Concord Drugs doubled revenue. The auditor flagged ₹4.14 cr with no provision.
Standalone sales surged 105% to ₹75.85 cr in FY26. But the auditor won't sign off on ₹4.14 cr in receivables over two years old.
— 1 earlier story on Concord Drugs Ltd. →What's new
- Standalone revenue more than doubled to ₹75.85 cr, up 105% from ₹36.93 cr.
- Net profit rose to ₹1.04 cr from ₹29.57 lakhs the prior year.
- Auditor flagged ₹4.14 cr in receivables over two years old with no provision; some balances unconfirmed.
Why this matters
The top-line growth is a genuine step-change, but the auditor's note is a material red flag. The ₹4.14 crore in unprovisioned receivables is four times the company's full-year profit. A write-down would erase the year's earnings and question the quality of the revenue surge.
What we're watching
- Whether management makes a provision in the next quarter or contests the auditor.
- If the unconfirmed balances are eventually collected or written off.
- The standalone trajectory once the one-off consolidation effect of Proton Remedies normalizes.
The full read
Concord Drugs' revenue more than doubled. Standalone sales hit ₹75.85 crore in FY26, up 105% from ₹36.93 crore. Net profit climbed to ₹1.04 crore from just ₹29.57 lakhs. The company credits a sharp pick-up in pharma sales and the full consolidation of subsidiary Proton Remedies. But the auditor's report changes the story. Pundarikashyam and Associates flagged ₹4.14 crore in trade receivables outstanding for over two years with no provision made. That amount is four times the company's annual profit. The auditor also said some balances remain unconfirmed. The asset-quality question now overshadows the growth story. Hardly a clean close.
Questions answered
- What drove Concord Drugs' revenue growth in FY26?
- The company cites a sharp pick-up in pharmaceutical sales. The results also include the full consolidation of its subsidiary, Proton Remedies Private Limited, for the first time.
- Why did the auditor flag the receivables?
- Pundarikashyam and Associates identified ₹4.14 crore in trade receivables outstanding for more than two years for which no provision has been made. The auditor also noted that certain balances remain subject to confirmation, meaning their collectability is unverified.
- How does the flagged amount compare to the year's profit?
- The ₹4.14 crore in aged receivables is roughly four times the company's full-year net profit of ₹1.04 crore. A provision would be material.
- What is the significance of Proton Remedies in these results?
- The FY26 results include the full consolidation of subsidiary Proton Remedies Private Limited. Its inclusion contributed to the reported revenue expansion, making the 105% headline growth partly a consolidation effect.
Concord Drugs Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on CONCORD →- 27 May 2026 · 4:31 PM IST Concord Drugs doubled revenue. The auditor flagged ₹4.14 cr with no provision.
- 49d ago Concord Drugs doubles revenue, auditor flags ₹4.14 cr overdue receivables