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FDC Limited

FDC.NS
45
Drug Manufacturers - Specialty & Generic · Healthcare
Price
₹342.50
-1.35 (-0.39%)
Market Cap
₹55.76B
Exchange
National Stock Exchange of India
Winston Score
45
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 29, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Weak
Stability
Good
Valuation
Mixed
Dividends
Good

Share count falling — buybacks

3.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 168.8M (2022) → 162.8M (2026)

Winston Score History

The full picture

FDC Limited, together with its subsidiaries, manufactures and trades in pharmaceutical products in India, the United States, and internationally. The company offers pharmaceutical formulations for various therapeutic segments, including anti-infectives, gastrointestinal, ophthalmology, vitamins, minerals, dietary supplements, cardiovascular and anti-diabetic therapies, respiratory care, gynaecology, dermatology, and analgesics in the form of tablets, capsules, oral liquids, ophthalmic drops, topical preparations, and paediatric-friendly solutions. It also provides functional food, such as flavoured ORS powders, ready-to-drink electrolyte beverages, vitamin-enriched supplements, antioxidant blends and protein-fortified drinks; and various active pharmaceutical ingredients. The company sells its products under the Zifi, Zefu, Zocon, Amodep-AT, Zathrin, Vitcofol, Ziglim, Ziglim-M,Mycoderm, Zoxan, Cotaryl, Pyrimon DF, Zipod, Electral, and Enerzal brands. It also exports its products to approximately 50 countries. FDC Limited was founded in 1936 and is based in Mumbai, India.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+9.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

₹0/ year

Declining (-100% vs prior year)

0.0% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Cash Position

Cash flow positive

₹0 cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

FDC Limited is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Profit per sale
Gross Margin
45.5%
Healthy — 45.5% gross margin
Profit after running costs
Operating Margin
19.2%
Healthy — 19.2% operating margin
Return on the money invested
ROCE
11.6%
Below par — 11.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+3.4%
Slow sales growth (+3.4% YoY)
Profit growth
EPS YoY
+8.8%
Earnings growing (+8.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
-1%
Weak — only -1% of profit becomes cash
Spare cash per sale
FCF Margin
-3.8%
Burning cash (-3.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
62.22x
Comfortably covers interest (62.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
19.0x
Fair value — P/E 19.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.46%
Small dividend — 1.46% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+63.1%
Dividend growing fast (63.1% YoY)

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