AKUMS
Large CapAkums Drugs and Pharmaceuticals Limited
Pharma
Akums Drugs and Pharmaceuticals Limited, incorporated in 2004, is a CDMO and branded formulations player with technologically advanced manufacturing capabilities across various dosage forms. It has expanded into Asian and European markets, with a focus on R&D and operational efficiency.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 5/100PAT -46% YoY · Rev +10% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,158 Cr | +9.7% | -0.2% |
| EBITDA | ₹152 Cr | +61.7% | +3.4% |
| Operating margin | 13.0% | +400 bps | +0 bps |
| PAT | ₹81 Cr | -46.0% | +19.1% |
| PAT margin | 7.0% | -721 bps | +113 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Akums reported strong Q4 FY26 performance with 9.7% YoY revenue growth and 61.6% YoY Adj EBITDA growth, driven by CDMO momentum. FY26 revenue grew 5.8% YoY, with Adj EBITDA up 13.3% YoY, despite H1 challenges from soft API prices and muted domestic volumes.
The company demonstrated resilience in FY26, with strong H2 performance offsetting H1 headwinds. CDMO business is a key driver, supported by new facilities and a multi-year European contract. While API losses and high finance costs impacted PAT, margin expansion is expected from improved mix and operating leverage. Inorganic growth is also on the radar.
Revenue by vertical (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Domestic CDMO Business
PositiveSustained momentum in domestic CDMO business, driven by healthy volumes and greater utilization of new facilities.
Multi-year European CDMO Contract
PositiveSuccessful execution of multi year European CDMO contract, with supplies expected to commence from FY28 for at least 5 more years.
Exports Expansion
PositiveExpansion of exports operations across Europe, Asia and Africa markets to accelerate growth.
Zambian Facility
PositiveCommissioning of the Zambian facility, with JV to procure medicines worth USD 25 million per annum from Akums for FY27 and FY28.
New Injectable Facility
CompletedAll lines of new Injectable facility now operational.
Zambian Manufacturing Plant
PlannedZambia plant to commence operations during FY 29.
New Oncology and Steroid Lines
PlannedNew lines expected to go live in FY 27 include new Oncology line and steroid line among others.
EU GMP Certifications
PlannedPlan to have ~5 plants EU GMP certified by FY 28.
CDMO Volume Momentum
PositiveDuring the second half, Akums delivered strong operational performance driven by volume momentum in our CDMO business.
Cost Optimization & Margin Improvement
PositiveGross margins also improved led by our strong focus on cost-optimization.
Strengthening Market Positioning
PositiveGiven the outperformance vis-à-vis the overall market, we managed to significantly strengthen our market positioning.
Product & Geographical Mix Improvement
ExpectedMargin trajectory expected to strengthen as product and geographical mix improves and operating leverage further builds up.
API Price Erosion
Ongoing, but stabilizingThe operating environment through the first half was adverse - characterized by sharp erosion in API prices. API prices remained soft though initial signs of stabilization.
Muted Domestic Volume Growth
OngoingProlonged phase of low volume growth in the domestic market; IPM MAT Mar ‘26 volumes grew less than 1%*.
API Segment Losses
MaterialAPI losses continued in FY26, and erosion in API prices was responsible for degrowth across these segments.
High Finance Costs
MaterialFinance Cost Q4 FY26: 24 cr (vs 5 cr YoY), FY26: 94 cr (vs 35 cr YoY).
PAT Decline
MaterialPAT Q4 FY26: 81 cr (-45.6% YoY), FY26: 256 cr (-25.4% YoY).
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company explicitly highlights a challenging H1 FY26 followed by strong operational performance in H2 FY26, driven by CDMO volume momentum. This necessitates both QoQ to assess sequential recovery and YoY to evaluate overall annual growth and compare against prior year's performance.
Domestic Formulations Volume Growth
Positive for Akums, negative for IPMAkums’ witnessed double digit volume growth though IPM MAT Mar ‘26 volumes grew less than 1%*.
EU Dossier Approvals & Dispatches
PositiveReceived 1st EU dossier approval with first commercial dispatch in Q3 FY26.
International Pipeline
PositivePipeline of 10+ formulation products; filed 2 API CEPs in Europe.
Total DCGI Approvals
PositiveTotal cumulative DCGI approvals count at 1,056 till FY26.
Strengthening Margins
OutlookMargin trajectory, which has been encouraging through the second half, is expected to strengthen as product and geographical mix improves and operating leverage further builds up.
Inorganic Growth Opportunities
StrategyWith a strong balance sheet, we can strategically scale up our business operations through inorganic opportunities.
Long-term Shareholder Value
CommitmentRemain committed to creating long term shareholder value and look forward to the year ahead with positivity and confidence.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| CDMO Revenue Growth | Q4 FY26 CDMO Revenue 952 cr (+13.7% YoY); FY26 CDMO Revenue 3,485 cr (+8.6% YoY). | Sustained double-digit growth and increasing contribution to overall revenue. |
| Overall Capacity Utilization | Improved to 44% for FY26. | Continued ramp-up, especially from new facilities and lines. |
| Exports Contribution & EU Approvals | 1st EU dossier approval in Q3 FY26, pipeline of 10+ formulation products. | Commencement of EU CDMO contract supplies (FY28), further EU GMP certifications, and growth in international branded formulations. |
| API Segment Profitability | API losses continued in FY26. | Stabilization of API prices and segment turning EBITDA positive. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +17.7% / mo · near 52W high
Technical chart
AKUMSdaily · 6M+28.7%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 58. Wait for confirmation.
- SMA20 falling (~1.9% over last month) — short-term momentum negative.
- RSI(14) at 58 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 34% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 20.0%.
- Balance sheet contributes 12/15 to the score.
Main drags
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 76th percentile of the scored universe and 66th percentile within Pharma. Main check: results consistency is weak at 49/100.
Healthy Trust Lite: Promoter holding is 75.3%. Key concern: 3 recent quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 66th pctile, median 70 · Large: 52nd pctile, median 74
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 75.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 3.1%.
- ▸Debt/equity is 0.05.
Trust risks
- ▸3 recent quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 32.00
- P/B
- 2.58
- EV/EBITDA
- 12.91
- Market Cap
- 8582.00Cr
Profitability
- ROE
- 8.45%
- ROCE
- 14.90%
- ROA
- 4.70%
- Dividend Y
- 0.18%
Growth (CAGR)
- Revenue 5Y
- 10.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 29.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 5.55×
- Altman Z
- 4.59
- Book Value
- 211.00
Cash Flow
- FCF Yield
- 2.92%
- FCF Positive Y
- 3/5
- OCF
- 1181.00 Cr
- EPS TTM
- 16.21
Shareholding
- Promoter Hold
- 75.26%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.