Alivus Life Sciences Ltd · NSE:ALIVUS
Alivus Life Sciences — Q4 FY26 Earnings Presentation
27 slides from Alivus Life Sciences's earnings presentation, May 14, 2026
Slide 1: Filing cover letter to BSE and NSE
May 14, 2026 To, To, Dy. General Manager The Manager – Listing, Department of Corporate Services, National Stock Exchange of India Ltd., BSE Ltd., Plot No. C/1, G Block, P. J. Towers, Dalal Street, Bandra Kurla Complex, Fort, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Ref: Scrip Code: 543322 Ref:
Slide 2: Investor Presentation Q4FY26 & FY26
Investor Presentation Q4FY26 & FY26
Slide 3: Disclaimer
Disclaimer The Presentation is to provide the general background information about the Company’s activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any i
Slide 4: Financial Performance Review
Financial Performance Review 3
Slide 5: Q4FY26 & FY26 Highlights
Q4FY26 & FY26 | Highlights “The past two years under Nirma's ownership have been deeply fulfilling — a period of transition and evolution that has strengthened the foundation of the business and positioned us decisively for the next phase of sustainable growth. Dr. Yasir Rawjee Coming to our results
Slide 6: Q4FY26 & FY26 Performance
Q4FY26 & FY26 Performance Revenue EBITDA PAT EPS (In ₹ Mill i on ) (In ₹ Mill i on ) (In ₹ Mill i on ) (In ₹) 13.23 12.25 33.0% 36.4% 34.4% 22.3% 23.6% 11.57 32.1% 30.1% 21.8% 6,891 22.1% 10.60 6,729 20.2% 9.91 6,496 2,452 2,373 6,018 2,085 1,627 5,880 1,939 1,503 1,813 1,419 1,301 1,215 Q4FY25 Q1FY
Slide 7: P&L Highlights Q4FY26 & FY26
P&L Highlights | Q4FY26 & FY26 Particulars (In ₹ Million) Q4 FY26 Q3 FY26 QoQ Q4 FY25 YoY FY26 FY25 YoY Revenue from Operations 6,891 6,729 2.4% 6,496 6.1% 25,518 23,869 6.9% Gross Profit 4,182 3,965 5.5% 3,670 14.0% 14,853 13,061 13.7% Gross Profit (%) 60.7% 58.9% +180 bps 56.5% +420 bps 58.2% 54.7
Slide 8: Healthy Return Indicators
Healthy Return Indicators ROICE (%) Fixed Assets Turnover (Times) Working Capital Days 192 199 40% 166 170 34% 3.4 152 32% 30% 103 99 2.9 102 2.7 107 27% 2.5 89 2.2 136 148 153 116 122 FY22 FY23 FY24 FY25 FY26 FY22 FY23 FY24 FY25 FY26 -53 -72 -59 -59 -53 • ROICE improved to ~30% – showcasing the eff
Slide 9: Robust Growth & Steady Profitability
Robust Growth & Steady Profitability Revenue EBITDA PAT EPS (In ₹ Mil l ion ) (In ₹ Mill i on ) (In ₹ Mill i on ) (In ₹) EBITDA Margin PAT Margin 33.6% 22.1% 31.4% 31.1% 30.1% 30.0% 20.3% 21.6% 45.99 25,518 20.6% 23,869 19.7% 5,645 22,832 21,612 39.63 21,232 8,577 4,670 4,857 38.43 38.11 4,709 35.63
Slide 10: Business Performance Review
Business Performance Review 9
Slide 11: Segmental Performance: Generic API vs CDMO
Segmental Performance | Generic API vs CDMO Generic API CDMO (Revenu e In ₹ Milli o n ) (Revenu e In ₹ Milli o n ) 556 6,343 5,941 6,070 453 434 5,513 5,464 364 278 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 • Generic API revenues in Q4FY26 shown a steady • CDMO business s
Slide 12: Segmental Performance: GPL vs Non-GPL
Segmental Performance | GPL vs Non-GPL GPL % of Total Revenue Non-GPL % of Total Revenue (In ₹ Mill i on ) (In ₹ Mill i on ) 33.6% 35.4% 75.6% 74.6% 30.0% 4,711 25.4% 4,492 4,443 4,452 24.4% 2,439 4,315 2,181 2,018 66.4% 1,526 70.0% 1,437 64.6% Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26
Slide 13: Market and Therapeutic Area Mix
Market and Therapeutic Area Mix Market Mix Therapeutic Mix 14% 17% 19% 17% 15% 30% 31% 39% 34% 35% Emerging Markets Acute 86% 83% 81% 83% 85% Chronic 70% 69% 66% 65% 61% Regulated Markets Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 • Regulated markets contributed 85% in Q4F
Slide 14: Journey From Value Extraction to Value Creation
Journey From Value Extraction to Value Creation 13
Slide 15: The Strategic Transformation Under Nirma Ownership
The Strategic Transformation Under Nirma Ownership The change of control reset capital allocation — removing legacy constraints and redirecting cash towards a standalone growth agenda Nirma Limited acquires 75% Dimension Pre-Transition (Prior Nirma) Post-Transition (under Nirma) Operating cash route
Slide 16: A Tale of Two Cycles – Revenue & Earnings Momentum
A Tale of Two Cycles – Revenue & Earnings Momentum EBITDA CAGR expanded, driven by operating leverage and structural margin improvement Delta ₹ Mn Constrained profitability Operating leverage kicks in Growth Comparison Period Revenue CAGR EBITDA CAGR 2,184 FY22-24 3.7% 0.7% 2,686 1,600 FY24-26 5.7%
Slide 17: Accelerating Profitability – Margins meaningfully re-rated
Accelerating Profitability – Margins meaningfully re-rated Margins re-rating driven by structural improvements Pre Nirma Ownership Under Nirma Ownership Including ~1.5% PLI benefit Margins sustained without PLI support since Q1 FY25 36.4% 34.4% 33.7% 33.7% 33.0% 31.9% 32.1% 31.3% 30.2% 30.4% 30.1% 2
Slide 18: Non-GPL Business – The Quiet Engine of Growth
Non-GPL Business – The Quiet Engine of Alivus’ Growth Non-GPL share increased from 59% to 71% supporting our improved profitability Share of Non GPL is growing steadily Period Non GPL GPL GPL-heavy mix Transition phase Non-GPL led mix FY22 12,763 8,469 31% 29% 41% FY24 15,661 7,172 69% 71% FY26 18,0
Slide 19: Investments in Capex – Building Blocks of Future Growth
Investments in Capex – Building Blocks of Future Growth Capex ramp-up post FY24 reflects shift from maintenance to growth-led investments Cash & Cash Equivalent Capex Credit Rating ₹ Mn ₹ Mn Bare Minimum investments IND AA Upgraded in 5,400 Sept’25 7,824 3,062 3,014 1,451 1,674 1,662 1,290 680 FY24
Slide 20: Company Overview
LIFE SCIENCES Company Overview ¢
Slide 21: Global Footprint
Global Footprint • Filed 611 DMFs and CEPs across major markets; United States, Europe, Japan, Russia, Brazil, South Korea, Taiwan, Canada, China and Australia ROW 370+ 30+ 160 187 70+ 10+ 119 21 170+ 611 50+ 10+ DMFs and 99 25 (Brazil) CEPs 20 Regulated Emerging India - Mix of Regulated Number of C
Slide 22: R&D Capabilities
R&D Capabilities Cumulative Filing Status R&D Spend (In ₹ Mill i on ) North Therapy Europe Japan Brazil Australia ROW Total % of Total Revenue America CVS 40 41 4 27 11 41 164 CNS 45 26 8 19 4 21 123 Anti-Infective 21 11 3 3 3 15 56 3.6% Diabetes 10 5 - 9 1 18 43 3.4% 3.3% 910 Dermatology 9 6 1 13 1
Slide 23: Quality Focused Manufacturing and R&D Infrastructure
Quality Focused Manufacturing and R&D Infrastructure Manufacturing Infrastructure R&D Infrastructure* Annual Installed Last USFDA Location Approvals Mahape, Navi Mumbai Capacity Inspection Date USFDA, MHRA (UK), FIMEA ▪ R&D for new product (Finland), Romania (Europe) PMDA development and complex Ank
Slide 24: Strategy Going Forward
LIFE SCIENCES Strategy Going Forward ¢
Slide 25: Strategy Growth Levers
Strategy Growth Levers 1 Gx API Business ✓ New product launches New Growth levers 2 ✓ Geographical expansion ✓ Focus on new markets becoming more regulated ✓ CDMO Ramp up ✓ Pursue 2nd source opportunities with top generic players ✓ Expand into complex API platforms 3 Capacity ✓ Iron compounds ✓ Onco
Slide 26: Future Capacity Expansion
Future Capacity Expansion Operational Expansion Type Division Location Status & Planned Capacity Timelines Brownfield API / Intermediate Ankleshwar Planned addition of ~100KL Capacity Q2 FY27 Brownfield API Dahej Planned addition of ~160KL Capacity Q2 FY27 Phase 1 – ~115 KL (API and intermediate blo
Slide 27: Thank You
Thank You FOR FURTHER INFORMATION CONTACT Email: complianceofficer@alivus.com ERNST & YOUNG LLP – INVESTOR RELATIONS DIWAKAR PINGLE RUNJHUN JAIN SNEHA SALIAN Email: diwakar.pingle@in.ey.com Email: runjhun.jain1@in.ey.com Email: sneha2.salian@in.ey.com CORPORATE OFFICE: REGISTERED OFFICE: T: 91 22 68