Concord Biotech Limited — Q3 FY26
Concord Biotech reported Q3 FY26 revenue of ₹278 crore, up 14% YoY, driven by API growth of 24% to ₹219 crore.
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
77%Questions answered1Evaded / deflected11Questions audited
Partial answer
High priority
Growth outlook beyond FY26 and labor code provision impact.
Asked by Chintan City, Greek Capital
Management gave qualitative optimism but no specific growth number for FY27.
no specific FY27 guidancequalitative optimism without numbers
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Question
my first question uncle is on you know the growth which you mentioned that uh FI26 will not be uh you know uh grow as per the historical trends... beyond FI26 how how do you see you know business momentum going on... second on the labor code... if you can uh provide going forward how how should one look at on the recurring basis the impact of uh uh new labor code to our finances.
Ankur (management)
historically if you see we have grown at around 18% or so... we have considered you know half of the business over the next 3 to 5 years which contribute to around 6% growth... you reach to 30%... we kind of you know toned it down to say a kagger of 25%... gives us a lot of optimism that the return uh that the growth can return to the historical kaggle...
Answered
Medium priority
Injectable facility domestic marketing costs and margin impact.
Asked by Chintan City, Greek Capital
Management directly stated no additional cost or margin impact.
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Question
just a follow up on uh injectables uh given we will be focusing on domestic uh do we have to incur a little bit more to develop the uh you know on ground team... that will also have some impact on our margins overall.
Ankur (management)
No. Uh not really because uh you know uh we already have uh field force for the for the critical care uh division and um you know close to around 100 120 uh people are there...
Answered
Low priority
Recurring cost impact of new labor code.
Asked by Chintan City, Greek Capital
Management quantified impact as immaterial (<10 bps).
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Question
going forward on the recurring basis do we expect employer cost to increase a little bit because of that and uh if if that is the case if you can quantify the
Ankur (management)
it is going to be an incremental uh normalized cost that we will have but it won't be material enough for 10 basis point or 20 basis point increase no that will not be material enough
Answered
High priority
CDMO project status and tariff impact on branded drugs.
Asked by Rita, Quest
Management gave specific status and tariff clarification.
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Question
could you give more understanding on um how is the CDMO project uh doing... also clarity in terms of whether that 100% tariffs which was imposed on brandit drugs from India to US does that stay currently
Ankur (management)
one of our projects is already commercialized in the US... it did not cover the the brands which were already launched into the into the markets... it doesn't impact already uh launched branded products in the US.
Answered
Medium priority
Capex guidance for this year and ahead.
Asked by Rita, Quest
Management provided a specific capex range.
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Question
could you help us with uh what are what is the capeex number that we are looking for this year uh and ahead?
Ankur (management) and Ravi
generally we have a capex number of around 100 150 crores as a maintenance capex uh that's the number generally we have
Answered
High priority
Reason for gross margin contraction despite high API mix.
Asked by Naman Bhaga, Capital
Management explained product mix and showed 9-month improvement.
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Question
just wanted to understand the contraction in gross margins despite let's say around uh uh 79 80% kind of uh API revenue contribution. Uh anything specific that you want to call out?
Ankur (management)
I think this is primarily on account of the product mix... on a 9 month basis, actually the gross margin has moved from 77% to 78%... improvement in the gross margins by 100 bits.
Partial answer
High priority
Reason for 14% decline in formulation business.
Asked by Naman Bhaga, Capital
Management attributed decline to shift to API but did not quantify the shift.
attributed to mix shift without quantifying
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Question
why this is there is 14% decline in the formulation business... what really is let's say what are the challenges?
Ankur (management)
the way that one needs to look at on a quarter on quarter is that there could be uh areas that we have kind of uh you know uh addressed through the API... that gets reflected in our API numbers which grew at 24%.
Answered
Medium priority
Whether deferred sales of 20-25 cr were fully captured in Q3.
Asked by Naman Bhaga, Capital
Management confirmed full capture in Q3.
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Question
you highlighted around uh 20 25 K of sales deferred uh in 2Q. So has this been captured fully in 3Q?
Ankur (management)
that had been fully captured which was on account of the written confirmation... that sales to that customers already started to to build on...
Answered
High priority
Injectable plant losses and Stalon setup costs.
Asked by Naman Bhaga, Capital
Management provided specific cost ranges.
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Question
Could only provide what were the injectable plant uh losses for it and what what were the setup cost related to Stellen?
Ankur (management)
The injectables would be close to around 10 to 12 crores and uh the Stalon cost would range anywhere between 5 to 10 crores per quarter.
Answered
High priority
Engagement on second source supply post tariff clarity.
Asked by Sumit Gupta, Antic Stock Broking Limited
Management gave specific details on customer types and expected commercialization.
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Question
are these discussions largely with existing customers or new innovator or generic players and what is the kind of conversion trend uh that one should expect.
Ankur (management)
engagement is going on on both fronts... we have couple of products at the API level which is our own API where we are engaging with uh the innovators and I expect that maybe uh one of those projects hopefully will commercialize in this quarter.
Evasive
High priority
Expectation to grow overall sales in FY26.
Asked by Alankar Garud, Kota Mahindra Bank
Management avoided giving a growth expectation despite prior guidance.
no number givendeferred to qualitative optimism
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Question
Ankor, do you still expect to grow overall sales in FI26?
Ankur (management)
difficult to give you a number in terms of what the growth is going to be... we are optimistic of quarter 4... putting a number there would be challenging for me.
Partial answer
Medium priority
Breakdown of API growth into pricing, volumes, new launches.
Asked by Alankar Garud, Kota Mahindra Bank
Management gave qualitative description but no numeric split.
no quantitative breakdown provided
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Question
can you broadly break down the API growth across uh pricing volumes and new launches for 9 month FI26.
Ankur (management)
much of the growth as I said is coming from our already commercialized 28 29 products... these two products that have got launched uh have seen more of validation and exhibit batch quantities...