Symbiotec Pharmalab Ltd(SYMBIOTEC)

NSE: SYMBIOTECBSE: 544889

₹ 1,273.2+3.71%refreshed 27 Oct, 12:44 pm ISTMarket cap: ₹ 8,181 crWebsite: www.symbiotec.comUpdated: 27 Oct 2026

About

Symbiotec Pharmalab Ltd is an Indian pharmaceutical manufacturer specialising in corticosteroid and hormone active pharmaceutical ingredients (APIs), with consolidated revenue of INR218 Cr in Q1 FY27. It holds an average 57% market share across its top five corticosteroid and hormone APIs as of FY26. Beyond its core API business, the company is building two new platforms - a Dual Chamber Vial (DCV) complex injectable business and a biotech CDMO (fermentation-based biomanufacturing) business - through its wholly owned subsidiary Knovea Pharmaceutical.^[1]

Business segments

API segment contributed INR215 Cr of the INR218 Cr consolidated revenue in Q1 FY27, making it the near-sole revenue contributor at present; Complex Injectables and Biotech CDMO are pre-revenue new businesses.^[1]
New businesses (Biotech CDMO and Complex Injectables) are targeted to exceed 50% of revenues within 5 - 6 years, with the API segment falling below 50% of the mix over that period.^[1]

Products and market position

Symbiotec holds an average 57% market share across its top five corticosteroid and hormone APIs as of FY26.^[1]
The DCV (Dual Chamber Vial) complex injectable platform has 5 - 6 products developed and moving into plant-level validation as of Q1 FY27.^[1]
Biotech CDMO platform covers fermentation-based biomanufacturing; the company has a 5-year agreement in place for insulin drug substance as of Q1 FY27.^[1]

Operations

API manufacturing plants are located at Rau and Pithampur; the Rau plant has received its USFDA Establishment Inspection Report (EIR) as of Q1 FY27, while the Pithampur plant's EIR is awaited.^[1]
Both the Rau and Pithampur plants received EU-GMP approval certification as of Q1 FY27.^[1]
DCV complex injectable facility has installed capacity of 18 - 20 million vials per annum as of Q1 FY27.^[1]
Biotech CDMO fermentation capacity stands at 400 KL as of Q1 FY27; a Phase 1 brownfield expansion of 600 KL is planned, with construction to begin Q3 FY27 and commissioning in 15 - 18 months.^[1]
R&D spend was 3 - 4% of sales in Q1 FY27.^[1]

Key operating numbers

API capacity utilisation was 70 - 80% in Q1 FY27.^[1]
API gross margins were 60%+ in Q1 FY27; API EBITDA margin was ~30% in Q1 FY27, with 9% EBITDA growth year-on-year.^[1]
New businesses incurred INR23 Cr operating expenses and INR11 Cr depreciation per quarter in Q1 FY27, suppressing reported consolidated EBITDA to INR45 Cr for the quarter.^[1]
First ANDA for the DCV platform (first molecule) was filed in September 2026; the second molecule ANDA filing is scheduled for Q4 FY27.^[1]

Customers and distribution

Biotech CDMO 400 KL capacity is largely booked through existing contracts and term-sheet customers as of Q1 FY27, including a 10-year take-or-pay agreement with a US alternate protein player and an advanced-stage 10-year take-or-pay term sheet with a European player.^[1]
The Phase 1 Biotech CDMO expansion (600 KL) is backed by a customer who will contribute capital to co-fund the capex, as of Q1 FY27.^[1]
DCV commercialisation in the US will be handled by a global multinational pharmaceutical partner under the agreement signed 30 September 2026; the two products target an estimated US$288 million US market.^[2]

Expansion and capex

Annual capex guidance is INR200 - 250 Cr per year for the next 2 - 3 years, funded by internal accruals and customer capital contributions.^[1]
Total gross capex is estimated to reach Rs. 1,666 Cr by end of FY27.^[1]
Biotech CDMO Phase 1 expansion: 600 KL brownfield addition, construction to begin Q3 FY27, expected to take 15 - 18 months to commission.^[1]
Insulin drug substance biologics facility regulatory approval filing is targeted for Q4 FY27; revenues from this biologics line are expected to commence early FY28.^[1]

Recent developments

Symbiotec listed on Indian exchanges in September 2026; net IPO proceeds of INR142 Cr (net of expenses) were applied to borrowing repayment, reducing net debt from INR398 Cr (30 June 2026) to approximately INR326 Cr.^[1]
On 30 September 2026, wholly owned subsidiary Knovea Pharmaceutical signed a strategic commercialisation agreement with a leading global multinational pharmaceutical company for two DCV-based injectable products in the US market.^[2]
Under the Knovea - partner agreement, Knovea leads development, regulatory submissions, manufacturing and supply, while the partner drives commercialisation in the US.^[2]
EU-GMP certification was received for both the Rau and Pithampur plants as of Q1 FY27; USFDA EIR was received for the Rau plant in the same period.^[1]

Market Cap

₹8,181 Cr

High / Low

₹1,310 / 934

Promoter holding

33.3%

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