**Concord Biotech Q1FY26: Stable Margins Despite Revenue Dip, CDMO Expansion Underway**

**August 2025** – Concord Biotech Limited reported Q1FY26 revenue of ₹204 crore, down 5% YoY, due to the typical lumpiness in customer procurement patterns following a strong prior quarter. EBITDA came in at ₹61 crore, with margins at **30.1%**, impacted by costs linked to the commercialization of its new injectable facility at Valthera. Adjusted for these expenses, margins were in line with last year at **37%**. **Key Business Updates:** * Acquired **75% stake in Stellon Biotech**, USA, to strengthen US marketing and distribution. * Commenced **commercial CDMO supplies** to a large US customer in Q2FY26; active pipeline discussions with multiple clients. * Incorporated **Concord Lifegen Limited** to drive domestic pharmaceutical sales and distribution. * Completed **USFDA, EU GMP, and Russian GMP inspections** at Dholka facility in the last three months. **Segment Mix (Q1FY26):** * **API revenue:** ₹153.8 crore (79% of total) * **Formulation revenue:** ₹50.2 crore (21% of total) * Revenue split: **Domestic 59%**, **Exports 41%** Management remains confident in maintaining its FY26 growth trajectory, citing strong gross margins (77.9%), expansion in CDMO business, and robust R\&D-backed product pipeline in fermentation-based APIs and injectables. --- **Disclaimer:** This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult a financial advisor before making any investment decisions.