India's Concord Biotech falls; Citi cuts TP on slower revenue growth outlook

Concord Biotech

20/04/2026 08:52

** Shares of India's Concord Biotech CONB.NS down 1.48% at 1,066.40 rupees

** Brokerage Citi cuts TP of CONB to 1,190 rupees from 1,680 rupees, citing slower revenue growth in its core drug ingredient sales business and formulations business

** Maintains "neutral" rating and says slower growth expected to compress margins

** Brokerage lowers FY26–FY27 EPS estimates by 20%–23%, cuts FY27–FY28 revenue growth forecast to about 14% from 17%–18% earlier

** Says growth hit by tariff-related uncertainties, tender deferrals in the Middle East and delays from India's drug regulator CDSCO

** YTD, stock down ~20%

 (Reporting by Surbhi Misra in Bengaluru)

 ((Surbhi.Misra@thomsonreuters.com |  X: https://twitter.com/SurbhiMisra_  |;))