Concord Biotech Appoints Raviraj Karia as New CFO, Effective December 18, 2025

Concord Biotech Limited , a prominent player in the biotechnology sector, has announced the appointment of Mr. Raviraj Karia as its new Chief Financial Officer (CFO) and Key Managerial Personnel (KMP). The appointment was approved by the Board of Directors in their meeting held on December 18, 2025, and is effective immediately.

New CFO Appointment Details

Parameter:	Details
Name:	Mr. Raviraj Karia
Position:	Chief Financial Officer (CFO) and Key Managerial Personnel (KMP)
Effective Date:	December 18, 2025
Board Meeting Duration:	12:10 PM to 12:50 PM
Approval Process:	Nomination and Remuneration Committee, Audit Committee, and Board of Directors

Professional Background and Expertise

Mr. Raviraj Karia brings extensive experience to his new role at Concord Biotech. As a Chartered Accountant, he has over 23 years of experience across pharmaceuticals, healthcare, clinical research, logistics, and private equity sectors. His career demonstrates deep expertise in corporate governance, strategic finance, and business partnering, having worked closely with Boards, Promoters, CEOs, and global leadership teams.

Career Highlights and Achievements

Experience Area:	Key Accomplishments
Organizations:	Intas Pharmaceuticals, Sakar Healthcare, Lambda Therapeutics, Shalby Hospitals, Gati, GVFL, and Claris Lifesciences
Major Deals:	Led India's largest outbound pharma acquisition, facilitated marquee private equity investments
Cost Optimization:	Reduced borrowing costs by 2-3% annually across multiple organizations
Global Operations:	Executed global audits across Europe, US, Latin America, and emerging markets
Technology Implementation:	SAP-based MIS, Power BI dashboards, GRC frameworks, VIM, and shared service centers

Strategic Impact and Leadership

Throughout his career, Mr. Karia has consistently enabled organizations to scale by strengthening financial discipline and implementing robust governance frameworks. He has delivered significant impact managing multibillion dollar financing programs and has driven major cost efficiency programs while optimizing working capital across various organizations.

Corporate Governance and Independence

The company has confirmed that Mr. Karia is not related to any of the Directors of the Company and does not hold any shareholding in Concord Biotech Limited. This appointment follows the earlier announcement of Mr. Lalit Sethi's planned retirement as CFO, which was scheduled for January 2026.

Management Transition

This appointment represents a smooth leadership transition for Concord Biotech, with the new CFO bringing substantial experience in the pharmaceutical and healthcare sectors. The immediate effective date suggests the company has successfully managed the transition process ahead of the previously announced timeline for the outgoing CFO's retirement.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.88%	-8.73%	-7.63%	-34.84%	-43.10%	+30.89%

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:

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.
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.
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

Segment	H1 FY26 Revenue (Rs. Crores)	H1 FY25 Revenue (Rs. Crores)
API Business	345.00	401.00
Formulation Business	106.00	125.00

Geographical Revenue Distribution

Region	Percentage of Total Revenue
Domestic	54.80%
Exports	45.20%
- U.S. (Direct)	7.00%
- Rest of World	38.20%

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:

Regulatory Approvals: The company has secured multiple regulatory approvals across its sites, including USFDA, EU-GMP, and Russian GMP certifications for various facilities.
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.
Injectable Facility Ramp-up: The newly commissioned injectable facility is witnessing increased inquiries and revenue traction, with products successfully validated and growing customer acceptance.
CDMO Business: The company continues to progress in its Contract Development and Manufacturing Organization (CDMO) business, which represents a significant long-term growth driver.
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.