Orchid Pharma Ltd(ORCHPHARMA)

NSE: ORCHPHARMABSE: 524372

₹ 818.5-6.53%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,902 crWebsite: www.orchidpharma.comUpdated: 24 Oct 2026

About

Orchid Pharma Ltd is a Chennai-based cephalosporin pharmaceutical company manufacturing APIs, finished dosage formulations (oral and injectable), and veterinary products across all five generations of cephalosporins. Following the NCLT-sanctioned merger with Dhanuka Laboratories (effective 10 July 2026), the combined entity reported FY26 revenue of INR 1,232.78 crores on a restated basis. Orchid is the only Indian company to have invented an USFDA-, EMA-, and DCGI-approved NCE (Enmetazobactam), and its Alathur plant is one of only three USFDA-approved cephalosporin API facilities in the world.^[1][2][3]

Business segments

Orchid operates in a single segment - cephalosporin pharmaceuticals - covering APIs, finished dosage formulations, and veterinary products; core cephalosporin API accounted for 95% of revenue in FY26.^[4][1]
The API portfolio spans 44 of the 50 cephalosporins ever invented, serving both emerging markets (65 - 70% of core API revenue) and regulated markets (30 - 35%) in FY26.^[4]
The Antimicrobial Stewardship (AMS) division, built to market novel antibiotics in India, recorded INR 5 crores revenue and an EBITDA loss of approximately INR 50 lakhs in Q1 FY27.^[2]
The NPNC (novel products / new categories) segment recorded INR 21 crores revenue in Q1 FY27.^[2]

Products and brands

Enmetazobactam - Orchid's in-house NCE - is commercially available globally as EXBLIFEP (Cefepime + Enmetazobactam) and in India as Orblicef, targeting cUTI, HAP, VAP, and bacteremia.^[1]
Orchid launched the first generic of Ceftaroline (Teflaro) in India in November 2025 under the brand ORTARO after Pfizer began withdrawing the product from the Indian market.^[2][5]
FDF capabilities cover tablets, capsules, injectables, and suspensions; 5 dossiers are listed in the FDA Orange Book.^[1]
Orchid's NCE team has completed synthesis of one Carbapenem derivative for clinical studies, and its Peptide Lab has prepared a GLP-1 type peptide molecule with process optimisation ongoing.^[1]
Orchid holds an active patent portfolio of 24 patents, of which 22 have been granted and 2 are published applications, as of April 2025.^[1]

Operations and facilities

The primary API and FDF manufacturing plant at Alathur, Chennai is one of only three USFDA-approved cephalosporin API facilities in the world and India's only USFDA-approved sterile cephalosporin manufacturing site.^[1][4]
Dedicated GLP-compliant R&D infrastructure for process research, drug discovery, and pharmaceutical research is co-located at Chennai.^[1]
A greenfield 7-ACA fermentation facility (1,000 MT capacity) is under construction at Kathua, Jammu under the PLI scheme, with INR 750 crores committed investment.^[4][1]
Capacity utilisation at the core plant was approximately 60% in Q3 FY26, down from approximately 80% two years prior.^[5]
Orchid has domestic presence in 18 states and exports to 48 countries internationally.^[1]

Key operating metrics

Combined gross margin recovered to 33% in Q1 FY27 from approximately 30% in Q1 FY26, partially reversing the FY26 compression to 32% from approximately 36% in FY25.^[2]
Export revenue was 80% of total turnover (FY25); domestic/export mix was 20%/80% in Q3 FY26.^[1][5]
Regulated market revenue share was approximately 25% in Q3 FY26, down from a historical one-third as regulated market demand was subdued.^[5]
Oral segment experienced approximately 12% price erosion and approximately 10% volume erosion on a 9M FY26 basis; Cefixime is described as under maximum margin stress.^[5][2]
R&D spend increased to approximately 1.5% of sales in 9M FY26 from less than 1% the prior year.^[5]

Customers and distribution

Orchid sells on a purchase-order basis to finished dosage form manufacturers in Europe, the UK, the US, Japan, and other markets across 48 countries.^[1]
In India, Orchid partnered with Cipla for market access on Cefepime-Enmetazobactam (Orblicef); approximately 15,000 patients treated and 200,000+ vials sold (Orchid + Cipla combined) since the October 2024 launch.^[1][6]
The AMS division had reached 120 of approximately 1,200 tertiary care hospitals in India as of Q2 FY26.^[6]
Exblifep is commercially launched in Europe via Advanz (double-digit royalties accruing to Orchid) and in the GCC (UAE and Kuwait launched); Spain and Italy volumes grew more than 200% QoQ in Q3 FY26.^[6][5]

Expansion and capex

7-ACA project (Jammu, 1,000 MT): INR 750 crores investment; first commercial batch targeted March 2027; long-term plan is 80% captive use and 20% third-party sales; revenue contribution expected from FY28.^[2][4]
Cefiderocol FDF facility (1 million vial capacity): INR 200 crores investment; commissioning targeted December 2026; validation batches January - March 2027; DCGI approval expected Q3 FY28.^[2][4]
US sterile FDF pipeline: 5 - 6 sterile cephalosporin products (including Ceftaroline, Ceftazidime-Avibactam, Ceftolozane) targeted for US launch by 2030, with ANDA filings rolling from FY27 - FY30; INR 50 crores committed.^[4]
Zavicefta (Ceftazidime-Avibactam) US validation batches planned for CY2026 or early CY2027, with ANDA filing approximately 6 months after.^[2]
Total committed capex across 7-ACA, Cefiderocol, and FDF capability stands at approximately INR 1,015 crores, plus INR 15 crores per year in ongoing R&D.^[4]

Recent developments

The NCLT-sanctioned merger with Dhanuka Laboratories became effective on 10 July 2026 with an appointed date of 1 April 2024; all prior-period financials have been restated on the combined basis.^[2]
A Russia licensing arrangement for Exblifep was signed with an estimated 10-year value of USD 178 million; registration and launch expected in 1.5 - 2 years.^[2]
Orchid completed acquisition of global rights to Enmetazobactam and the Exblifep trademark from the Allecra insolvency process, announced in Q2 FY26.^[6]
A US out-licensing deal for Exblifep (Enmetazobactam) is targeted within CY2026; advanced discussions are ongoing with prospective US and China partners.^[2]
3 - 4 new Exblifep licensing agreements are expected by end of FY27, with South America, Mexico, Philippines, Thailand, Morocco, and Australia in advanced discussions.^[2]

Market Cap

₹4,902 Cr

High / Low

₹1,143 / 471

Stock P/E

431.9

Price / Book

3.0

Book Value

₹308

EPS

₹2.0

No. of Shares

5.07 Cr

ROCE

1.6%

ROE

0.7%

OPM

2.1%

Debt / Equity

0.19

Sales

₹1,233 Cr

Net Profit

₹10 Cr

Promoter holding

69.8%

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