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1. At a Glance
Akums Drugs & Pharmaceuticals reported Q1 FY27 revenue of ₹1,167 crore, up 13.9% year-on-year from ₹1,024 crore and up 0.8% over the ₹1,158 crore of the preceding quarter. Operating profit came in at ₹175 crore against ₹129 crore a year ago, with margin at 15.0% versus 12.6%. PAT was ₹100 crore.
The quarter had events in it. On 23 July, a wholly-owned subsidiary agreed to buy Oriflame India’s manufacturing business — two plants and a leased warehouse — for ₹56 crore. In the same quarter, the Income Tax Department passed an assessment order raising a demand of ₹1,560.18 million on the consolidated group for the block period April 2018 to March 2025, against which the group has filed an appeal and deposited ₹47.01 million under protest. Shareholders approved a ₹3 per share dividend at the 10 July AGM. And the company finished spending the last of its 2024 IPO money, which after two years is less an event than the closing of a very long tab.
Segment-wise, CDMO posted ₹964 crore of revenue (+18.6% YoY), while API at ₹32 crore, trade generics at ₹21 crore and international branded formulations at ₹35 crore all shrank. Management describes the corporate margin guidance for the year as 14% to 15%.
The company’s cumulative annual formulation capacity stands at 50.6 billion units.
2. Introduction
Akums was incorporated in April 2004 and built its first plant in Haridwar for oral solid dosage forms. What followed reads like a company that could never quite stop adding a facility. Oral liquids and sterile products came next, then a nutraceutical unit, then Asian markets and an R&D lab in Mumbai, then dedicated facilities for hormones, cosmetics and dermatology, then a plant specifically for β-lactam anti-infectives and steroids — a sentence in which every clause is a separate building.
In 2021 it acquired Parabolic Drugs to enter APIs, set up a dedicated penems facility at Kotdwar, and launched Akumentis to sell branded formulations under its own name. Plants 1, 2 and 3 received EU-GMP accreditation. Plant 3 is ANVISA-certified. The company listed on NSE and BSE on 6 August 2024, raising ₹6,800 million through a fresh issue of 10,037,708 shares at ₹679 apiece, alongside an offer for sale of 17,330,435 shares by selling shareholders.
Since inception, Akums has manufactured 4,146 commercialised formulations across more than 60 dosage forms. In FY26 it made products for 26 of the top 30 Indian pharmaceutical companies — which means that in the aisle of any Indian chemist, a shopper picking between two rival brands has a reasonable chance of putting the same factory in the basket twice.
The recent record is dense with paperwork of the good kind and the awkward kind alike: 230 dossiers filed in FY26, 65 DCGI approvals, 169 FSSAI approvals, a first European dossier approval and first commercial dispatch — and, separately, an income tax search and seizure operation conducted in January 2025 across offices, manufacturing units and residences of selected key managerial personnel, with the assessment order arriving in the quarter under discussion. As on March 2026, the group has 15 subsidiaries, including two foreign wholly-owned entities and a foreign JV. FY26 capex was ₹222 crore; management has guided ₹300 crore for FY27.
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3. Business Model: WTF Do They Even Do?
Akums is a contract development and manufacturing organisation, which is the industry’s dignified way of saying: other companies put their name on the box, Akums makes what goes inside it. CDMO contributed roughly 80% of FY26 revenue and 82.6% of Q1 FY27’s.
The dosage-form list is where things get delightful. Tablets, capsules, liquid orals, vials, ampoules, blow-filled seals, topical preparations, eye drops, dry powder injections, and — with the straightest possible face in an official business profile — gummies. Over 60 dosage forms in total. The in-house R&D technologies include the inlay tablet, the tri-layered tablet, the tablet-in-tablet, and the bi-layered sustained-release tablet-in-tablet, a product line that suggests somebody in a lab in Mumbai looked at a tablet and thought: what if two.
The other four segments fill in the edges. Domestic branded formulations sell under Akumentis across gynaecology, cardiology, orthopaedics, paediatrics and dermatology — ~10% of FY26 revenue. International branded formulations run through distributor partnerships across a stated 60-plus geographies at ~3%. API manufactures active ingredients and intermediates for internal use and outside customers at ~4%. Trade generics distributes through trade channels at ~2%. By revenue type, 88% is manufactured product, 8% traded, 4% service.
The physical footprint is 14 manufacturing units — 3 API and 11 formulation —
