Panacea Biotec Limited (PANACEABIO)
₹359.70 +0.76% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Panacea Biotec's revenue was ₹200 Cr (+19.7% year on year, +19.7% on the previous quarter), and net profit ₹2.2 Cr (-44.4% year on year); the operating margin was 2.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹200 | +19.7% | +19.7% |
| Operating profit | ₹5.7 | from loss | +120.6% |
| Net profit | ₹2.2 | -44.4% | from loss |
| EPS (₹) | 0.38 | -42.4% | +375.0% |
| Operating margin | 2.8% | — | — |
PANACEABIO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 52.51% of the PANACEABIO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.45%. That is close to its usual level. Turnover was only ₹92 lakh, so a handful of trades can move this figure. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 55.4% · 41.3% · 54.9% · 57.8% · 52.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Panacea Biotec Limited announced the results of its 42nd Annual General Meeting held on September 29, 2026. All five ordinary and special resolutions were passed by shareholders with over 99.8% votes in favor. Key approvals included the adoption of FY26 audited standalone and consolidated financial statements, the re-appointment of retiring directors Mr. Ankesh Jain and Mr. Harshet Jain, and the appointment of Independent Director Mr. Rajinder Singh Manku. The voting results accounted for both 6,12,50,746 equity shares and 1,61,37,000 preference shares.
- All 5 resolutions passed with over 99.8% approval of votes polled
- Adoption of FY26 audited financial statements passed with 99.87% favor votes (5,91,48,731 votes)
- Re-appointment of directors Mr. Ankesh Jain and Mr. Harshet Jain approved with 99.85% favor each
- Appointment of Mr. Rajinder Singh Manku as Independent Director passed with 99.87% favor
- Total voting capital considered includes 6,12,50,746 equity shares and 1,61,37,000 preference shares across 33,612 shareholders as of record date September 22, 2026
Panacea Biotec has received two demand orders dated September 28, 2026, from the Assistant Commissioner of Income Tax, Delhi, under Section 156 of the Income Tax Act. The orders impose an aggregate penalty of ~₹4.32 crore under Section 270A for alleged under-reporting or misreporting of income for AY 2022-23 and AY 2023-24. Relative to financial context, the penalty represents approximately 0.64% of TTM revenue (₹673 crore) and nearly double the latest quarterly profit of ₹2.2 crore (Q1 FY27). The company stated the demand is not maintainable and plans to file an appeal with the appellate authority.
- Received 2 demand orders imposing an aggregate penalty of ~₹4.32 crore
- Penalty imposed under Section 270A read with Section 156 of the Income Tax Act, 1961
- Relates to Assessment Years 2022-23 and 2023-24 for alleged misreporting/under-reporting of income
- Company intends to file an appeal and does not expect significant operational or financial disruption
Panacea Biotec received four demand orders from the Office of the Assistant Commissioner of Income Tax, Delhi, dated September 25, 2026, imposing penalties aggregating to ~₹9.82 crore under Section 156 and Section 270A of the Income Tax Act, 1961. The demand covers Assessment Years 2014-15 to 2016-17 and 2018-19, alleging misreporting or under-reporting of income. The penalty amount of ₹9.82 crore represents approximately 3.4% of the company's net worth (₹285 crore) and exceeds its TTM net loss of ₹9 crore. The company stated the demand is not maintainable and plans to file an appeal before the appellate authority.
- Received 4 demand orders totaling ~₹9.82 crore under Section 156 of the Income Tax Act
- Penalties imposed under Section 270A for alleged misreporting / under-reporting of income
- Applicable to Assessment Years 2014-15 to 2016-17 and 2018-19
- Company intends to contest the order by filing an appeal with the appellate authority
Panacea Biotec Limited has announced the closure of its trading window for all Designated Persons and their immediate relatives starting October 01, 2026. The window will remain closed until 48 hours after the declaration of the unaudited financial results for the quarter and half-year ending September 30, 2026. The specific date for the Board of Directors meeting to approve the results will be intimated in due course. This is a standard compliance filing under SEBI (Prohibition of Insider Trading) Regulations.
- Trading window closes on October 01, 2026
- Closure applies to all Designated Persons and their immediate relatives
- Window to reopen 48 hours post announcement of Q2/H1 financial results ending September 30, 2026
- Board meeting date to approve results will be announced separately
Panacea Biotec has dispatched reminder letters dated September 15, 2026, to physical shareholders to furnish their PAN, KYC, and bank details in compliance with SEBI circulars. Non-compliant folios will not receive dividends or interest payments, which are only payable electronically since April 1, 2024. Physical shareholders are also advised to dematerialize their shares via Skyline Financial Services Private Limited. This communication is strictly regulatory compliance and has zero direct financial impact on the company.
- Reminder letter dated September 15, 2026, sent to physical shareholders per SEBI circular guidelines
- Electronic payment mandate active since April 1, 2024; non-compliant folios cannot receive dividends
- Shareholders urged to submit Form ISR-1, ISR-2, and SH-13 to RTA Skyline Financial Services
- Physical shareholders requested to convert securities into dematerialized form
Panacea Biotec Limited has announced its 42nd Annual General Meeting (AGM) scheduled for Tuesday, September 29, 2026, at 11:30 AM via Video Conferencing. The company's Register of Members and Share Transfer Books will remain closed from September 25, 2026, to September 29, 2026 (both days inclusive) for AGM purposes. Key resolutions on the agenda include adopting FY26 standalone and consolidated financial statements, re-appointing directors retiring by rotation, and appointing Mr. Rajinder Singh Manku as an Independent Director for a 5-year term starting July 1, 2026.
- 42nd Annual General Meeting scheduled for Tuesday, September 29, 2026, at 11:30 AM IST
- Book closure window fixed from September 25, 2026, to September 29, 2026 (both days inclusive)
- Appointment of Mr. Rajinder Singh Manku as Independent Director proposed for 5 consecutive years from July 01, 2026
- Cost Auditor remuneration proposed for ratification at ₹1,25,000 plus taxes for FY27
Panacea Biotec Limited has issued communication to shareholders providing web-links for the Annual Report for FY 2025-26 and the Notice of its 42nd Annual General Meeting (AGM). The AGM is scheduled to be held on September 29, 2026, at 11:30 AM IST via Video Conferencing/OAVM. The cut-off date to determine eligibility for remote e-voting is September 22, 2026, with the voting window open from September 26 to September 28, 2026.
- 42nd Annual General Meeting scheduled for September 29, 2026, at 11:30 AM IST via VC/OAVM
- Cut-off date for determining shareholder voting rights set as September 22, 2026
- Remote e-voting window opens September 26, 2026 (09:00 AM IST) and closes September 28, 2026 (05:00 PM IST)
- Electronic notices and Annual Report for FY 2025-26 dispatched on September 07, 2026
Panacea Biotec Limited has issued the notice for its 42nd Annual General Meeting (AGM) scheduled for September 29, 2026, via video conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is September 22, 2026, with the voting window open from September 26 to September 28, 2026. Key agenda items include the adoption of FY26 audited accounts, director reappointments, the 5-year appointment of Independent Director Rajinder Singh Manku effective July 1, 2026, and ratification of ₹1.25 lakh Cost Auditor remuneration.
- 42nd AGM scheduled for Tuesday, September 29, 2026, at 11:30 AM IST via Video Conferencing.
- Cut-off date for remote e-voting eligibility set for Tuesday, September 22, 2026.
- Remote e-voting window open from September 26, 2026 (09:00 AM IST) to September 28, 2026 (05:00 PM IST).
- Special resolution proposed to appoint Mr. Rajinder Singh Manku as Independent Director for a 5-year term from July 01, 2026.
- Proposed ratification of ₹1,25,000 remuneration for Cost Auditors M/s Jain Sharma & Associates for FY27.
Panacea Biotec has submitted its monthly share dematerialization report under Regulation 74(5) of SEBI regulations for August 2026. During the month, a total of 3,000 equity shares were dematerialized (1,000 in NSDL and 2,000 in CDSL). As of August 31, 2026, the company's total dematerialized share base stands at 6,11,08,526 shares (5,24,39,796 in NSDL and 86,68,730 in CDSL). This is a routine monthly regulatory compliance filing with no operational or financial impact.
- 3,000 equity shares dematerialized during the month of August 2026
- Total dematerialized shares stood at 6,11,08,526 as of August 31, 2026
- NSDL demat holdings reached 5,24,39,796 shares as of August 31, 2026
- CDSL demat holdings reached 86,68,730 shares as of August 31, 2026
Panacea Biotec reported a consolidated revenue of ₹199.57 Cr for Q1 FY27, a 19.7% increase from ₹166.70 Cr in the same quarter last year. Despite the top-line growth, consolidated net profit fell by 44.4% to ₹2.20 Cr compared to ₹3.96 Cr in Q1 FY26. The company recorded an exceptional gain of ₹2.74 Cr during the quarter, which supported the bottom line. The 42nd Annual General Meeting (AGM) is scheduled for September 29, 2026.
- Consolidated revenue from operations rose to ₹199.57 Cr from ₹166.70 Cr in the year-ago period.
- Consolidated net profit after tax stood at ₹2.20 Cr, down from ₹3.96 Cr in Q1 FY26.
- Total consolidated expenses increased by 14.6% YoY to ₹202.98 Cr, driven by higher raw material costs.
- Exceptional items contributed ₹2.74 Cr to the consolidated profit before tax of ₹3.57 Cr.
- The company announced a book closure period from September 25 to September 29, 2026, for the upcoming AGM.
Panacea Biotec has reported that no shares were dematerialized during the month of July 2026. The total number of dematerialized shares remains unchanged at 6,11,05,526 as of July 31, 2026. This total is distributed between NSDL (5,26,65,454 shares) and CDSL (84,40,072 shares). This filing is a routine administrative requirement under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018.
- Zero (0) shares were dematerialized during the month of July 2026
- Total dematerialized shares as of July 31, 2026, stand at 6,11,05,526
- NSDL account holds 5,26,65,454 shares as of the end of July
- CDSL account holds 84,40,072 shares as of the end of July
- The total dematerialized share count remained unchanged from June 30, 2026
Panacea Biotec has secured a Letter of Award from UNICEF for the supply of bivalent Oral Polio Vaccine (bOPV) worth approximately $8.205 million (Rs 78.24 crore). This order is scheduled for execution during the calendar year 2028 and falls under an existing Long-Term Agreement (LTA) valid until March 2030. The order value represents roughly 12.2% of the company's TTM revenue of Rs 640 crore, providing long-term revenue visibility. However, the company continues to operate under financial stress with a CARE D rating and negative ROCE.
- Order value of approximately US$ 8.205 million (~Rs 78.24 crore) for bOPV supply.
- Execution timeline specifically designated for the Calendar Year 2028.
- Part of a broader Long-Term Agreement (LTA) spanning from April 1, 2026, to March 31, 2030.
- Order covers vaccine supply in both 10 and 20 dose presentations.
- Order value is significant at ~12.2% of the TTM revenue of Rs 640 crore.
Panacea Biotec's wholly-owned subsidiary, Panacea Biotec Pharma Limited (PBPL), has received a Show Cause Notice (SCN) from the GST department in Delhi. The notice alleges a total tax liability of ₹4.06 Crore for the Financial Year 2022-23. This amount includes a tax demand of ₹2.27 Crore, interest of ₹1.56 Crore, and a penalty of ₹0.23 Crore. The company is currently preparing a response and maintains that there will be no adverse impact on its financial or operational activities.
- Total alleged tax liability of ₹4.06 Crore including interest and penalty
- Notice pertains to alleged excess claim of Input Tax Credit (ITC) for FY 2022-23
- Breakdown includes ₹2.27 Crore in tax and ₹1.56 Crore in interest
- Penalty component is relatively small at ₹0.23 Crore
- The matter is currently at the Show Cause Notice (SCN) stage with no immediate restriction imposed
Panacea Biotec has filed its final appeal against the fourth of four Industrial Tribunal awards involving labor disputes dating back to 2014. The awards include reinstating terminated workers with 50% back wages and paying full back wages to 23 transferred workmen. While the High Court of Punjab and Haryana has granted an interim 'no coercive steps' order for the first three appeals, the total financial liability remains unquantified. Given the company's TTM loss of ‹7 Cr and existing liquidity constraints (CARE D rating), any significant payout could impact cash flows.
- Dispute involves labor transfers and wage revisions dating back to 2014
- Tribunal ordered reinstatement of terminated workers with 50% back wages
- Transfer of 23 workmen set aside with a mandate for 100% back wages
- High Court granted interim protection against coercive steps for 3 out of 4 awards
- Company filed the final appeal against the 4th award on July 16, 2026
Panacea Biotec Limited has reported that no shares were dematerialized during the month of June 2026. The total number of shares held in dematerialized form remains constant at 6,11,05,526 as of June 30, 2026. This filing is a routine compliance requirement under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The distribution between depositories shows 5,24,78,317 shares with NSDL and 86,27,209 shares with CDSL.
- 0 shares were dematerialized during the month of June 2026.
- Total dematerialized shares as of June 30, 2026, stand at 6,11,05,526.
- NSDL holdings recorded at 5,24,78,317 shares.
- CDSL holdings recorded at 86,27,209 shares.
- The filing confirms zero change in the total demat share count from the previous month.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 15% YoY to INR 624.8 Cr in FY21. The Vaccine segment grew 62% YoY to INR 227.8 Cr, while the Pharmaceutical segment declined 2% YoY to INR 397.0 Cr. In H1 FY26, Vaccine revenue reached INR 203.06 Cr (up 52% from INR 133.49 Cr) and Formulations reached INR 104.77 Cr (down 19% from INR 129.58 Cr).
Geographic Revenue Split
Export revenue from pharmaceutical products was INR 183.83 Cr (74% of pharma revenue), growing 11% YoY. Domestic pharmaceutical revenue was INR 65.42 Cr (26% of pharma revenue), which surged 92% YoY primarily due to increased contract manufacturing activities.
Profitability Margins
Gross and operating margins were impacted by segment shifts; the Pharmaceutical business earned an EBITDA of INR 69.0 Cr in FY21 (down from INR 90.9 Cr), while the Vaccine business turned around from an EBITDA loss of INR 13.7 Cr to a profit of INR 11.3 Cr.
EBITDA Margin
Consolidated EBITDA margin was 12.8% in FY21, representing a decline from 14.2% in FY20. This was driven by lower pharmaceutical sales during the pandemic and a shift in the product mix toward vaccines.
Capital Expenditure
Total assets were recorded at INR 1,178.8 Cr in FY21. Capital employed in the Vaccine segment was INR 870.9 Cr and INR 383.6 Cr in the Formulations segment as of September 2025.
Credit Rating & Borrowing
The company carries a CARE D (Single D) rating for bank facilities totaling INR 1,021.52 Cr. This rating reflects ongoing delays in servicing debt obligations due to a strained liquidity position.
Operational Drivers
Capacity Expansion
The company operates a pharmaceutical formulations facility at Baddi, Himachal Pradesh, and a vaccine/R&D center and herbal extraction facility at Lalru, Punjab. Specific MTPA or unit capacity figures were not disclosed.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
The company plans to launch 10-12 new products in the domestic market over the next 1-3 years. It aims to sustain leadership in the transplantation segment and regain market leadership in diabetology. Growth is also targeted through the 'Nurture & Grow' strategy for domestic formulations and expanding the reach of approved products in ICH and RoW markets.
Products & Services
Vaccines (including pediatric and adult), pharmaceutical formulations for transplantation and diabetology, and nutrition products including baby care items.
Brand Portfolio
Panacea Biotec, Panacea Biotec Pharma Limited (PBPL).
New Products/Services
Planned launch of 10-12 new products in the domestic market within 1-3 years to drive future revenue contribution.
Market Expansion
Targeting ICH (International Council for Harmonization) and Rest of World (RoW) markets for pharmaceutical formulations in a phased manner.
Market Share & Ranking
The company claims a leadership position in the Indian transplantation segment and is a leading research-based biotechnology company.
Strategic Alliances
The company transferred its pharma business to its 100% subsidiary, Panacea Biotec Pharma Limited (PBPL), to streamline operations and facilitate potential strategic investments.
External Factors
Industry Trends
The industry is shifting toward advanced biotechnology and specialized vaccines. Panacea is positioning itself by leveraging its established brand equity in vaccines and focusing on chronic therapeutic areas like diabetology which are growing in India.
Competitive Landscape
Competes with major Indian and global biotech and pharma firms in the vaccine and chronic therapy segments.
Competitive Moat
The moat is built on established brand equity in vaccines and proven technology development experience. This is sustainable due to high entry barriers in vaccine manufacturing, though it is currently threatened by liquidity constraints.
Macro Economic Sensitivity
Highly sensitive to healthcare spending and government vaccine procurement policies. The baby care market growth in India is a key macro driver for the nutrition business.
Consumer Behavior
Increasing demand for specialized baby care and nutrition products in India is driving a 25% growth in the consolidated nutrition business.
Geopolitical Risks
Exposure to international regulatory standards (ICH) and trade barriers in RoW markets could impact the 11% growth rate currently seen in exports.
Regulatory & Governance
Industry Regulations
Operations are subject to stringent manufacturing standards and approvals from the International Council for Harmonization (ICH) for regulated markets.
Legal Contingencies
The company is involved in debt recovery proceedings, evidenced by a summons from the State Bank of India under the RBD Act, 1993, related to its significant outstanding debt of over INR 1,000 Cr.
Risk Analysis
Key Uncertainties
The primary uncertainty is the company's ability to restructure or service its INR 1,021.52 Cr debt, which is currently in default (CARE D). Failure to resolve this could lead to asset liquidation or operational halts.
Geographic Concentration Risk
74% of pharmaceutical revenue is concentrated in international export markets, making the company vulnerable to global trade and regulatory shifts.
Third Party Dependencies
Increased reliance on contract manufacturing for domestic revenue growth (which grew 92% YoY) introduces dependency on third-party production schedules.
Technology Obsolescence Risk
The biotechnology sector faces high risks of tech obsolescence; the company mitigates this through its dedicated R&D center and focus on new product launches.
Credit & Counterparty Risk
The company recorded an allowance for expected credit loss and doubtful advances of INR 4.15 Cr in H1 FY26, indicating some pressure on receivable quality.
