Jefferies has maintained a Hold rating on Concord Biotech with a target price of ₹1,600, versus the current market price of ₹1,604.70, after the company’s 1QFY26 results came in significantly below estimates. The miss was attributed to a variance in procurement patterns and costs linked to the commencement of its new injectable facility. Jefferies expects near-term earnings to remain under pressure until the facility breaks even in FY27 and has cut its FY26–FY28 EPS estimates by 6–10% on lower margin assumptions.
CITI has retained a Neutral rating with a target price of ₹1,880, noting that quarterly revenues fell 5% year-on-year but surged 53% sequentially. The brokerage highlighted that the weakness was primarily due to customer procurement patterns, while the commercialization of the injectable facility weighed on margins. The company expects the facility to contribute meaningfully from FY27 onwards and has maintained its overall growth outlook.
Disclaimer: The above views are those of the respective brokerages. This update is for news reporting purposes only and does not constitute investment advice.
