY’27.
→Average size of CDMO contracts is around Rs.50 to Rs.60 crore, targeting lifecycle management and 505 B2 therapies.
→The company expects a back-loaded CDMO order book performance for the current year, with growth kicking in more towards the latter half.

Capex plans

Yes

→Total planned CAPEX for FY’26 is upwards of Rs. 550 crores (Rs. 550-600 crores range).
→Major CAPEX includes:
→ - Greenfield expansion in Solapur.
→ - Brownfield expansions in Ankleshwar and Dahej to be completed this year.
→ - New R&D center near Mumbai with Rs. 70-80 crores allocated.
→The 2650 KL volume expansion initially planned for FY’27 is now pushed to FY’28 due to brownfield expansions providing sufficient capacity for next 2-3 years.
→Asset turnover may be lower initially during this investment phase but expected to reach around 2x gradually.
→Focus remains on completing brownfield expansions and Solapur Phase 1 (300 KL) by Q4 FY’26.
→No new debt planned for FY’26-27; company remains net debt-free.
→Strategic collaborations and platform developments are ongoing with updates expected in second half or end of FY’26.

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