Financial Performance Highlights

Q4 FY26 Consolidated Results (vs Q4 FY25)

  • Revenue: ₹325.6 Cr (vs ₹429.4 Cr) - 24% decline
  • Gross Profit: ₹240.3 Cr (vs ₹301.4 Cr) - 20% decline
  • Gross Profit Margin: 73.7% (vs 70.1%) - 358 bps improvement
  • EBITDA: ₹118.5 Cr (vs ₹190.4 Cr) - 38% decline
  • EBITDA Margin: 36.4% (vs 44.3%) - 794 bps decline
  • PAT: ₹88.5 Cr (vs ₹140.4 Cr) - 37% decline
  • PAT Margin: 27.1% (vs 32.7%) - 552 bps decline
  • EBIDTA margins (excluding impact of Formulation Facility & Expenses related to newly incorporated subsidiary Stellon Biotech): 40.4%

FY26 Consolidated Results (vs FY25)

  • Revenue: ₹1,055.4 Cr (vs ₹1,200.4 Cr) - 12% decline
  • Gross Profit: ₹809.2 Cr (vs ₹894.6 Cr) - 10% decline
  • Gross Profit Margin: 76.7% (vs 74.5%) - 220 bps improvement
  • EBITDA: ₹367.4 Cr (vs ₹506.3 Cr) - 27% decline
  • EBITDA Margin: 34.8% (vs 42.2%) - 736 bps decline
  • PAT: ₹259.2 Cr (vs ₹371.6 Cr) - 30% decline
  • PAT Margin: 24.6% (vs 31.0%) - 639 bps decline
  • Exceptional Item: ₹-3.3 Cr impact on account of Labour Code
  • EBIDTA margins (excluding impact of Formulation Facility & Expenses related to newly incorporated subsidiary Stellon Biotech): 38.8%

Segment Performance

  • API Business Revenue: ~₹829 Cr (79% of total revenue)
  • Formulations Business Revenue: ~₹226 Cr (21% of total revenue)
  • 30+ fermentation-based APIs in portfolio
  • 100+ approved formulation products

Geographic Revenue Split

Not quantified in disclosure but mentioned challenges across multiple regions including US, EU, Middle East

Operational Highlights

Regulatory Achievements

  • Successfully completed USFDA, EU GMP, Russian GMP, NAFDAC & WHO-GMP inspections across multiple facilities
  • Reinforces global compliance standards and supports uninterrupted international supplies
  • WHO-GMP certification enables entry into domestic own-brand and contract opportunities

Facility Expansions

  • Commercialization of new injectable facility
  • Commercialization of soft gel facility
  • Improved revenue visibility with steady traction in injectables business

Product Launches & CDMO Progress

  • Commenced supplies of Concord APIs to two innovator companies
  • Steady progress in customer acquisitions for Nystatin launched last year
  • Commercialized Fusidic acid having limited competition mainly from European manufacturers
  • Increasing second-source opportunities across products
  • Active discussions with innovators for generic API supplies & CDMO projects in advance stages

Global Expansion

  • Stellon Biotech obtained all requisite licenses for US distribution with sales expected to commence during first half of the year
  • Enables direct marketing, distribution & commercialization of Concord Biotech's products in the US

New Ventures

  • Entry into Cell & Gene Therapy through investment in Cellimune Biotech
  • Incorporated Concord Lifegen to strengthen domestic formulations strategy

Challenges Faced in FY26

Supply Chain Disruptions

  • Delay in supply to EU on account of 3-month delay in Written Confirmation from CDSCO
  • US Procurement Pattern Shift: Customers adopted staggered quarter-on-quarter procurement instead of bulk
  • Global Tariff & Trade Uncertainty: Uncertainty on tariff situations and global trade war slowed procurement in H1
  • Middle East Headwinds: Adverse impact due to US-Iran conflict for tender based & routine supplies
  • US Veterans Affairs Tender Delay: Related tender not finalised during the year

Management Commentary

Mr. Ankur Vaid, Joint Managing Director & Chief Executive Officer stated that FY26 was a challenging year with revenue impacted by delays in customer procurement decisions, uncertainty related to US tariff measures, and geopolitical disruptions. Customers shifted from bulk purchasing to staggered procurement approach. The company has been focusing on product expansion and customer diversification over past 12-18 months. Based on current order enquiries and strong customer acquisition pipeline, management remains highly optimistic about delivering strong outperformance in FY27.

Balance Sheet Position (Consolidated)

Assets (Mar-26 vs Mar-25)

  • Total Assets: ₹2,234.7 Cr (vs ₹2,034.2 Cr)
  • Non-Current Assets: ₹984.6 Cr (vs ₹899.0 Cr)
  • Property Plant & Equipment: ₹785.7 Cr (vs ₹791.8 Cr)
  • CWIP: ₹78.2 Cr (vs ₹50.1 Cr)
  • Investments: ₹84.9 Cr (vs ₹18.0 Cr)
  • Current Assets: ₹1,250.1 Cr (vs ₹1,135.2 Cr)
  • Inventories: ₹326.4 Cr (vs ₹239.7 Cr)
  • Trade receivables: ₹460.2 Cr (vs ₹521.7 Cr)
  • Cash & cash equivalents: ₹13.6 Cr (vs ₹1.2 Cr)

Equity & Liabilities (Mar-26 vs Mar-25)

  • Total Equity: ₹2,015.1 Cr (vs ₹1,812.7 Cr)
  • Share Capital: ₹10.5 Cr (unchanged)
  • Other Equity: ₹2,006.6 Cr (vs ₹1,802.3 Cr)
  • Non-Current Liabilities: ₹50.5 Cr (vs ₹37.5 Cr)
  • Current Liabilities: ₹169.1 Cr (vs ₹184.1 Cr)

Cash Flow Statement (FY26 vs FY25)

  • Net Profit Before Tax: ₹344.6 Cr (vs ₹494.6 Cr)
  • Cash generated from Operations: ₹367.3 Cr (vs ₹353.9 Cr)
  • Net Cash from Operating Activities: ₹266.9 Cr (vs ₹244.5 Cr)
  • Net Cash from Investing Activities: ₹-142.7 Cr (vs ₹-160.0 Cr)
  • Net Cash from Financing Activities: ₹-112.9 Cr (vs ₹-98.8 Cr)
  • Net Increase in Cash: ₹11.3 Cr (vs ₹-14.2 Cr decrease)
  • Cash & Cash equivalents at period end: ₹12.2 Cr (vs ₹0.9 Cr)

Business Overview

API Business

  • Leading global developer and manufacturer of Fermentation-based APIs
  • Focus on Niche Fermentation APIs with backward integration to Key Starting Material
  • Diversified Product Portfolio including Immuno-suppressant, Oncology, Anti-Infectives & Anti-Fungal
  • Key products: Mycophenolate Mofetil, Mycophenolate Sodium, Everolimus, Romidepsin, Mupirocin Calcium, Polymyxin B Sulfate, Caspofungin Acetate, Micafungin Sodium, Pravastatin Sodium, Enzymes, Cyclosporine, Mitomycin, Teicoplanin, Amphotericin B, Sirolimus, Pimecrolimus, Voclosporin, Dactinomycin, Staurosporin, Vancomycin Hydrochloride, Fidaxomicin, Nystatin, Midostaurin

Formulations Business

  • Commercialization began in 2016 to capitalize on backward integration benefits
  • B2B model across regulated and emerging markets; B2B & B2C model for India market
  • Oral Solid Dosages (tablets, capsules and oral suspension) and Injectables (Liquid Vials, Dry Powder Filling, Sterile Lyophilized)
  • Multiple product brands across Antifungal, Oncology, Plasma Products, Antibacterial, Transplant & Immuno, Chronic Kidney Disease, Immunology therapeutic areas

CDMO Business

  • Contract research and manufacturing services for developing APIs and formulations
  • DSIR-certified R&D facility with team of 180+ people
  • Expertise in fermentation technology and strong R&D infrastructure

R&D Capabilities

  • Robust pipeline of more than 10 products across Oncology, Anti-Infectives & Anti-Fungal
  • Focus areas: Cost Improvement, New Product Development, Process Improvement, Technology Transfer, Scale-Up Initiatives, Enhancement of Backward Integration
  • API R&D Lab with specialized capabilities for isolation of strains, mutation, and strain improvement
  • Formulations R&D Lab with advanced analytical capabilities
  • DMF filings across US, EU, Canada, Japan, China for multiple molecules

Manufacturing & Quality

  • Multiple global regulatory approvals and certifications
  • Received ISO-14001:2015 & ISO-45001:2018 Certifications
  • Complex technical capabilities creating significant barriers to entry in fermentation-based API space