AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Sep - Newspaper advertisement for Notice of Postal Ballot dated September 23, 2026 and Remote E-Voting Information
Source: Bse
Concord Biotech Limited (CONCORDBIO)
Large CapPharma stocks · Large cap · NSE
Concord Biotech is an R&D driven biopharma company manufacturing Active Pharmaceutical Ingredients (APIs) via fermentation and finished formulations. It holds a leadership position in niche fermentation-based APIs, with a diversified portfolio across immunosuppressants, oncology, and anti-infectives, serving over 70 countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result01 Aug, 12:00 am IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
58NeutralSMA20 -6.5% / mo · MACD − · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 30
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CONCORDBIOD candles · FIT view+20.0%Latest close ₹1270.00 on 2026-10-21
Bar
+0.3%
RSI
33
MACD hist
-9.42
52W pos
45%
2026-10-21O ₹1266.80H ₹1284.00L ₹1251.00C ₹1270.00Vol 83,316 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CONCORDBIONifty PharmaNifty 500
- CONCORDBIO
- -4.5%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- +2.0 pp
Chart stats
21 Oct 2026- From 52W high
- -21.7%
- 52W range position
- 45%
- ATR (14)
- 3.8%
- Volume vs 20D
- 0.63x
- Avg traded value
- ₹15.2 Cr
- 20D price channel
- ₹1,251 - ₹1,588.7
₹1,621.5
₹987 - ₹1,621.5
₹48.9
Latest completed session
20-session average
33.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +26.0% · PAT +31.8% YoY
Technical
Neutral58
Price trend and sector-relative-strength timing.
Valuation
Legacy model-498.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence67
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +26% YoY · PAT +32% YoY · margin expansion · operating leverage
Filed 31 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 52.10
- P/B
- 7.16
- EV/EBITDA
- 31.27
- Market Cap
- 14474.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 17.10%
- ROA
- 12.23%
- Dividend Y
- 0.55%
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
- 0.86%
- FCF Positive Y
- 6/5
- OCF
- 267.00 Cr
- EPS TTM
- 26.32
Shareholding
- Promoter Hold
- 44.08%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,055-12.1% vs prev
Net Profit
₹ CrLatest: 259-30.4% vs prev
Return on Equity
%Latest: 2,590+12515.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~6.9% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
66
RS percentile
Stage 1 Base / Transition
1M return
-19.6%
3M return
-4.5%
6M return
+20.9%
1Y return
-12.6%
RS 1D
-2
RS 20D
-6
Sector rank
#2
Industry rank
#3
Stage evidence
- Price is within 0.8% of the 30-week proxy.
- The 30-week proxy changed +2.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 82.97-0.30%
RS vs Nifty 50083
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth7/25
Quality2/20
Balance Sheet7/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
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 -498.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
52.1
PB
7.2
EV/EBITDA
31.3
ROE
12.5%
ROCE
17.1%
FCF Yield
0.9%
Debt/Equity
0.0
MoS
-498.6%
Score movement
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.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-498.6%
Previous: -498.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹338.07
-275.7% MoS
Growth-justified P/E
8.1
Growth-justified Value
₹212.14
-498.6% MoS
PEG
52.10
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GRANULES
Large
Granules India Limited
Pharmaceuticals
match 162
37
33.9
13.8%
-239%
WATCHLIST
AARTIDRUGS
Micro
Aarti Drugs Limited
Pharmaceuticals
match 154
36
18.4
13.4%
-309%
WATCHLIST
ALIVUS
Large
Alivus Life Sciences Limited
Pharmaceuticals
match 139
29
43.7
—
+14%
OVERVALUED
PFIZER
Large
Pfizer Limited
Pharmaceuticals
match 137
33
117.0
19.8%
-726%
WATCHLIST
AKUMS
Large
Akums Drugs and Pharmaceuticals Limited
Pharmaceuticals
match 137
42
37.8
8.4%
+17%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T06:11:18.430Z
Management commentary snapshot
Q1FY27 consolidated revenue grew 26% YoY to Rs 257.5 Cr, driven by broad-based growth across products and geographies. Exports surged 46% YoY. EBITDA margin expanded 190 bps to 32.0%, with PAT margin up 80 bps to 22.4%. USFDA approvals for Mycophenolate Mofetil & Tofacitinib Tablets received.
The company delivered strong Q1FY27 results with robust top-line growth and margin expansion, supported by regulatory approvals and customer expansion. While API growth was strong, formulation revenue declined. The thesis of leveraging specialized fermentation capabilities and global compliance for sustained growth appears intact, but execution on new product commercialization and injectable ramp-up needs monitoring.
Current business mix
FY26 Revenue Split
Latest issuer-disclosed distribution across 2 reported categories.
API Business79.0%
Formulation Business21.0%
Growth engines
Expanding API Portfolio
Marketing existing APIs to new customers and increasing wallet share with existing customers.
Formulations Business Expansion
Launching new dosage forms including injectables and expanding geographic reach in India, EMs, and the US.
CDMO Business
Leveraging established fermentation platform, strong R&D, manufacturing, and relationships with global players as a trusted CDMO partner.
New Product Development
Robust pipeline of more than 10 products across different therapeutic segments with a target to launch 2-3 products every year.
Capacity and execution
Stellon Biotech Commercial Operations
Started Commercial Operations & Sales at Stellon Biotech.
Unit IV (Injectables) Commissioning
Unit IV (Injectables) in Valthera, Gujarat, commenced operations in FY2025.
Tailwinds
Increased Wallet Share
Witnessed increased business from existing customers, resulting in a higher wallet share.
Customer & Product Portfolio Expansion
Expanded customer base and product portfolio with the addition of new customers and products.
Global Compliance Capabilities
Strong capabilities in delivering globally compliant products to regulated and semi-regulated markets.
Risk radar
Complexity of Fermentation Technology
Fermentation-based API space involves complex processes, technical expertise, and significant operational requirements, creating high entry barriers.
Capital Intensive Operations
The fermentation-based API space requires substantial capital investment for infrastructural requirements.
Long Gestation Periods
Development and commercialization in the fermentation-based API space can involve long gestation periods.
Management accountability
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.
Analyst reading lens
Compare YOY
The investor presentation explicitly compares Q1FY27 results against Q1FY26 for all key financial and operational metrics, indicating a focus on annual performance trends for the quarter.
Sector KPIs management disclosed
Revenue Growth
Total Revenue grew +26% YoY to Rs 257.5 Cr in Q1FY27.
Domestic Revenue Growth
Domestic Revenue grew +12% YoY to Rs 135.8 Cr in Q1FY27.
Exports Revenue Growth
Exports Revenue grew +46% YoY to Rs 121.7 Cr in Q1FY27.
API Revenue Growth
API Revenue grew +42% YoY to Rs 218.9 Cr in Q1FY27.
Management forward view
Strong Q1FY27 Performance
Management reported a strong revenue growth of 26% YoY in Q1FY27, driven by broad-based performance across product categories and geographies.
Global Market Capabilities
Export revenue grew by an impressive 46% YoY, reflecting strong capabilities in delivering globally compliant products to regulated and semi-regulated markets.
Growth Pipeline
Expanded customer base and product portfolio with the addition of new customers and products, strengthening the growth pipeline for sustained revenue momentum.
Future Outlook
Management is confident of consistently outperforming industry growth, increasing wallet share, and strengthening leadership position.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Injectable Ramp Up | Customer engagement at advanced levels. | Commercialization and revenue contribution from the Injectable facility. |
| New Product Launches | Target to launch 2-3 products every year. | Actual product launches and their market acceptance and revenue contribution. |
| Formulation Business Growth | Formulation revenue declined 23% YoY in Q1FY27. | Reversal of the declining trend and positive growth in subsequent quarters. |
| EBITDA Margin Impact | Q1FY27 EBITDA margin was 32.0%, but 37% excluding Injectable Facility & Stellon Biotech expenses. | The impact of new ventures on overall EBITDA margin and their path to profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
67Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 22 Oct 2026
management-trust-v1
65 docs text-extracted · 25 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
52nd percentile
overall median 67 · Pharma: 39th pctile, median 70 · Large: 29th pctile, median 73
Evidence depth
Financial-only
65 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
88
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
27
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸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.
Continue researching Concord Biotech Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Pursuant to Regulation 30(6) read with Schedule III of the SEBI (LODR), Regulations, 2015, as amended from time ....
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug - The officials of the Company will be attending an Investor Conference on 26th August 2026 as per the schedule and details in the file uploaded …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul - Newspaper Advertisement for Notice of 41st Annual General Meeting, Book Closure and Remove e-voting information
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 7 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 20 Jun - Concord Biotech to invest Rs 6.3 crore for 27.38% stake in FSGE’s 6.3 MW hybrid power project.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Announcement
Closure of Trading Window 27 Mar
Source: Bse
Annual report
Annual Report 2025
Source: Bse
Annual report
Business Responsibility and Sustainability Reporting (BRSR) 7 Jul - Filed BRSR for FY 2025-26 as part of the 41st Annual Report.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.