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1. At a Glance
Quarterly revenue of ₹121.82 crore, operating profit of ₹18.06 crore, PAT of ₹9.74 crore. Against the June 2025 quarter, revenue is down 10.6% and PAT down from ₹21.83 crore. Against the March 2026 quarter — ₹121.58 crore of revenue — the top line moved by roughly a rounding error, which for a business that makes vitamins in industrial quantities is an oddly Zen result.
Underneath the flat number, two segments went in opposite directions with some enthusiasm. Human nutrition Vitamin D3 revenue rose 24% sequentially to ₹76.5 crore. Animal nutrition Vitamin D3 fell 45% sequentially to ₹12.6 crore, with volumes down 52% QoQ and average realisation down 40% YoY. Management states it chose volume discipline over chasing a weak price — corporate for “we looked at what the feed grade market was paying and declined the invitation.”
Outside the quarter, CARE upgraded the company’s long-term facilities to CARE BBB+; Stable from CARE BBB; Stable, and short-term to CARE A2 from CARE A3+, on ₹172.98 crore of facilities. FSSAI approved VITADEE Green on 6 July 2026 for use in health supplements, nutraceuticals and food products. FY26 closed with revenue of ₹523.2 crore and net profit of ₹71.77 crore.
The company’s 75 years of history included a period when it was called DIL Limited, which is the sort of detail the rest of this entry will get to.
2. Introduction
Incorporated in 1951 by Dr DVK Raju, Fermenta Biotech — erstwhile DIL Limited — has spent its adult life in Vitamin D3. Per CARE, the company has an established track record of over three decades in the pharmaceutical business with key focus on the Vitamin D3 API segment. Seventy-five years is long enough that the company predates most of the health trends currently driving demand for its product, and has simply waited, patiently, for the world to develop a vitamin deficiency worth talking about.
The structure today runs through wholly owned subsidiaries in Germany, the UK and the United States, a step-down US entity, Fermenta Environment Solutions Private Limited in India, and an associate, Health and Wellness India Private Limited, which per the FY26 annual report is under the process of liquidation.
The last two years have been busy in a paperwork sense. In May 2023, the NCLT Mumbai bench approved a composite scheme of amalgamation involving DVK Investments Private Limited, Aegean Properties Limited and Fermenta. In September 2025, the environment business was sold to a wholly owned subsidiary on a slump sale basis for ₹19 crore, effective 1 October 2025 — a business changing hands without leaving the family, like a sofa moved to another room of the same house. In September 2025 the company was granted a process patent by the Indian Patents Office for its plant-sourced Vitamin D molecule. In July 2025 it received EDQM CEP for VITADEE 100 SD. In December 2025 the board approved ₹110 crore of Dahej capex and, separately, a fund-raising enabling resolution of up to ₹150 crore via equity, convertibles, warrants, debentures or QIP, subject to shareholder approval. In May 2026 the board approved an NSE direct listing application, 3,95,400 ESOPs and subsidiary private placement plans.
Real estate sits alongside all this. The company developed THANE ONE, a 2 lakh sq ft IT/ITES park in Thane on one acre of freehold land, with 1.77 lakh sq ft leasable. It signed a development agreement with Mextech Property Developers LLP for the remaining freehold Thane land, receiving 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?
They make the sunshine vitamin indoors, at scale, and sell it to people who put it in your tablets, your fortified biscuits, and your chicken.
The core is Vitamin D3 API in all its formats, which per CARE accounts for over 70% of revenue. It splits into two personalities. Human nutrition goes into premium supplements, food fortification and pharmaceutical formulations — ₹76.5 crore in Q1FY27. Animal nutrition goes into livestock and poultry feed — ₹12.6 crore. Per CARE, animal feed is a commoditised segment where no stringent pharmaceutical guidelines apply, China is the major supplier, and prices are volatile; animal feed was 21% of revenue in FY26. Same molecule, wildly different manners depending on who is swallowing it.
Around that core sit Other APIs and Intermediates (₹11.6 crore in Q1FY27, up 18% YoY), covering muscle relaxant and anti-flatulent applications — meaning a chunk of this business exists to make people less tense in two entirely separate ways. Green Chemistry Solutions / Enzymes contributed ₹2.3 crore, up 15% YoY. Environmental Solutions, now housed in the subsidiary, contributed ₹6.0 crore against ₹0.8 crore in Q4FY26. Others within nutrition — customised premixes, Fortified Rice Kernels, specialised ingredients — came in at ₹11.0 crore, up 28%
