Financial Performance Summary

Quarterly Performance (Q4 FY26 vs Q4 FY25):

  • Revenue from Operations: ₹585 crores (up 18.9% YoY from ₹492 crores)
  • EBITDA: ₹106 crores (up 97.0% YoY from ₹54 crores)
  • EBITDA Margin: 18.2% (improved from 11.0%)
  • PBT (before exceptional items): ₹140 crores (up 163.3% YoY from ₹53 crores)
  • PBT (after exceptional items): ₹140 crores (up 163.3% YoY from ₹53 crores)
  • PAT: ₹103 crores (up 167.4% YoY from ₹39 crores)
  • EPS: ₹6.35 (up 167.4% YoY from ₹2.38)

Annual Performance (FY26 vs FY25):

  • Revenue from Operations: ₹2,171 crores (up 3.0% YoY from ₹2,108 crores)
  • EBITDA: ₹346 crores (up 6.6% YoY from ₹325 crores)
  • EBITDA Margin: 15.9% (improved from 15.4%)
  • PBT (before exceptional items): ₹395 crores (up 10.7% YoY from ₹357 crores)
  • PBT (after exceptional items): ₹375 crores (up 4.9% YoY from ₹357 crores)
  • PAT: ₹281 crores (up 5.5% YoY from ₹267 crores)
  • EPS: ₹17.29 (up 5.5% YoY from ₹16.39)

Segment-wise Performance Analysis

Domestic Formulations:

  • Q4 FY26 Revenue: ₹452 crores (8.5% YoY growth)
  • FY26 Revenue: ₹1,781 crores (0.1% YoY growth)
  • Contribution: 78% of total consolidated sales in Q4, 82% for FY26
  • Performance impacted by subdued performance in top brands: Zifi, Electral, and Enerzal
  • Secondary sales data by IQVIA (MAT March 31, 2026) showed 1.7% growth

Export Formulations:

  • Q4 FY26 Revenue: ₹89 crores (99.3% YoY growth)
  • FY26 Revenue: ₹260 crores (23.5% YoY growth)
  • Contribution: 15% of total consolidated sales
  • Performance improved consistently over last 2-3 quarters

Export Formulations Breakdown:

  • US Business: ₹39 crores in Q4 (283.1% YoY growth), ₹94 crores for FY26 (46.9% growth)
  • Revenue from supplies: ₹71 crores (165.1% YoY growth)
  • Improved profit share from US partners
  • Strong performance driven by improved execution and demand momentum
  • Non-US Business: ₹50 crores in Q4 (44.8% YoY growth), ₹166 crores for FY26 (13.3% growth)

API Business:

  • Q4 FY26 Revenue: ₹42 crores (38.6% YoY growth)
  • FY26 Revenue: ₹121 crores (8.5% YoY growth)
  • Contribution: 7% of total consolidated sales

Regulatory Approval

During the quarter, the Company received U.S. FDA approval for Fluconazole Tablets USP across multiple dosage strengths: 50mg, 100mg, 150mg, and 200mg.

Performance Drivers

  • Enhanced operational efficiencies driving EBITDA margin expansion
  • Higher gross margin contributing to improved annual EBITDA margin
  • US business overcoming earlier challenges with strong execution
  • Improved supplies and better execution across US and focused markets
  • All three business segments achieved healthy growth in Q4

Company Background

FDC Limited was established in 1936 as a partnership firm and incorporated as a company in 1940. The company has manufacturing facilities at Roha, Waluj, Sinnar (Maharashtra), Verna (Goa), and Baddi (Himachal Pradesh). It markets over 300 products in India and exports to over 50 countries, with accreditations from US-FDA, UK-MHRA, MCC-RSA, and UAE.