CONCORDBIO's Q2 FY27 numbers came in mixed, with revenue of Rs. 309.07 Cr (+25.10% YoY) and PAT growth of +11.12% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 27, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 309.07 Cr (+25.10% YoY) |
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| PAT (Q2) | Rs. 69.57 Cr (+11.12% YoY) |
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| EBITDA margin | 33.77% (-205 bps YoY) |
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| EPS (Q2) | Rs. 6.65 (+10.28% YoY) |
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| Market cap | Rs. 14,441.84 Cr |
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| CMP | Rs. 1,375.30 |
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Quarter Snapshot
Revenue grew 25.10% YoY to Rs.309.07 Cr with a 197 bps QoQ margin recovery to 33.77%, but the margin remains 205 bps below the year-ago level and management's margin guidance was missed on a YoY basis. The inventory normalization commitment was missed (Rs.71.43 Cr H1 build) while cash conversion stayed healthy at 1.32x PAT with zero debt. FY27 revenue guidance of ~18% CAGR carries a large cushion at the current 25.61% H1 pace, leaving the H2 margin trajectory toward the FY28 40% goal as the key open question.
Key Investment Insights
Key Positives
- Revenue grew 25.10% YoY to Rs.309.07 Cr and 20.03% QoQ; H1 revenue Rs.566.56 Cr, +25.61% YoY
- EBITDA (company basis) grew 26.71% QoQ to Rs.104.38 Cr; margin recovered 197 bps QoQ to 33.77%
- Cost of materials consumed grew only 11.10% YoY, falling to 20.60% of revenue from 23.19%
- Standalone PAT grew 20.38% YoY to Rs.75.71 Cr with standalone EBITDA margin of 35.16%
- H1 CFO of Rs.168.21 Cr was 1.32x PAT; FCF of Rs.108.22 Cr after Rs.59.99 Cr capex
- Zero borrowings with Rs.445.75 Cr of liquid resources; trade receivables fell 10.37% since March
- Bonus issue 1:1 on track with record date November 4, 2026
- USFDA Valthera formulation inspection closed with one minor procedural observation and no adverse regulatory item in the filing
Risk Factors
- EBITDA margin compressed 205 bps YoY to 33.77%, below the FY26 average of 34.83%
- Management's guidance that EBITDA margin would improve better than sales growth was missed on a YoY basis (H1 EBITDA +24.60% vs revenue +25.61%)
- Inventory normalization commitment for H1 FY27 missed: inventories up 21.89% since March with a Rs.71.43 Cr H1 build
- Power and fuel cost rose 28.43% YoY to 11.85% of revenue
- Subsidiary/JV entities dragged consolidated PAT by Rs.5.06 Cr this quarter (Rs.7.73 Cr in H1); JV swung to a Rs.0.66 Cr loss
- Effective tax rate crept up to 27.13% from 26.40% YoY