FDC financials and balance sheet

NSE: FDCBSE: 531599Pharmaceuticals & BiotechnologySmall Cap

₹338.70₹1.75 (0.51%)BSE ₹338.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹340.45.

52-week range of traded prices to 23 Oct 2026

₹312.95Low, 30 Mar 2026₹473.60High, 3 Nov 2025

Next results date: the board meets on 27 Oct 2026 to consider: financial results, other business matters and buyback.

Market cap: ₹5,514 Cr719th largest listed
P/E: 18.8
P/B: 2.2
Dividend yield: 1.48%
ROE: 12.3%
ROCE: 11.1%
Debt to equity: 0.00
Volume, NSE: 1,72,36044.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.FDC annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.1% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,171
Materials and goods−711
Employee costs−483
Other expenses−631
Operating profit346
Depreciation−59
Other income+114
One-off items−21
Finance costs−5.0
Profit before tax375
Tax−93
Net profit281

What the company owns

Plant, investments and other assets₹1,889 Cr
Current investments₹473 Cr
Inventory₹355 Cr
Receivables₹152 Cr
Cash and bank₹50 Cr

What pays for it: net worth and liabilities

Net worth₹2,485 Cr
Other liabilities₹227 Cr
Owed to suppliers₹207 Cr

Profit and loss

Consolidated, ₹ crore, years to March.FDC quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 18 Jun	Mar 2021Filed 27 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 17 Jul
Revenue from operations	1,051	1,083	1,091	1,344	1,333	1,528	1,784	1,943	2,108	2,171
	808	856	860	1,051	999	1,274	1,533	1,604	1,783	1,825
Materials and goods bought	338	352	345	426	414	530	656	656	736	711
Employee costs	–	–	226	277	296	343	391	413	482	483
Other expenses	–	–	289	348	289	401	486	535	565	631
Operating profit before depreciation	243	227	231	293	334	254	251	339	325	346
Operating margin	23.2%	20.9%	21.2%	21.8%	25.1%	16.6%	14.1%	17.4%	15.4%	15.9%
Materials, % of revenue	–	–	31.6%	31.7%	31.1%	34.7%	36.8%	33.8%	34.9%	32.7%
Employee costs, % of revenue	–	–	20.7%	20.6%	22.2%	22.5%	21.9%	21.3%	22.9%	22.2%
Other expenses, % of revenue	–	–	26.5%	25.9%	21.7%	26.2%	27.3%	27.5%	26.8%	29.1%
Depreciation and amortisation	35	35	33	37	38	37	39	40	54	59
Operating profit after depreciation	209	192	198	255	296	216	212	299	271	287
Other income	50	51	43	69	97	76	50	102	91	114
Finance costs	1	1	1	3	3	3	4	4	5	5
Profit before one-off items and tax	258	241	240	321	390	289	258	396	357	395
One-off items	−6	0	−3	0	−2	0	0	0	0	−21
Profit before tax	252	241	237	321	388	289	258	396	357	375
	63	67	67	80	87	73	64	91	90	93
Current tax	–	69	69	84	85	69	69	89	86	86
Deferred tax	–	−2	−2	−4	1	5	−5	3	4	7
Share of profit of joint ventures and associates	–	0	–	−1	0	–	–	–	–	–
	189	174	170	240	301	216	194	305	267	281
Belonging to the company's shareholders	189	174	170	240	301	216	194	305	267	281
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	0	0	–	–
Other comprehensive income	–	–	−1	−3	5	7	1	2	−1	4
Total comprehensive income	–	–	169	237	306	223	195	307	265	285
Net margin	17.9%	16.0%	15.6%	17.8%	22.6%	14.1%	10.9%	15.7%	12.7%	13.0%
Net margin without joint ventures and associates	–	16.1%	–	17.9%	22.6%	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 18 Jun	Mar 2021Filed 27 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 17 Jul
	1,445	1,547	1,734	1,956	1,981	2,097	2,281	2,485
	1,445	1,547	1,734	1,957	1,982	2,097	2,281	2,485
Share capital	18	17	17	17	17	16	16	16
Reserves	1,428	1,530	1,717	1,940	1,965	2,081	2,265	2,469
Belonging to outside owners of subsidiaries	–	–	0	0	−1	0	–	–
	0	10	1	1	1	0	0	0
Repayable after a year	0	10	0	1	1	0	0	0
Repayable within a year	0	0	0	0	0	0	0	0
	179	246	204	272	312	311	362	364
Trade payables	78	118	77	137	178	186	205	207
Other financial liabilities	55	73	69	78	84	91	100	102
Other liabilities	6	7	9	9	12	11	25	21
Provisions	25	34	36	36	24	19	24	32
Tax owed	15	15	13	13	13	4	8	3
	16	19	18	42	50	60	71	70
Other financial liabilities	1	0	7	25	20	12	0	–
Other liabilities	–	–	0	0	0	0	12	11
Provisions	0	0	0	0	18	30	36	28
Deferred tax	13	9	11	16	11	17	23	31
	1,640	1,813	1,956	2,270	2,343	2,468	2,714	2,919
Held for sale or for a demerger	–	–	4	–	2	4	3	–
	900	886	1,022	1,270	1,274	1,352	1,625	1,786
Plant in use, after depreciation	676	667	670	667	695	677	848	952
Plant being built	12	24	19	105	198	261	136	96
Intangible assets	6	6	0	38	4	4	4	3
Intangible assets being developed	0	–	19	0	1	1	1	0
Investments	179	162	265	385	348	393	543	575
Loans given	6	6	7	0	1	1	1	1
Other financial assets	0	0	2	7	6	3	3	4
Deferred tax	–	–	0	34	0	0	–	–
Other assets	20	20	40	34	22	13	89	154
	740	927	930	1,000	1,067	1,112	1,085	1,133
Inventories	174	210	215	305	329	389	375	355
Trade receivables	88	124	111	82	123	117	109	152
Cash and cash equivalents	20	30	30	38	24	25	51	49
Other bank balances	1	2	1	1	1	1	1	1
Current investments	406	502	525	501	457	450	485	473
Loans given	1	1	1	1	1	1	1	1
Other financial assets	5	19	8	4	2	7	5	10
Tax paid in advance	0	–	0	0	42	50	–	–
Other assets	46	38	38	69	89	72	58	92
Net debt	−427	−525	−556	−539	−482	−476	−537	−523

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 27 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 17 Jul
	207	162	155	221	318	200
	314	262	252	351	468	340
	−64	−22	−30	−20	88	−54
Receivables	12	25	−45	5	8	−42
Inventories	−5	−90	−24	−58	17	22
Payables	−46	68	50	11	41	2
Other working capital	−26	−25	−11	22	22	−36
Tax paid	−95	−80	−77	−104	−103	−87
Interest paid	0	3	4	4	0	0
Capital spending	63	133	113	93	97	187
Free cash flow	145	29	42	127	221	14
	−77	−145	11	−17	−200	−110
Plant and property sold	4	6	5	24	6	27
Interest received	11	23	24	28	47	49
Dividends received	0	1	0	0	0	0
	−129	−10	−180	−202	−92	−93
Borrowings repaid	−3	0	0	0	0	0
Interest paid	−1	−1	−1	0	0	0
Lease payments	−7	−9	0	−10	−10	−11
Dividends paid	1	0	0	0	81	81
Shares bought back	120	1	170	192	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	1	7	−14	2	26	−3

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.FDC dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 18 Jun	Mar 2021Filed 27 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 17 Jul
Earnings per share	₹10.60	₹9.76	₹9.74	₹13.94	₹17.72	₹12.81	₹11.66	₹18.58	₹16.39	₹17.29
Diluted earnings per share	₹10.60	₹9.76	₹9.74	₹13.94	₹17.72	₹12.81	₹11.66	₹18.58	₹16.39	₹17.29
Dividend per share	₹2.25	–	–	₹0.80	–	–	–	–	₹5.00	₹5.00
Book value per share	–	–	₹82.50	₹90.51	₹102.73	₹115.92	₹119.47	₹128.81	₹140.11	₹152.64
Dividend payout	21.2%	–	–	5.7%	–	–	–	–	30.5%	28.9%
Shareholder yield	–	–	–	–	2.5%	0.0%	4.0%	2.8%	1.3%	1.5%
Market cap at the year end (₹ crore)	3,626	4,427	2,898	3,333	4,826	4,340	4,252	6,918	6,414	5,228

Ratios

Consolidated, years to March.FDC PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 18 Jun	Mar 2021Filed 27 May	Mar 2022Filed 27 May	Mar 2023Filed 26 May	Mar 2024Filed 1 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 17 Jul
Revenue growth	4.4%	–	–	23.2%	−0.8%	14.6%	16.7%	8.9%	8.5%	3.0%
Operating profit growth	–	−6.9%	1.9%	26.8%	14.0%	−24.1%	−1.1%	34.9%	−4.1%	6.6%
Net profit growth	20.4%	−8.0%	−2.1%	41.3%	25.6%	−28.2%	−10.3%	57.4%	−12.5%	5.5%
Earnings per share growth	–	−7.9%	−0.2%	43.1%	27.1%	−27.7%	−9.0%	59.3%	−11.8%	5.5%
	–	–	11.7%	16.0%	18.4%	11.7%	9.9%	15.0%	12.2%	11.8%
	–	–	–	4.3 pts	2.3 pts	−6.7 pts	−1.9 pts	5.1 pts	−2.8 pts	−0.4 pts
From the net margin	–	–	–	1.7 pts	4.3 pts	−6.9 pts	−2.7 pts	4.4 pts	−2.9 pts	0.3 pts
From asset turnover	–	–	–	2.3 pts	−1.9 pts	0.3 pts	0.6 pts	0.6 pts	0.1 pts	−0.7 pts
From borrowing	–	–	–	0.3 pts	−0.1 pts	0.0 pts	0.2 pts	0.1 pts	0.0 pts	0.0 pts
Return on capital employed	–	–	13.7%	16.4%	17.1%	11.1%	10.7%	14.2%	11.9%	11.5%
Cash conversion	–	–	–	–	68.8%	74.8%	79.9%	72.4%	119.0%	71.2%
Interest cover	148.1	136.3	137.5	74.8	86.3	70.0	51.9	74.0	60.1	57.5
Debt to equity	–	–	0.00	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	29	34	30	20	25	22	19	26
Inventory days	–	–	184	180	189	210	183	216	186	182
Payable days	–	–	82	101	68	94	99	103	102	106
Cash conversion cycle, days	–	–	131	113	152	135	109	135	103	102
Working capital days	–	–	45	40	46	45	56	61	32	41
Asset turnover	–	–	0.67	0.78	0.71	0.72	0.77	0.81	0.81	0.77
Assets per rupee of net worth	–	–	1.13	1.15	1.15	1.15	1.17	1.18	1.18	1.18
Sales per rupee of plant	–	–	1.61	2.01	1.99	2.29	2.57	2.87	2.49	2.28
Capital spending to depreciation	–	–	–	–	1.65	3.55	2.90	2.34	1.80	3.15
Plant being built, % of plant in use	–	–	1.8%	3.6%	2.9%	15.7%	28.4%	38.6%	16.0%	10.1%

Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 10.0%
Cash from operations against operating profit: 57.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.0%	10.2%	6.8%
Profit growth, yearly rate	6.0%	−1.4%	13.2%
Return on equity, average	–	12.1%	13.0%
Return on capital employed, average	–	11.9%	12.6%
Operating margin, average	19.2%	15.9%	16.3%
Net margin, average	15.6%	13.3%	13.8%
Asset turnover, average	–	0.78	0.80
Cash conversion cycle, days, average	–	117	113
Interest cover, average	89.7	62.7	63.9
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,055	739	200
Cash from investing	−460	−327	−110
Cash from financing	−577	−388	−93
Capital spending	622	377	187
Dividends paid	162	162	81
Shares bought back	362	192	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	4	5	8	6	6
Altman Z-scorePublished threshold 1.81	–	–	11.75	10.50	16.04	10.98	9.75	14.08	11.60	9.90
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.06	−2.17	−2.00	−2.29	−2.75	−1.99
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	9.09	9.42	1.20	4.21	5.74	6.78
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.74	0.75	0.91	0.87
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	18.13	−9.85	−40.26	32.51	−13.22	−15.77	36.41
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−2.53	5.10	13.72	−15.86	18.31	−15.78	−1.84
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.52	−0.85	1.77	3.32	−0.20	−3.14	1.81
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.82	0.47	3.02	2.96	12.19	0.60	0.59
Effective tax ratePublished threshold 17.16 per cent	25.13	27.84	28.25	24.95	22.32	25.30	24.82	23.01	25.31	24.87
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.18	−5.17	−3.22	−3.46	1.61

A threshold marked as ours has no published figure; it is the line we read the check against.