Overview

Detailed Summary

Concord Biotech Limited is an R&D-driven biopharmaceutical company that develops and manufactures fermentation-based active pharmaceutical ingredients (APIs), finished formulations and CDMO services, serving 70+ countries including regulated markets and maintaining over 140 DMFs and significant fermentation capacity across multiple Gujarat facilities.
Q3 FY26 performance showed revenue improvement with consolidated quarterly revenue of INR 278 crore (up 14% YoY) driven by a 24% jump in API sales, while 9MFY26 revenue remained lower at INR 729 crore due to timing-related headwinds and geopolitical/tariff disruptions which management describes as temporary.
Management received WHO‑GMP certification for the new injectable facility and quantified a peak revenue potential near INR 600 crore; they also set up Stellon Biotech in the US to commercialize Concord’s products directly, both actions materially expanding commercial channels and future revenue levers.
Normalized EBITDA margins remain strong at around 40% when excluding one‑off commercialization and subsidiary setup costs, but reported 9MF EBITDA margin declined to ~34% due to injectable commercialization and Stellon setup expenses; company maintains zero net debt and a cash/investment base to pursue organic and inorganic opportunities.

Sector: Pharmaceuticals & Biotechnology
Industry: Pharmaceuticals
Market Cap: 12,290 Cr
Volatility: Low Risk
P/E Ratio: 39.3
Industry P/E: 34.3
PEG Ratio: 1.3
P/B Ratio: 6.9
52W High: 2,149.90
52W Low: 987.05

Sales CAGR

1Y: 18.01%
3Y: 18.96%
5Y: 18.56%
10Y: —

Profit CAGR

1Y: 20.62%
3Y: 27.83%
5Y: 17.16%
10Y: —

ROE

TTM: 17.73%
3Y: 19.78%
5Y: 19.74%
10Y: —

ROCE

TTM: 23.48%
3Y: 26.05%
5Y: 25.73%
10Y: —

Technicals

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Peers

Healthcare Healthcare Pharmaceuticals

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
APLLTD		753.45	15,280 Cr	24.29	2.87	1.41	11.93	12.59	7.45
CAPLIPOINT		1573.70	14,185 Cr	23.11	4.49	0.32	18.64	23.29	17.76
ALIVUS		1054.40	13,761 Cr	25.31	4.56	0.45	17.59	23.34	14.94
CONCORDBIO		1049.00	12,524 Cr	40.08	6.85	0.73	17.73	23.48	15.38
SANOFICONR		4587.20	10,962 Cr	42.50	28.54	0.00	62.53	75.60	47.15
CORONA		1625.00	10,631 Cr	62.05	16.12	0.42	26.53	33.34	17.54
STAR		1059.00	10,550 Cr	20.63	3.83	0.35	14.42	14.96	8.14
Median: 7 Co.	—	1059.00	12,524 Cr	25.31	4.56	0.42	17.73	23.34	15.38

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	262	241	319	216	310	244	430	204	247	278
Expenses	143	135	185	135	174	146	239	143	159	179
Operating Profit	119	106	134	81	137	98	190	61	88	99
OPM %	45.44	44.00	42.10	37.66	44.06	40.11	44.30	30.10	35.82	35.64
Other Income	4.66	11	8.61	12	7.07	17	7.83	15	16	6.00
Interest	0.84	0.50	0.46	0.24	0.10	0.10	0.10	0.06	0.06	0.08
Depreciation	13	14	14	13	13	13	15	18	18	19
Profit Before Tax	110	103	129	80	130	101	184	59	86	86
Tax %	26.14	24.76	26.18	25.06	26.54	24.94	23.52	24.98	26.40	26.13
Net Profit	81	78	95	60	96	76	140	44	63	64
EPS in Rs	7.74	7.41	9.08	5.70	9.15	7.26	13.42	4.21	6.03	6.08

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	512	616	713	853	1,017	1,200	1,188
Expenses	308	289	440	510	585	694	702
Operating Profit	204	327	273	343	432	506	486
OPM %	39.83	53.07	38.33	40.24	42.44	42.19	40.94
Other Income	32	14	20	37	37	43	47
Interest	0.70	0.52	5.48	4.51	2.55	0.53	0.36
Depreciation	21	28	50	54	54	54	59
Profit Before Tax	214	313	238	322	413	495	474
Tax %	20.84	24.85	26.35	25.44	25.32	24.85	24.83
Net Profit	169	235	175	240	308	372	356
EPS in Rs	—	—	—	22.96	29.44	35.53	29.74
Dividend Payout %	22.07	0.00	30.62	29.76	29.71	30.12	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.51	9.51	9.51	10	10	10
Reserves	761	990	1,094	1,280	1,516	1,802
Borrowings	40	61	62	32	9.74	2.97
Other Liabilities	131	122	147	192	164	219
Total Liabilities	941	1,183	1,313	1,514	1,701	2,034
Fixed Assets	240	546	573	593	575	795
CWIP	141	18	74	173	211	51
Investments	199	141	74	137	246	335
Other Assets	361	477	592	611	668	854
Total Assets	941	1,183	1,313	1,514	1,701	2,034

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	155	207	246	265	245
Cash from Investing Activity	-114	-112	-158	-155	-160
Cash from Financing Activity	-43	-100	-85	-99	-99
Net Cash Flow	-1.35	-4.48	2.83	12	-14

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Aug 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%	44.08%
FIIs	4.59%	7.30%	7.00%	6.48%	7.11%	8.10%	8.33%	9.35%	9.11%	8.03%	7.58%	7.80%
DIIs	5.41%	8.18%	8.46%	8.46%	10.40%	9.89%	9.66%	9.16%	8.87%	9.55%	9.58%	9.22%
Public	45.92%	40.44%	40.46%	40.97%	38.41%	37.93%	37.93%	37.41%	37.95%	38.33%	38.76%	38.90%
Total Shareholders	3,77,572	1,00,927	87,486	83,296	80,737	84,298	82,004	81,219	82,045	82,650	81,815	82,249

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan