Fermenta Biotech Limited submitted its Q4/FY26 earnings presentation to BSE Limited pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The presentation was digitally signed by Varadvinayak Vijay Khambete, Company Secretary and Head - Legal (Membership No. A33861) on May 28, 2026, at 10:23:51 IST.

Financial Performance (Consolidated with Real Estate)

Q4 FY26 Performance:

  • Revenue: ₹126.6 crore (down 12% YoY, down 10% QoQ)
  • EBITDA: ₹25.1 crore (down 39% YoY, down 11% QoQ)
  • Profit After Tax: ₹18.6 crore (down 44% YoY, up 55% QoQ)

Full Year FY26 Performance:

  • Revenue: ₹547.8 crore (up 14% YoY)
  • EBITDA: ₹122.2 crore (up 0.5% YoY)
  • Profit After Tax: ₹70.3 crore (down 8% YoY)

The headline decline reflects a high FY25 base from real estate value unlocking (₹45 crore in FY25 vs ₹2 crore in FY26). Core revenue excluding real estate grew 27% YoY in FY26 to ₹546 crore.

Business Segment Performance (FY26)

Nutrition Business: ₹436 crore revenue

  • Vitamin D3 Human Nutrition: ₹293 crore (+28% YoY)
  • Vitamin D3 Animal Nutrition: ₹109 crore (+32% YoY)
  • Others: ₹34 crore (-16% YoY)

Other Business: ₹83 crore revenue

  • Other API & Intermediates: ₹48 crore (+27% YoY)
  • Green Chemistry: ₹16 crore (+126% YoY)
  • Environmental Solutions: ₹19 crore (-14% YoY)

Other Income: ₹30 crore (+48% YoY)

Real Estate Value Unlocking: ₹2 crore (-96% YoY)

Geographical Revenue Mix (excluding real estate)

  • India: 39% (40% in FY25)
  • North America: 30% (27% in FY25)
  • Europe: 13% (17% in FY25)
  • Others: 18% (16% in FY25)

Financial Ratios (Consolidated)

Liquidity:

  • Current Ratio: 1.86 (1.58 in FY25)
  • Quick Ratio: 0.99 (0.87 in FY25)

Asset Management:

  • Asset Turnover: 0.83 (0.81 in FY25)
  • Receivables Days: 72 (64 in FY25)
  • Inventory Turnover Ratio: 3.8 (4.4 in FY25)

Profitability:

  • Return on Assets: 10.1% (13.1% in FY25)
  • Return on Equity: 16.5% (23.5% in FY25)
  • Net Profit Margin: 12.1% (16.3% in FY25)
  • EBITDA Margin: 23.3% (25.9% in FY25)
  • Interest Coverage Ratio: 8.71 (6.86 in FY25)

Leverage:

  • Debt to Equity: 0.27 (0.30 in FY25)
  • Debt to Assets: 0.17 (0.18 in FY25)

Balance Sheet Position (₹ Crore)

Assets:

  • Total Assets: ₹614 (₹648 in FY25)
  • Fixed Assets (Net): ₹210 (₹206 in FY25)
  • Current Assets: ₹335 (₹388 in FY25)
  • Cash & Equivalents: ₹92 (₹71 in FY25) - up 30% YoY
  • Inventories: ₹124 (₹153 in FY25)

Liabilities:

  • Total Equity: ₹359 (₹401 in FY25)
  • Total Debt: ₹109 (held flat YoY)
  • Current Liabilities: ₹212 (₹209 in FY25)

Cash Flow Analysis (₹ Crore)

Operating Cash Flow: ₹93 (₹41 in FY25)

  • Net Profit: ₹96 (₹83 in FY25)
  • Depreciation: ₹22 (₹24 in FY25)
  • Working Capital Changes: (₹16) ((₹78) in FY25)

Investing Cash Flow: (₹43) ((₹0) in FY25)

  • Capex: (₹30) ((₹22) in FY25)

Financing Cash Flow: (₹42) ((₹51) in FY25)

  • Equity: (₹17) (₹2 in FY25)
  • Debt: (₹5) ((₹36) in FY25)
  • Dividend Paid: (₹7) ((₹4) in FY25)

Free Cash Flow: ₹62 (₹19 in FY25) - more than tripled

Customer Concentration

  • Largest customer: 9% of revenue
  • Top 5 customers: 28% of revenue
  • Top 10 customers: 42% of revenue
  • Customers accounting for >5% of revenue: 2
  • Customers in INR 1-5 crore revenue tier: 68
  • Customers in INR 5-15 crore revenue tier: 14
  • Customers in INR 15 crore-plus revenue tier: 7

Business Overview

Fermenta provides nutritional ingredients for pharmaceutical, dietary supplement, food and beverage, and veterinary/animal feed industries. The company serves 350+ customers across 60+ countries with decades of expertise in global-scale, high-value manufacturing.

Manufacturing and R&D

Manufacturing Facilities:

  • Germany: Vitamin D3 with backward integration for cholesterol
  • Kullu, Himachal Pradesh: Enzymes and APIs including Vitamin D3, customized premix plant (Certifications: WHO-GMP, USFDA, FSSC, HALAL, KOSHER, GAIN)
  • Dahej, Gujarat: Not specified in document
  • Thane: Corporate HQ + R&D excellence center, pilot plant, innovation hub, quality control labs
  • Pennepalli, Andhra Pradesh: Fortified Rice Kernel (FRK) enriched with iron, vitamin B12, and folic acid (FSSAI compliant, WFP certified)

R&D Focus Areas:

  • Calcefediol commercialization
  • Vitamin D3 analogs development
  • Lanolin derivatives for cosmetics and lubricants
  • Commercializing Penmox Technology
  • Enzyme applications in cosmetics and biodiesel
  • Calcefediol 1.25% commercialization

Strategic Partnerships

The company has partnerships with:

  • Global healthcare company specializing in diagnostics, medical devices, and nutrition
  • Premier food technology institute under Ministry of Food Processing Industries
  • Leading global exhibition organizer for multiple industries
  • Health Food and Dietary Supplements Association
  • Global Alliance for Improved Nutrition

Product Portfolio

Key products include:

  • Spray-Dried Vitamin D3: Patented 100,000 IU/g pharmaceutical-grade technology with CEP certification
  • VITADEE Green: Plant-based Vitamin D3 with clean-label for vegan supplement markets
  • Customized Premixes: Tailored solutions for dietary supplements, functional foods, and beverages