Panacea Biotec Ltd(PANACEABIO)

NSE: PANACEABIOBSE: 531349

₹ 313-4.51%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,917 crWebsite: www.panaceabiotec.comUpdated: 24 Oct 2026

About

Panacea Biotec Ltd is an India-based biopharmaceutical company. It researches, makes and supplies vaccines, and also sells pharmaceutical formulations and nutrition products. In FY26 the group reported revenue of ₹639.77 Cr from two segments: Vaccines (64.1%) and Formulations (35.9%). It is one of the largest suppliers of vaccines to multilateral agencies such as UNICEF and PAHO, and exports made up ~65% of its total turnover.^[1][2][3]

Business segments

The Vaccines segment brought in 64.1% of FY26 revenue (₹410.25 Cr). It covers the discovery, manufacture and global supply of proprietary combination vaccines.^[2]
The Formulations segment brought in 35.9% of FY26 revenue (₹229.52 Cr). It covers pharmaceutical formulations, nutrition products and consumer health brands.^[2]
The Vaccines segment's share of revenue rose by 39.7 percentage points over FY2020-FY2026. The Formulations segment's share fell by 39.7 pp over the same period.^[2]
In FY26, vaccine exports rose to ₹2,771.75 million, about 67% of total vaccine revenue.^[3]

Vaccine portfolio and brands

As of FY26, the commercial vaccine portfolio includes hexavalent EasySix, fully-liquid pentavalent EasyFourPol, tetravalent Easyfour-TT, WHO-prequalified pentavalent Easyfive-TT and the bivalent polio vaccine Bi-OPV.^[3]
As of FY26, EasySix is the brand leader in India with the largest market share in its segment.^[3]
As of FY26, the company had supplied more than 10.5 billion doses of polio vaccine over two decades. It is one of the largest suppliers of oral polio vaccines.^[3]
EasyFive-TT received WHO prequalification in 2008. More than 200 million doses have since been supplied to over 75 countries.^[4]
TedShot, a tetanus and diphtheria (reduced) vaccine, received marketing authorisation in India and was in the process of being launched as of FY25.^[4]

Pharmaceutical and nutrition portfolio

The wholly owned subsidiary Panacea Biotec Pharma Ltd makes pharmaceutical formulations, nutrition products, infant milk substitutes and baby care products. As of FY26, its pharma products reach approximately 40 countries.^[3]
Consumer healthcare brands include NikoMom (baby care), Staart Prime (infant milk substitute) and ChilRun (paediatric nutrition), as of FY26.^[3]
Panacea Biotec Pharma Ltd acquired the Power Gummies brand, including its trademarks, patents, formulations and digital assets. The range covers hair, skin, nail, weight management and sleep gummies.^[4]
Consumer health products are sold on Amazon, Flipkart and Tata 1mg, and through the company's own direct-to-consumer portal, 7NShop.com.^[4]

Manufacturing facilities

A vaccine drug substance and biosimilar facility at Lalru, Punjab began operations in 2002. It has dedicated bacterial, viral and recombinant vaccine blocks.^[4]
A vaccine formulation facility at Baddi, Himachal Pradesh began operations in 2008. Its production block covers ~2,800 M² per floor and its warehouse and cold storage block measures ~4,702 M².^[4]
A pharmaceutical formulations facility at Baddi began operations in 2006. It makes bilayer tablets, complex sustained-release coatings and cytotoxic injectables.^[4]
A health supplement facility at Baddi began operations in April 2023 with an installed capacity of ~6 tons per day.^[4]
As of FY26, the company depends on a few imported suppliers for drug substance and is developing its own drug substances in-house.^[3]

Regulatory status

As of FY25, the pharmaceutical formulations facility at Baddi held approvals from the USFDA, the EU (Hungary's OGYÉI), ANVISA Brazil, SAHPRA and other regulators.^[4]
As of FY25, the cytotoxic/oncology facility at Baddi was under a USFDA warning letter and corrective measures were under way. Supplies to the US market were continuing.^[4]
During FY25, the company cleared multiple WHO, EU and national regulatory audits.^[4]

R&D pipeline

The pipeline includes DengiAll, a single-dose live-attenuated tetravalent dengue vaccine, and NuCoVac-11, a pneumococcal vaccine, as of FY26.^[3]
As of FY25, Phase III trials of DengiAll were ongoing in India.^[4]
A beta-coronavirus vaccine candidate developed with BRIC-THSTI is co-funded by CEPI (US$12.5 million) and is advancing toward Phase I, as of FY26.^[3]
As of FY26, the R&D centre has around 75 scientists.^[3]
R&D runs at two centres: OneStream Research Centre in New Delhi for vaccines, and SAMPANN R&D Centre at Lalru for formulations, complex generics and nutrition.^[4]

Customers and distribution

As of FY26, exports contributed ~65% of the company's total turnover.^[3]
In FY26, vaccines were exported to ~37 countries across Africa, Asia and Latin America.^[3]
The company is one of the largest suppliers of vaccines to UNICEF and PAHO, as of FY26. It holds higher long-term awards for pentavalent vaccine and UNICEF awards for bOPV.^[3]
The top customer accounted for 41.86% of vaccine revenue in FY26, compared with 27.36% in FY25.^[3]
As of FY26, distribution in India runs through 2 central warehouses and 14 sales depots/CFAs, supported by nearly 1,800 distributors.^[3]
As of FY25, vaccines were registered in 16 countries. This includes AMRH registration, which allows launch in ~29 African countries. Registration in 17 more countries was in progress.^[4]

Expansion

As of FY26, the company is expanding its manufacturing capacity to meet hexavalent vaccine demand.^[3]
Gavi expects hexavalent vaccine demand to rise from ~18 million doses in 2026 to 74-125 million doses in 2030, as cited in the FY26 annual report.^[3]

Recent developments

In September 2026, the company received two income tax demand orders totalling ₹4.32 Cr, for AY2022-23 and AY2023-24. It considers the demand not maintainable and is filing an appeal.^[5]
In September 2026, the company received four more income tax demand orders totalling ₹9.82 Cr, for AY2014-15 to AY2016-17 and AY2018-19.^[6]

Market Cap

₹1,917 Cr

High / Low

₹648 / 293

Stock P/E

-269.8

Price / Book

2.3

Book Value

₹136

EPS

₹-0.9

No. of Shares

6.13 Cr

ROCE

-2.4%

ROE

-0.6%

OPM

-3.2%

Debt / Equity

0.03

Sales

₹640 Cr

Net Profit

₹-7 Cr

Promoter holding

72.5%

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