NSE: FDC · BSE: 531599
FDC LIMITED
Manufactures and sells pharmaceutical formulations and active pharmaceutical ingredients (APIs), split across three businesses. Domestic Formulations contributed 82% of FY26 sales and sells branded medicines in India, including antibiotics like Zifi, rehydration brand Electral and energy drink Enerzal, through prescriptions and over-the-counter channels. Export Formulations sells generic drugs in overseas markets, primarily the United States, and received US FDA approvals for Fluconazole Tablets and Cefixime for Oral Suspension USP during FY26. The API business manufactures and sells bulk drug ingredients to other pharmaceutical companies. FY26 consolidated revenue was Rs. 2,171 crore with EBITDA margin of 20.2%, and the Q4 FY26 quarter alone brought in Rs. 585 crore at 18.9% year-on-year growth, led by exports. Operating costs are dominated by materials (26.5% of revenue), employee costs (22.2%) and other operating expenses (29.1%), with depreciation at 2.7% and capex at 8.6% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Domestic Formulations (82%), Export Formulations, API (Active Pharmaceutical Ingredients). Branded and generic pharmaceutical formulations manufacturer with regulated US export exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,528 | 1,784 | 1,943 | 2,108 | 2,171 |
| EBITDA (ex other income) | 254 | 251 | 339 | 325 | 325 |
| margin % | 16.6 | 14.1 | 17.4 | 15.4 | 15.0 |
| Owners' profit | 7 | 194 | 305 | 267 | 281 |
| EPS, as reported (₹) | 12.81 | 11.66 | 18.58 | 16.39 | 17.29 |
| ROE % · ROCE % | 11.0 · 14.6 | 9.8 · 12.9 | 14.5 · 18.6 | 11.7 · 15.4 | 11.3 · 14.9 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 162 | 155 | 221 | 318 | 200 |
| Capex | (133) | (113) | (93) | (97) | (187) |
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 | 514 | 464 | 492 | 648 | 473 | 465 | 585 | 668 |
| Profit before tax | 90 | 51 | 53 | 160 | 38 | 36 | 140 | 175 |
| Net profit | 72 | 37 | 39 | 121 | 28 | 28 | 103 | 132 |
| EPS (₹) | 4.43 | 2.28 | 2.38 | 7.45 | 1.75 | 1.74 | 6.35 | 8.14 |
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 | 4,21,677 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,53,976 | 87.0 | 15.15 | 65.5 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,54,957 | 73.1 | 8.81 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,17,877 | 107.7 | 21.70 | 65.6 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,17,315 | 26.2 | 3.97 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,506 | 34.5 | 2.92 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,10,320 | 32.7 | 3.20 | 16.9 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,02,829 | 50.3 | 6.21 | 28.3 | 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) | 21.0 | 30.8 | 50 of 158 | 69% |
| P/B | 2.5 | 3.1 | 68 of 163 | 59% |
| ROCE | 14.7 | 10.8 | 69 of 183 | 63% |
| ROE | 11.3 | 9.8 | 75 of 166 | 55% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 28.6 | 17.5 | 40 of 165 | 76% |
| Revenue growth | 3.0 | 16.3 | 119 of 161 | 26% |
| Profit growth | 9.2 | 30.9 | 102 of 158 | 36% |
| Market cap | 6138 | 806 | 52 of 181 | 72% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · FDC approves Rs 120 crore share buyback at Rs 500 per share | corporate actions | high | — | — |
| 27 Oct 2026 · FDC Q2 FY27 revenue rises 21%, profit rises 73%; Rs 120 crore buyback approved | results | high | — | — |
| 27 Oct 2026 · FDC approves Rs 120 crore buyback of up to 24 lakh shares | results | high | — | — |
| 27 Oct 2026 · FDC sets November 13 record date for Rs 120 crore share buyback | corporate actions | high | — | — |
| 27 Oct 2026 · FDC Q2 FY27: Revenue up 21%, PAT up 73%, margins expand | compliance | low | — | — |
| 27 Oct 2026 · FDC approves Rs 120 crore buyback after strong Q2 results | results | high | — | — |
| 21 Oct 2026 · Board meeting for September results and possible share buyback | results | low | — | — |
| 7 Oct 2026 · FDC submits dematerialisation compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · FDC 86th AGM: All 4 resolutions passed with over 99.8 percent approval | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results | 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.