Concord Biotech: Recovering business momentum and new ventures support growth

Concord Biotech is an API manufacturer with a niche built around fermentation-based products — well reflected in strong profitability metrics. At the time of IPO in August 2023, we noted the high entry barriers and growth outlook as being favourable to long-term investors. The stock nearly tripled by September 2024, but has given up gains, owing to a sub-par FY26 performance, to return 70 per cent from the IPO price-band (adjusted for bonus shares). The stock continues to trade at 33 times one-year forward earnings compared to the listed history average of 38 times or 32 times trailing at the…