NSE: FERMENTA · BSE: 506414
FERMENTA BIOTECH LTD.
Manufactures pharmaceutical active ingredients (APIs), intermediates and nutritional premixes, with vitamin D3 driving 87% of turnover. Operations are organised around three core verticals disclosed in the FY26 investor presentation: a Human Nutrition line built on vitamin D3 (Rs 293 crore in FY26, up 28% year-on-year), an Animal Nutrition business (Rs 109 crore, up 32%), and a smaller Green Chemistry unit whose sales more than doubled to Rs 16 crore, alongside a residual Property segment. The company exports 58% of output to around 60 countries and serves more than 400 customers. Manufacturing quality systems are certified to EU-GMP, USFDA, WHO-GMP and ISO standards. In July 2026 it received FSSAI approval for its plant-source vitamin D3 (VITADEE Green) for use in Indian fortified foods and supplements. The cost structure is led by materials (28.3% of revenue) and other operating expenses (28.8%), with employee costs at 15.7% and depreciation at 4.1%; capex ran at 5.8% of revenue. FY26 consolidated revenue was Rs 548 crore and standalone revenue Rs 525 crore, with EBITDA margin around 22-25%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Human Nutrition (Vitamin D3), Animal Nutrition, Green Chemistry, Property. Manufacturing-led pharma and biotech with concentrated single-product exposure to vitamin D3
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 399 | 350 | 336 | 469 | 525 |
| EBITDA (ex other income) | 61 | (11) | 21 | 110 | 107 |
| margin % | 15.4 | (3.0) | 6.2 | 23.4 | 20.3 |
| Owners' profit | 15 | 0 | (24) | 76 | 0 |
| EPS, as reported (₹) | 5.35 | (17.85) | (7.99) | 26.35 | 24.70 |
| ROE % · ROCE % | 4.1 · 8.8 | (17.2) · (7.3) | (8.4) · 1.9 | 21.3 · 24.2 | 17.5 · 24.4 |
| Debt / equity (x) | 0.64 | 0.70 | 0.46 | 0.31 | 0.27 |
| Cash from operations | 43 | 117 | 105 | 41 | 93 |
| Capex | (37) | (40) | (19) | (22) | (30) |
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 | 95 | 156 | 140 | 136 | 130 | 137 | 122 | 122 |
| Profit before tax | 12 | 45 | 32 | 28 | 24 | 17 | 26 | 15 |
| Net profit | 11 | 38 | 33 | 22 | 18 | 12 | 19 | 10 |
| EPS (₹) | 3.94 | 12.71 | 11.79 | 7.49 | 6.48 | 4.36 | 6.66 | 3.40 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Bulk drugs/chemicals | 391 | 71.3 |
| Property | 4 | 0.7 |
| Unallocated | 14 | 2.5 |
| - Bulk drugs/chemicals | 124 | 22.6 |
| - Property | 2 | 0.4 |
| - Unallocated | 10 | 1.8 |
| Property (Refer Note 4) | 4 | 0.6 |
| Total, before eliminations | 548 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.5 | 30.8 | 52 of 158 | 68% |
| P/B | 3.2 | 3.1 | 90 of 163 | 45% |
| ROCE | 21.7 | 10.8 | 28 of 183 | 85% |
| ROE | 17.5 | 9.8 | 29 of 166 | 83% |
| Debt / Equity | 0.3 | 0.2 | 110 of 166 | 34% |
| EBITDA margin | 18.4 | 17.5 | 77 of 165 | 54% |
| Revenue growth | (10.6) | 16.3 | 133 of 161 | 18% |
| Profit growth | (55.9) | 30.9 | 135 of 158 | 15% |
| Market cap | 1287 | 806 | 86 of 181 | 53% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Fermenta Biotech publishes physical share conversion notice | compliance | minimal | — | — |
| 12 Oct 2026 · Fermenta Biotech to hold investor meeting on Oct 15, 2026 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Fermenta Biotech to hold investor meetings on October 14, 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Quarterly dematerialization certificate filed with stock exchanges | compliance | minimal | — | — |
| 1 Oct 2026 · Fermenta Biotech to hold investor meeting on October 7, 2026 | general | low | — | — |
| 30 Sept 2026 · Promoter Preeti Thakkar sells 3.96% stake in Fermenta Biotech | ownership changes | high | — | — |
| 29 Sept 2026 · Fermenta Biotech to hold one-on-one investor meeting on Oct 5, 2026 | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Intimation of Closure of Trading Window. | compliance | minimal | — | — |
| 24 Sept 2026 · Investor meeting scheduled for September 29, 2026 | board shareholder meetings | low | — | — |
| 21 Sept 2026 · Fermenta Biotech to hold one-to-one investor meeting on September 24 | board shareholder meetings | low | — | — |
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.