Concord Biotech (CONCORDBIO) Q2 25/26 earnings summary

Executive summary

• Q2 FY2026 revenue was INR 247 crore, down 20% year-over-year but up 21% sequentially; H1 FY2026 revenue was INR 451 crore.

• Revenue was impacted by delays in regulatory approvals, Middle East tender deferment, and US tariff uncertainties, all considered timing issues rather than structural losses.

• Management expects a stronger H2 as deferred sales resume, injectables facility ramps up, and two pipeline products are commercialized.

• Regulatory progress included successful inspections (US FDA, EU GMP, Russian GMP, NAFDAC) and new product approvals, supporting future growth.

• Board approved acquisition of Celliimune Biotech and investment in a captive hybrid solar power project for the Limbasi Plant.

Financial highlights

• Q2 FY2026 revenue: INR 247 crore (down 20% YoY, up 21% QoQ); H1 FY2026 revenue: INR 451 crore (down from INR 526 crore YoY).

• Q2 EBITDA: INR 88.5 crore (margin 35.8%); H1 EBITDA: INR 150 crore (margin 33.2%); Q2 EBITDA margin adjusted for injectables: 41%.

• Q2 PAT: INR 63 crore (margin 25.5%); H1 PAT: INR 107 crore (margin 24%).

• Gross profit margin improved to 80.2% in Q2 FY2026 from 75.4% in Q2 FY2025.

• Standalone EPS for H1 FY2026: Rs. 10.08; consolidated EPS: Rs. 10.24.

Outlook and guidance

• Management anticipates H2 FY2026 to outperform H2 FY2025, with deferred revenues expected to be recovered.

• Two pipeline products are expected to be commercialized within the next six months.

• Long-term growth confidence is based on expanded capacity, new facilities, and a diversified product mix.

• Guidance for 25% CAGR remains aspirational, with actual growth dependent on market and regulatory factors.