Fermenta Biotech Q4 FY26: Core Growth Holds, One-Off Base Fades

The presentation notes that headline comparisons were affected by a high FY25 base from real estate value unlocking of INR 45 crore in FY25 versus INR 2 crore in FY26, while core revenue excluding real estate increased 27% YoY to about INR 546 crore.

Nutrition business revenue increased 28% YoY to INR 436 crore, with Vitamin D3 Human Nutrition up 28% to INR 293 crore and Vitamin D3 Animal Nutrition up 32% to INR 109 crore.

Other Business revenue increased 27% YoY to INR 83 crore. Within this, API and Intermediates rose 27% to INR 48 crore, Green Chemistry rose 126% to INR 16 crore, and Environmental Solutions declined 14% to INR 19 crore.

FY26 EBITDA was INR 122.2 crore with an EBITDA margin of 23.3%. FY26 PAT was INR 70.3 crore, down 8% YoY. Q4FY26 EBITDA and PAT declined YoY as per the highlights.

Operating cash flow increased to INR 93 crore from INR 41 crore in FY25. Free cash flow rose to INR 62 crore from INR 19 crore, supported by improved working capital movements and higher operating cash generation.

Total debt was held at INR 109 crore in FY26, while cash and equivalents increased to INR 92 crore. Debt-to-equity improved to 0.27 and current ratio increased to 1.86, with interest coverage at 8.71.

The largest customer contributed 9% of revenue, the top 5 contributed 28%, and the top 10 contributed 42%. The presentation states 2 customers exceeded 5% of revenue individually.