Concord Biotech Ltd(CONCORDBIO)

NSE: CONCORDBIOBSE: 543960

₹ 1,228.85-3.32%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 12,856 crNext results: 27 Oct 2026Website: www.concordbiotech.comUpdated: 24 Oct 2026

About

Concord Biotech Limited is an Indian fermentation-based pharmaceutical company that manufactures APIs and formulations across immunosuppressants, anti-infectives, oncology, and antifungal therapies, selling to 250+ customers in 70+ countries. The company operates four manufacturing units in Gujarat with 1,250 m3 total fermentation capacity and reported FY26 revenue of ₹1,054.9 cr. It describes itself as a global leader in fermentation-based API manufacturing with considerable market share in immunosuppressants, oncology, and anti-infectives.^[1][2][3]

Business segments

API segment contributed 79% of FY26 revenue (₹828.8 cr); formulations contributed 21% (₹226.1 cr), up from 19%/81% in FY25.^[2]
In Q1 FY27, API revenue was ₹218.9 cr (+42% YoY) and formulation revenue was ₹38.6 cr (-23% YoY), with formulation decline driven by Middle East customers shifting to API procurement.^[4]
Export revenue was ₹121.7 cr in Q1 FY27 (+46% YoY); domestic revenue was ₹135.8 cr (+12% YoY).^[4]
Immunosuppressants accounted for ~76% of revenue in H1 FY26; management targets reducing this below 70% over time.^[5]

Products and portfolio

Portfolio comprises 30+ fermentation-based APIs and 100+ approved formulation products across markets, spanning chronic and lifestyle therapies in tablets, capsules, oral suspensions, and injectables.^[1]
Therapeutic areas with considerable market share include immunosuppressants, oncology, and anti-infectives; Q1 FY27 growth was broad-based across immunosuppressants, anti-infectives, oncology, and antifungals.^[1][4]
API pipeline has 10+ new products planned for commercialisation over five to seven years, focusing on oncology, anti-infectives, and antibacterial treatments.^[1]
USFDA final approval received for Teriflunomide Tablets (7mg and 14mg), enabling entry into a US$402 million U.S. market and a US$908 million global market.^[1]
Anti-infective API Fusidic acid was commercialised in FY26, described as having limited competition mainly from European manufacturers.^[2]

Manufacturing operations

Unit I (API) at Dholka, Gujarat: 112,302 sq.m, 450 m3 installed fermentation capacity; running at 81% utilisation in Q3 FY26.^[1][6]
Unit II (Formulations/OSD) at Valthera, Gujarat: 94,826 sq.m, 802 Mn units installed OSD capacity; utilisation at 27% in Q3 FY26.^[1][6]
Unit III (API) at Limbasi, Gujarat: 5,96,309 sq.m, 800 m3 installed fermentation capacity; utilisation at 40% in Q3 FY26. Site has 160 acres with only 20-25% utilised.^[1][6][4]
Unit IV (Injectables) at Valthera, Gujarat: 36,441 sq.m; capacity of 13 Mn Liquid Vials, 12 Mn Dry Powder Filling, and 2,200 Kgs Sterile Lyophilized API; running at ~5% utilisation in Q1 FY27.^[1][4]
Total installed fermentation capacity across Units I and III is 1,250 m3; management cites scale as a key pricing-advantage driver.^[1][4]
Concord is backward integrated to the Key Starting Materials (KSM) level for its fermentation-based APIs and is the only company with integrated presence across the entire complex fermentation value chain.^[1]

Regulatory approvals and R&D

Regulatory approvals span USFDA, EU GMP, WHO, MFDS (Korea), ANVISA (Brazil), PMDA (Japan), UAE Ministry of Health, NAFDAC (Nigeria), Russian GMP, and others.^[1][5]
5+ ANDAs approved for products from Concord's facilities as of FY25.^[1]
Limbasi (Unit III) received its first EU-GMP certification in H1 FY26, opening access to new EU customers.^[5]
R&D spend as a percentage of sales was 2.8% in FY26.^[2]
New regulatory approvals in Q1 FY27 included ANVISA Brazil for Limbasi, PPB Kenya and NDA Uganda for Unit II.^[4]

Customers and distribution

APIs are sold exclusively to pharmaceutical companies under a B2B model; formulations are sold to government and corporate hospitals in India, and via distributors in the US and emerging markets.^[1]
Top-10 customer revenue concentration fell from 44.3% in FY23 to 37.6% in FY26, reflecting sustained diversification across 250+ customers in 70+ countries.^[2]
Stellon Biotech Inc. (75% stake, US subsidiary) commenced commercial operations and sales in Q1 FY27, enabling direct US formulation marketing; it also plans to in-license third-party products.^[1][4]
Concord Lifegen Limited (wholly owned India subsidiary) was incorporated to strengthen domestic marketing, sales, and distribution.^[1]
Concord Biotech Japan KK is a 50% joint venture based in Japan.^[1]

CDMO and new platforms

CDMO currently contributes 1-2% of revenues in Q1 FY27; one animal health CDMO project is commercialised with a couple of million dollars in US sales.^[4]
Concord invested in Palvella Therapeutics Inc. (US), a biotechnology company focused on rare genetic skin diseases, in a partnership to manufacture and commercialise QTORIN.^[1]
Concord invested in Cellimune Biotech to enter Cell & Gene Therapy (CAR-T), targeting India market first, with global partnerships to follow.^[2]

Expansion and capacity plans

Injectable facility (Unit IV) peak revenue potential is ~₹600 cr; third-party contract manufacturing expected to commence in H2 FY27; emerging market approvals targeted 12-15 months after India launch.^[6][4]
Existing manufacturing infrastructure is assessed as capable of supporting ~₹3,000 cr of revenue - ~₹2,200 cr from API and ~₹600-700 cr from formulations - achievable over five to six years.^[4]
New API brownfield capacity at Unit III (Limbasi) will only be triggered when Unit III utilisation reaches 80-85%; 160 acres at Limbasi with only 20-25% utilised provides expansion room.^[4]
Management is actively exploring inorganic growth in fermentation adjacencies (peptides, veterinary) to deploy cash; organic options also on the table.^[4]

Recent developments

Stellon Biotech received ANDA approvals for Mycophenolate Mofetil and Tofacitinib tablets in Q1 FY27 and commenced commercial sales.^[4]
Written Confirmation from CDSCO (required for EU API supplies) was received on 4 November 2025; shipments on hold resumed thereafter and contributed to Q3 FY26 revenues.^[5]
US tariff clarity in September 2025 confirmed generic drugs are not subject to tariffs, resuming order inflows and accelerating second-source qualification discussions.^[5]
Injectable facility (Unit IV) received WHO-GMP certification (Q3 FY26) and commenced commercial supplies to two innovator companies during FY26.^[6][2]
Soft gel manufacturing facility commenced commercialisation in FY26, creating additional revenue avenues.^[2]

Market Cap

₹12,856 Cr

High / Low

₹1,614 / 987

Stock P/E

46.7

Price / Book

6.4

Book Value

₹193

EPS

₹24.9

No. of Shares

10.46 Cr

ROCE

18.2%

ROE

13.6%

OPM

31.2%

Debt / Equity

0.00

Sales

₹1,055 Cr

Net Profit

₹259 Cr

Promoter holding

44.1%

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