Concord Biotech Limited , a prominent player in the biotechnology sector, has announced a significant change in its top management. Mr. Lalit Sethi, the company's Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), has submitted his intention to retire early from his position.

Key Details of the Retirement

Transition and Company Response

Mr. Sethi has committed to ensuring a seamless transition, which includes:

• Complete handover of financial statements
• Transfer of compliance documentation
• Transition of regulatory files
• Handover of investor relations materials

In response to this announcement, Concord Biotech has taken the following steps:

1. Closed its trading window for dealing in company securities from December 8, 2025, for a period of 48 hours.
2. Initiated the process for a smooth transition of CFO responsibilities.

Impact and Outlook

While Mr. Sethi's early retirement marks the end of his tenure at Concord Biotech, he expressed confidence in the company's robust leadership and strategic direction. The company has not yet announced a successor, but the extended notice period until January 2026 should provide ample time for a thorough transition process.

This development comes at a time when Concord Biotech has been focusing on growth in operations and regulatory compliance. The company's ability to manage this transition effectively will be crucial for maintaining investor confidence and ensuring continuity in its financial management and strategic initiatives.

Investors and stakeholders will likely be watching closely for announcements regarding the succession plan for the CFO position in the coming months.

Concord Biotech Limited , a leading biopharmaceutical company, reported a 20% year-on-year decline in revenue for the second quarter of fiscal year 2026, primarily due to regulatory delays and market disruptions. The company's Q2 FY26 revenues dropped to Rs. 247.00 crores from Rs. 310.00 crores in the same period last year.

Key Factors Affecting Q2 Performance

The company attributed the revenue decline to three main factors:

1. Delayed CDSCO Written Confirmation: A delay in obtaining the Written Confirmation from the Central Drugs Standard Control Organization (CDSCO) affected sales to the European Union. This approval is a prerequisite for selling products in the EU market.

2. Deferred Middle East Government Tender: A government supply contract in the Middle East, executed through an Indian entity, was postponed due to regional uncertainties and ongoing conflicts.

3. Shift in U.S. Procurement Patterns: Uncertainties surrounding tariffs led to changes in procurement patterns from U.S. customers.

Financial Highlights

• H1 FY26 Revenue: Rs. 451.00 crores
• Q2 FY26 EBITDA: Rs. 88.00 crores
• H1 FY26 EBITDA: Rs. 150.00 crores
• Q2 FY26 PAT: Rs. 63.00 crores
• H1 FY26 PAT: Rs. 107.00 crores

Segment-wise Performance

Geographical Revenue Distribution

Operational Performance

The company reported the following capacity utilization rates for H1 FY26:

• Unit-1 (Dholka): 76%
• Valthera: 24%
• Limbasi: 52%

The newly commissioned injectable facility is still in the early stages of operation.

Management Commentary

Ankur Vaid, Joint Managing Director and CEO of Concord Biotech, stated, "We anticipate a stronger H2 performance as regulatory approvals are now received and delayed shipments resume. Our EBITDA margins stand at 41%, excluding injectable facility startup costs."

He further added, "The company expects to recover deferred revenue in the coming quarters, although the exact timing and quantum are difficult to specify at this stage."

Future Outlook

Concord Biotech remains optimistic about its long-term growth prospects, citing several positive developments:

1. Regulatory Approvals: The company has secured multiple regulatory approvals across its sites, including USFDA, EU-GMP, and Russian GMP certifications for various facilities.

2. New Product Opportunities: The company is in advanced discussions with innovator companies for generic API supplies and is pursuing qualification initiatives for second-source opportunities.

3. Injectable Facility Ramp-up: The newly commissioned injectable facility is witnessing increased inquiries and revenue traction, with products successfully validated and growing customer acceptance.

4. CDMO Business: The company continues to progress in its Contract Development and Manufacturing Organization (CDMO) business, which represents a significant long-term growth driver.

5. Diversification Efforts: Concord Biotech is working on expanding its portfolio beyond immunosuppressants, with new products in development primarily in the non-immuno segment.

While the company faces near-term challenges, management remains confident in its ability to leverage its expertise in complex fermentation processes, operational excellence, and R&D capabilities to drive future growth.

Conclusion

Despite the temporary setbacks in Q2 FY26, Concord Biotech's management expresses confidence in a stronger second half of the fiscal year. The company's focus on diversification, regulatory compliance, and expansion into new markets positions it well for potential recovery and long-term growth in the biopharmaceutical sector.