13 min readJul 22, 2026 07:30 AM IST First published on: Jul 22, 2026 at 07:30 AM ISTOrgan transplant patients depend on immunosuppressant drugs such as Tacrolimus, Mycophenolate and Cyclosporine to prevent their immune systems from rejecting the transplanted organ. Missing these medicines for too long can lead to organ rejection.A significant share of the active pharmaceutical ingredients (APIs) used in these drugs is produced through fermentation — a process in which microorganisms are cultivated in large steel tanks under precisely controlled conditions.AdvertisementConcord Biotech Limited is a global leader in fermentation-based immunosuppressant APIs and the only supplier with a complete fermentation-based portfolio across these molecules.Yet FY26 was Concord’s toughest year as a listed company. Revenue fell 12% to around Rs 1,055 crore, while net profit declined 30% to about Rs 259 crore. The stock, which touched Rs 1,980 over the past year, now trades at around Rs 1,283, giving the company a market capitalisation of roughly Rs 13,500 crore.