💊 Akums Q4 & FY25 Results: India’s CDMO King Posts ₹234 Cr Profit — Europe Entry Unlocked, EBITDA Steady, Growth Mode ONCMP: ₹587.50 | Up 0.96% | P/E: 25.1x | Adj. EBITDA Margin: 12.3% | Europe Contract: €200M
📌 At a Glance
Akums Drugs and Pharmaceuticals Ltd. clocked ₹1,073 Cr revenue in Q4 FY25 (up 12.4% YoY) and wrapped FY25 with ₹4,170 Cr total income. Adjusted PAT for the year stood at ₹234 Cr, with a solid 12.3% EBITDA margin despite industry-wide price erosion. Oh, and they’ve bagged a €200 million contract for Europe. Not bad for a debut fiscal year post-listing.
🧪 About Akums
- HQ: New Delhi, India
- Listed On: NSE (AKUMS), BSE (544222)
- Business: Largest Indian CDMO (Contract Development & Manufacturing Organization)
- Segments: CDMO, Branded Formulations (Domestic & International), Trade Generics, APIs
- Capacity: 49.6 billion units/year
- Approvals: 973 DCGI approvals, 4,000+ commercialised formulations
If Indian pharma was a film, Akums is the DOP — never in frame, but making everyone look good.
🧑⚕️ Key Management
| Name | Role |
|---|---|
| Sanjeev Jain | Managing Director |
| Sandeep Jain | Managing Director |
| Dharamvir Malik | Company Secretary & Compliance Officer |
“Our injectable facility is live, our R&D is pumped, and Europe is ready for our pills. CDMO world domination begins now.”
📊 Q4 FY25 Financials
| Metric | Q4 FY25 | Q4 FY24 | YoY % | Q3 FY25 | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹1,056 Cr | ₹944 Cr | +12.4% | ₹1,010 Cr | +4.6% |
| Other Income | ₹18 Cr | ₹10 Cr | +80% | ₹15 Cr | +20% |
| Total Income | ₹1,073 Cr | ₹954 Cr | +12.4% | ₹1,025 Cr | +4.6% |
| Adjusted EBITDA | ₹111 Cr | ₹98 Cr | +13.3% | ₹136 Cr | -18.3% |
| EBITDA Margin | 10.4% | 10.3% | Flat | 13.3% | -290 bps |
| Adj PAT | ₹44 Cr | ₹46 Cr | -4.3% | ₹66 Cr | -33.3% |
| PAT Margin | 4.1% | 4.8% | -70 bps | 6.5% | -240 bps |
Margins took a small QoQ hit but FY25 full-year figures stayed resilient.
📆 FY25 Full-Year Snapshot
| Metric | FY25 | FY24 | YoY % |
|---|---|---|---|
| Revenue | ₹4,118 Cr | ₹4,178 Cr | -1.4% |
| Total Income | ₹4,170 Cr | ₹4,212 Cr | -1.0% |
| Adjusted EBITDA | ₹513 Cr | ₹515 Cr | Flat |
| EBITDA Margin | 12.3% | 12.2% | +7 bps |
| Adjusted PAT | ₹234 Cr | ₹220 Cr | +6.4% |
| PAT Margin | 5.6% | 5.2% | +40 bps |
Despite muted top-line growth due to API price erosion, profitability held strong.
📦 Segment-Wise Highlights
| Segment | Share of Turnover | FY25 EBITDA Margin | Growth Trend |
|---|---|---|---|
| CDMO (Flagship) | ~78% | 14.1% | Strong & Stable |
| Domestic Branded Formulation | Moderate | Not disclosed | +9% YoY |
| International Branded Form. | Growing | Not disclosed | +14% YoY |
| Trade Generics + API | Small | Loss-making | Under restructuring |
CDMO is still daddy. The rest? Still in tuition class.
🌍 Europe Entry: €200 Million Contract
- Secured a €200 million supply deal to regulated European markets
- Commercial supplies to begin from 2027
- Strategic milestone: positions Akums as a global CDMO player
A Desi CDMO with a European passport. Let that sink in.
🏗️ Capex & R&D Spend
| Category | FY25 Amount | % of Revenue | Notes |
|---|---|---|---|
| Capex | ₹272 Cr | ~6.6% | To scale up for global supply |
| R&D Spend | ₹130 Cr | ~3.1% | Up 16% YoY, for innovation |
New facilities + injectable capabilities = CDMO steroids activated.
⚙️ Operational Capacity
- Current production capacity: 49.6 billion units/year
- 4,000+ commercialized formulations
- 973 DCGI approvals across 60+ dosage forms
Think of them as the T-Series of Indian pharma — if T-Series made capsules.
📉 Risks & Red Flags
- API & trade generics still bleeding
- FY25 revenue flat despite CDMO strength
- EBITDA margins volatile quarter to quarter
- Execution risk for the €200M contract (starts only in 2027)
- India’s overall pharma pricing environment remains under pressure
🧠 EduInvesting Take
“Akums is not here to make headlines — it’s here to manufacture everyone else’s headlines.”
- The CDMO play is long-term, patient, and quietly lucrative
- ₹234 Cr profit with expanding global vision is no joke
- Europe contract gives visibility, but timeline is long (2027)
- Valuation still affordable compared to peers like Suven, Syngene, Concord Biotech
- If the trade/API drag is controlled, this becomes a steady compounder candidate
📈 Forward Fair Value (FV)
| Metric | Value |
|---|---|
| FY25 EPS | ₹12.6 |
| CMP | ₹587.50 |
| P/E (TTM) | 25.1x |
| EduFair P/E Range | 28x (CDMO avg) |
| Fair Value | ₹705 |
Upside potential: +20% — assuming margins hold, and the Europe contract is derisked over FY26.
🏷️ Tags:
Akums Q4 FY25 Results, CDMO India, Europe pharma contract, API price erosion, Pharma stocks India, Akums vs Suven, low profile multibagger, EduInvesting
