Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

FDC Ltd

FDC
Pharma - Formulators

FDC Ltd's earnings have outrun its stock. EPS grew +5.5% in a year against a −14.2% price move.

Biggest watch item: the price is not yet in a confirmed uptrend — timing risk, not thesis risk.

The price is in a downtrend (39 weeks in) while the P/E sits at the 48th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +164.1% year on year, and 87% of the last 3 years' profit arrived as cash. What settles it: the next one or two quarters of delivery.

Stage
Mixed
fundamental trajectory, 12 quarters
Price
₹420
−14.2% 1Y
P/E
22.6×
48th pctile
of its own 10-year range
Revenue (Mar 26)
₹585 Cr
+18.9% YoY
Profit (Mar 26)
₹103 Cr
+164.1% YoY
Operating margin
18.0%
+7.0 pp YoY
ROCE
17%
FY26
ROIC
10.8%
vs WACC 12.0% → −1.2 pp
Cash conversion
87%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

FDC Ltd trades at ₹420, in a downtrend and 39 weeks into that stage. That is +4.9% against its own 200-day average. It sits at 60% of a 52-week range of ₹321 to ₹487. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks.

Today the stock is in a downtrend — week 39 of stage 4. At ₹420 it trades +4.9% versus its 200-day average and sits at 60% of its 52-week range (₹321–₹487).

Jul 26: ₹420 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+4.9% versus the 200-day line, week 39 of stage 4
Price50-day avg200-day avg
S2S4S2S4₹622₹532₹442₹352₹262₹420₹401Jul 23Apr 24Jan 25Oct 25Jul 26
S2S4S2S4₹622₹532₹442₹352₹262₹420₹401Jul 23Jan 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (544 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +126% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 16 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 48th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

FDC Ltd trades at 22.6× P/E, mid-range by its own standards (48th percentile). Its long-run median P/E is 23.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 22.6× is mid-range by its own standards (48th percentile), against a long-run median of 23.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 22.6× vs a 23.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 30× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
mid-range by its own standards (48th percentile)
P/EMedianEPS (TTM) (quarterly)
31.1×₹21.026.8×₹15.722.4×₹10.518.0×₹5.213.7×₹0.0×22.60×₹18Mar 16Oct 18Jun 21Jan 24Jul 26
31.1×₹21.026.8×₹15.722.4×₹10.518.0×₹5.213.7×₹0.0×22.60×₹18Mar 16Jun 21Jul 26
PEG 3.44 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 7 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
3.7×2.8×1.9×1.0×0.1××3.44×Q1 FY24Q2 FY24Q4 FY24Q1 FY25Q4 FY26
3.7×2.8×1.9×1.0×0.1××3.44×Q1 FY24Q4 FY24Q4 FY26
P/E
22.6×
48th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

Why the multiple sits where it does: over the past year annual EPS moved +5.5% against a −14.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +2.1%/yr price move, ~+0.4%/yr came from earnings growth and ~+1.7 pp from the multiple (expanding); over 10y, of the +8.1%/yr price move, ~+9.0%/yr came from earnings growth and ~−0.9 pp from the multiple (roughly flat). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

FDC Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 15.4% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
17%77%12%49%7.9%20%3.3%−8.2%−1.3%−37%%%3%4.9%5.4%Jun 23Sep 24Mar 26
17%77%12%49%7.9%20%3.3%−8.2%−1.3%−37%%%3%4.9%5.4%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
21%18%16%14%11%%15.4%Jun 23Sep 24Mar 26
21%18%16%14%11%%15.4%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +3.0% · span +0.0% to +15.8%
Profit growth
Rising
latest +4.9% · span −28.8% to +66.7%
EPS growth
Rising
latest +5.4% · span −28.8% to +69.4%
ROCE
Steady high
latest 15.4% · span 12.0%–20.2%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Growth, year by year: revenue +3.0% in FY26, profit +5.2% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
25%67%18%42%11%16%4.3%−9.6%−2.6%−35%%%3%5.2%FY16FY21FY26
25%67%18%42%11%16%4.3%−9.6%−2.6%−35%%%3%5.2%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+3.0%) with the last 8 annualized (+5.7%).
revenue stabilising, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
17%77%12%49%7.9%20%3.3%−8.2%−1.3%−37%%%3%4.9%Jun 23Sep 24Mar 26
17%77%12%49%7.9%20%3.3%−8.2%−1.3%−37%%%3%4.9%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+3.0%+6.8%+10.3%+8.1%
Profit+5.2%+13.1%−1.4%+5.2%
EPS+5.5%+13.9%−0.6%+6.2%
Share price−14.2%+8.4%+2.1%+8.1%
Revenue YoY (Mar 26)
+18.9%
latest quarter vs a year ago
Profit YoY (Mar 26)
+164.1%
latest quarter vs a year ago
Revenue 10y
8.1%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

53.7/100 — rank 19 of 43 in Pharma - Formulators · 90% evidence confidence

FDC Ltd scores 53.7 out of 100 against the 43 companies it is compared with in Pharma - Formulators, ranking 19. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 17 + 16.4 + 14.9 + 5.4 = 53.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

FDC Ltd reported ₹585 Cr of revenue in the Mar 26 quarter, +18.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 8.1% a year. The last full year, FY26, came in at ₹2,171 Cr. The last four reported quarters add to ₹2,171 Cr.

FDC Ltd reported ₹585 Cr of revenue in the Mar 26 quarter, +18.9% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 8.1% a year. The last full year, FY26, came in at ₹2,171 Cr. The last four reported quarters add to ₹2,171 Cr.

FY26 revenue came in at ₹2,171 Cr (+3.0% on the year), capping 10 years at 8.1% compound. The latest quarter (Mar 26) printed ₹585 Cr, +18.9% year on year — the 2nd consecutive quarter of year-over-year growth.

FY26 revenue ₹2,171 Cr (+3.0% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
8.1% a year over 10 years
RevenueYoY growth
2.3k25%1.8k18%1.2k11%5864.3%0−2.6%₹ Cr%₹2,1713%FY16FY21FY26
2.3k25%1.8k18%1.2k11%5864.3%0−2.6%₹ Cr%₹2,1713%FY16FY21FY26
Mar 26: ₹585 Cr (+18.9% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Revenue (quarterly)YoY growth
70021%52513%3505.5%175−2.3%0−10%₹ Cr%₹58518.9%Jun 23Sep 24Mar 26
70021%52513%3505.5%175−2.3%0−10%₹ Cr%₹58518.9%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +3.2% growth against the decade's 8.1% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +3.0% over the last 4 quarters against +5.7%/yr over the last 8 — stabilising; TTM profit +4.9% vs −4.2%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 18.0% this quarter (+7.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

FDC Ltd's operating margin is 18.0% in the Mar 26 quarter, +7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 25.0%. The current quarter sits inside that band.

FDC Ltd's operating margin is 18.0% in the Mar 26 quarter, +7.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 25.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 18.0%, +7.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0%–25.0%.

Why the margin moved: operating margin went +7.2 pp year on year while gross margin went −2.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY26: 16.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 14.0–25.0% band over 13 years
operating marginYoY change (pp)
26%3.9%23%0.7%20%−2.5%16%−5.7%13%−8.9%%%16%1%FY14FY20FY26
26%3.9%23%0.7%20%−2.5%16%−5.7%13%−8.9%%%16%1%FY14FY20FY26
Mar 26: 18.0% operating margin (+7.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
24%8.2%20%3.8%15%−0.5%10%−4.8%5.7%−9.2%%%18%7%Jun 23Sep 24Mar 26
24%8.2%20%3.8%15%−0.5%10%−4.8%5.7%−9.2%%%18%7%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +164.1% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

FDC Ltd earned ₹103 Cr of net profit in the Mar 26 quarter, +164.1% year on year. Full-year FY26 profit was ₹281 Cr. The 10-year compound rate is 5.2%. That is 17.6% of the quarter's revenue. The same quarter a year earlier earned ₹39.0 Cr.

FDC Ltd earned ₹103 Cr of net profit in the Mar 26 quarter, +164.1% year on year. Full-year FY26 profit was ₹281 Cr. The 10-year compound rate is 5.2%. That is 17.6% of the quarter's revenue. The same quarter a year earlier earned ₹39.0 Cr.

Mar 26 profit was ₹103 Cr, +164.1% year on year. On the full year, FY26 printed ₹281 Cr (+5.2%), and the 10-year compound rate is 5.2%.

FY26 profit ₹281 Cr (+5.2% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
5.2% a year over 10 years
Net profitYoY growth
32964%24739%16515%82−10%0−35%₹ Cr%₹2815.2%FY16FY21FY26
32964%24739%16515%82−10%0−35%₹ Cr%₹2815.2%FY16FY21FY26
Mar 26: ₹103 Cr (+164.1% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
131182%98117%6552%33−14%0−79%₹ Cr%₹103164.1%Jun 23Sep 24Mar 26
131182%98117%6552%33−14%0−79%₹ Cr%₹103164.1%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +18.9% and the margin +7.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +20.1% vs revenue +3.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 87% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 87% of FDC Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹200 Cr of operating cash against ₹281 Cr of profit. After ₹166 Cr of capital spending, ₹34.0 Cr was left as free cash.

FY26: operating cash of ₹200 Cr against reported profit of ₹281 Cr, leaving free cash of ₹34.0 Cr after ₹166 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 87% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹200 Cr vs profit ₹281 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
87% of 3-year profit arrived as cash
Operating cashNet profitFree cash
35422393−38−169₹ Cr₹200₹281₹34FY16FY21FY26
35422393−38−169₹ Cr₹200₹281₹34FY16FY21FY26
FY26: CFO = 71% of profit (three-year rate 87%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
123%108%93%77%62%%71%FY16FY21FY26
123%108%93%77%62%%71%FY16FY21FY26

Why conversion sits at 87%: the cash cycle tightened 50 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹352 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

FDC Ltd's cash conversion cycle runs 102 days in FY26, down from 152 days in FY21. Capital spending ran ₹352 Cr over the last 3 years. At FY26 sales of ₹2,171 Cr each day of that cycle holds about ₹5.9 Cr, so roughly ₹607 Cr sits inside the business at any moment.

FY26: debtors at 26 days, inventory at 182 days — roughly 6.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 102 days, tighter than FY21's 152.

The full loop: cash goes out to suppliers and production on day 0; stock waits 182 days to sell; customers pay about 26 days after that; and suppliers themselves are paid at 106 days — netting out to the 102-day cycle.

In money terms: at FY26 sales of ₹2,171 Cr, each day of the cycle holds about ₹5.9 Cr — so the 102-day loop keeps roughly ₹607 Cr sitting inside the business at any moment.

FY26: a 102-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
−50 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
232175118603days102d182d26d106dFY14FY17FY20FY23FY26
232175118603days102d182d26d106dFY14FY20FY26

On the investment side: capital spending of ₹352 Cr over the last 3 fiscal years against ₹153 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹96.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹166 Cr, work-in-progress ₹96.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
332249166830₹ Cr₹166₹96FY16FY18FY21FY23FY26
332249166830₹ Cr₹166₹96FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 17% and the ROIC − WACC spread is −1.2 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

FDC Ltd earns a ROCE of 17% in FY26. That is up from a trough of 13% in FY23. Return on invested capital clears the cost of that capital by −1.2 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 12.9% net margin on 0.74× asset turns.

FY26 ROCE is 17%, recovered from a FY23 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 12.9% net margin × 0.74× asset turns × 1.17× balance-sheet leverage ≈ 11.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 10.8% − 12.0% = a −1.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 17% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY23's 13%
ROCEROIC (annual)WACC
26%22%18%14%9.6%%17%11.5%FY14FY20FY26
26%22%18%14%9.6%%17%11.5%FY14FY20FY26
Q4 FY26: ROCE 10.7% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
15%14%12%10%8.2%%10.7%9.2%Q1 FY24Q2 FY25Q4 FY26
15%14%12%10%8.2%%10.7%9.2%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

FDC Ltd carries total debt of ₹15.0 Cr against shareholder equity of ₹2,485 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.02 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹15.0 Cr against shareholder equity of ₹2,485 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.02 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹15.0 Cr at 0.01× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
350.021×260.018×170.015×90.012×00.009×₹ Cr×₹150.01×FY22FY24FY26
350.021×260.018×170.015×90.012×00.009×₹ Cr×₹150.01×FY22FY24FY26
Mar 26: debt ₹15.0 Cr, debt-to-equity 0.01 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
301.2×230.6×150.0×8−0.6×0−1.1×₹ Cr×₹150.01×Jun 23Sep 24Mar 26
301.2×230.6×150.0×8−0.6×0−1.1×₹ Cr×₹150.01×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 1.1 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 1.1 points of FDC Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 1.4% of the company. Domestic institutions moved −0.4 points over the same window, to 6.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −1.1 points over 8 quarters to 1.4%; Domestic institutions: −0.4 points over 8 quarters to 6.3%; Promoters: +0.0 points over 8 quarters to 69.7%.

🚨 Why the register moved: foreign institutions drove it (−1.1 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
75%56%36%17%−3.0%%69.7%2.4%6.3%21.6%Mar 24Mar 25Mar 26
75%56%36%17%−3.0%%69.7%2.4%6.3%21.6%Mar 24Mar 25Mar 26
Foreign institutions cut 1.1 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
75%55%36%16%−4.1%%69.7%1.4%6.3%22.6%Jun 23Dec 24Jun 26
75%55%36%16%−4.1%%69.7%1.4%6.3%22.6%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

FDC Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Pharma - Formulators Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
FDC Ltd this page22.6×₹6,723 CrTurning around
Sun Pharmaceutical Industries Ltd37.5×₹4.7L CrImproving
Torrent Pharmaceuticals Ltd86.1×₹1.9L CrConsistent
Cipla Ltd31.8×₹1.1L CrDeteriorating
Zydus Lifesciences Ltd20.4×₹1.1L CrConsistent
Lupin Ltd19.1×₹1.1L CrConsistent
Mankind Pharma Ltd51.4×₹1L CrTurning around
Dr Reddys Laboratories Ltd29.8×₹96,130 CrDeteriorating
Aurobindo Pharma Ltd25.1×₹88,979 CrMixed
Biocon Ltd182.0×₹70,672 CrDeteriorating
Alkem Laboratories Ltd27.6×₹67,357 CrMixed
Glenmark Pharmaceuticals Ltd21.0×₹61,858 CrNo read
Ipca Laboratories Ltd37.9×₹44,720 CrConsistent
Ajanta Pharma Ltd37.3×₹42,097 CrConsistent
J B Chemicals & Pharmaceuticals Ltd53.8×₹38,677 CrTopping out
Emcure Pharmaceuticals Ltd37.7×₹35,679 CrMixed
Wockhardt Ltd106.0×₹30,048 CrNo read
Rubicon Research Ltd102.0×₹25,141 CrNo read
ERIS Lifesciences Ltd30.7×₹19,409 CrTurning around
Caplin Point Laboratories Ltd29.2×₹18,753 CrConsistent
Natco Pharma Ltd11.6×₹16,504 CrTopping out
Alembic Pharmaceuticals Ltd21.4×₹15,678 CrTurning around
Corona Remedies Ltd64.7×₹12,923 CrNo read
Marksans Pharma Ltd26.7×₹11,161 CrConsistent
Akums Drugs & Pharmaceuticals Ltd40.3×₹10,818 CrNo read
Strides Pharma Science Ltd16.6×₹9,402 CrNo read
Suven Life Sciences Ltd₹8,929 CrNo read
Bliss GVS Pharma Ltd37.4×₹4,927 CrTurning around
RPG Life Sciences Ltd44.3×₹4,858 Cr
Gufic BioSciences Ltd59.2×₹3,799 CrNo read
Kwality Pharmaceuticals Ltd42.5×₹2,886 CrConsistent
Kwality Pharmaceuticals Ltd36.6×₹2,483 CrConsistent
Sai Parenterals Ltd166.0×₹2,366 Cr
Indoco Remedies Ltd₹2,247 CrNo read
Fredun Pharmaceuticals Ltd45.4×₹1,480 CrNo read
Amrutanjan Health Care Ltd22.8×₹1,472 CrMixed
Accent Microcell Ltd27.1×₹1,187 CrNo read
Lincoln Pharmaceuticals Ltd13.2×₹1,162 CrTurning around
Bajaj Healthcare Ltd19.3×₹1,088 CrNo read
Bharat Parenterals Ltd₹990 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is FDC Ltd's share price today?

FDC Ltd trades at ₹420, −14.2% over the past year. The company is valued at ₹6,723 Cr. The stock sits at 60% of its 52-week range of ₹321–₹487, +4.9% versus its 200-day average. On the tape, the price is in a downtrend, 39 weeks in. — as of 24 July 2026.

What were FDC Ltd's latest quarterly results?

FDC Ltd reported revenue of ₹585 Cr and net profit of ₹103 Cr for the Mar 26 quarter. Revenue rose 18.9% and profit rose 164.1% year on year. Earnings per share were ₹6.35. The operating margin was 18.0%, 7.0 pp higher than a year earlier. — as of 24 July 2026.

What is FDC Ltd's revenue?

FDC Ltd reported revenue of ₹585 Cr in the Mar 26 quarter, +18.9% year on year. For the full FY26 fiscal year, revenue was ₹2,171 Cr (+3.0%). Over the last 10 years revenue compounded at 8.1% a year. — as of 24 July 2026.

What is FDC Ltd's profit?

FDC Ltd earned ₹103 Cr of net profit in the Mar 26 quarter, +164.1% year on year. Full-year FY26 profit was ₹281 Cr. The operating margin ran 18.0% in the latest quarter. — as of 24 July 2026.

What is FDC Ltd's market cap?

FDC Ltd's market capitalisation is ₹6,723 Cr at a share price of ₹420. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is FDC Ltd's P/E ratio?

FDC Ltd trades at a P/E of 22.6×, at the 48th percentile of its own 10-year range, against a long-run median of 23.0×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does FDC Ltd pay a dividend?

Yes — FDC Ltd's dividend payout was 29% of profit in FY26, and it recorded a payout in 7 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is FDC Ltd overvalued?

On its own history, FDC Ltd looks mid-range against its own history: its P/E of 22.6× sits at the 48th percentile of its 10-year range (long-run median 23.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is FDC Ltd growing?

Yes — FDC Ltd is growing: latest-quarter revenue +18.9% year on year, profit +164.1%, and the margin +7.0 pp at 18.0%. The 10-year compound rates are 8.1% (revenue) and 5.2% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is FDC Ltd performing?

FDC Ltd is in a downtrend, 39 weeks in. Its latest quarter's revenue rose 18.9% and profit rose 164.1% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 16 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is FDC Ltd in?

Mixed — no clean majority across the growth curves, ROCE holding at 15.4% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +3.0% latest, profit growth +4.9% latest, eps growth +5.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is FDC Ltd in an uptrend?

No — the price is in a downtrend (week 39 of stage 4), trading +4.9% versus its 200-day average and at 60% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is FDC Ltd beating the market?

On recent form, yes — FDC Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 16 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +126% against the NIFTY 500's +274% — behind the index over the full window. — as of 24 July 2026.

Will FDC Ltd's share price go up?

This page publishes no price forecast for FDC Ltd. What it measures instead: the share price is ₹420, the price is in a downtrend 39 weeks in. Its P/E of 22.6× sits at the 48th percentile of its own 10-year range. Direction is not something this site claims to know. — as of 24 July 2026.

Who owns FDC Ltd?

Promoters hold 69.7% of FDC Ltd, foreign institutions 1.4%, domestic institutions 6.3% and the public 22.6% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 1.1 points over 8 quarters. — as of 24 July 2026.

Does FDC Ltd have too much debt?

No — FDC Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill 69×. FY26 borrowings were ₹15.0 Cr against equity of ₹2,485 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is FDC Ltd's capex?

FDC Ltd spent ₹352 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹166 Cr, with ₹96.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is FDC Ltd's cash flow?

FDC Ltd generated ₹200 Cr of operating cash flow in FY26 and ₹34.0 Cr of free cash flow after ₹166 Cr of capital spending. Reported profit that year was ₹281 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is FDC Ltd's profit real cash?

Yes — over the last 3 fiscal years, 87% of FDC Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹200 Cr against reported profit of ₹281 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is FDC Ltd in its business cycle?

FDC Ltd's FY26 operating margin was 16.0%, against a 13-year band of 14.0%–25.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 18.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the FDC Ltd story?

Biggest watch item: the price is not yet in a confirmed uptrend — timing risk, not thesis risk. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is FDC Ltd a stock worth studying right now?

This is not investment advice. The machine read: FDC Ltd's earnings have outrun its stock. EPS grew +5.5% in a year against a −14.2% price move. The sharpest open question: the next one or two quarters of delivery. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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