CONCORDBIO
Large CapConcord Biotech Limited
Pharma
Concord Biotech is an R&D driven biopharma company manufacturing Active Pharmaceutical Ingredients (API) via fermentation & semi-synthetic processes, and finished formulations. It has 30+ fermentation APIs, 100+ approved formulations, and 1250m3 fermentation capacity, with a global presence in 70+ countries.
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.
Weak fundamentals, management trust is acceptable, price trend argues for patience, 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 · 0/100Rev -24% YoY · PAT -37% YoY · margin compression · +17% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹326 Cr | -24.2% | +17.3% |
| EBITDA | ₹118 Cr | -37.6% | +20.4% |
| Operating margin | 36.0% | -800 bps | +100 bps |
| PAT | ₹88 Cr | -37.1% | +37.5% |
| PAT margin | 27.0% | -557 bps | +397 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
Q4FY26 revenue declined 24% YoY to Rs 326.1 Cr, with PAT down 37% YoY to Rs 88.5 Cr. FY26 revenue fell 12% YoY to Rs 1,054.9 Cr, and PAT dropped 30% YoY to Rs 259.2 Cr, impacted by procurement shifts and geopolitical issues.
The company experienced significant revenue and profit declines in FY26, attributed by management to temporary factors like customer procurement shifts and geopolitical disruptions. While management is optimistic for FY27, the magnitude of the decline and the external nature of some headwinds suggest the thesis is under stress.
Expanding API Portfolio
positiveMarketing existing APIs to new customers and increasing wallet share with existing customers. Expanding portfolio through own development & in-licensing.
CDMO Business
positiveLeveraging established fermentation platform, strong R&D, manufacturing, and relationships with global players as a trusted CDMO partner.
Formulations Business
positiveLaunching new dosage forms including injectables and expanding geographic reach in India, EMs, and the US.
Global Commercial Footprint
positiveStellon Biotech obtained requisite licenses for direct marketing, distribution & commercialization in the US, with sales expected in H1FY27.
Injectables Facility Commercialization
positiveCommercialization of our new injectable facility (Unit IV) with installed capacity of 13Mn Liquid Vials, 12Mn Dry Power Filling & 2,200 Kgs Sterile Lyophilized APL.
Soft Gel Facility Commercialization
positiveCompany also commenced commercialisation of its soft gel facility, creating additional avenues for revenue generation.
Global Compliance Standards
positiveSuccessfully completed USFDA, EU GMP, Russian GMP, NAFDAC & WHO-GMP inspections across multiple facilities, reinforcing global compliance.
Supply Chain Diversification
positiveWitnessed encouraging traction in CDMO engagements and second-source opportunities, supported by evolving global supply chain diversification trends.
EU Supply Delays
negativeDelay in supply to EU on account of delay in Written Confirmation from CDSCO for approximately 3 months.
US Procurement Pattern Shift
negativeCustomers adopted staggered quarter-on-quarter procurement instead of bulk, impacting sales volumes with spill over to subsequent year.
Global Tariff & Trade Uncertainty
negativeUncertainty on tariff situations and global trade war slowed procurement in H1; demand gradually recovered in H2.
Middle East Geopolitical Tensions
negativeAdverse impact due to US-Iran conflict for tender based & routine supplies for middle east territory.
Regulatory Delays
negativeDelay in receipt of Written Confirmation from CDSCO for supply in European Union for approx. 3 months impacted EU supplies.
Customer Procurement Volatility
negativeCustomers shifted from bulk purchasing to a staggered procurement approach amid prevailing uncertainty, adversely affecting sales.
Geopolitical Risks
negativeAdverse impact due to US-Iran conflict for tender based & routine supplies for middle east territory.
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 investor presentation provides both Q4 and full-year financial results with explicit YoY comparisons. Management commentary also focuses on annual challenges and future outlook, making YoY the most relevant comparison for assessing performance and trends.
US/Export Growth
negativeExports Revenue declined 17.4% YoY in Q4FY26 to Rs 157.4 Cr and 8.7% YoY in FY26 to Rs 491.3 Cr.
Launch Pipeline
positiveCommercialized Fusidic acid this year, having limited competition. Robust pipeline of more than 10 products across different therapeutic segments.
Approvals & Compliance
positiveSuccessfully completed USFDA, EU GMP, Russian GMP, NAFDAC & WHO-GMP inspections across multiple facilities. 5 ANDAs approved for products from our facilities.
API/CDMO Mix
neutralFY26 Revenue split: API 79%, Formulation 21%. Commencement of supplies of Concord APIs to two innovator companies.
Challenging FY26
neutralFY26 was a challenging year, with revenue impacted by delays in customer procurement decisions, US tariff uncertainty, and geopolitical disruptions.
Optimistic FY27 Outlook
positiveBased on current order enquiries and a strong customer acquisition pipeline, management remains highly optimistic about delivering strong outperformance in FY27.
Strategic Capabilities Strengthened
positiveContinued to strengthen strategic and operational capabilities through regulatory inspections, facility commercialization, and new growth platform investments.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Stellon Biotech Sales Commencement | Licenses obtained, sales expected in H1FY27. | Timely commencement and initial traction of direct sales in the US market. |
| CDMO Project Advancements | Active discussions with innovators for generic API supplies & CDMO projects in advance stages. | Conversion of advanced discussions into firm contracts and revenue generation from CDMO projects. |
| Order Flow Conversion & Pipeline Visibility | Focused on order flow conversion & pipeline visibility to address procurement pattern shifts. | Improvement in sales volumes and reduced impact from staggered customer procurement patterns. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -9.0% / mo
Technical chart
CONCORDBIOweekly · 6M-7.1%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 57.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 13% off 52W high · 29% 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.
- Cash flow contributes 6/10 to the score.
- Balance sheet contributes 7/15 to the score.
Main drags
- Fair-value margin of safety is negative at -375.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 7/25; 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.
Mixed Trust: Claim history is still being built. It ranks around the 46th percentile of the scored universe and 35th percentile within Pharma. Main check: results consistency is weak at 15/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 3 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 35th pctile, median 70 · Large: 24th pctile, median 74
57 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed 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 pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -6.5%.
- ▸1/4 latest quarters had positive YoY revenue growth.
- ▸0/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 47.50
- P/B
- 6.20
- EV/EBITDA
- 28.39
- Market Cap
- 12519.00Cr
Profitability
- ROE
- 13.80%
- ROCE
- 18.20%
- ROA
- 11.59%
- Dividend Y
- 0.89%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.43
- Book Value
- 193.00
Cash Flow
- FCF Yield
- 0.99%
- FCF Positive Y
- 6/5
- OCF
- 267.00 Cr
- EPS TTM
- 24.94
Shareholding
- Promoter Hold
- 44.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 18%
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.