FDC LimitedQ1 FY27 Results & Financial Update
FDC Limited: Q1 FY27 consolidated results and company financials – revenue ₹667.69 Cr, PAT ₹132.49 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore FDC Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
FDC Limited reported consolidated revenue from operations of Rs. 667.69 crores for the first quarter ended June 30, 2026, marking a 3.0% increase compared to Rs. 648 crores in the corresponding period of the previous fiscal year. The top-line expansion was propelled by robust momentum in international formulations, counterbalancing subdued performance in domestic formulations and APIs.
Earnings before interest, tax, depreciation, and amortization (EBITDA) stood at Rs. 143 crores for Q1 FY27, representing a 1.9% year-on-year rise from Rs. 140 crores in Q1 FY26. EBITDA margin softened marginally by 20 basis points to 21.4% from 21.6% in the year-ago quarter.
Profit before tax (PBT) expanded by 9.4% year-on-year to reach Rs. 174.70 crores, while profit after tax (PAT) grew by 9.2% year-on-year to Rs. 132.49 crores. Basic and diluted earnings per share (EPS) for the quarter stood at Rs. 8.14, compared with Rs. 7.45 in Q1 FY26.
Domestic formulations, which accounted for approximately 85% of consolidated sales during the quarter, generated Rs. 569 crores, reflecting a year-on-year decline of 1.9%. Management noted that this segment was impacted by subdued demand in select key brands such as Zifi, Enerzal, and Simyl MCT.
Despite the slight dip in primary domestic billing, secondary sales tracked via IQVIA data for the quarter ended June 30, 2026, demonstrated a positive trajectory, recording growth of 9.0% for the quarter and 1.9% for the moving annual total (MAT).
International formulations emerged as the primary growth engine, registering a stellar 74.2% year-on-year surge in sales to Rs. 73 crores and contributing approximately 11% to consolidated revenue. The US business led this international expansion with revenue of Rs. 34 crores, representing a 118.4% year-on-year jump, while non-US export formulations grew by 47.7% to Rs. 39 crores.
The active pharmaceutical ingredients (API) business recorded revenue of Rs. 24 crores, registering a modest year-on-year decline of 2.9% and accounting for approximately 4% of consolidated sales.
01 · Business model
What does FDC do?
FDC Limited manufactures and markets pharmaceutical products, including Active Pharmaceutical Ingredients (APIs) and Finished Dosage Formulations. The company is a recognized player in therapeutic segments such as Oral Rehydration Salts (ORS), anti-infectives, and ophthalmics.
The company operates multi-location manufacturing facilities located at Roha, Waluj, and Sinnar in Maharashtra, Verna in Goa, and Baddi in Himachal Pradesh. These facilities hold regulatory accreditations from international bodies including the US-FDA, UK-MHRA, MCC-RSA, and the UAE.
FDC markets over 300 products across domestic and international markets, exporting to more than 50 countries. Its primary revenue streams span domestic formulations, international formulations across US and non-US export geographies, and active pharmaceutical ingredients.
02 · Historical context
What shaped the business before this quarter
Established originally in 1936 as a partnership firm, FDC was incorporated as a company in 1940 and has since expanded its manufacturing footprint to multiple locations across Maharashtra, Goa, and Himachal Pradesh.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹667.69 Cr |
| Total income | ₹715.35 Cr |
| Profit before tax | ₹174.70 Cr |
| Profit after tax | ₹132.49 Cr |
| EPS | ₹8.14 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 19.8% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 26.2% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹47.66 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
International formulations surged 74.2% year-on-year to Rs. 73 crores, driven by a 118.4% leap in the US business to Rs. 34 crores and a 47.7% increase in non-US exports to Rs. 39 crores.
Domestic formulations revenue declined 1.9% year-on-year to Rs. 569 crores, dampened by softer uptake in key brands like Zifi, Enerzal, and Simyl MCT, though secondary IQVIA data showed a 9.0% quarterly growth.
The API business brought in Rs. 24 crores, marking a slight 2.9% year-on-year contraction and representing approximately 4% of total consolidated sales.
What drove margins
Consolidated EBITDA margin stood at 21.4% for Q1 FY27, reflecting a minor contraction of 20 basis points compared to 21.6% in Q1 FY26.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Contributed approximately 85% of consolidated sales with revenue of Rs. 569 crores, down 1.9% year-on-year due to headwinds in key product brands.
Contributed approximately 11% of consolidated sales with revenue of Rs. 73 crores, anchored by a 118.4% expansion in US formulations and 47.7% growth in non-US exports.
Geography and market mix
Delivered robust revenue of Rs. 34 crores, registering triple-digit year-on-year growth of 118.4% supported by regulatory approvals and product execution.
Generated revenue of Rs. 39 crores, achieving a 47.7% year-on-year increase across international export destinations outside the United States.
06 · Reported developments
What changed operationally
During the quarter, the company secured U.S. FDA approval for Cefixime for Oral Suspension USP in 100mg/5mL and 200mg/5mL strengths.
07 · Pressure points & risks
What is not going smoothly
Domestic formulations experienced a 1.9% year-on-year revenue decline driven by subdued performance in select key brands including Zifi, Enerzal, and Simyl MCT.
08 · Key Q&A
The quarter, answered directly
What does FDC do?
FDC Limited manufactures and markets pharmaceutical products, including Active Pharmaceutical Ingredients (APIs) and Finished Dosage Formulations. The company is a recognized player in therapeutic segments such as Oral Rehydration Salts (ORS), anti-infectives, and ophthalmics.
What is the clearest takeaway from Q1 FY27?
FDC Limited reported consolidated revenue from operations of Rs. 667.69 crores for the first quarter ended June 30, 2026, marking a 3.0% increase compared to Rs. 648 crores in the corresponding period of the previous fiscal year. The top-line expansion was propelled by robust momentum in international formulations, counterbalancing subdued performance in domestic formulations and APIs.
What drove revenue or demand?
International formulations surged 74.2% year-on-year to Rs. 73 crores, driven by a 118.4% leap in the US business to Rs. 34 crores and a 47.7% increase in non-US exports to Rs. 39 crores.
What mattered most for margins or profitability?
Consolidated EBITDA margin stood at 21.4% for Q1 FY27, reflecting a minor contraction of 20 basis points compared to 21.6% in Q1 FY26.
What are the main pressure points disclosed for the quarter?
Domestic formulations experienced a 1.9% year-on-year revenue decline driven by subdued performance in select key brands including Zifi, Enerzal, and Simyl MCT.
What should the next disclosure help confirm?
Monitor the sales trajectory of key domestic formulation brands like Zifi, Enerzal, and Simyl MCT to assess whether secondary sales momentum translates into primary dispatch recovery.
09 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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10 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Domestic Brand Recovery: Monitor the sales trajectory of key domestic formulation brands like Zifi, Enerzal, and Simyl MCT to assess whether secondary sales momentum translates into primary dispatch recovery.
- 02
US Export Momentum: Track the commercial scale-up of recent product approvals such as Cefixime oral suspension in the US market.
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Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.