NSE: CONCORDBIO · BSE: 543960
CONCORD BIOTECH LIMITED
Makes active pharmaceutical ingredients (APIs) and finished formulations, with a portfolio centred on immunosuppressants and related therapies. Exports are a major growth lever and the API segment is the faster-moving part of the mix. The formulation side is anchored by its Unit-II facility, which cleared inspections from Kenya's Pharmacy and Poisons Board and Uganda's National Drug Authority in June 2026, adding to an earlier ANVISA approval in Brazil. The USFDA approved ANDAs for Tofacitinib Tablets (5 mg and 10 mg, used in rheumatoid arthritis) and Mycophenolate Mofetil, opening US generic supply. Cellimmune Biotech became a wholly owned subsidiary from April 2026 and Stellon Biotech has started commercial operations, extending the manufacturing base. To control power costs, it is investing Rs 6.3 Cr in FSGE Renewable Power, a special purpose vehicle building a 6.3 MW wind and 6.3 MW solar hybrid plant at its Limbasi facility. The cost structure is dominated by materials at 24.1% of FY26 revenue, followed by other operating expenses at 25.1% and employee costs at 16.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. API (Active Pharmaceutical Ingredients), Formulations. Pharmaceutical manufacturer with API and formulation operations and a growing regulated-market footprint
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,017 | 1,200 | 1,055 |
| EBITDA (ex other income) | 432 | 506 | 364 |
| margin % | 42.4 | 42.2 | 34.5 |
| Owners' profit | 308 | 372 | 261 |
| EPS, as reported (₹) | 29.45 | 35.52 | 24.78 |
| ROE % · ROCE % | 20.2 · 26.4 | 20.5 · 26.8 | 12.9 · 16.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 |
| Cash from operations | 265 | 245 | 267 |
| Capex | (86) | (111) | (95) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 310 | 244 | 430 | 204 | 247 | 278 | 326 | 257 |
| Profit before tax | 133 | 99 | 185 | 57 | 83 | 87 | 114 | 77 |
| Net profit | 96 | 76 | 140 | 44 | 63 | 64 | 88 | 58 |
| EPS (₹) | 9.15 | 7.26 | 13.42 | 4.21 | 6.03 | 6.08 | 8.46 | 5.52 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.2 | 30.1 | 120 of 158 | 24% |
| P/B | 7.2 | 3.0 | 140 of 163 | 14% |
| ROCE | 16.5 | 10.8 | 52 of 183 | 72% |
| ROE | 12.9 | 9.8 | 59 of 166 | 65% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 37.0 | 17.5 | 15 of 165 | 92% |
| Revenue growth | 26.2 | 16.3 | 55 of 161 | 66% |
| Profit growth | 31.0 | 30.9 | 79 of 158 | 50% |
| Market cap | 14530 | 810 | 37 of 181 | 80% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Revenue grows 25% in Q2 and 26% in H1, but margins fall | investor communications | medium | — | — |
| 27 Oct 2026 · Bonus share record date fixed at November 4, 2026 | corporate actions | high | — | — |
| 27 Oct 2026 · Unaudited Q2 revenue rises 25 percent while profit stays nearly flat | results | high | — | — |
| 27 Oct 2026 · Q2 revenue rises 25%; standalone profit after tax rises 40%; bonus record date fixed | results | high | — | — |
| 26 Oct 2026 · Postal ballot approves authorised capital rise and bonus shares | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Concord Biotech schedules Q2 FY27 earnings call | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board meeting to review Q2 and half-year results on October 27, 2026 | results | low | — | — |
| 7 Oct 2026 · Quarterly RTA certificate under SEBI Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Newspaper advertisement for Postal Ballot Notice and Remote E-Voting Information | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.