Concord Biotech Ltd.Q2 revenue +25% to ₹309 Cr, EBITDA margin 33.8%

Concord Biotech's Q2 FY27 call, held on 28 October 2026, reported revenue of ₹309.1 crore, up 25%, and first-half revenue of ₹566.6 crore, up 26%, with growth from every product category and geography.

API revenue rose 30% to ₹250.1 crore while formulation revenue grew 6% to ₹58.9 crore, held back by customers buying API instead and a business transfer to the US subsidiary Stellon. EBITDA was ₹104.4 crore at a 33.8% margin, or 37.1% excluding the new injectable facility and Stellon costs, while gross margin fell about 400 basis points to 76.2% on solvent costs and product mix. Profit after tax was ₹69.6 crore, up 10.3%.

The company has no debt and about ₹445 crore of cash, and shareholders approved a 1:1 bonus issue. Management expects FY27 growth slightly above its historical 18% to 19%, injectable contracts and meaningful Stellon revenue in the second half, and EBITDA margins of 38% to 40% over the next few years. The injectables unit ran at only 5% utilisation.