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Revenue
₹1,024 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Akums Drugs reported a mixed Q1 FY26. CDMO revenue grew 4% YoY to ₹813 crore, but volumes were modest at 1% due to continued API price declines. EBITDA margins remained healthy at 14.7%, supported by better product mix. The company received 27 DCGI approvals (vs 31 in all of FY25) and its first European dossier approval for rivaroxaban. API losses reduced by 50% YoY. Management guided for mid-single-digit CDMO growth in FY26, with the European contract (₹300 crore annual revenue) starting April 2027. Risks include sustained API price weakness and slower-than-expected ramp-up in European exports.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for mid-single-digit revenue growth in CDMO for FY26, down from earlier mid-to-high single-digit guidance, due to continued API price softness.
- Commercial supplies for the European CDMO contract will begin in April 2027, with an annual revenue run-rate of at least ₹300 crore.
- Management targets $100 million in total formulation exports (including international branded and CDMO) over the next five years, up from current ~$15 million run-rate.
- CFO stated that domestic branded formulation EBITDA margins are expected to remain similar to last year at around 18% for the full year.
Risks flagged
- API prices have declined 10-12% over the last 12 months and continue to slide, impacting CDMO revenue growth and margins.
- European dossier approvals and commercial supplies are still in early stages; achieving $100 million export target in 5 years may be delayed if regulatory or market access hurdles arise.
- Trade generic segment posted negative EBITDA of ₹5 crore, and API business reported a loss of ₹6 crore. Management is rationalizing but turnaround timeline is uncertain.
- Management confirmed they are not targeting semaglutide, citing limited CDMO addressable market as most players do it in-house. This could mean missing a large growth opportunity.
Key quotes
- We are targeting growth obviously growth should come but should be in single digits only.
- We should do at least 300 crores annually from this contract.
- This is not the right section for us to stay invested in and hence trade genics gradually we are bringing it down.
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