Concord Biotech Limited (CONCORDBIO) share price

₹1359.70 on NSE as of 2026-10-07. -0.66% on the day. market cap ₹14,225 Cr. P/E 52.1. 52-week range ₹1014.80 to ₹1647.70. Healthcare.

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Concord Biotech Q1 FY27: Revenue Up 27.7% While the Injectables Plant Runs at 5%

At a glance

A fermentation company in Dholka spent the June quarter doing what fermentation does: taking a long time, then producing something.

Sales for the three months to June 2026 came to ₹261 crore, up 27.7% on a year earlier. The year-ago figure was ₹204 crore. Net profit reached ₹61.2 crore against ₹42.6 crore in the same quarter of 2025. That is a rise of 43.7%. Operating profit moved from ₹61.4 crore to ₹87.2 crore over the same twelve months. All three figures sit below the three months to March 2026, when sales were ₹326 crore. Net profit that quarter was ₹122 crore and operating profit ₹90 crore. March is the quarter this company habitually saves its best work for, like a student facing a full syllabus and one night.

Management attributes the year-on-year jump to broad-based growth across product categories. Exports rose 46% and domestic sales 12%, on management's account. Revenue from APIs, the drug substances themselves, rose 42%, while formulations fell 23%. The CFO's stated preference is that the business be judged overall rather than segment by segment, since the mix moves each quarter. In the Middle East-linked business, management says some customers bought API instead of finished formulations, because API has a longer shelf life.

The USFDA approved two abbreviated new drug applications, the route to selling a copy of an approved medicine there. They cover Mycophenolate Mofetil Oral Suspension and Tofacitinib Tablets. ANVISA, Brazil's drug regulator, inspected the Limbasi API plant. Kenya's PPB and Uganda's NDA, both national drug regulators, inspected the Unit-II formulation facility. EcoVadis handed over a Silver medal.

The injectables plant commercialised in March 2025 cost ₹240 crore. It is running at roughly 5% utilisation, according to the CFO.

Introduction

Concord Biotech was incorporated in November 1984, promoted originally by Sanofi, then trading as Hoechst. The unit was losing money when Mr Sudhir Vaid took it over in 2000. It began with a single manufacturing block making amidase enzyme. ICRA, a credit-rating agency, counts 22 API manufacturing blocks at the facilities today, where the drug substance itself is made.

Forward integration into finished medicines, rather than ingredients alone, came in stages. A formulation unit began commercial production in March 2017. A second API plant at Limbasi in Gujarat followed in the year to March 2022. An injectables plant at Valthera, near the formulations site, was commercialised in March 2025. It cost around ₹240 crore.

The last eighteen months have been busy on the corporate-action side. In July 2025 the company bought a 75% stake in US-based Stellon Biotech for 1,500 US dollars, to expand US operations. In November 2025 the board approved buying all of Celliimune, and up to ₹10 crore of solar capacity at Limbasi. Celliimune became a wholly owned subsidiary on 2 April 2026. The finance chair changed hands, with CFO Lalit Sethi retiring on 5 January 2026. Mr Raviraj Karia, a chartered accountant with more than 23 years of experience, took the post from 18 December 2025. Company Secretary Ms Hina Patel resigned on 21 January 2026, and Mr Paritosh Trivedi signs the current filings.

Regulatory traffic has been steady. European good-manufacturing inspectors visited the API facility in July 2025 and Limbasi in August 2025. A USFDA inspection of the Dholka API facility in May 2025 drew four procedural observations. The company said it was confident of resolving them promptly. Teriflunomide was approved in April 2025, and Mycophenolate Mofetil Oral Suspension and Tofacitinib followed in June 2026.

ICRA reaffirmed its AA- long-term rating with a stable outlook, and its A1+ short-term rating, in July 2025. Those ratings cover ₹125 crore of facilities.

Business model

The company grows its drugs rather than synthesising them. Cultures go into fermenters, and ICRA, the credit-rating agency, puts fermentation and purification at 30 to 50 days. This is manufacturing at the pace of cheese.

Fermentation capacity runs to 1,250 cubic metres across two API facilities. Unit I at Dholka holds 450 cubic metres and has operated since the year to March 2000. Unit III at Limbasi holds 800 cubic metres and dates from the year to March 2021. The portfolio covers more than 30 fermentation-based APIs in four groups. Immunosuppressants include Tacrolimus, Mycophenolate Mofetil, Cyclosporine and Sirolimus. Oncology covers Everolimus, Romidepsin and Mitomycin, while anti-bacterials cover Mupirocin, Vancomycin and Teicoplanin. The antifungals are Nystatin, Amphotericin B and Micafungin. Immunosuppressants stop transplant patients rejecting a new organ, and nobody stops taking them.

Unit II at Valthera, running since the year to March 2016, is the formulations plant. Capacity there is 869 million units of oral solid dosage, across more than 180 approved products. Brands include Tacrocord, Mofecon and Conimune ME in kidney medicine, with Amfoterol and Caspocon in critical care. Unit IV, the injectables plant from the year to March 2025, holds 13 million liquid vials of capacity. It also covers 12 million dry powder fills and 2,200 kg of bulk sterile freeze-dried output.

A contract development and manufacturing arm makes and develops products to order for other drug companies. The work covers strain improvement, media optimisation and downstream processing. Management puts it at 1% to 2% of sales, with a stated ambition of reaching double digits.

The moat, as the company describes it, is that fermentation is hard: complex technical capability, difficult scaling, large fermenters and long gestation. Capital requirements are heavy. The moat, as the balance sheet describes it, is inventory. Inventory days ran to 483 in the year to March 2026, which is how long stock sits before sale. ICRA explains the stock as cultures held in quantity, plus work-in-progress held back on purpose. The final 1% to 5% of the process waits for an order, since shelf life starts only when manufacturing ends. The company leaves the last screw untightened so the clock does not start.

More than 150 drug master files are filed, each telling a regulator how a substance is made. Seven ANDAs are approved. More than 300 customers buy across over 70 countries. Research and development employs 187 people. Spending on it was ₹29 crore in 2026, or 2.8% of sales.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Concord Biotech Limited.

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