CDMO Revenue
₹916 Cr
+16.3% YoY
CDMO segment revenue grew 16.3% YoY driven by double-digit volume growth across existing customers.
AKUMSDRUGSPHARMACEUTICAL
Healthcare
26 Jan 2026
Akums Drugs & Pharmaceuticals Ltd — Q3 FY26
Akums delivered a strong Q3 FY26 with operating revenue of ₹1,160 crore (+14.8% YoY) and EBITDA of ₹147 crore (+21% YoY), driven by 16% volume growth in CDMO and recovery in international branded formulations.
✓ Verified against BSE filing
2-Min Summary
Akums delivered a strong Q3 FY26 with operating revenue of ₹1,160 crore (+14.8% YoY) and EBITDA of ₹147 crore (+21% YoY), driven by 16% volume growth in CDMO and recovery in international branded formulations. EBITDA margin expanded 65 bps YoY to 12.7%, aided by operating leverage and cost controls. PAT grew 2.1% to ₹68 crore, impacted by a one-time labor code charge of ₹18.2 crore. Management highlighted broad-based volume growth across therapies and channels, with Q4 also expected to see double-digit volume growth. Key growth drivers include the EU CDMO contract (€35M annual run-rate from FY28) and Zambia project ($25M supplies from H1 FY27). Risks include sustained API pricing pressure and potential delays in regulatory approvals for new facilities.
Key Numbers
CDMO EBITDA
₹126 Cr
+3.7% YoY
CDMO EBITDA increased 3.7% YoY; margins improved sequentially due to operating leverage.
International Branded Revenue
₹50 Cr
+18% YoY
International branded formulation revenue grew 18% YoY, with gross margins expanding from 25% to 35%.
API Revenue
₹54 Cr
+35.4% YoY
API revenue grew 35.4% YoY but remained loss-making; losses reduced to ₹7 Cr from ₹11 Cr last year.
Management Guidance
Q4 FY26 double-digit volume growth in CDMO
Management expects continued double-digit volume growth in CDMO for Q4 FY26 based on current visibility.
growthEU CDMO contract annual run-rate of €35 million
The EU CDMO contract is expected to generate annual revenue of €35 million once commercial supplies begin, with supplies starting in FY28.
revenueZambia project $25 million supplies from H1 FY27
Commercial supplies of $25 million from Indian plants to Zambia expected in H1 FY27, with similar amount in FY28.
revenueCapex to remain in line with historical trend
Capital expenditure for FY27 is expected to be consistent with past levels, focusing on maintenance and modernization.
capexKey Risks
Sustained API pricing pressure
API business continues to face pricing softness across key molecules, though the pace of decline has moderated.
high · management_commentaryPotential delays in regulatory approvals for new facilities
The injectables facility is still ramping up with low utilization; delays in client audits or approvals could impact revenue contribution.
medium · analyst_questionTrade generic segment losses may persist
Trade generic revenue declined 18% YoY and remains loss-making; management expects some bottom-line impact in Q4.
medium · management_commentaryDependence on CDMO volume growth sustainability
Analyst questioned whether the strong volume growth is sustainable; management cited market share gains but acknowledged it's market-driven.
medium · analyst_questionNotable Quotes
Our healthy operating performance was characterized by strong execution across multiple key segments. CDMO registered a healthy topline growth of more than 16% driven by strong volumes.
So the recovery has come both in terms of margins as well as in terms of topline to us and the recovery looks stable as of now.
We continue to work towards reducing losses in the trade generic and API segment by way of portfolio rationalization and tighter control over overheads.