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Swing Capital

FDC Ltd

NSE: FDC BSE: 531599Pharma

FDC (Fairdeal Corporation) Ltd Limited (found in 1936) is among India’s leading fully integrated pharmaceutical companies. The Company is a pioneer in the manufacture of specialized formulations, and among the world’s foremost manufacturers and marketers of Oral Rehydration Salts (ORS). Some of FDC’s leading brands in India include Zifi, Electral, Enerzal, Vitcofol, Pyrimon, Zocon, Zathrin, Zipod, Cotaryl and Mycoderm in the domestic and international markets.[1]

₹358
52W: ₹313 — ₹528
PE 24.1 · Book ₹150 · +139% vs book
Market Cap₹5,833 Cr
Stock P/E24.1Price to Earnings
ROCE16.4%Return on Capital
ROE12.1%Return on Equity
Div. Yield1.35%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company's working capital requirements have reduced from 44.6 days to 33.0 days

Weaknesses

  • −The company has delivered a poor sales growth of 9.28% over past five years.
  • −Company has a low return on equity of 12.2% over last 3 years.
  • −Dividend payout has been low at 9.92% of profits over last 3 years

Shareholding Pattern

Promoters69.65%
FIIs2.4%
DIIs6.29%
Public21.65%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.66%69.66%69.66%69.66%69.66%69.66%69.66%69.65%▼0.0
FIIs2.51%2.62%▲0.12.67%▲0.02.56%▼0.12.41%▼0.12.43%▲0.02.32%▼0.12.4%▲0.1
DIIs6.72%6.02%▼0.76.08%▲0.16.37%▲0.37.17%▲0.86.81%▼0.46.27%▼0.56.29%▲0.0
Public21.11%21.71%▲0.621.6%▼0.121.42%▼0.220.76%▼0.721.1%▲0.321.76%▲0.721.65%▼0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales480452454624505459482642462458
Expenses401370396482433413429501427408
Operating Profit7982581427246531413550
OPM %16%18%13%23%14%10%11%22%8%11%
Net Profit7278481157436481222927
EPS ₹4.424.812.967.064.542.242.967.511.811.67

AI Insights

Revenue Trend

TTM revenue at ₹2,044Cr, down 1.3% YoY. OPM at 14%.

Debt Position

Borrowings at ₹21Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹163Cr (19% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 6.29% (-2.84pp change). FIIs: 2.4% (+0.34pp change). Promoters hold 69.65%.

Margin & Efficiency

ROCE declining from 25% (Mar 2014) to 16% (Mar 2025). Working capital days: 33.

Valuation

PE 24.1x with 16.4% ROCE. Price is 139% above book value of ₹150. Dividend yield: 1.35%.

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