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Q2FY26 Investor Presentation
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Disclaimer 2 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 investor should subscribe / purchase the company shares. The Company makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information contained herein. This presentation may include certain “forward looking statements”. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others, general economic and business conditions in India and abroad, ability to successfully implement our strategy, our research & development efforts, our growth & expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global pharmaceuticals industries, increasing competition, changes in political conditions in India or any other country and changes in the foreign exchange control regulations in India. Neither the company, nor its Directors and any of the affiliates or employee have any obligation to update or otherwise revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. No part of this presentation may be reproduced, quoted or circulated without prior written approval from Alivus Life Sciences Ltd.
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3 Financial Performance Review 3
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4 Dr. Yasir Rawjee Managing Director & Chief Executive Officer “Our performance, this quarter, was fuelled by strong momentum in the non-GPL business, which delivered an impressive 39.7% YoY growth. Non-GPL business has shown a robust performance over last four quarters, driven by healthy demand across key geographies including ROW, LATAM, Japan, Europe, and India, all of which contributed meaningfully to the overall performance. As we look forward, we remain confident of delivering a stronger performance in second half. This outlook is supported by continued robustness in non-GPL business and a better visibility on GPL business. Moreover, a continued ramp-up of our CDMO projects gives us confidence in the overall growth of our business. We remain confident of maintaining margins at around 30%, despite the absence of PLI benefits. The margins are reinforced by a robust pipeline of new launches and operational efficiencies.” REVENUE (IN ₹ MILLION) 5,880 EBITDA (IN ₹ MILLION) 1,939 PAT (IN ₹ MILLION) 1,301 • Alivus registered a revenue from operations of ₹ 5,880 Mn for Q2FY26, a growth of 16% YoY. • Gross Margin in Q2FY26 were at 57.7%, up by 260 bps QoQ & 210 bps YoY, driven by strong launches and product mix. • EBITDA margins for the quarter were at 33%, up by 290 bps QoQ & 480 bps YoY. • Generic API revenues in Q2FY26 grew by 15.3% YoY and CDMO revenues grew by 15.8% YoY. • GPL business was at ₹ 1,437 Mn, a de-growth 5.8% on QoQ and 23.9% on YoY,resulting from inventory rationalization at the customer’s end; Non-GPL business was at ₹ 4,443 Mn, up by 39.7% YoY. • During Q2FY26, the company generated a strong free cash flow of ₹ 1,477 Mn, leading to Cash and Cash Equivalents (including short term investments) of ₹ 6,526 Mn as of 30th Sep 2025. Q2FY26 | Highlights GPL: Glenmark Pharmaceuticals Ltd. 6.9% QoQ 35.7% YoY -2.3% QoQ 16.0% YoY 7.1% QoQ 36.5% YoY
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Q2 & H1 FY26 Performance Revenue (In ₹ Million) EBITDA (In ₹ Million) PAT (In ₹ Million) EPS (In ₹) 5 5,069 6,418 6,496 6,018 5,880 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 1,429 2,008 2,085 1,813 1,93928.2% 31.3% 32.1% 30.1% 33.0% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 10,955 H1FY25 H1FY26 3,079 3,75228.1% 31.5% H1FY25 H1FY26 953 1,370 1,419 1,215 1,301 18.8% 21.3% 21.8% 20.2% 22.1% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 7.78 11.18 11.57 9.91 10.60 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 2,068 2,51618.9% 21.1% H1FY25 H1FY26 16.88 H1FY25 H1FY26
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P&L Highlights | Q2 & H1 FY26 6 Particulars (In ₹ Million) Q2 FY26 Q1 FY26 QoQ Q2 FY25 YoY H1 FY26 H1 FY25 YoY FY25 Revenue from Operations 5,880 6,018 -2.3% 5,069 16.0% 11,898 10,955 8.6% 23,869 Gross Profit 3,391 3,315 2.3% 2,817 20.4% 6,706 5,825 15.1% 13,061 Gross Profit (%) 57.7% 55.1% +260 bps 55.6% +210 bps 56.4% 53.2% +320 bps 54.7% Other Income 147 90 63.3% 85 72.9% 237 140 69.3% 346 Employee Benefits Expense 664 616 7.8% 624 6.4% 1,280 1,192 7.4% 2,517 Other Expenses 935 976 -4.2% 849 10.1% 1,911 1,694 12.8% 3,718 EBITDA 1,939 1,813 6.9% 1,429 35.7% 3,752 3,079 21.9% 7,172 EBITDA Margin (%) 33.0% 30.1% +290 bps 28.2% +480 bps 31.5% 28.1% +340 bps 30.0% Depreciation and Amortisation Expense 184 171 7.6% 151 21.9% 355 295 20.3% 606 Finance Costs 13 12 8.3% 3 333.3% 25 7 257.1% 24 PBT 1,742 1,630 6.9% 1,275 36.6% 3,372 2,777 21.4% 6,542 PBT Margin (%) 29.6% 27.1% +250 bps 25.2% +440 bps 28.3% 25.3% +300 bps 27.4% PAT 1,301 1,215 7.1% 953 36.5% 2,516 2,068 21.7% 4,857 Net Margin (%) 22.1% 20.2% +190 bps 18.8% +330 bps 21.1% 18.9% +220 bps 20.3%
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Healthy Return Indicators ROICE (%) Fixed Assets Turnover (Times) • ROICE is tracking at ~29% – Capital employed driven by calibrated capex strategy and better margins • FATR is 2.4 times – Asset turn trending slightly lower due to Capex cycle • Strong Balance Sheet – Strong free cash generation of ₹ 1,477 Mn leading to Cash and Cash Equivalents (including short term investments) of ₹ 6,526 Mn as of September 2025 7 40% 34% 32% 27% 29% FY22 FY23 FY24 FY25 H1FY26 3.4 2.9 2.7 2.5 2.4 FY22 FY23 FY24 FY25 H1FY26
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Robust Growth & Steady Profitability EBITDA (In ₹ Million) PAT (In ₹ Million) EPS (In ₹) EBITDA Margin PAT Margin Revenue (In ₹ Million ) 8 18,852 21,232 21,612 22,832 23,869 FY21 FY22 FY23 FY24 FY25 5,919 6,308 6,712 6,863 7,172 31.5… 31.4% 31.1% 30.1% 30.0% FY21 FY22 FY23 FY24 FY25 3,516 4,187 4,670 4,709 4,857 18.6% 19.7% 21.6% 20.6% 20.3% FY21 FY22 FY23 FY24 FY25 32.62 35.63 38.11 38.43 39.63 FY21 FY22 FY23 FY24 FY25
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9 Business Performance Review 9
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Segmental Performance | Generic API vs CDMO Generic API (Revenue In ₹ Million) CDMO (Revenue In ₹ Million) • Generic API revenues in Q2FY26 saw a growth of 15.3% YoY. • Regions like ROW, LATAM, Japan, Europe and India (Ex-GPL) contributed to YoY revenue growth. 95% 5% • CDMO business saw a growth of 15.8% YoY. CDMO business is likely to witness a strong growth in H2FY26 led by addition of new project. • Multiple discussions are ongoing for the CDMO pipelines. 10 4,739 5,966 5,941 5,513 5,464 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 240 300 434 364 278 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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Segmental Performance | GPL vs Non-GPL • GPL business witnessed a de-growth of 23.9% YoY on account of inventory rationalization by them, it is expected to perform better in H2FY26. • In Q2FY26, GPL business contributed ~24.4% of the total revenue from operations. 24% 76% • Non-GPL business saw a strong growth of 39.7% YoY and consistently demonstrates high performance since Q3FY25. • On YoY basis, Non-GPL business was driven by strong growth in regions like ROW, LATAM, Japan, Europe and India (Ex-GPL). GPL (In ₹ Million) Non -GPL (In ₹ Million) % of Total Revenue 11 % of Total Revenue 1,888 1,773 2,181 1526 1,437 37.2% 27.6% 33.6% 25.4% 24.4% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 3,181 4,645 4,315 4,492 4,443 62.8% 72.4% 66.4% 74.6% 75.6% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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Market and Therapeutic Area Mix Market Mix Therapeutic Mix • Regulated markets contributed 81% in Q2FY26 driven by robust performance in Non-GPL business. • The growth was primarily driven by LATAM, Japan and Europe in the Regulated markets, whereas ROW and India (Ex-GPL) led the growth in Emerging markets. 12 • Chronic portfolio continued to deliver a strong growth. • The chronic therapies contributed 69% of the revenue in Q2FY26. 87% 82% 86% 83% 81% 13% 18% 14% 17% 19% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Emerging Markets Regulated Markets 67% 70% 61% 70% 69% 33% 30% 39% 30% 31% Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Acute Chronic
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13 Company Overview 13
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Global Footprint 14 30+ 179 70+ 115 370+ 155 125+ 10+ 21 10+ 23 50+ 93 (Brazil) ROW • Filed 586 DMFs and CEPs across major markets; United States, Europe, Japan, Russia, Brazil, South Korea, Taiwan, Canada, China and Australia Regulated Markets Emerging Markets India - Mix of Regulated and Emerging Number of DMF/CEP Filings Number of Customers Serviced in FY25 As of September 30, 2025 586 DMFs and CEPs
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R&D Capabilities 15 Cumulative Filing Status Therapy North America Europe Japan Brazil Australia ROW Total CVS 39 40 4 23 11 41 158 CNS 43 26 8 18 3 21 119 Anti-Infective 21 11 3 3 3 14 55 Diabetes 10 5 - 9 - 16 40 Dermatology 9 6 1 13 1 11 41 Urology 10 7 2 6 1 11 37 Allergy 9 7 1 7 1 8 33 Others 38 13 2 14 3 33 103 Total 179 115 21 93 23 155 586 • DMF/CEP filings continue across major markets in Q2FY26, taking the total cumulative filings to 586 as on 30th September, 2025. • Development grid remains steady and future ready with mix of near term launches, NCE-1 and patent cliff opportunities for target markets. • The HP API portfolio remains on the development path with 26 products in the active grid representing market size of $66 bn (Source: IQVIA, MAT Jun’25); 10 products are validated, Seven products are in advanced stages of development, remaining Nine products progressing through lab development stages. • Development progressing for iron complexes in the grid. Filing completed for One iron complex, Two others are in advanced stages of development and preliminary development ongoing for One iron complex. Total addressable market of $2.7 bn (Source: IQVIA, MAT June’25). R&D Spend (In ₹ Million) % of Total Revenue 572 652 753 805 431 2.7% 3.0% 3.3% 3.4% 3.6% FY22 FY23 FY24 FY25 H1FY26
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Quality Focused Manufacturing and R&D Infrastructure 16 Manufacturing Infrastructure R&D Infrastructure Location Annual Installed Capacity Last USFDA Inspection Date Approvals Ankleshwar, Gujarat 950.2 KL Jan 2025 USFDA, MHRA (UK), FIMEA (Finland), Romania (Europe) PMDA (Japan), COFEPRIS (Mexico), Health Canada, KFDA (South Korea), Gujarat FDCA, ANVISA (Brazil) Dahej, Gujarat 399.9 KL May 2025 USFDA, EDQM (Europe), PMDA (Japan), KFDA (South Korea), ANVISA (Brazil) Mohol, Maharashtra 49.1 KL March 2018 USFDA, Maharashtra FDA Kurkumbh, Maharashtra 24.6 KL -NA- Maharashtra FDA Mahape, Navi Mumbai ▪ R&D for new product development and complex molecules ▪ High-end analytical equipment for characterization Ankleshwar, Gujarat ▪ Cost improvement programs and process improvements Dahej, Gujarat ▪ Oncology R&D ▪ Cost improvement programs and process improvements
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17 Strategy Going Forward 17
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Strategy Growth Levers 18 1 Gx API Business 2New Growth levers ✓ CDMO Ramp up ✓ Expand into complex API platforms ✓ Iron compounds ✓ Oncology & HP API 3 Capacity ✓ Greenfield – Solapur, 1000MT (CTE Received and Phase 1 construction of 200 KL capacity ongoing) ✓ Second Phase of Dahej expansion is on track ✓ Ankleshwar Pharma blocks expansion is in process ✓ Build standalone R&D infrastructure for expansion into new growth levers 4Operational efficiencies ✓ Debottlenecking ✓ 2nd/3rd generation process adoption ✓ Backward integration ✓ Reduce carbon footprint ✓ Adoption of flow chemistry in manufacturing ✓ Pursue AVD opportunities ✓ New product launches ✓ Geographical expansion ✓ Focus on new markets becoming more regulated ✓ Pursue 2nd source opportunities with top generic players
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Future Capacity Expansion 19 Expansion Type Division Location Status & Planned Capacity Operational Timelines Brownfield API / Intermediate Ankleshwar Planned addition of ~100KL Capacity FY26 Brownfield API Dahej Planned addition of ~160KL Capacity FY26 Greenfield API Solapur Phase 1 – ~200 KL (Construction is in process) Phase 1.1 – ~400 KL (Planned Backward Integration) Phase 2 - Planned addition of ~400 KL FY26 FY27 FY28 ✓ Construction work of 200 KL capacity (Phase 1) is in process at Solapur Plant ✓ Solapur's further capacity expansion will be calibrated as per the volume demand Capacity Progress by Year 1,198 1,424 1,890 2,290 2,690 FY24 FY25 FY26E FY27E FY28E Total Reactor Capacity Expansion Plan (KL)
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Thank You REGISTERED OFFICE: Plot No. 170-172, Chandramouli Industrial Estate, Mohol Bazarpeth, Solapur - 413 213, India. CORPORATE OFFICE: Technopolis Knowledge Park, A Wing, 401-407, 4th Floor, Mahakali Caves Road, Andheri (E), Mumbai, 400 093. T: 91 22 68297979 CIN: L74900PN2011PLC139963 Website: www.alivus.com ERNST & YOUNG LLP – INVESTOR RELATIONS DIWAKAR PINGLE Email: diwakar.pingle@in.ey.com FOR FURTHER INFORMATION CONTACT Email: complianceofficer@alivus.com RUNJHUN JAIN Email: runjhun.jain1@in.ey.com SNEHA SALIAN Email: sneha2.salian@in.ey.com 20