NSE: ORCHPHARMA · BSE: 524372
ORCHID PHARMA LIMITED
Manufactures cephalosporin antibiotics, including active pharmaceutical ingredients (APIs) and sterile finished dosage forms, and operates as India's only USFDA-approved sterile cephalosporin manufacturer. FY26 standalone revenue stood at Rs 811.33 crore, with net profit of Rs 20.55 crore on a consolidated basis and an EBITDA margin of 8.59%. The lead product Exblifep (Cefepime/Enmetazobactam), a novel antibiotic for complicated urinary tract infections and hospital pneumonia already approved by the US FDA and EMA, is being commercialised in Russia through a licensing and supply deal with Pharmasyntez JSC, with Orchid supplying the finished product; the deal represents a potential USD 178 million opportunity over 10 years. Capital expenditure ran at 47.3% of FY26 revenue, mostly directed to the Jammu manufacturing facility, including Rs 750 crore for a 1,000 MT 7ACA plant scheduled for commissioning in FY27 and Rs 200 crore for the Cefiderocol access project. The management targets 5-6 sterile US product launches by 2030, with capital allocation of 73% to 7ACA integration, 20% to finished dosage capability and 5% to R&D, against a global cephalosporin API market it cites at USD 3 billion with 15-20% annual growth potential. Inputs are dominated by materials at 57.0% of revenue, followed by other operating expenses at 18.8% and employees at 11.3%. A merger with Dhanuka Laboratories became effective on July 10, 2026, with an appointed date of April 1, 2024, intended to create an integrated anti-infectives platform from key starting materials to finished dosage. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Cephalosporin API manufacturing, Sterile finished dosage formulations, Licensing and supply of novel antibiotics. Asset-heavy pharmaceutical manufacturer in a heavy capex phase, with backward integration into cephalosporin intermediates and sterile injectable capabilities
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 560 | 666 | 819 | 922 | 811 |
| EBITDA (ex other income) | 50 | 123 | 111 | 117 | 35 |
| margin % | 8.9 | 18.4 | 13.5 | 12.7 | 4.3 |
| Owners' profit | 0 | 0 | 92 | 100 | 21 |
| EPS, as reported (₹) | (0.48) | 11.35 | 19.06 | 19.65 | 4.05 |
| ROE % · ROCE % | (0.3) · (3.3) | 6.7 · 10.3 | 7.9 · 8.4 | 7.9 · 7.9 | 1.6 · 2.1 |
| Debt / equity (x) | 0.41 | 0.48 | 0.12 | 0.14 | 0.28 |
| Cash from operations | 89 | 19 | 126 | 19 | 101 |
| Capex | (14) | (85) | (65) | (150) | (384) |
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 | 223 | 217 | 237 | 173 | 194 | 207 | 238 | 304 |
| Profit before tax | 26 | 22 | 19 | 14 | (3) | (12) | 23 | 3 |
| Net profit | 27 | 21 | 22 | 15 | (6) | (13) | 24 | 3 |
| EPS (₹) | 5.37 | 4.10 | 4.40 | 2.94 | (1.13) | (2.49) | 4.69 | 0.54 |
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) | 534.8 | 30.8 | 157 of 158 | 1% |
| P/B | 4.0 | 3.1 | 98 of 163 | 40% |
| ROCE | 1.3 | 10.8 | 146 of 183 | 20% |
| ROE | 1.6 | 9.8 | 134 of 166 | 19% |
| Debt / Equity | 0.3 | 0.2 | 112 of 166 | 33% |
| EBITDA margin | 5.2 | 17.5 | 139 of 165 | 16% |
| Revenue growth | 75.9 | 16.3 | 13 of 161 | 93% |
| Profit growth | (78.4) | 30.9 | 141 of 158 | 11% |
| Market cap | 5157 | 806 | 57 of 181 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Orchid Pharma licenses Exblifep across nine Latin American markets | strategic transactions | medium | — | — |
| 20 Oct 2026 · Board approves enabling resolution for raising up to Rs 600 Crores | fund raising | high | — | — |
| 20 Oct 2026 · Board approves plan to raise up to Rs 600 Crores | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board meeting on Oct 20 to consider fund raising options | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Orchid Pharma files Q2 FY27 demat confirmation under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 3 Oct 2026 · 33rd AGM voting results - all 5 resolutions passed | board shareholder meetings | low | — | — |
| 1 Oct 2026 · Orchid Pharma 33rd AGM voting results: all 5 resolutions passed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 33rd AGM held on Sept 29, 2026; 5 resolutions tabled including RPT and WTD appointment | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Intimation of Trading Window closure for Quarter-II of Financial Year 2026-27, ending on September 30, 2026. | compliance | minimal | — | — |
| 23 Sept 2026 · Trading approval for shares issued under Orchid Pharma amalgamation | capital market events | medium | — | — |
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.