Fermenta Biotech financials and balance sheet

NSE: FERMENTABSE: 506414Pharmaceuticals & BiotechnologySmall Cap

₹450.60₹7.75 (1.69%)BSE ₹454.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹458.35.

52-week range of BSE trades to 23 Oct 2026

₹256.40Low, 5 Dec 2025₹582.95High, 6 Oct 2026

Market cap: ₹1,326 Cr1,508th largest listed
P/E: Earlier quarters restated in the year
P/B: 3.3
Dividend yield: 0.83%
ROCE: 13.5%
Debt to equity: 0.27
Volume, NSE: 1,01,16540.9% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹525 Cr, year to Mar 2026A loss in 2 of the 10 years shown

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 1.7% of operating profit in the first full year.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue525
Materials and goods−192
Employee costs−83
Other expenses−151
Operating profit100
Depreciation−22
Other income+22
One-off items+6.9
Finance costs−12
Profit before tax96
Tax−26
Net profit70

What the company owns

Plant, investments and other assets₹342 Cr
Inventory₹153 Cr
Receivables₹112 Cr
Cash and bank₹41 Cr

What pays for it: net worth and liabilities

Net worth₹401 Cr
Borrowings₹109 Cr
Owed to suppliers₹77 Cr
Other liabilities₹61 Cr

Fermenta Biotech business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Fermenta Biotech segment results by quarter

Revenue by segment

₹524 CrTotal

Bulk drugs/chemicals₹515 Cr98.2% of total
Property₹10 Cr1.8% of total

Profit by segment

Bulk drugs/chemicals₹93.3 Cr97.8% of total
Property₹2.1 Cr2.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Bulk drugs/chemicals
Revenue, ₹ crore
389
276
360
382
280
259
400
515
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
151
55
59
38
−57
−51
47
93
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Property
Revenue, ₹ crore
20
20
18
16
63
74
54
10
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
6
9
7
54
65
48
2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	409	295	377	399	343	332	455	524
Company revenue, as in its results	405	293	377	399	350	336	469	525
Revenue	389	276	360	382	280	259	400	515
Revenue growth	–	−29.2%	30.6%	6.2%	−26.9%	−7.5%	54.9%	28.5%
Profit	151	55	59	38	−57	−51	47	93
Profit growth	–	−63.5%	5.8%	−35.3%	–	–	–	97.6%
Margin	38.9%	20.1%	16.3%	9.9%	−20.4%	−19.6%	11.8%	18.1%
Return on capital	60.0%	16.6%	14.7%	8.6%	−13.6%	−14.2%	11.9%	22.0%
Assets	327	406	485	524	474	442	497	523
Liabilities	75	73	86	82	57	85	102	99
Capital employed	252	333	399	441	418	357	396	424
Revenue	20	20	18	16	63	74	54	10
Revenue growth	–	0.5%	−10.2%	−6.9%	285.0%	16.7%	−26.2%	−82.5%
Profit	6	6	9	7	54	65	48	2
Profit growth	–	−3.4%	64.1%	−28.4%	718.8%	20.5%	−26.0%	−95.6%
Margin	29.8%	28.7%	52.4%	40.3%	85.7%	88.5%	88.8%	22.2%
Return on capital	8.2%	7.8%	13.7%	11.9%	–	–	–	–
Assets	83	81	75	71	33	15	13	9
Liabilities	12	8	8	15	38	42	39	29
Capital employed	71	73	67	56	−5	−27	−26	−21
Revenue	12	13	8	8	15	15	26	24
Profit	−15	2	2	−1	0	0	2	5
Assets	145	127	127	113	128	91	104	116
Liabilities	218	223	233	238	229	135	115	119

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Fermenta Biotech quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 30 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
Revenue from operations	167	303	405	293	377	399	350	336	469	525
	154	210	256	228	296	337	332	308	360	426
Materials and goods bought	68	80	92	79	134	153	154	130	147	192
Employee costs	–	–	53	50	58	63	58	59	65	83
Other expenses	–	–	110	99	103	121	121	119	147	151
Operating profit before depreciation	13	93	149	65	82	61	18	28	110	100
Operating margin	7.7%	30.7%	36.8%	22.3%	21.6%	15.4%	5.1%	8.4%	23.4%	19.0%
Materials, % of revenue	–	–	22.8%	27.0%	35.6%	38.4%	43.9%	38.8%	31.4%	36.5%
Employee costs, % of revenue	–	–	13.1%	17.1%	15.4%	15.8%	16.5%	17.4%	13.9%	15.7%
Other expenses, % of revenue	–	–	27.3%	33.7%	27.3%	30.3%	34.4%	35.4%	31.3%	28.8%
Depreciation and amortisation	10	12	12	15	20	26	28	25	24	22
Operating profit after depreciation	2	81	137	50	61	36	−10	3	86	78
Other income	1	9	12	12	8	8	8	11	12	22
Finance costs	11	14	21	19	18	17	21	17	14	12
Profit before one-off items and tax	−8	76	129	43	52	27	−23	−2	83	89
One-off items	24	0	0	0	0	0	−28	−7	0	7
Profit before tax	17	76	129	43	52	27	−52	−10	83	96
	3	21	11	−16	9	12	2	14	7	26
Current tax	–	–	32	3	11	7	0	2	13	15
Deferred tax	–	–	−21	−19	−2	4	2	12	−6	10
Share of profit of joint ventures and associates	−1	−7	0	–	–	–	–	–	–	–
	10	48	117	60	43	15	−54	−24	76	70
Belonging to the company's shareholders	10	–	125	60	43	15	−54	−24	76	70
Belonging to outside owners of subsidiaries	–	–	−7	0	–	–	0	–	–	–
Other comprehensive income	–	–	−1	2	0	1	−1	0	−2	−7
Total comprehensive income	–	–	116	61	42	16	−55	−24	74	64
Net margin	6.1%	15.9%	29.0%	20.3%	11.3%	3.8%	−15.3%	−7.2%	16.3%	13.4%
Net margin without joint ventures and associates	6.9%	18.1%	29.1%	–	–	–	–	–	–	–

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. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the company's periods around it state no share for other owners for the gap to belong to. Belonging to outside owners of subsidiaries is left blank for the years to Mar 2021 and Mar 2026: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 8 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 30 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
	251	309	360	371	312	285	359	401
	233	309	361	372	315	289	359	406
Share capital	5	14	14	14	14	14	15	14
Reserves	228	295	346	358	300	274	344	392
Belonging to outside owners of subsidiaries	18	0	0	−1	−3	−4	–	−6
	195	206	207	236	217	132	109	109
Repayable after a year	135	102	110	115	84	43	15	8
Repayable within a year	60	104	96	121	133	90	94	101
	156	195	209	207	209	173	212	207
Trade payables	43	57	62	65	46	65	77	77
Other financial liabilities	43	30	42	14	9	9	5	9
Other liabilities	5	2	1	6	18	9	29	17
Provisions	1	0	8	1	3	1	1	1
Tax owed	5	0	0	0	0	0	4	2
	148	110	117	128	115	89	44	39
Other financial liabilities	2	1	2	3	3	4	7	20
Other liabilities	1	1	0	5	24	32	14	0
Provisions	6	4	4	6	5	5	8	11
Deferred tax	4	0	0	–	0	–	–	0
Trade payables	–	3	0	0	0	6	0	0
Liabilities going with businesses held for sale	–	–	–	–	–	–	–	2
Total assets	555	614	687	707	636	548	614	648
	259	330	377	393	383	306	279	260
Plant in use, after depreciation	97	104	154	207	205	236	210	206
Plant being built	21	67	53	30	42	2	16	13
Intangible assets	2	6	17	13	10	7	3	2
Goodwill	4	4	11	11	12	4	4	4
Intangible assets being developed	1	4	4	5	3	–	–	0
Property held to earn rent	74	71	69	67	29	5	3	3
Investments	1	0	0	0	0	0	0	0
Loans given	0	0	0	0	0	0	0	1
Other financial assets	11	4	2	7	21	20	11	6
Deferred tax	23	38	40	36	33	22	29	18
Trade receivables	0	–	–	–	–	0	–	5
Other assets	26	16	15	17	28	8	2	0
	296	284	310	314	253	242	335	388
Inventories	88	129	162	159	130	87	124	153
Trade receivables	66	70	68	87	42	70	95	112
Cash and cash equivalents	41	8	17	13	35	22	28	32
Other bank balances	50	26	28	21	23	38	43	10
Current investments	1	0	0	0	3	0	0	0
Loans given	12	21	5	0	1	5	1	0
Other financial assets	3	6	3	34	0	20	15	53
Other assets	36	25	27	–	19	0	28	29
Net debt	103	173	162	203	156	72	38	68

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 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 30 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
	63	43	117	105	41	93
	76	53	113	1	44	109
	−15	−16	60	33	−83	−8
Receivables	6	−17	35	−34	−34	−9
Inventories	−19	3	10	43	−36	−17
Payables	−8	4	0	24	14	11
Other working capital	5	−6	15	0	−26	7
Tax paid	−14	−9	3	1	−3	−16
Capital spending	55	37	40	19	22	30
Free cash flow	7	6	76	86	19	62
	−42	−26	−56	−15	0	−43
Plant and property sold	0	0	0	0	19	0
Companies bought	−9	0	0	0	0	0
Interest received	5	2	2	2	3	3
Dividends received	0	0	0	1	1	1
	−1	−22	−41	−91	−51	−42
Borrowings raised	33	25	39	−19	0	13
Borrowings repaid	−15	−21	−54	−50	−36	−18
Interest paid	−18	−17	−21	−17	−12	−11
Lease payments	−1	−1	−1	−1	−1	−1
Dividends paid	0	7	4	4	4	7
Shares bought back	0	0	0	0	0	17
Shares issued	0	0	0	0	0	0
Net change in cash	20	−4	20	−1	−10	8

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.Fermenta Biotech dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 30 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
	–	–	–	₹20.63	–	₹5.35	−₹17.85	−₹7.99	₹26.35	₹24.70
As stated that year	₹44.04	₹155.63	₹120.31	₹20.63	–	₹5.35	−₹17.85	−₹7.99	₹26.35	₹24.70
	–	–	–	₹20.53	–	₹5.33	−₹17.85	−₹7.99	₹26.35	₹24.51
As stated that year	₹44.04	₹155.63	₹120.31	₹20.53	–	₹5.33	−₹17.85	−₹7.99	₹26.35	₹24.51
Dividend per share	–	–	–	–	–	–	–	–	–	₹3.75
	–	–	–	₹107.27	₹125.00	₹129.00	₹109.03	₹100.04	₹122.91	₹141.68
On that year's share count	–	–	₹253.47	₹107.27	₹125.00	₹129.00	₹109.03	₹100.04	₹122.91	₹141.68
Dividend payout	–	–	–	–	–	–	–	–	–	15.3%
Shareholder yield	–	–	–	–	0.0%	1.2%	1.1%	0.8%	0.4%	2.6%
Market cap at the year end (₹ crore)	176	655	755	614	737	605	315	446	805	939

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2021: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Fermenta Biotech PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 3 Jul	Mar 2021Filed 7 Jul	Mar 2022Filed 14 Jun	Mar 2023Filed 30 May	Mar 2024Filed 30 Jul	Mar 2025Filed 13 Jun	Mar 2026Filed 26 May
Revenue growth	6.8%	81.9%	33.6%	−27.6%	28.8%	5.6%	−12.2%	−4.1%	39.9%	11.9%
Operating profit growth	−40.1%	627.7%	60.1%	−56.2%	25.2%	−24.7%	−70.8%	56.7%	290.5%	−9.1%
Net profit growth	–	378.5%	143.1%	−49.3%	−28.5%	−64.6%	–	–	–	−8.0%
Earnings per share growth	–	–	–	–	–	–	–	–	–	−6.3%
	–	–	53.6%	22.0%	12.7%	4.1%	−15.6%	−8.0%	23.6%	18.4%
	–	–	–	−31.6 pts	−9.3 pts	−8.6 pts	−19.7 pts	7.6 pts	31.6 pts	−5.2 pts
From the net margin	–	–	–	−18.2 pts	−9.8 pts	−8.4 pts	−20.8 pts	8.3 pts	26.1 pts	−4.2 pts
From asset turnover	–	–	–	−11.1 pts	1.9 pts	−0.1 pts	1.5 pts	−0.6 pts	7.7 pts	0.6 pts
From borrowing	–	–	–	−2.3 pts	−1.4 pts	−0.1 pts	−0.4 pts	0.0 pts	−2.2 pts	−1.6 pts
Return on capital employed	–	–	30.7%	9.7%	10.8%	5.9%	−1.9%	0.8%	18.3%	15.3%
Cash conversion	–	–	–	–	147.2%	288.4%	–	–	53.5%	132.1%
Interest cover	0.2	5.9	6.6	2.6	3.4	2.1	–	0.2	6.0	6.8
Debt to equity	–	–	0.78	0.67	0.57	0.64	0.70	0.46	0.31	0.27
Receivable days	–	–	59	87	66	80	43	76	74	78
Inventory days	–	–	347	594	441	380	309	245	306	290
Payable days	–	–	169	265	169	154	109	182	192	147
Cash conversion cycle, days	–	–	237	416	338	306	244	139	188	221
Working capital days	–	–	97	200	147	178	121	107	114	167
Asset turnover	–	–	0.73	0.50	0.58	0.57	0.52	0.57	0.81	0.83
Assets per rupee of net worth	–	–	2.39	2.16	1.94	1.90	1.96	1.96	1.80	1.65
Sales per rupee of plant	–	–	4.16	2.82	2.45	1.92	1.71	1.42	2.24	2.56
Capital spending to depreciation	–	–	–	–	2.72	1.45	1.43	0.78	0.91	1.40
Plant being built, % of plant in use	–	–	21.3%	64.5%	34.3%	14.4%	20.5%	0.7%	7.6%	6.2%

Interest cover is left blank for the year to Mar 2023: operating profit after depreciation is a loss, and a loss covers no interest bill. 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: 11.1%
Cash from operations against operating profit: 93.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	12.9%	6.8%	14.5%
Profit growth, yearly rate	–	10.6%	–
Return on equity, average	–	4.5%	11.3%
Return on capital employed, average	–	7.7%	11.5%
Operating margin, average	19.0%	14.3%	16.9%
Net margin, average	9.4%	2.2%	7.5%
Asset turnover, average	–	0.66	0.74
Cash conversion cycle, days, average	–	220	183
Interest cover, average	3.8	3.8	4.3
Debt to equity, average	–	0.47	0.35

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	399	239	93
Cash from investing	−141	−59	−43
Cash from financing	−246	−184	−42
Capital spending	149	72	30
Dividends paid	25	15	7
Shares bought back	17	17	17
Shares issued for cash	0	0	0
Borrowings raised	–	–	13
Borrowings repaid	179	104	18

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	5	3	7	7	6
Altman Z-scorePublished threshold 1.81	–	–	3.98	2.87	3.09	2.72	1.71	2.51	4.18	4.76
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.50	−2.49	−4.23	−3.12	−1.94	−2.52
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.30	−0.34	−16.97	−19.24	6.14	3.23
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	55.18	–	–	1.95
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	34.06	−31.31	22.42	−39.99	71.73	−3.49	5.27
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	61.01	−43.84	−15.70	−18.65	−17.60	28.24	−6.85
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−2.41	−0.32	0.95	−4.21	0.28	5.01	7.41
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	3.09	0.75	0.38	1.63	0.03	–	0.74
Effective tax ratePublished threshold 17.16 per cent	15.21	27.82	8.39	−37.08	17.63	44.10	–	–	8.18	26.71
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	9.55	–	–	4.85	9.58

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

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
20 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE BBB+Review, Upgrade	Stable	67.73
20 Aug 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A2Review, Upgrade		6.25
20 Aug 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE BBB+Review, Upgrade	Stable	99

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.