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Fermentation-based pharmaceutical ingredient (API) manufacturer specializing in immunosuppressants and oncology drugs.
Fermentation-based pharmaceutical ingredient (API) manufacturer specializing in immunosuppressants and oncology drugs.
Grows microbes in large fermentation tanks to produce active ingredients, such as the transplant-rejection drug tacrolimus, and sells them in bulk to generic drug makers, competing on yield, quality and regulatory approvals in each market. It listed on the stock market in 2023.
In one line: A niche fermentation-API maker, akin to a smaller Teva API arm.
Moat: narrow (process know-how, regulatory licence). Complex fermentation-based API manufacturing expertise and regulatory approvals create high entry barriers.
Headquarters: Ahmedabad, India · Founded: 1984 · Employees: 1,624
Size Concord Biotech (CONCORDBIO.NS) is an India Industrials company (Miscellaneous Commercial Services) with a market value of $1.40B, the 489th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,164 on 6 Nov 2026.
Performance Over six months the shares gained 1.9%, against -7.7% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +7.9%); the operating margin is 28.1% (peer median 7.2%).
Valuation It trades at 38.2× forward earnings against a peer median of 14.8× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 47% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +35 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.9 points below its cost of capital (19.1% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹11.7B | ₹10.5B | ₹11.8B | ₹9.98B | ₹8.31B |
| Revenue growth | — | -11% | +18% | +20% | — |
| Gross profit | ₹4.96B | ₹4.17B | ₹5.54B | ₹4.72B | ₹3.71B |
| EBITDA | ₹4.04B | ₹3.71B | ₹4.96B | ₹4.19B | ₹3.33B |
| Net income | ₹2.82B | ₹2.61B | ₹3.72B | ₹3.08B | ₹2.40B |
| Free cash flow | n/a | ₹1.74B | ₹1.36B | ₹1.82B | ₹1.06B |
| Capital expenditure | n/a | ₹952M | ₹1.11B | ₹857M | ₹1.45B |
| Total debt | ₹17.5M | ₹23.2M | ₹29.7M | ₹97.4M | ₹315M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Concord Biotech CONCORDBIO.NS | $1.40B | +2% | +4% | 28% | 38.2× | 47.1% |
| Divi's Laboratories DIVISLAB.NS | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% |
| Biocon BIOCON.NS | $6.28B | -4% | +6% | 8% | 56.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CONCORDBIO.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.3% | -6.4% | 6th lowest of 21 |
| 6-month return | +1.9% | -7.7% | 8th highest of 21 |
| Distance from 52-week high | -28.0% | -37.2% | 8th highest of 21 |
| Revenue growth (TTM) | +4.0% | +7.9% | 9th lowest of 21 |
| Operating margin | 28.1% | 7.2% | 2nd highest of 21 |
| Forward P/E | 38.2× | 14.8× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 47.1% | 4.0% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +11.6% | +6.7% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | +35.5 pp | -9.0 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -3.9 pp | -3.3 pp | 9th lowest of 20 |
| EV / EBITDA | 31.6× | 7.9× | most expensive of 10 |
| Net debt / EBITDA | -1.1× | 1.3× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Concord Biotech CONCORDBIO.NS | India | $1.40B | +2% | +4% | 28% | 38.2× | 47.1% | +11.6% |
| Siglent Technologies 688112.SS | China | $1.41B | -5% | +30% | 24% | 46.2× | 31.3% | +22.0% |
| Wintech Nano (Suzhou) 688757.SS | China | $1.39B | -18% | +23% | 7% | n/a | n/a | n/a |
| China Security 600654.SS | China | $1.39B | -31% | -30% | -1% | n/a | 56.7% | +0.4% |
| China National Electric Apparatus Research Institute 688128.SS | China | $1.42B | -12% | +8% | 11% | 15.5× | 4.0% | +13.5% |
| Derichebourg DBG.PA | France | $1.42B | -24% | -3% | 5% | 8.9× | 6.8% | +6.3% |
| SBS 2384.T | Japan | $1.38B | +32% | +22% | 6% | 14.1× | -8.2% | +13.8% |
| ICF International ICFI | United States | $1.43B | +14% | -8% | 8% | 10.8× | -2.2% | +4.4% |
| Changchun Up Optotech 002338.SZ | China | $1.34B | -39% | +22% | 2% | 43.4× | n/a | n/a |
| TKC 9746.T | Japan | $1.34B | +21% | +14% | 22% | 18.1× | -9.9% | +4.2% |
| Nittetsu Mining 1515.T | Japan | $1.34B | +10% | +13% | 9% | n/a | n/a | n/a |
| Central Mine Planning & Design Institute CMPDI.NS | India | $1.34B | -15% | +10% | 33% | n/a | 4.0% | +18.7% |
| Suzhou Recodeal Interconnect System 688800.SS | China | $1.47B | -55% | +5% | 9% | 28.7× | 26.1% | +38.9% |
| Shanghai Medicilon 688202.SS | China | $1.47B | +18% | +42% | -2% | 91.8× | n/a | n/a |
| Taiwan Secom 9917.TW | Taiwan | $1.47B | -8% | +3% | 16% | 14.2× | -2.3% | +6.7% |
| Suzhou Novoprotein Scientific 688137.SS | China | $1.33B | +161% | +8% | -62% | n/a | n/a | n/a |
| Shenzhen Ampron Technology 301413.SZ | China | $1.48B | -7% | +11% | 2% | 423.6× | n/a | n/a |
| Shanghai Foreign Service 600662.SS | China | $1.49B | -14% | +1% | 2% | 13.8× | -20.6% | +1.9% |
| Clarivate CLVT | United States | $1.50B | -16% | -9% | 8% | 3.8× | 13.4% | +14.4% |
| Foxtron Vehicle Technologies 2258.TW | Taiwan | $1.50B | +1% | -50% | -132% | n/a | n/a | n/a |
| AFRY AFRY.ST | Sweden | $1.50B | +17% | -4% | 7% | 12.7× | -2.2% | +6.3% |