Q1 FY27 earnings call transcript: API core, new biotech CDMO and complex injectables verticals

First-ever earnings call after listing on BSE and NSE.

Mon 28 Sep 2026

API Portfolio

60 corticosteroid and steroidal hormone APIs

US DMFs and CEPs

44 US DMFs and 25 CEPs

Customer Base

Over 200 customers in 40+ countries

Revenue Concentration

Nearly 70% of FY26 revenue from customers of 7+ years

New Contracts

5 year take-or-pay insulin contract and 10-year take-or-pay alternative protein contract with US company

What this update is

Symbiotec Pharmalab has published the transcript of its Q1 FY27 earnings conference call, held on 22 September 2026 and hosted by JM Financials. It was the company's first earnings call following its listing on BSE and NSE.

Business structure

Management described a research-driven pharmaceutical and biotechnology platform with three linked verticals:

• Steroid hormones API — the existing, main business
• Biotech-driven CDMO / CMO services (biopharma and biomanufacturing)
• Complex injectables, as forward integration

Management stated that more than 90% of annual revenues for the current fiscal year are estimated to come from the API business, and that the two new verticals are just about to take off.

API vertical

• Portfolio of 60 corticosteroid and steroidal hormone APIs
• 44 US DMFs and 25 CEPs from Europe, described as among the largest update base by a single steroid hormones API company
• Approvals from US FDA, EU-GMP, Japan PMDA and other regulators
• Fully backward integrated from soyabean-derived phytosterols, using a fermentation-backed biotech platform, giving a make-versus-buy flexibility intended to protect margins when input prices move

Management said major customers have qualified Symbiotec as their primary API source in their updates and registrations, making switching slow and costly for them.

Customer base

• Over 200 customers across more than 40 countries, spanning innovators, big pharma and generic/specialty companies
• Nearly 70% of FY26 revenues from customers served for more than seven years
• Average relationship tenure with top five customers exceeds 10 years

New contracts in the biotech CDMO vertical

• A 5 year take-or-pay contract for insulin as a drug substance (biopharma)
• A 10-year take-or-pay contract with a US-based company for an alternative protein product (biomanufacturing)
• A term sheet signed with a European company for an alternative protein product

Capacity

The recently commissioned Ujjain facility has 400 kiloliter of large-scale fermentation and is described as the base for biopharma and biomanufacturing CDMO work across precision fermentation, nutraceuticals, functional foods, alternative proteins and industrial biotech products including polymers.

Management framed the CDMO offering as more than renting fermentation capacity — the ability to consistently convert fermentation broth into finished shippable product, helping synthetic biology innovators move from laboratory success to commercial scale.

How investors may read it

The call sets out a concentrated revenue base in a mature, regulator-approved API business with long-standing customers, alongside two early-stage verticals whose contribution is yet to scale. The take-or-pay contracts and the new fermentation capacity indicate committed offtake, while the timing and size of the resulting revenue depend on execution.

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