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FDC - FDC

📊 NSE: FDC 🏢 Pharmaceuticals - Indian - Bulk Drugs & Formln 📅 Last Updated: 12/13/2025 22:03

📢 Recent Corporate Announcements

FDC Ltd Confirms Non-Large Corporate Status with Nil Borrowings as of March 31, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Apr 2026, 04:34 PM

FDC Limited has submitted its annual disclosure to the stock exchanges confirming that it does not fall under the 'Large Corporate' category as defined by SEBI. The company reported zero outstanding long-term borrowings as of March 31, 2026. This filing is a mandatory regulatory requirement under the SEBI framework for fund raising by issuance of debt securities. The lack of debt signifies a strong balance sheet and exempts the company from specific mandatory debt issuance requirements.

FDC Limited confirms it does not meet the Large Corporate criteria for the financial year ending March 31, 2026.
Total outstanding borrowing of the company as of March 31, 2026, is reported as Nil.
The company is not required to comply with the mandatory 25% incremental borrowing through debt securities.
Highest credit rating for the previous financial year was 'Not Applicable' due to zero debt status.

💡 This is a routine regulatory filing confirming the company's debt-free status. No action is required as this does not impact the company's fundamental valuation or operations.

FDC Seeks Shareholder Approval for Appointment of Independent Director for 5-Year Term

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 22 Apr 2026, 05:10 PM

FDC Limited has issued a postal ballot notice to seek shareholder approval for the appointment of Mr. Kishore Mukund Saletore as an Independent Director. The proposed appointment is for a five-year term effective from April 1, 2026, to March 31, 2031. Shareholders as of the cut-off date of April 17, 2026, are eligible to vote via the remote e-voting process. The voting period runs from April 28 to May 27, 2026, with results expected by May 29, 2026.

Appointment of Mr. Kishore Mukund Saletore as Non-Executive Independent Director for 5 consecutive years.
Remote e-voting period starts on April 28, 2026, and ends on May 27, 2026.
Cut-off date for shareholder eligibility to vote is April 17, 2026.
Final results of the postal ballot will be declared on or before May 29, 2026.

💡 Shareholders should review the director's credentials in the explanatory statement and participate in the e-voting process to exercise their governance rights.

FDC Seeks Shareholder Approval for Appointment of Kishore Saletore as Independent Director

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 21 Apr 2026, 12:48 PM

FDC Limited has initiated a postal ballot process to seek shareholder approval for the appointment of Mr. Kishore Saletore as an Independent Director. The proposed appointment is for a five-year term, effective from April 1, 2026, to March 31, 2031. The company has set April 17, 2026, as the cut-off date to determine eligible voters. The electronic voting period will run for 30 days, concluding on May 27, 2026, with final results expected by May 29, 2026.

Appointment of Mr. Kishore Saletore for a 5-year tenure starting April 01, 2026.
Remote e-voting period scheduled from April 28, 2026, to May 27, 2026.
Shareholder eligibility cut-off date established as April 17, 2026.
Final results of the postal ballot to be declared on or before May 29, 2026.
Mr. Sanjay Dholakia appointed as the Scrutinizer for the voting process.

💡 This is a routine corporate governance procedure regarding board composition. Investors do not need to take any immediate action other than participating in the e-voting process if they are shareholders.

FDC Limited Submits Quarterly Compliance Certificate under SEBI Regulation 74(5)

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 10:53 AM

FDC Limited has filed its quarterly compliance certificate for the period ended March 31, 2026, as per SEBI (Depositories and Participants) Regulations. The document confirms that the company and its Registrar, MUFG Intime India Private Limited, have processed all security dematerialization and rematerialization requests. This is a standard administrative filing required by all listed entities in India to ensure the integrity of electronic shareholding records. The filing indicates that the company is adhering to routine regulatory timelines and procedural requirements.

Compliance certificate submitted for the quarter ended March 31, 2026.
Filed in accordance with Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Registrar and Share Transfer Agent (RTA) confirmed as MUFG Intime India Private Limited.
The filing confirms that share certificates were mutilated and cancelled after due verification for dematerialization.

💡 No action is required from investors as this is a routine regulatory filing. Focus should remain on the company's upcoming financial results for the full fiscal year.

FDC Limited to Close Trading Window from April 1, 2026, for Annual Financial Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 26 Mar 2026, 05:47 PM

FDC Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This routine measure is taken ahead of the board meeting to consider and approve the audited financial results for the fiscal year ending March 31, 2026. The window will remain closed for all designated persons and their relatives until 48 hours after the results are declared. The specific date for the board meeting will be announced separately in due course.

Trading window closure effective from Wednesday, April 1, 2026.
Closure pertains to the audited financial results for the year ending March 31, 2026.
Window will reopen 48 hours after the official declaration of financial results.
Restriction applies to all Designated Persons, Connected Persons, and their relatives as per SEBI norms.

💡 This is a standard regulatory filing with no impact on company fundamentals; investors should wait for the announcement of the actual earnings date.

FDC Reconstitutes Board Committees; Mohan Chandavarkar Named Chairman & Managing Director

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 20 Mar 2026, 06:50 PM

FDC Limited has announced a restructuring of its board committees and a change in leadership effective April 1, 2026. Following the completion of CA Uday Kumar Gurkar's tenure as Independent Director and Chairman, current Managing Director Mohan Chandavarkar will be re-designated as Chairman & Managing Director. The company has also reconstituted three key committees: Audit, Nomination and Remuneration, and Corporate Social Responsibility. These changes are part of a planned leadership transition to ensure continuity in the company's governance framework.

Mohan Chandavarkar re-designated as Chairman & Managing Director effective April 1, 2026.
CA Vijay Maniar appointed as the Chairperson of the 4-member Audit Committee.
Nomination and Remuneration Committee reconstituted with Dr. Mahesh Bijlani as Chairperson.
Transition follows the completion of tenure of CA Uday Kumar Gurkar as Independent Director and Chairman.
CSR Committee to be chaired by Mohan Chandavarkar with 3 other members.

💡 This is a routine governance update and leadership transition. Investors should monitor the company's performance under the consolidated Chairman and MD role to ensure continued effective oversight.

FDC Appoints CA Kishore Saletore as Independent Director for 5-Year Term

🟢 POSITIVE ⭐ 4/10

MANAGEMENT 📅 18 Mar 2026, 03:01 PM

FDC Limited has announced the appointment of CA Kishore Saletore as an Additional Independent Director for a five-year term effective April 1, 2026. This appointment follows the completion of CA Uday Kumar Gurkar's second term, which concludes on March 31, 2026. Mr. Saletore is a seasoned finance professional with over 30 years of experience at major corporations like Tata Group and Bharat Forge. Consequently, the company is also reconstituting its Audit, Nomination & Remuneration, and CSR Committees effective April 1, 2026.

CA Kishore Saletore appointed for a 5-year term from April 1, 2026, to March 31, 2031
Cessation of CA Uday Kumar Gurkar's second term as Independent Director on March 31, 2026
New director brings over 30 years of experience and was the recipient of the 2022 CII CFO Award
Reconstitution of three major board committees: Audit, Nomination & Remuneration, and CSR
Appointment is subject to shareholder approval via a Postal Ballot process

💡 Investors should view this as a positive governance move, as the incoming director brings significant financial and M&A expertise from reputable Indian conglomerates. No immediate portfolio action is required based on this routine board transition.

FDC Limited Announces Conclusion of GST Inspection in Maharashtra

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 17 Feb 2026, 11:20 AM

FDC Limited has reported the conclusion of a GST inspection and search conducted by the Deputy Commissioner of State Tax, Maharashtra. The search, which followed an initial intimation on February 10, 2026, was officially concluded on February 16, 2026, at 11:55 PM. The company has provided all requested documents and clarifications to the authorities. Currently, no official violation document or tax demand has been issued, and the company maintains that there is no material impact on its financial or operational activities.

GST inspection and search by Maharashtra State Tax authorities concluded on February 16, 2026, at 23:55 hours.
The company has submitted all necessary documents and clarifications as requested by the Deputy Commissioner.
No official document or order regarding violations has been issued by the GST department following the search.
Management confirms no material impact on the company's financials, operations, or other activities.

💡 Investors should monitor for any future disclosures regarding tax demands or penalties that may arise from this inspection. As the company reports no material impact, the current status remains neutral for the stock.

FDC Limited Faces GST Inspection at Mumbai Corporate Office

🔵 WATCH ⭐ 6/10

REGULATORY 📅 10 Feb 2026, 07:30 PM

The Goods & Service Tax (GST) Department of Maharashtra initiated an inspection and search at FDC Limited's corporate office in Mumbai on February 10, 2026. The proceedings, which commenced at 16:15 hours, are focused on tax payments, input tax credit (ITC) claims, and refunds under the MGST Act, 2017. The company has stated that business operations continue as usual and there is no immediate financial impact from the initiation of this search. FDC is currently cooperating with the authorities and will disclose any material developments upon the conclusion of the inspection.

GST Department initiated search proceedings at FDC's Mumbai corporate office on February 10, 2026
Inspection relates to tax payments, input tax credit claims, and refund processes under Section 67 of MGST Act
Company reports zero immediate financial impact and no disruption to ongoing business operations
FDC is extending full cooperation to the Deputy Commissioner of State Tax, Maharashtra

💡 Investors should monitor for any follow-up disclosures regarding tax demands or penalties resulting from this search. While operations are unaffected, regulatory scrutiny can lead to short-term sentiment-driven volatility.

FDC Q3 FY26 Results: Revenue Flat at ₹465 Cr, PAT Declines 23.6% YoY to ₹28 Cr

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 05 Feb 2026, 06:24 PM

FDC Limited reported a stagnant Q3 FY26 with revenue from operations at ₹465 crore, a marginal 0.1% YoY growth. Profit After Tax (PAT) saw a sharp decline of 23.6% YoY to ₹28 crore, primarily due to exceptional items and a 5.2% contraction in the core Domestic Formulations business. While the domestic segment struggled with lower sales of top brands like Zifi and Electral, the Export Formulations segment provided a silver lining with 55% YoY growth. EBITDA margins showed slight improvement, rising to 11.2% from 10.1% in the previous year.

Revenue from operations remained flat at ₹465 crore (+0.1% YoY), while 9M FY26 revenue fell 1.9%.
PAT dropped 23.6% YoY to ₹28 crore, with EPS declining from ₹2.28 to ₹1.74.
Domestic Formulations, contributing 80% of revenue, declined 5.2% YoY to ₹369 crore.
Export Formulations grew 55% YoY to ₹71 crore, driven by a 199% surge in US sales to ₹25 crore.
EBITDA increased 12.1% YoY to ₹52 crore, with margins expanding 110 bps to 11.2%.

💡 Investors should remain cautious as the company's primary domestic engine is showing signs of weakness in its flagship brands. While the US FDA approvals and export growth are positive, the significant drop in bottom-line profit warrants a wait-and-watch approach for signs of domestic recovery.

FDC Limited Sets Feb 11, 2026, as Record Date for First Interim Dividend of FY 2025-26

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 05 Feb 2026, 03:09 PM

FDC Limited has officially designated February 11, 2026, as the record date for its first interim dividend for the financial year 2025-26. This date is used to identify the shareholders eligible to receive the dividend payment. The announcement follows the company's regulatory compliance under SEBI (LODR) Regulations, 2015. While the specific dividend amount per share was not detailed in this specific record date filing, it confirms the upcoming cash distribution to eligible investors.

The record date for the first interim dividend of FY 2025-26 is fixed as Wednesday, February 11, 2026.
The notification is issued pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Only shareholders whose names appear in the company's register as of the record date will be eligible for the payout.

💡 Investors looking to qualify for the dividend should ensure they hold the shares in their demat account before the ex-dividend date. Current shareholders should monitor for the specific dividend amount to assess the yield on their investment.

FDC Declares ₹5 Interim Dividend; Q3 Consolidated Net Profit Declines to ₹28.30 Crore

🟡 NEUTRAL ⭐ 7/10

DIVIDEND 📅 05 Feb 2026, 03:06 PM

FDC Limited has declared a first interim dividend of ₹5 per equity share for FY 2025-26, with the record date set for February 11, 2026. The company's consolidated revenue for Q3 FY26 remained flat at ₹464.71 crore compared to ₹464.11 crore in the same quarter last year. Consolidated net profit for the quarter fell by 23.6% to ₹28.30 crore, down from ₹37.04 crore YoY. This decline was significantly impacted by a one-time exceptional expense of ₹20.79 crore related to the implementation of New Labour Codes.

Declared an interim dividend of ₹5 per share on a face value of ₹1 (500% payout).
Consolidated Q3 revenue stood at ₹464.71 crore, showing negligible growth from ₹464.11 crore YoY.
Net profit (consolidated) decreased to ₹28.30 crore from ₹37.04 crore in the previous year's quarter.
Recognized a one-time exceptional cost of ₹20.79 crore due to regulatory changes in wage definitions under New Labour Codes.
Standalone EPS for the quarter declined to ₹1.67 from ₹2.24 in Q3 FY25.

💡 Investors should focus on the steady dividend yield but remain cautious regarding the stagnant top-line growth. The profit dip is largely due to a non-recurring regulatory expense, so underlying operational efficiency should be monitored in the coming quarters.

FDC Q3 PAT Drops 23.6% to ₹28.3 Cr on Exceptional Item; Declares ₹5 Interim Dividend

🔵 WATCH ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 03:03 PM

FDC Limited reported a flat consolidated revenue of ₹464.71 crore for the quarter ended December 31, 2025. Net profit for the quarter declined by 23.6% YoY to ₹28.30 crore, primarily due to a one-time exceptional charge of ₹20.79 crore related to the implementation of New Labour Codes. Despite the lower net profit, the company maintained its shareholder reward policy by declaring a first interim dividend of ₹5 per share. On a nine-month basis, the company's revenue and PAT have seen a slight contraction compared to the previous fiscal year.

Consolidated Revenue from operations remained stagnant at ₹464.71 crore vs ₹464.11 crore YoY.
Net Profit after tax fell to ₹28.30 crore from ₹37.04 crore YoY, impacted by a ₹20.79 crore exceptional expense.
Declared a first interim dividend of ₹5 per equity share (500% of face value) with a record date of Feb 11, 2026.
Profit before tax and exceptional items actually grew 11.7% YoY to ₹57.17 crore, indicating stable core operations.
Nine-month consolidated PAT stands at ₹178.02 crore, down 22% from ₹228.12 crore in the previous year.

💡 Investors should look past the headline profit decline as it was caused by a non-recurring regulatory expense; however, the lack of revenue growth warrants a cautious outlook. The healthy dividend payout provides a decent yield for long-term holders.

FDC Shareholders Approve Shifting Registered Office to Mumbai with 99.99% Majority

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jan 2026, 05:48 PM

FDC Limited has received shareholder approval via postal ballot to shift its registered office from Waluj, Chhatrapati Sambhaji Nagar to Mumbai. The special resolution was passed with an overwhelming majority, with 99.99% of the total 127.63 million votes cast in favour. All promoter and institutional votes were cast in support of the move. This relocation to Mumbai, a major business hub, is expected to streamline administrative and corporate functions.

Special resolution to shift the registered office to Mumbai passed with 99.9986% votes in favour.
A total of 127,633,690 votes were polled, with only 1,799 votes cast against the proposal.
100% of promoter votes (113.41 million shares) and institutional votes (13.10 million shares) supported the resolution.
The new registered office will be located at FDC House, Andheri West, Mumbai, moving from its previous location in Waluj.

💡 This is a routine administrative relocation and does not impact the company's core operations or financials. No immediate action is required based on this announcement.

FDC Receives USFDA Approval for Fluconazole Tablets in Multiple Strengths (50mg to 200mg)

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 09 Jan 2026, 11:05 AM

FDC Limited has received Abbreviated New Drug Application (ANDA) approval from the USFDA for Fluconazole Tablets USP. The approval covers four specific dosage strengths: 50 mg, 100 mg, 150 mg, and 200 mg. This regulatory milestone allows the company to market and sell this antifungal medication in the United States. This development is expected to strengthen FDC's international product portfolio and contribute to its export revenue growth in the highly regulated US market.

Received USFDA approval for Fluconazole Tablets USP on January 9, 2026.
Approval encompasses four dosage strengths: 50 mg, 100 mg, 150 mg, and 200 mg.
Expands the company's footprint in the US pharmaceutical market.
Fluconazole is a widely used antifungal medication, indicating a significant market opportunity.

💡 Investors should view this as a positive development for FDC's export business. Monitor the company's upcoming quarterly results for commentary on the commercial launch and market share expectations in the US.

View All FDC Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

In H1 FY24, Domestic business grew 6% YoY to INR 836 Cr, Export Formulations grew 31% YoY to INR 144 Cr, and API business grew 14% YoY to INR 41 Cr. However, by H1 FY26, overall revenue from operations stood at INR 1,121 Cr, reflecting a de-growth of 2.7% YoY, with Domestic Formulations facing pressure and US business revenue declining 31.2% YoY due to lower profit shares.

Geographic Revenue Split

As of H1 FY24, the revenue mix was dominated by the Domestic market at 83%, followed by Export Formulations at 13% and API at 4%. The company is actively expanding its footprint in non-US markets including Europe, Asia PAC, and Africa to increase the export contribution.

Profitability Margins

Profitability has shown significant volatility; H1 FY24 PAT grew 46.6% YoY to INR 179.6 Cr with a PAT margin of approximately 17.5%. By H1 FY26, EBITDA margins compressed significantly to 7.5% from 13.7% in the previous year, primarily due to a surge in R&D and employee costs.

EBITDA Margin

EBITDA margin was 19.4% in H1 FY24 (INR 198.42 Cr), up from 15.5% YoY. However, in H1 FY26, EBITDA dropped to INR 35 Cr with a margin of 7.5%, a sharp decline caused by strategic expenditures in R&D and field force expansion.

Capital Expenditure

The company maintains a regular annual maintenance capex of approximately INR 50 Cr. As of November 2023, planned capex for the following 12-15 months was estimated at INR 170 Cr for a new corporate office and manufacturing projects. In H1 FY26, acquisition of property, plant, and equipment amounted to INR 81.44 Cr.

Credit Rating & Borrowing

FDC appears to be largely debt-free with zero long-term borrowings reported in the H1 FY26 balance sheet. Finance costs for H1 FY26 were minimal at INR 2.31 Cr, primarily related to lease liabilities rather than bank debt.

⚙️ Operational Drivers

Raw Materials

Specific chemical names for APIs and formulations like Flurbiprofen and Timolol Maleate are mentioned as core R&D focuses. COGS represented 34.4% of revenue (INR 352 Cr) in H1 FY24, improving from previous periods due to efficiency measures.

Capacity Expansion

The company recently expanded its field force by adding over 1,500 Medical Representatives (MRs) to drive domestic growth. Manufacturing expansion is ongoing with a project pipeline of INR 170 Cr as of late 2023.

Raw Material Costs

COGS for H1 FY24 was INR 352 Cr, a marginal increase of 0.9% YoY despite an 8.8% revenue increase, indicating improved procurement and manufacturing efficiency. By H1 FY26, costs were impacted by higher R&D and employee expenses.

Manufacturing Efficiency

H1 FY24 saw EBITDA improvement to 19.4% attributed to lower COGS and optimized operating expenses, though this efficiency was offset in FY26 by strategic growth investments.

Logistics & Distribution

The company utilizes a large field force (including 1,500+ added MRs) and a new Nutrica division to manage distribution and sales across therapeutic baskets.

📈 Strategic Growth

Expected Growth Rate

14.50%

Growth Strategy

Growth is driven by beating the market growth rate (14.5% vs 10.3% market growth) through the expansion of the field force (1,500+ MRs), launching new therapeutic divisions like Nutrica, and increasing penetration in non-US export markets such as Europe and Asia PAC.

Products & Services

Pharmaceutical formulations including Ophthalmic and ENT ranges, APIs, and specialized nutrition products under the Nutrica division.

Brand Portfolio

Vanmycetin (Eye Drops), Flurbiprofen, Timolol Maleate, and various brands within the Nutrica division.

New Products/Services

The company recently launched two new divisions and therapeutic baskets, including the Nutrica division which started with a ballpark revenue of INR 35 Cr by shifting existing brands.

Market Expansion

Targeting aggressive growth in non-US markets (Europe, Asia PAC, Africa) to make exports a more sizable portion of total revenue (currently 13% of formulations).

Market Share & Ranking

FDC grew at 14.5% in its covered market, outperforming the Indian Pharmaceutical Market (IPM) growth of 10.3% by approximately 5%.

Strategic Alliances

The company works with US partners for profit-sharing arrangements, though these were recently impacted by product recalls.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward specialized divisions and non-US export markets. FDC is positioning itself by expanding its field force and R&D pipeline to capture growth in Europe and Asia PAC.

Competitive Landscape

Competes in the domestic formulation market against other Indian pharma majors, maintaining a growth rate 5% higher than the market average in its covered segments.

Competitive Moat

FDC's moat is built on its long-standing presence (established 1940), strong R&D heritage (CSIR awards), and a dominant domestic position where it consistently outperforms the broader market growth.

Macro Economic Sensitivity

The company noted beating the market by 5% during 'turmoil times,' suggesting resilience to general economic volatility through essential medicine portfolios.

Consumer Behavior

Demand for ophthalmic and ENT products remains consistent, with seasonal variations leading to higher margins in Q1.

Geopolitical Risks

Exposure to international regulatory standards is high, particularly with US FDA-related recalls affecting profit shares.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to stringent pharmaceutical manufacturing standards and regulatory approvals for exports (US FDA, European regulators). US business was recently impacted by a recall-related profit share reduction.

Taxation Policy Impact

The effective tax rate for H1 FY24 was approximately 23.1% (INR 53.9 Cr tax on INR 233.5 Cr PBT).

Legal Contingencies

The company maintains compliance with SEBI Listing Regulations (17 to 27). No specific pending court case values in INR were disclosed in the provided documents.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the recovery of the US business following recalls and the successful break-even of new divisions, which typically takes two years.