Akums Drugs & Pharmaceuticals Ltd(AKUMS)

NSE: AKUMSBSE: 544222

₹ 676-0.56%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 10,640 crWebsite: www.akums.netUpdated: 24 Oct 2026

About

Akums Drugs & Pharmaceuticals is India's largest contract development and manufacturing organisation (CDMO) for finished formulations, operating five business segments across CDMO, domestic branded, API, international branded, and trade generics. Akums manufactures over 20,000 SKUs annually across its Haridwar facilities, serving approximately 1,500 customers.^[1][2][3]

Business segments

API: 4.2% of FY26 revenue (INR 184 Cr); active pharmaceutical ingredients, ~80% cephalosporins, with EBITDA loss of -INR 40 Cr in FY26 narrowing from -INR 44 Cr in FY25.^[2][4][5]
Trade Generics: 2.3% of FY26 revenue (INR 100 Cr); deliberately scaled down from ~INR 400 Cr in FY22 to a profit-oriented footprint; turned EBITDA positive at INR 1.4 Cr in Q4 FY26.^[2][4]

Manufacturing operations

Manufactures over 20,000 SKUs annually across its Haridwar-based facilities, with effective peak utilisation at approximately 55 - 60% given the volume of changeovers, cleaning cycles, and preventive maintenance.^[3]
Overall capacity utilisation improved to 44% in FY26 and further to ~50% in Q1 FY27, driven by sustained CDMO volume growth.^[4][6]
Plant 1 (oral solids) holds a renewed EU GMP certification; oral formulation supplies to Europe commenced in FY26. Plant 2 (oral liquids) received EU GMP accreditation in January 2026.^[3][4]
Dedicated injectable/sterile facility (AHL) - lyophilised vials and pre-filled syringes - remains at low-teen utilisation as of Q1 FY27; meaningful ramp-up expected through FY27.^[3][4]
Cumulative DCGI approvals stood at 1,056 as of FY26; R&D spend was 3.2% of revenue in FY26.^[4]

Key operating metrics

CDMO revenue grew 18.6% YoY to INR 964 Cr in Q1 FY27, with EBITDA margin expanding to 17.0% from 14.7% a year earlier, aided by improved capacity utilisation and rebounding API prices.^[6]
CDMO full-year FY26 revenue was INR 3,485 Cr (+8.6% YoY) with EBITDA margin of 13.4%; Q4 FY26 EBITDA margin was 14.4%.^[4]
API segment EBITDA loss narrowed to -INR 4 Cr in Q1 FY27 from -INR 6 Cr in Q1 FY26 and -INR 12 Cr in Q4 FY26, as non-cepha products (linezolid, montelukast) lifted gross margin; COGS improved to ~75% of revenue from 90%+ a year earlier.^[6]
Domestic branded (Akumentis) EBITDA margin was 20.1% in FY26, expanding from 17.7% in FY25; Q1 FY27 margin fell to 10.3% as ~200 field force additions (~15% increase) weighed on costs.^[4][6]
International branded EBITDA margin was 25.4% in FY26, up from 19.3% in FY25; Q1 FY27 revenue fell 1.5% YoY to INR 35 Cr.^[4][6]

Customers and distribution

CDMO serves approximately 1,500 customers; volume growth in FY26 and Q1 FY27 was driven by existing customers placing higher volumes across brands - not new geographies or new clients.^[3][4]
International branded formulations active in Philippines, Uganda, and Nigeria; strategy focuses on niche first-to-launch products in select markets to build sticky, high-margin businesses.^[5][6]
Cephalosporins account for ~80% of the API business by revenue; two CEPs filed in Europe for cefuroxime axetil and cefpodoxime proxetil as of Q2 FY26.^[5]

Expansion and capex

European CDMO contract (Plant 2): EUR 35M annually under a fixed-price contract through December 2032; dossier filings and country-specific registrations across multiple European markets underway; first commercial dispatch targeted FY28.^[4][3]
Zambia JV (51% Akums, 49% Government of Zambia): greenfield multi-dosage pharma plant in Lusaka SEZ with total project cost ~USD 45M; commercial production targeted CY2029.^[5][4]
New oral manufacturing facility at Baddi under construction; expected to go live by end of FY27, significantly boosting oral solid capacity.^[6]
FY26 capex was INR 222 Cr; FY27 capex target is INR 300 Cr. Jammu plant capex deferred indefinitely following a GST legislation change.^[4][5]
Plan to have approximately 5 plants EU GMP certified by FY28 to support regulated market expansion; Plant 2 cosmetics facility (Plant 5) operating near-peak utilisation as of Q1 FY27.^[4][6]

Recent developments

July 2026: Akums acquired Oriflame India's two manufacturing facilities in Noida and Roorkee for INR 56 Cr, adding skincare, haircare, wellness, and colour cosmetics capabilities including HALAL-certified capacity.^[6]
January 2026: Plant 2 (oral liquids, Haridwar) received EU GMP accreditation following an audit in October 2025; first commercial oral solid supply from Plant 1 to Europe dispatched during FY26.^[4][3]
Zambia supply agreement confirmed at advanced stage as of Q1 FY27: 100+ products agreed on volumes and prices; ~INR 240 Cr (~USD 25M) revenue expected to be recognised in H2 FY27 (Q3/Q4).^[6]
FY26 final dividend of INR 1 per share and special dividend of INR 2 per share recommended, totalling INR 3 per share.^[4]

Balance sheet and liquidity

Net cash surplus of INR 1,616 Cr at Q1 FY27 end, with 98% parked in fixed deposits with nationalised banks; net worth exceeds INR 3,400 Cr with zero debt.^[6]
Management is actively evaluating inorganic opportunities in niche dosage forms (MDIs, oncology injectables, large molecules, branded portfolio) using available cash; will avoid very large acquisitions.^[6][4]

Market Cap

₹10,640 Cr

High / Low

₹839 / 410

Stock P/E

36.5

Price / Book

3.2

Book Value

₹211

EPS

₹16.2

No. of Shares

15.74 Cr

ROCE

15.0%

ROE

8.0%

OPM

11.1%

Debt / Equity

0.02

Sales

₹4,359 Cr

Net Profit

₹256 Cr

Promoter holding

75.3%

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Akums Drugs & Pharmaceuticals Ltd(AKUMS)

About

Business segments

Manufacturing operations

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

Balance sheet and liquidity

Signal history

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Verdict

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