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1. At a Glance
Fermenta Biotech makes Vitamin D3 in industrial quantities and sells it to other manufacturers. Revenue for the three months to June 2026 was ₹121.82 crore. Operating profit was ₹18.06 crore and net profit ₹9.74 crore. Against the same three months a year earlier, revenue fell 10.6%. Net profit in that earlier quarter was ₹21.83 crore. Against the three months to March 2026, when revenue was ₹121.58 crore, the top line barely moved.
Underneath that flat figure, two segments went in opposite directions. Human nutrition Vitamin D3 revenue rose 24% from the previous quarter, to ₹76.5 crore. Animal nutrition Vitamin D3 fell 45% over the same span, to ₹12.6 crore. Volumes there were down 52% on the previous quarter. Average realisation, the price actually received per unit sold, fell 40% year on year. Management states that it chose volume discipline over chasing a weak price. That is the corporate way of saying it read the feed grade price list and declined the invitation.
Outside the quarter, CARE, a credit-rating agency, upgraded the long-term facilities to CARE BBB+; Stable from CARE BBB; Stable. It moved the short-term rating to CARE A2 from CARE A3+. The facilities carrying those ratings total ₹172.98 crore. FSSAI, India’s food safety regulator, approved VITADEE Green on 6 July 2026. The approval covers health supplements, nutraceuticals and food products. The year to March 2026 closed with revenue of ₹523.2 crore and net profit of ₹71.77 crore. The company is 75 years old and spent part of that history under the name DIL Limited.
2. Introduction
Fermenta Biotech was incorporated in 1951 by Dr DVK Raju, and was once called DIL Limited. It has spent most of its adult life in Vitamin D3. CARE, a credit-rating agency, records an established track record of over three decades in the pharmaceutical business. CARE puts the key focus on the Vitamin D3 API segment. An API is the active ingredient a medicine is built around. The company is older, by decades, than most of the health trends now attached to its product.
The group today runs through wholly owned subsidiaries in Germany, the UK and the United States. There is also a step-down American entity and Fermenta Environment Solutions Private Limited in India. An associate company, Health and Wellness India Private Limited, is under the process of liquidation. That is per the annual report for the year to March 2026.
The last few years have been busy in a paperwork sense. In May 2023 the Mumbai bench of the NCLT, the tribunal that clears corporate restructurings, approved a composite scheme of amalgamation. It involved DVK Investments Private Limited, Aegean Properties Limited and Fermenta itself. In September 2025 the environment business was sold to a wholly owned subsidiary for ₹19 crore. That sale took effect on 1 October 2025. It was a slump sale, meaning the business moved as one lot rather than asset by asset. A sofa had been carried to another room of the same house.
Also in September 2025, the Indian Patents Office granted a process patent for the plant-sourced Vitamin D molecule. In July 2025 the company received EDQM CEP for VITADEE 100 SD, a European certificate of suitability. In December 2025 the board approved ₹110 crore of capital spending at Dahej. It separately approved an enabling resolution to raise up to ₹150 crore, subject to shareholder approval. The resolution lists equity, convertibles, warrants and debentures. A qualified institutional placement, a share sale to large institutions, is the fifth route. In May 2026 the board approved an application for direct listing on the NSE. It also approved 3,95,400 employee stock options and private placement plans at subsidiaries.
Real estate sits alongside all this. The company developed THANE ONE, a 2 lakh sq ft IT and IT-services park in Thane. It stands on one acre of freehold land, with 1.77 lakh sq ft leasable. The company signed a development agreement with Mextech Property Developers LLP for the remaining freehold Thane land. Under it the company receives 1.2 lakh sq ft of residential apartments on an area-sharing basis.
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3. Business Model: WTF Do They Even Do?
The company makes the sunshine vitamin indoors, at scale. It sells to the firms that put the stuff into tablets, fortified biscuits and chicken feed.
Vitamin D3 API, in all its formats, is the core. CARE, a credit-rating agency, puts that core at over 70% of revenue. It splits into two personalities. Human nutrition goes into premium supplements, food fortification and pharmaceutical formulations. That segment brought in ₹76.5 crore in the three months to June 2026. Animal nutrition goes into livestock and poultry feed, at ₹12.6 crore. Per CARE, animal feed is a commoditised segment where no stringent pharmaceutical guidelines apply. CARE adds that China is the major supplier there and that prices are volatile. Animal feed was 21% of revenue in the year to March 2026. Same molecule, wildly different manners depending on who is swallowing it.
Around that core sit other APIs and intermediates, at ₹11.6 crore in the quarter. That line was up 18% on
