Intimation of Investor Presentation - Q3/9moFY26
FERMENTA · price
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Fermenta Biotech filed its Q3/9MFY26 investor presentation with BSE. For the 9-month period, consolidated revenue grew 25% YoY to INR 421.2 crore, EBITDA rose 20% to INR 97.2 crore, and PAT climbed 20% to INR 51.7 crore (EPS INR 18.47). However, Q3 standalone numbers appeared weak — revenue fell 11% YoY to INR 140.5 crore, EBITDA dropped 49% to INR 28.1 crore, and PAT slumped 68% to INR 12.0 crore, mainly because last year's Q3 included a one-time INR 36 crore real estate income. Underlying core business remained healthy, with human nutrition volumes up 46% and animal nutrition volumes up 52% YoY. The German toll manufacturing subsidiary's revenue jumped 147% YoY to INR 65.4 crore.
The headline Q3 weakness is a base-effect distortion from the absence of real estate income, not a core business deterioration. The strong 9-month trajectory, improving cost structure (manufacturing costs down to 11% from 15%, finance costs to 2% from 3%), and 25% revenue growth suggest the underlying story remains positive and supportive of a re-rating.