Concord Biotech Limited (NSE: CONCORDBIO | BSE: 543960)
Source: Concord Biotech Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Concord Biotech Limited |
| Corporate Identity Number (CIN) | L24230GJ1984PLC007440 |
| ISIN | INE338H01029 |
| NSE Symbol & BSE Scrip Code | CONCORDBIO | 543960 |
| Date of Incorporation / Founding Year | 1984 (Biotechnology operations commenced in May 2000) |
| Founders / Key Founding Figures | Mr. Sudhir Vaid |
| Registered Office & Corporate Headquarters | Registered Office: 1482-1486, Trasad Road, Dholka, Dist. Ahmedabad – 382225, Gujarat. Corporate Office: B-1601-1602, B-Wing, Mondeal Heights, Iskcon Cross Road, S. G. Highway, Ahmedabad – 380015, Gujarat |
| Telephone & Investor Relations Contact | Phone: +91-79-68138700 / +91-7228015132 | Email: complianceofficer@concordbiotech.com |
| Chairman / Managing Director & CEO | Mr. Sudhir Vaid (Chairman & Managing Director); Mr. Ankur Vaid (Joint Managing Director & CEO) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Raviraj Karia (Chief Financial Officer); Mr. Paritosh Trivedi (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Mr. Sudhir Vaid, Mrs. Manju Sudhir Vaid, and Sudman Consultants LLP |
| Industry / Sector Classification | Research-driven Biopharmaceutical Industry / Active Pharmaceutical Ingredients (APIs), Formulations, and CDMO |
| Total Employees / Permanent & Contractual Workforce (BRSR) | 1,624 Permanent Employees (1,510 Male, 114 Female) and 1,275 Contractual Workers |
| Manufacturing Plants / Branches / Offices Count | 4 Manufacturing Facilities (Unit I – Dholka API, Unit II – Valthera Formulations, Unit III – Limbasi API, Unit IV – Valthera Injectables) and 1 Corporate Office |
| Countries / States Served | Present across 70+ countries worldwide and Pan-India |
| Statutory Auditors | M/s. BSR & Co. LLP, Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited) |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Concord Biotech Limited is a prominent research-driven biopharmaceutical company specializing in the development and manufacturing of fermentation-based Active Pharmaceutical Ingredients (APIs), finished formulations, and contract development and manufacturing services (CDMO) for global customers. Leveraging over two decades of technical expertise in fermentation, semi-synthetic technologies, and complex pharmaceutical processes, the organization maintains a robust presence across critical therapeutic segments, including immunosuppressants, oncology, anti-bacterial, and anti-fungal therapies. Supported by advanced research and development infrastructure and globally compliant manufacturing facilities, Concord serves more than 300 customers across over 70 countries worldwide.
The Founders, Promoters & Their Legacy
The enterprise is spearheaded by Mr. Sudhir Vaid, a biotechnologist and seasoned technocrat who transitioned into entrepreneurship. After completing his studies in Microbiology from Punjab University in 1974, he built a distinguished career in biotechnology across domestic and multinational enterprises before establishing Concord in Dholka, Gujarat, in May 2000. Under his visionary leadership, the enterprise evolved from a chemical processing facility into a specialized biotechnology hub. His leadership is complemented by Joint Managing Director & CEO Mr. Ankur Vaid, who holds a Bachelor of Technology in Chemical Engineering and an MBA from the Rochester Institute of Technology, guiding the company’s global expansion and forward integration.
The Journey: History & Evolution
Incorporated originally in 1984, Concord transitioned into biopharmaceuticals in May 2000 by producing immobilized enzymes using recombinant strains. Over the past 25 years, the company expanded its fermentation capacity across advanced API, formulation, and injectable facilities, scaling total fermentation capacity to approximately 1,250 cubic meters. The company successfully transitioned from a single-product enterprise to a diversified, multi-product global biopharmaceutical leader holding prominent market positions in niche, high-barrier-to-entry complex molecules.
The Corporate Umbrella
To support its expanding commercial and research footprint, Concord operates through a network of subsidiaries and strategic ventures. During the financial year 2025-26, the company established a direct commercialization platform in the United States by acquiring a 75% equity stake in Stellon Biotech Inc., incorporated a wholly owned domestic subsidiary named Concord Lifegen Limited, and invested in Celliimune Biotech Private Limited to advance research in cell and gene therapy.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Concord’s operational model is structured around three primary pillars: Active Pharmaceutical Ingredients (APIs), Finished Formulations, and Contract Development and Manufacturing Services (CDMO). The API segment serves as the core revenue driver, manufacturing complex fermentation-based molecules through advanced microbial strain engineering and submerged fermentation technologies. The Formulations segment covers oral solid dosages (OSD), oral liquids, suspensions, and complex solid dispersions, alongside a newly ramped-up injectable manufacturing facility at Valthera. The CDMO division leverages Concord’s specialized fermentation infrastructure to support global pharmaceutical innovators and generic manufacturers.
| Segment Description | Segment Revenue (₹ in Crores) | % Share of Total Revenue |
|---|---|---|
| Active Pharmaceutical Ingredients (API) | 828.77 | 78.56% |
| Formulations | 226.12 | 21.44% |
| Total Revenue from Operations | 1,054.89 | 100.00% |
The Product & Service Catalog
The company maintains a diversified portfolio comprising over 30 fermentation-based APIs and nearly 100 approved formulation products distributed across international markets. Key therapeutic categories include immunosuppressants, oncology, anti-infectives (anti-bacterial and anti-fungal agents), and nephrology. The portfolio is supported by over 150 Drug Master Files (DMFs) filed globally and more than 5 approved Abbreviated New Drug Applications (ANDAs) in regulated markets.
The Names You Know
Concord supplies its specialized pharmaceutical products globally to over 300 customers, including major international innovators and generic pharmaceutical manufacturers. In the domestic market, formulations are supplied to government and corporate hospitals, as well as through established distribution networks. Internationally, products are marketed in regulated and emerging markets across the United States, Europe, Latin America, Japan, South Korea, and Southeast Asia.
Mapping the Domestic & Global Reach
The organization balances its revenue streams evenly between domestic and international markets, utilizing direct relationships and distributor partnerships to serve customers across more than 70 countries.
| Geographical Market | Revenue (₹ in Crores) (FY 2025-26) | % Share of Total Revenue |
|---|---|---|
| Domestic (India) | 563.60 | 53.43% |
| International – United States of America | 108.03 | 10.24% |
| International – Other Countries | 383.25 | 36.33% |
| Total Revenue from Operations | 1,054.89 | 100.00% |
The Brick & Mortar Footprint
Concord operates four state-of-the-art manufacturing facilities supported by advanced R&D laboratories in Gujarat, India:
- Unit I (API Facility): Located at Dholka, Gujarat; spread across 112,302 sq. meters with 450 m³ fermentation capacity; inspected and approved by USFDA, EU GMP, Russian GMP, NAFDAC, and WHO GMP.
- Unit II (Formulations Facility): Located at Valthera, Gujarat; spread across 94,826 sq. meters with 802 Mn units OSD capacity; inspected by USFDA, EU GMP, Japanese PMDA, Brazilian ANVISA, and Korean MFDS.
- Unit III (API Facility): Located at Limbasi, Gujarat; spread across 5,96,309 sq. meters with 800 m³ fermentation capacity; approved beneficiary under the API PLI Scheme and received EU GMP certification.
- Unit IV (Injectables Facility): Located at Valthera, Gujarat; spread across 36,441 sq. meters with capacity for 13 Mn liquid vials, 12 Mn dry powder filling, and 2,200 kgs sterile lyophilised API; received WHO GMP certification in FY26.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
The consolidated financial statements of Concord Biotech Limited for the financial year ended March 31, 2026, reflect the impact of external headwinds, start-up costs associated with the Valthera injectable facility, and expenses related to the establishment of the US subsidiary, Stellon Biotech Inc.
| Consolidated Statement of Profit and Loss (₹ in Crores) | FY 2025-26 | FY 2024-25 | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 1,054.89 | 1,200.09 | -12.10% |
| Other Income | 52.36 | 44.45 | +17.80% |
| Share of Profit in Joint Venture | 2.91 | (1.32) | N/M |
| Total Income | 1,110.16 | 1,243.21 | -10.70% |
| Cost of Materials Consumed | 254.35 | 264.31 | -3.77% |
| Purchases of Stock-in-Trade | 62.61 | 55.99 | +11.82% |
| Changes in Inventories of Finished Goods, WIP and Stock-in-Trade | (71.28) | (14.79) | +381.95% |
| Employee Benefits Expense | 176.90 | 138.93 | +27.33% |
| Finance Costs | 0.28 | 0.53 | -47.17% |
| Depreciation and Amortization Expense | 74.46 | 54.37 | +36.95% |
| Power and Fuel | 116.20 | 112.23 | +3.54% |
| Other Expenses | 148.72 | 137.08 | +8.49% |
| Total Expenses | 762.23 | 748.66 | +1.81% |
| Profit Before Exceptional Items and Tax | 345.01 | 495.88 | -30.42% |
| Exceptional Item (Statutory Impact of New Labour Code) | 3.28 | 0.00 | N/M |
| Profit Before Tax | 344.65 | 494.55 | -30.31% |
| Tax Expenses (Current Tax & Deferred Tax) | 85.42 | 122.91 | -30.50% |
| Profit for the Year | 259.23 | 371.64 | -30.25% |
| Total Comprehensive Income for the Year, Net of Tax | 314.47 | 377.61 | -16.72% |
| Earnings Per Share (Basic & Diluted) (in ₹) | 24.78 | 35.52 | -30.24% |
Assets, Borrowings, & Net Worth
Concord maintains a debt-free balance sheet with robust liquidity reserves, enabling sustained investments in manufacturing capacities and global regulatory filings.
| Consolidated Balance Sheet (₹ in Crores) | As at 31 March 2026 | As at 31 March 2025 | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Property, Plant and Equipment | 785.72 | 791.81 | -0.77% |
| Capital Work-in-Progress | 78.16 | 50.13 | +55.91% |
| Intangible Assets & Goodwill | 0.66 | 0.60 | +10.00% |
| Right-of-Use Assets | 2.18 | 2.28 | -4.39% |
| Intangible Assets under Development | 1.17 | 0.53 | +120.75% |
| Investment Accounted for Using Equity Method | 3.65 | 0.74 | +393.24% |
| Financial Assets – Non-Current Investments & Other Financial Assets | 91.40 | 38.55 | +137.09% |
| Other Non-Current Assets, Tax Assets & Deferred Tax Assets | 21.69 | 14.38 | +50.83% |
| Total Non-Current Assets | 984.62 | 899.01 | +9.52% |
| Inventories | 326.36 | 239.67 | +36.17% |
| Financial Assets – Current Investments | 402.06 | 316.54 | +27.02% |
| Trade Receivables | 460.20 | 521.65 | -11.78% |
| Cash and Cash Equivalents | 12.19 | 0.90 | +1254.44% |
| Bank Balances Other than Cash and Cash Equivalents | 1.39 | 0.28 | +396.43% |
| Other Current Financial Assets | 25.24 | 40.83 | -38.18% |
| Other Current Assets | 22.68 | 15.36 | +47.66% |
| Total Current Assets | 1,250.11 | 1,135.24 | +10.12% |
| TOTAL ASSETS | 2,234.73 | 2,034.25 | +9.86% |
| EQUITY AND LIABILITIES | |||
| Equity Share Capital | 10.46 | 10.46 | 0.00% |
| Other Equity | 2,006.60 | 1,802.26 | +11.34% |
| Non-Controlling Interest | (1.92) | 0.00 | N/M |
| Total Equity | 2,015.14 | 1,812.72 | +11.17% |
| Non-Current Borrowings | 0.00 | 0.00 | N/M |
| Non-Current Lease Liabilities & Provisions | 5.15 | 3.45 | +49.28% |
| Deferred Tax Liabilities (Net) | 45.36 | 34.02 | +33.33% |
| Total Non-Current Liabilities | 50.51 | 37.47 | +34.80% |
| Current Borrowings | 0.00 | 0.38 | -100.00% |
| Current Lease Liabilities | 0.88 | 1.96 | -55.10% |
| Trade Payables | 101.91 | 113.04 | -9.85% |
| Other Current Financial Liabilities | 42.70 | 41.70 | +2.40% |
| Current Provisions, Other Current Liabilities & Current Tax Liabilities | 23.58 | 26.99 | -12.63% |
| Total Current Liabilities | 169.08 | 184.06 | -8.14% |
| TOTAL EQUITY AND LIABILITIES | 2,234.73 | 2,034.25 | +9.86% |
Cash Flow: Tracking the Money Movement
The company continues to exhibit robust cash generation from operations, supporting continuous reinvestment in manufacturing infrastructure and shareholder dividends.
| Consolidated Statement of Cash Flows (₹ in Crores) | Year Ended 31 March 2026 | Year Ended 31 March 2025 | Latest YoY (%) |
|---|---|---|---|
| Net Cash Generated from Operating Activities | 266.88 | 244.52 | +9.14% |
| Purchase of Property, Plant and Equipment (CapEx / CWIP) | (95.15) | (111.17) | -14.41% |
| Net Cash Used in Investing Activities | (142.72) | (159.99) | -10.79% |
| Net Cash Used in Financing Activities | (112.88) | (98.77) | +14.29% |
| Net Increase / (Decrease) in Cash and Cash Equivalents | 11.28 | (14.24) | N/M |
| Cash and Cash Equivalents at Beginning of the Year | 0.90 | 15.14 | -94.06% |
| Cash and Cash Equivalents at End of the Year | 12.19 | 0.90 | +1254.44% |
Funding the Future: CapEx, CWIP & R&D Spending
During FY 2025-26, Concord incurred revenue expenditure of ₹29.08 Crores and capital expenditure of ₹6.18 Crores dedicated to Research and Development activities, focusing on complex fermentation processes, oncology, anti-infectives, and antifungals. Capital work-in-progress stood at ₹78.16 Crores as at March 31, 2026, directed toward scaling manufacturing and injectable capacities.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
| Name of Entity | Relationship | Country | % Shareholding | Turnover (₹ in Crores) | Profit / (Loss) After Tax (₹ in Crores) |
|---|---|---|---|---|---|
| Concord Lifegen Limited | Wholly Owned Subsidiary | India | 100.00% | 0.42 | (2.40) |
| Stellon Biotech Inc. | Subsidiary | USA | 75.00% | 0.00 | (7.23) |
| Concord Biotech Japan K.K. | Joint Venture | Japan | 50.00% | Not Disclosed | 0.34 |
| Clean Max Everglades Private Limited | Associate | India | 26.00% | Not Disclosed | 0.05 |
Strategic Investments & Treasury Holdings
Concord holds quoted investments in Palvella Therapeutics Inc. valued at ₹84.12 Crores as at March 31, 2026, designated at Fair Value through Other Comprehensive Income. Additionally, the company maintains substantial liquid investments in mutual funds amounting to ₹402.06 Crores.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation / Role | DIN | Category |
|---|---|---|---|
| Mr. Sudhir Vaid | Chairman & Managing Director | 00055967 | Promoter / Executive |
| Mr. Ankur Vaid | Joint Managing Director & CEO | 01857225 | Promoter / Executive |
| Mr. Ravi Kapoor | Non-Executive Director | 00003847 | Non-Executive & Non-Independent |
| Mr. Rajiv Ambrish Agarwal | Non-Executive Director | 00379990 | Non-Executive & Non-Independent |
| Mr. Amitabh Thakore | Independent Director | 00016715 | Non-Executive & Independent |
| Mrs. Bharti Khanna | Independent Director | 05147844 | Non-Executive & Independent (Woman) |
| Mr. Arvind Agarwal | Independent Director | 00122921 | Non-Executive & Independent |
| Mr. Jayaram Easwaran | Independent Director | 02241192 | Non-Executive & Independent |
| Mr. Mandayam Chakravarthy Sriraman | Independent Director | 09631555 | Non-Executive & Independent |
| Mr. Raviraj Karia | Chief Financial Officer | N.A. | Key Managerial Personnel |
| Mr. Paritosh Trivedi | Company Secretary & Compliance Officer | N.A. | Key Managerial Personnel |
Who Owns the Stock? Shareholding Pattern
| Category of Shareholder | Number of Shares Held | % of Total Shares |
|---|---|---|
| Promoters | 4,13,64,356 | 39.54% |
| Trusts | 2,52,34,200 | 24.12% |
| Public Retail & Others | 86,74,558 | 8.29% |
| Foreign Portfolio Investors (FPI Corporate I) | 76,31,192 | 7.29% |
| Corporate Bodies (Promoter Co) | 47,52,000 | 4.54% |
| Mutual Funds | 45,00,930 | 4.30% |
| Insurance Companies | 40,70,107 | 3.89% |
| Other Bodies Corporate | 21,26,136 | 2.03% |
| Overseas Corporate Bodies | 20,92,325 | 2.00% |
| Clearing Members | 11,21,446 | 1.07% |
| Alternative Investment Funds (AIF Cat III) | 10,74,972 | 1.03% |
| Non-Resident (Non-Repatriable) | 8,75,738 | 0.84% |
| Foreign Portfolio Investors (FPI Corporate II) | 5,24,573 | 0.50% |
| Hindu Undivided Family (HUF) | 2,35,284 | 0.22% |
| Non-Resident Indians (NRI) | 1,86,369 | 0.18% |
| Body Corporate (Limited Liability Partnership) | 1,52,018 | 0.16% |
| Total | 10,46,16,204 | 100.00% |
Calculation Note: Percentage shares of total revenue and segment shares presented above are calculated directly from disclosed P&L and segment revenue figures in the annual report.
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Concord possesses defensible technical expertise in fermentation science, supported by large-scale fermentation capacity (~1,250 m³) and backward integration to key starting materials. Its globally compliant facilities, inspected by the USFDA, EU GMP, PMDA, and ANVISA, provide an established moat in high-barrier complex molecules like immunosuppressants and oncology.
What Could Go Wrong? Key Challenges & Business Risks
The business remains exposed to external headwinds such as US tariff policy uncertainties, geopolitical disruptions, tender delays in export markets, and pricing pressure in generic formulations. Strict regulatory compliance requirements and supply chain vulnerabilities also pose ongoing operational risks.
The Next Chapter: Growth & CapEx Initiatives
Strategic priorities include scaling the newly commissioned injectable manufacturing facility at Valthera, expanding the US commercial presence through Stellon Biotech Inc., advancing more than 10 pipeline products in oncology and anti-infectives over the next 5 to 7 years, and positioning CDMO as a medium-term growth engine.
The Verdict: Strategic Outlook & Conclusion
Despite temporary timing-related and transition-led headwinds impacting FY26 financial results, Concord’s underlying competitive position, robust balance sheet, and expanded delivery platforms in injectables position the company for sustainable long-term value creation.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.concordbiotech.com