Concord Biotech Limited delivered steady performance during Q3 FY26, reporting revenues of ₹278 crores and demonstrating resilience amid earlier market challenges. The pharmaceutical company's quarterly results reflect a gradual recovery from first-half disruptions while positioning for stronger growth ahead.

Financial Performance Overview

The company's financial metrics for Q3 FY26 showed mixed results across different timeframes:

For the nine-month period, revenues declined 5% to ₹729 crores compared to ₹770 crores in the same period last year. The company attributed this decline to challenges in the first half, including U.S. tariff uncertainties, CDSCO approval delays, and deferred Middle East tender supplies.

API Business Drives Growth

The API segment emerged as the primary growth driver, with revenues reaching ₹219 crores in Q3 FY26, marking 24% year-on-year growth. This performance excluded interunit sales to the formulation business and reflected strong volume growth across existing products. The company's API business benefited from resumed supplies following CDSCO written confirmation approval received in early November, which had temporarily halted European market sales.

Joint Managing Director and CEO Ankur Vaid highlighted that the growth was primarily volume-driven rather than price-based, with the company maintaining its competitive position across its portfolio of 28-29 commercialized products. The API business maintained its historical contribution of approximately 70-75% from immunosuppressants, with growing traction in anti-infectives and other segments.

Injectable Facility Milestone

A significant development during the quarter was the injectable facility receiving WHO GMP certification, enabling domestic market sales through the company's own brand and contract manufacturing opportunities. The facility has peak revenue potential of approximately ₹600 crores and represents a key growth platform for the company.

The company established Concord Lifegen Limited as a wholly owned subsidiary to strengthen marketing, sales, and distribution capabilities in India, particularly targeting government institutions and smaller nursing homes previously untapped by the company.

Margin Impact and Outlook

EBITDA margins for Q3 FY26 stood at 35.60%, impacted by start-up costs associated with the injectable facility commercialization and expenses related to the U.S. subsidiary Stellon Biotech. Excluding these impacts, EBITDA margins remained at 40% for both Q3 and nine-month periods. Injectable facility-related costs were approximately ₹10-12 crores per quarter, while Stellon setup costs ranged between ₹5-10 crores quarterly.

CFO Raviraj Karia noted that profit after tax was also impacted by new labor code provisions of ₹3 crores and lower other income compared to the previous year. The company maintains a zero-debt position with cash and investments totaling ₹350 crores as of December 31, 2025.

Strategic Initiatives and Future Prospects

The company launched Stellon Biotech, its U.S. subsidiary, to drive marketing, distribution, and commercialization activities in the American market. This initiative creates a direct commercial footprint and supports global market expansion beyond current third-party distribution arrangements.

From a pipeline perspective, the company completed DMFs for Nystatin and Voclosporin and plans to launch two new products in the anti-infective segment during the current year. These products offer large volumes, niche positioning, and limited competition characteristics.

Management expressed optimism for Q4 FY26 performance and expects FY27 to reflect normalized performance returning to historical growth averages. The company remains well-positioned for sustained growth through injectables, CDMO opportunities, new product launches, and continued market share gains in its core fermentation API business.

Concord Biotech Limited has published extracts of its unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025, in newspapers as required under SEBI regulations.

Regulatory Compliance and Publication Details

The pharmaceutical company published the financial results extracts on February 12, 2026, in compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were published in two editions to ensure broad accessibility.

Q3FY26 Financial Performance

The company's unaudited financial results for the quarter ended December 31, 2025, show strong operational performance across both standalone and consolidated metrics. The results were reviewed by the Audit Committee and approved by the Board of Directors on February 11, 2026.

Nine-Month Performance Overview

For the nine months ended December 31, 2025, Concord Biotech demonstrated consistent performance with total income from operations reaching ₹72,917.90 lakhs on a standalone basis and ₹72,881.11 lakhs on a consolidated basis.

Management and Governance

The financial results were digitally signed by Mr. Sudhir Kumar Vaid, Chairman & Managing Director (DIN: 00055967), on February 12, 2026. The communication was sent from the company's registered office in Ahmedabad, Gujarat, ensuring proper corporate governance protocols were followed.

In accordance with Regulation 46 of the Listing Regulations, the complete unaudited financial results have been uploaded on the company's official website at www.concordbiotech.com , providing stakeholders with comprehensive access to detailed financial information.