Concord Biotech Limited (CONCORDBIO)
Large CapPharma stocks · Large cap · NSE
Concord Biotech is an R&D driven biopharma company manufacturing Active Pharmaceutical Ingredients (API) through fermentation & semi-synthetic processes, and finished formulations. It has 30+ fermentation APIs, 100+ approved formulation products, and a global presence in over 70 countries, with strong regulatory compliance.
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 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 30 Jun 2026
Excellent · 80/100Rev +26% YoY · PAT +32% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹257 Cr | +26.0% | -21.2% |
| EBITDA | ₹82 Cr | +34.4% | -30.5% |
| Operating margin | 32.0% | +200 bps | -400 bps |
| PAT | ₹58 Cr | +31.8% | -34.1% |
| PAT margin | 22.6% | +100 bps | -442 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 consolidated revenue declined 12% YoY to Rs 1,054.9 Crs, with Q4FY26 revenue down 24% YoY. FY26 EBITDA margin was 34.8% (down 736 bps YoY) and Q4FY26 was 36.4% (down 794 bps YoY), impacted by procurement shifts, global trade uncertainty, and geopolitical issues.
FY26 performance was significantly impacted by external factors like US procurement shifts, global trade uncertainty, and geopolitical tensions. While management expects recovery in FY27 due to product expansion and customer diversification, the current year's results show considerable stress on profitability and sales.
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Injectables Facility Scaling Up
Commercialization of new injectable facility improves revenue visibility and strengthens position in high-growth injectable market.
CDMO & Second Source Opportunities
Commencement of supplies of Concord APIs to two innovator companies; active discussions for generic API supplies & CDMO projects.
Building Global Commercial Footprint
Stellon Biotech obtained requisite licenses, with sales expected to commence in H1, enabling direct US marketing and distribution.
New Growth Platforms
Entry into Cell & Gene Therapy via Cellimune Biotech investment; Concord Lifegen incorporated for domestic formulations strategy.
Injectables Facility
Unit IV (Valthera, Gujarat) commenced operations in FY2025 with installed capacity of 13Mn Liquid Vials, 12Mn Dry Power Filling & 2,200 Kgs Sterile Lyophilized APL.
Soft Gel Facility
Company commenced commercialisation of its soft gel facility, creating additional avenues for revenue generation.
Global Supply Chain Diversification
Evolving global supply chain diversification trends support encouraging traction in CDMO engagements and second-source opportunities.
US Procurement Pattern Shift
Customers adopted staggered quarter-on-quarter procurement instead of bulk, impacting sales volumes with spill over to subsequent year.
Global Tariff & Trade Uncertainty
Uncertainty on tariff situations and global trade war slowed procurement in H1; demand gradually recovered in H2.
Middle East Geopolitical Tensions
Adverse impact due to US-Iran conflict for tender based & routine supplies for middle east territory.
Regulatory Delays
Delay in receipt of Written Confirmation from CDSCO for supply in European Union for approx. 3 months.
Customer Procurement Volatility
Customers shifted from bulk purchasing to staggered procurement, impacting sales volumes and creating spillover to subsequent periods.
Geopolitical & Trade Risks
Uncertainty on tariff situations, global trade wars, and US-Iran conflict adversely impacted procurement and supplies in key territories.
Regulatory Delays
Delay in Written Confirmation from CDSCO for EU supply impacted sales for approximately 3 months.
Tender Delays
US Veterans Affairs tender not finalised during the year, resulting in lower sales for the current financial year.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 presents both Q4 and FY results with YoY comparisons, and management commentary highlights annual challenges and expectations for the next financial year, indicating a focus on annual performance trends.
Domestic Formulations Strategy
Concord Lifegen incorporated to strengthen domestic formulations strategy.
Exports Revenue Growth
Exports revenue declined 8.7% YoY in FY26 to Rs 491.3 Crs; Q4FY26 exports down 17.3% YoY to Rs 157.4 Crs.
Launch Pipeline
Commercialized Fusidic acid this year; robust pipeline of 10+ products across Oncology, Anti-Infectives & Anti-Fungal.
Regulatory Approvals/Inspections
Successfully completed USFDA, EU GMP, Russian GMP, NAFDAC & WHO-GMP inspections across multiple facilities.
Optimistic for FY27 Outperformance
Remain highly optimistic about delivering strong outperformance in FY27 based on current order enquiries and strong customer acquisition pipeline.
Strategic Diversification
Consistently focusing on product expansion and customer diversification over the past 12–18 months, expecting positive results soon.
Strengthening Global Presence
Strengthened global commercial footprint through Stellon Biotech Inc. in the US and invested in future growth platforms.
Confidence in Long-Term Growth
Confident of delivering sustainable long-term growth supported by strong compliance, differentiated portfolio, and expanding customer relationships.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Flow Conversion | Focused on order flow conversion & pipeline visibility. | Monitoring order flow conversion and pipeline visibility to mitigate impacts of procurement shifts. |
| Stellon Biotech US Sales | Stellon Biotech obtained all requisite licenses. | Watch for commencement of sales from Stellon Biotech in the US during the first half of the year. |
| CDMO & Second Source Traction | Witnessed encouraging traction in CDMO engagements and second-source opportunities. | Track progress in customer acquisitions for Nystatin and other second-source opportunities, and CDMO engagements. |
| Injectables & Soft Gel Ramp-up | Progressed commercialization of our injectable and soft gel facilities. | Monitor revenue visibility and traction from the commercialized injectable and soft gel facilities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +11.7% / mo · MACD − · sector +2.2pp vs Nifty (3M)
Technical chart
CONCORDBIOdaily · 1Y · AUTO+17.7%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 44. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~10.5% over last month) — short-term momentum positive.
- RSI(14) at 44 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 17% off 52W high · 44% 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.
Relative Strength & Trend Stage
- Price is 15.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.7%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 27 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 27 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy 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 -568.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 52nd percentile of the scored universe and 39th percentile within Pharma. Main check: results consistency is weak at 27/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 39th pctile, median 70 · Large: 28th pctile, median 73
56 documents have extracted text, 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 0.8%.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE trend is -7.2%.
- ▸1/4 latest quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 53.40
- P/B
- 7.34
- EV/EBITDA
- 32.02
- Market Cap
- 14825.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 17.10%
- ROA
- 12.23%
- Dividend Y
- 0.53%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 1.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- -3.68%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 8.49
- Book Value
- 193.00
Cash Flow
- FCF Yield
- 0.84%
- FCF Positive Y
- 6/5
- OCF
- 267.00 Cr
- EPS TTM
- 26.32
Shareholding
- Promoter Hold
- 44.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 60%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.