Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
₹1,748.00 last close on 23 Oct 2026 −0.57%
Research updated
Concord Biotech Ltd.
NSE: CONCORDBIOHealthcareBiotechnology
- Last close
- ₹1,229.30
- Day change
- −₹41.40 (−3.26%)vs
- Market cap
- ₹14,008 crIndian rupees
- Research updated
- 1 report
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About Concord Biotech
Concord Biotech Ltd. is an innovative biopharmaceutical company engaged in the research, development, and manufacture of biopharmaceutical ingredients and products. Primarily focused on the pharmaceutical and biotechnology sectors, the company develops bio-catalysts, active pharmaceutical ingredients (APIs), and complex formulations that serve a variety of medical needs globally. Concord Biotech's suite of products is vital across therapeutic sectors, including oncology, immunosuppressants, and anti-infectives. The company is renowned for its strong R&D capabilities and state-of-the-art manufacturing facilities, which meet stringent international standards, enabling it to cater to global markets. Concord Biotech plays a significant role in the pharmaceutical supply chain, ensuring the availability of essential biopharmaceutical products and fostering advancements in healthcare. With a commitment to quality and innovation, Concord Biotech continues to contribute to the improvement of healthcare standards worldwide.
- Sector
- Healthcare
- Industry
- Biotechnology
- Listing
- NSE: CONCORDBIO
- Next results
- Chief executive
- Mr. Ankur Vaid
- Employees
- 1,624
- Headquarters
- Ahmedabad, India
- ISIN
- INE338H01029
- Website
- concordbiotech.com
Public research · Report of
Business model & financial foundation
Concord Biotech (NSE: CONCORDBIO), Pharmaceuticals - fermentation-based APIs and formulations: revenue of ₹1,055 crore in FY26 (-12.1% on FY25), an EBITDA margin of 34.8%, net profit of ₹260.9 crore and net cash of ₹411.9 crore.
- Revenue, FY26 (₹ crore)
- 1,055
- consolidated
- Revenue growth, FY26
- -12.1%
- on FY25
- EBITDA margin, FY26
- 34.8%
- EBITDA (Operating EBITDA) / revenue
- Net profit, FY26 (₹ crore)
- 260.9
- to owners
- Return on equity, FY26
- 13.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -411.9
- Net debt including liquid investments
- Market capitalisation (₹ crore)
- 15,209
- at the close of 17 Oct 2026
Company profile
Concord Biotech is a fermentation-based biopharmaceutical company that makes niche active pharmaceutical ingredients (immunosuppressants, oncology, anti-infectives) and finished formulations, and offers CDMO services to over 300 customers across over 70 countries. APIs were about 80% of FY26 revenue. It runs four plants in Gujarat, including a new injectables unit commissioned in March 2025, and has started US front-end sales through Stellon.
| Item | Value |
|---|---|
| Legal name | Concord Biotech Limited |
| Exchange and ticker | NSE: CONCORDBIO; BSE: 543960 |
| ISIN | INE338H01029 |
| CIN | L24230GJ1984PLC007440 |
| Sector | Healthcare |
| Industry | Pharmaceuticals - fermentation-based APIs and formulations |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since FY25) |
| Market capitalisation | ₹15,209 crore (17 Oct 2026) |
| Shares outstanding | 10.46 crore shares (FY26) |
| Price | ₹1,339 (close, 17 Oct 2026) |
| 52-week range | ₹987.0 - ₹1,615 (to 17 Oct 2026) |
| Website | https://www.concordbiotech.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Concord Lifegen Limited | 100% | India formulations marketing and distribution (from 21 Jul 2025) |
| Stellon Biotech Inc. | 75% | US marketing and distribution of generic formulations (from 1 Jul 2025) |
| Concord Biotech Japan K.K. | 50% | Joint venture for Japan API sales, equity-accounted |
| Celliimune Biotech | 100% | Wholly owned from 2 Apr 2026 (INR 0.66 cr); 1.82% at FY26 |
Promoter: Vaid family (44.09% at Sep 2026). Jhunjhunwala family trusts hold about 24%. Clean Max Everglades (26%) is carried as an investment.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 44.08% | 44.08% | 44.08% | 44.09% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.58% | 7.80% | 7.52% | 7.28% |
| Domestic institutions | 9.58% | 9.22% | 9.36% | 10.95% |
| of which mutual funds | 4.44% | 4.30% | 4.40% | 5.84% |
| Retail | 6.91% | 6.89% | 7.03% | 7.61% |
| Other | 31.85% | 32.01% | 32.01% | 30.07% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Concord earns from fermentation-based niche APIs plus formulations, with four Gujarat plants and customer regulatory qualifications creating switching friction. Consolidated scope includes75%-owned Stellon,100%-owned Lifegen and equity-accounted Japan JV. API external sales exclude intercompany conversion; one statutory pharma segment despite two management product streams. No API volume or realisation series exists; utilisation is disclosed on calls, not continuously in decks.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| API external revenue (management product split) | 828.8 | 78.6% |
| Formulations external revenue (management product split) | 226.1 | 21.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Biocon (BIOCON) | Closest fermentation-based immunosuppressant and statin API competitor in India |
| Divi's Laboratories (DIVISLAB) | |
| Laurus Labs (LAURUSLABS) | API plus CDMO plus formulations mix comparable with Concord's strategy |
| Neuland Laboratories (NEULANDLAB) | Niche, complex API maker with lumpy quarterly sales |
| Gland Pharma (GLAND) | Injectables benchmark for Concord's new sterile plant economics |
| Granules India (GRANULES) | API-to-formulation integrated generic exporter of similar scale |
| Alembic Pharmaceuticals (APLLTD) | Mid-cap generic API and US formulation exporter |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 708.4 | 830.6 | 1,017 | 1,200 | 1,055 |
| Cost of revenue (vendor classification) * | 177.9 | 197.1 | 241.6 | 317.7 | 260.0 |
| Other operating costs (vendor classification) * | 158.5 | 189.3 | 211.2 | 222.4 | 237.4 |
| EBITDA (vendor classification) * | 294.0 | 376.3 | 454.5 | 527.4 | 401.5 |
| Operating EBIT excluding other income | 243.0 | 326.5 | 378.0 | 452.0 | 292.9 |
| Finance costs | 5.48 | 4.51 | 2.55 | 0.53 | 0.28 |
| Profit before tax including JV and exceptional | 237.5 | 322.0 | 412.6 | 494.6 | 344.6 |
| Current and deferred tax expense | 62.6 | 81.9 | 104.5 | 122.9 | 85.4 |
| Total consolidated PAT | 174.9 | 240.1 | 308.1 | 371.6 | 259.2 |
| Reported diluted EPS (₹) | 16.72 | 22.95 | 29.45 | 35.52 | 24.78 |
| Materials, purchases and inventory change | 229.2 | 305.5 | 245.7 | ||
| Employee benefits expense | 123.0 | 138.9 | 176.9 | ||
| Other expenses including power and fuel | 233.1 | 249.3 | 264.9 | ||
| Operating EBITDA | 431.6 | 506.3 | 367.4 | ||
| Other income | 33.8 | 44.4 | 52.4 | ||
| Depreciation and amortisation | 53.6 | 54.4 | 74.5 | ||
| Exceptional items signed | 0.00 | 0.00 | -3.28 | ||
| PAT attributable to NCI signed | 0.00 | 0.00 | -1.68 | ||
| Share of JV profit or loss signed | 3.37 | -1.32 | 2.91 | ||
| PAT attributable to owners | 308.1 | 371.6 | 260.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total consolidated equity including NCI | 1,103 | 1,290 | 1,527 | 1,813 | 2,015 |
| Borrowings including lease liabilities | 62.5 | 31.6 | 9.74 | 2.97 | 2.32 |
| Cash and cash equivalents | 0.67 | 3.50 | 15.1 | 0.90 | 12.2 |
| Trade receivables net | 232.2 | 273.8 | 349.6 | 521.7 | 460.2 |
| Inventories | 195.1 | 212.3 | 208.0 | 239.7 | 326.4 |
| Trade payables MSME plus other creditors | 83.1 | 93.8 | 94.4 | 113.0 | 101.9 |
| Net property plant and equipment | 43.2 | 49.4 | 571.7 | 791.8 | 785.7 |
| Capital work in progress | 74.2 | 172.7 | 211.5 | 50.1 | 78.2 |
| Total consolidated assets | 1,313 | 1,514 | 1,701 | 2,034 | 2,235 |
| Borrowings excluding leases | 6.23 | 0.38 | 0.00 | ||
| Current and non-current lease liabilities | 3.51 | 2.59 | 2.32 | ||
| Current liquid mutual fund investments | 243.7 | 316.5 | 402.1 | ||
| Net debt including liquid investments | -249.1 | -314.5 | -411.9 | ||
| Other bank balances outside cash equivalents | 31.9 | 0.28 | 1.39 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 176.6 | 231.2 | 265.5 | 244.5 | 266.9 |
| Free cash flow (vendor definition) * | 52.0 | 100.9 | 179.8 | 133.3 | 171.7 |
| Dividends paid (outflow negative) | -70.5 | -53.6 | -71.5 | -91.5 | -111.9 |
| Cash capital expenditure (outflow negative) | -155.5 | -145.1 | -85.7 | -111.2 | -95.2 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares | 10.46 | 10.46 | 10.46 | 10.46 | 10.46 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 310.2 | 244.2 | 429.9 | 204.0 | 247.1 | 277.8 | 326.1 | 257.5 |
| Cost of revenue (vendor classification) * | 76.3 | 52.4 | 140.7 | 45.1 | 49.0 | 65.7 | 85.8 | 54.3 |
| Other operating costs (vendor classification) * | 63.5 | 59.2 | -2.37 | 59.6 | 65.1 | 66.3 | 74.0 | 77.2 |
| EBITDA (vendor classification) * | 143.8 | 114.5 | 198.3 | 76.6 | 104.1 | 108.3 | 133.7 | 96.5 |
| Operating EBIT excluding other income | 123.4 | 84.7 | 175.8 | 43.6 | 70.1 | 80.2 | 99.0 | 64.3 |
| Finance costs | 0.10 | 0.10 | 0.10 | 0.06 | 0.06 | 0.08 | 0.08 | 0.04 |
| Profit before tax including JV and exceptional | 130.3 | 101.2 | 183.5 | 58.7 | 85.7 | 86.2 | 114.1 | 78.3 |
| Current and deferred tax expense | 34.6 | 25.2 | 43.2 | 14.7 | 22.6 | 22.5 | 25.6 | 20.6 |
| Total consolidated PAT | 95.7 | 75.9 | 140.4 | 44.1 | 63.1 | 63.6 | 88.5 | 57.7 |
| Reported diluted EPS (₹) | 9.15 | 7.26 | 13.42 | 4.21 | 6.03 | 6.08 | 8.46 | 5.52 |
| Materials, purchases and inventory change | 76.3 | 52.4 | 128.5 | 45.1 | 49.0 | 65.7 | 85.8 | 54.3 |
| Employee benefits expense | 33.7 | 34.6 | 39.0 | 37.9 | 44.5 | 46.8 | 47.8 | 43.6 |
| Other expenses including power and fuel | 63.5 | 59.2 | 72.0 | 59.6 | 65.1 | 66.3 | 74.0 | 77.2 |
| Operating EBITDA | 136.7 | 98.0 | 190.4 | 61.4 | 88.5 | 99.0 | 118.5 | 82.4 |
| Other income | 10.0 | 14.7 | 9.38 | 13.7 | 13.4 | 9.98 | 15.3 | 12.8 |
| Depreciation and amortisation | 13.3 | 13.3 | 14.6 | 17.8 | 18.4 | 18.7 | 19.5 | 18.1 |
| Exceptional items signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -3.28 | 0.00 | 0.00 |
| PAT attributable to NCI signed | 0.00 | 0.00 | 0.00 | 0.00 | -0.52 | -0.84 | -0.32 | -0.83 |
| Share of JV profit or loss signed | -2.96 | 1.83 | -1.55 | 1.49 | 2.29 | -0.70 | -0.18 | 1.28 |
| PAT attributable to owners | 95.7 | 75.9 | 140.4 | 44.1 | 63.6 | 64.5 | 88.8 | 58.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 17.3% | 17.2% | 22.4% | 18.0% | -12.1% |
| EBITDA margin | 42.4% | 42.2% | 34.8% | ||
| Net margin | 30.3% | 31.0% | 24.7% | ||
| Return on equity | 21.9% | 22.3% | 13.6% | ||
| Return on capital employed | 21.6% | 26.3% | 26.5% | 27.0% | 15.3% |
| Return on assets | 19.2% | 19.9% | 12.2% | ||
| Net debt (₹ crore) | -249.1 | -314.5 | -411.9 | ||
| Net debt / EBITDA | -0.58x | -0.62x | -1.12x | ||
| Interest cover | 44.3x | 72.4x | 148.1x | 853.9x | 1,034.4x |
| Asset turnover | 0.57x | 0.59x | 0.63x | 0.64x | 0.49x |
| Receivable days | 120 | 120 | 125 | 159 | 159 |
| Inventory days (on revenue) | 101 | 93 | 75 | 73 | 113 |
| Payable days (on revenue) | 43 | 41 | 34 | 34 | 35 |
| Cash conversion | 0.86x | 0.66x | 1.02x | ||
| Capex intensity | 21.9% | 17.5% | 8.4% | 9.3% | 9.0% |
| Free cash flow (₹ crore) | 21.1 | 86.1 | 179.8 | 133.3 | 171.7 |
| Dividend payout | 23.2% | 24.6% | 42.9% | ||
| EPS, diluted (₹) | 16.72 | 22.95 | 29.45 | 35.52 | 24.78 |
| Book value per share (₹) | 105.5 | 123.3 | 145.9 | 173.3 | 192.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Concord Biotech includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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