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Fabtech Technologies Ltd

FABTECH

NSE

₹131.39+0.84%19 Oct 2026 at 3:31 PM

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Fabtech Technologies Ltd

FABTECH

NSE

₹131.39

+0.84%

19 Oct 2026 at 3:31 PM

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Fabtech Technologies is a company that builds entire pharmaceutical factories from scratch - not just the shell, but the sterile interiors, the machinery that makes the medicine, and the systems that purify the air and water - and hands over a working, regulation-ready facility to the client, all under a single contract. It was born from three decades of engineering work in emerging markets, and its recurring approach is to eliminate the chaos of multiple vendors by manufacturing the three critical lifelines of any drug plant - process equipment, cleanrooms, and water systems - in-house, so the client deals with one accountable partner instead of a dozen. That integrated, design-led model, delivered in hard-currency contracts across 62 countries, is the thread that runs through everything the company does.

Business segments

A single engine - turnkey life-sciences infrastructure - delivered across human pharmaceuticals, animal health, and an emerging green-energy overlay, all built on the same in-house manufacturing backbone.

1. Turnkey pharma factories: a single-accountability builder for emerging markets

The company designs, equips, and commissions complete drug-manufacturing facilities, taking end-to-end responsibility so that a client in Lagos or Riyadh gets a working, regulation-ready plant without having to stitch together a dozen separate contractors.

Three pillars made in-house - it manufactures the process equipment that makes the medicine, the cleanroom panels and air-handling units that keep the environment sterile, and the purified-water systems that feed the production line, which means it controls the "critical lifelines" of a biopharmaceutical facility without depending on external vendors.
Regulation-ready from the blueprint - every project is engineered to meet global standards like WHO, EU-GMP, USFDA, and UKMHRA guidelines from the first drawing to the final validation, so the client gets a facility that is built for compliance, not retrofitted for it later.
Paid in dollars, triggered by shipment - revenue is recognised on project progress, with the bill of lading against the LC being the trigger, and all billing is in USD, which shields the company from the currency devaluation risk that plagues its operating markets.
An 18-to-24-month promise - the typical project cycle runs from a year and a half to two years, with specific jobs ranging from an 11-month animal-vaccine facility in Saudi Arabia to a 23-to-27-month tablet-capsule plant in West Africa, giving clients a predictable timeline.
The order book is the forward story - with a consolidated order book above ₹900 crore as of March 2026, the company has revenue visibility stretching roughly two years ahead, and it does not announce a project until a letter of credit is in hand, treating that as the only reliable sign of a real start.

2. Animal health: the same factory logic, applied to veterinary medicine

Using the identical turnkey model, the company has moved into building vaccine and formulations plants for the animal-health industry, opening a new customer set with the same in-house manufacturing engine.

A vaccine fill-finish entry - the company secured a vaccine fill-finish facility project, marking its move beyond human pharmaceuticals into the veterinary segment, where the same GMP (Good Manufacturing Practice) standards apply.
Saudi Arabia in under a year - a $7.8 million turnkey project for an animal-vaccine facility, covering cleanrooms, HVAC, MEP, and utilities through to handover, with an 11-month execution timeline, showed the model could be adapted to a faster, animal-health cycle.
North Africa opens the EU door - a veterinary formulations facility in North Africa, targeted for completion by early FY27, is being built to EU-GMP standards, which would let the client export to the European Union and neighbouring African markets, making it a gateway project as much as a factory.

3. Green-energy overlay: wiring renewable power into the factory package

Through a partnership with a renewable-energy group, the company is beginning to offer clients factories that run on solar, wind, or battery-stored power - adding an energy layer to its turnkey promise without having to build that capability itself.

Clean power bundled in - under an MoU with KP Group, every project Fabtech executes can now be powered by renewable energy, with the partner providing and integrating solar, wind, hybrid, battery storage, and even green-hydrogen solutions into the company's pharma and biotech facilities.
A shield against diesel and grid risk - by embedding renewable power into the infrastructure from the start, the offer reduces clients' exposure to unreliable grids and volatile fuel costs in emerging markets, which matters in regions where power interruptions can ruin a sterile batch.
Pre-engineered buildings close the loop - the company is also exploring hybrid solutions that combine pre-engineered building structures with solar integration, via partnerships with firms like Optech, under initiatives it calls Operation Greenfield and Green Shield, aiming to control the civil-infrastructure timeline that often delays project starts.

Group structure and partners

The listed parent company operates through a web of wholly owned subsidiaries in the UAE and Saudi Arabia, plus strategic minority stakes in specialist equipment makers, creating a local-execution footprint without bloating the balance sheet.

Local subsidiaries for local trust - Fabtech Technologies Limited owns 100% of entities in the UAE (FTS) and Saudi Arabia (Fabtech Saudi), and is investing a further AED 1,00,000 into its Sharjah subsidiary to deepen its Gulf presence, because the company sees local incorporation as essential for winning trust and accessing contracts in GCC markets.
A Saudi step-down for non-pharma work - in June 2026, the Sharjah subsidiary signed a shareholders' agreement to create a new Saudi company, Specialized Contracting Activities LLC, with Fabtech holding 51%, which will pursue mechanical, electrical, and plumbing contracts outside the pharma sector, diversifying the group's project base.
Minority stakes that fill capability gaps - a 33% stake in Mark Maker gives access to granulation and oral-solid-dose process lines, a 49% stake in FABL Technologies provides containment solutions for high-potency projects like oncology and vaccines, and a roughly 16% stake in TSA (which the company is exiting) supplied water systems across its pharma projects, so the group gets specialist equipment without having to build every niche in-house.
A separately listed India sibling - Fabtech Technologies Cleanrooms Ltd (FTCL) is an independent listed entity focused on India's cleanroom market, serving pharma, biotech, semiconductor, and green-energy clients with FM Global-certified modular solutions, while Fabtech Technologies Ltd concentrates on international turnkey life-sciences projects, keeping the two businesses distinct in geography and scope.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹589Cr

Close Price

₹132.50

Industry

Trading

Price To Earnings

9.59

Price To Sales

1.41

Revenue

₹418Cr

Rev Gr TTM

Revenue Growth TTM

14.16%

PAT Gr TTM

PAT Growth TTM

41.00%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	59	104	135	68	121	63	159	75
Growth YoY Revenue Growth YoY%					106.8	-39.8	17.5	10.3
Expenses ExpensesCr	54	81	117	74	91	74	136	71
Operating Profit Operating ProfitCr	5	23	18	-6	30	-11	22	4
OPM OPM%	7.8	21.9	13.6	-9.1	25.1	-18.3	14.0	5.7
Other Income Other IncomeCr	2	2	3	3	3	7	10	3
Interest Expense Interest ExpenseCr	0	0	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1
PBT PBTCr	6	24	20	-6	31	-7	30	5
Tax TaxCr	1	3	5	0	3	-1	8	1
PAT PATCr	5	20	15	-6	28	-6	22	4
Growth YoY PAT Growth YoY%					449.0	-127.8	46.2	168.7
NPM NPM%	8.7	19.6	11.2	-9.0	23.1	-9.1	13.9	5.6
EPS EPS₹	1.6	6.3	4.7	-1.9	8.7	-1.6	5.8	0.9

Quarter	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	59	104	135	68	121	63	159	75
Growth YoY Revenue Growth YoY%					106.8	-39.8	17.5	10.3
Expenses ExpensesCr	54	81	117	74	91	74	136	71
Operating Profit Operating ProfitCr	5	23	18	-6	30	-11	22	4
OPM OPM%	7.8	21.9	13.6	-9.1	25.1	-18.3	14.0	5.7
Other Income Other IncomeCr	2	2	3	3	3	7	10	3
Interest Expense Interest ExpenseCr	0	0	1	1	1	1	1	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1
PBT PBTCr	6	24	20	-6	31	-7	30	5
Tax TaxCr	1	3	5	0	3	-1	8	1
PAT PATCr	5	20	15	-6	28	-6	22	4
Growth YoY PAT Growth YoY%					449.0	-127.8	46.2	168.7
NPM NPM%	8.7	19.6	11.2	-9.0	23.1	-9.1	13.9	5.6
EPS EPS₹	1.6	6.3	4.7	-1.9	8.7	-1.6	5.8	0.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	133	121	257	194	226	327	411	418
Growth Revenue Growth%		-9.3	112.5	-24.6	16.7	44.5	25.8	14.2
Expenses ExpensesCr	121	111	225	169	192	289	376	372
Operating Profit Operating ProfitCr	13	10	32	25	34	38	35	45
OPM OPM%	9.7	8.4	12.5	13.0	15.0	11.5	8.5	10.9
Other Income Other IncomeCr	5	2	4	10	6	27	23	23
Interest Expense Interest ExpenseCr	1	1	3	5	2	2	4	4
Depreciation DepreciationCr	0	1	2	2	2	3	5	5
PBT PBTCr	16	11	31	28	36	60	48	60
Tax TaxCr	4	3	8	6	9	14	10	11
PAT PATCr	12	8	23	22	27	46	38	49
Growth PAT Growth%		-34.9	207.6	-7.4	25.2	70.7	-17.4	41.0
NPM NPM%	8.8	6.3	9.1	11.2	12.0	14.2	9.3	11.7
EPS EPS₹	44.5	29.0	7.3	6.7	8.4	14.3	10.0	13.8

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	133	121	257	194	226	327	411	418
Growth Revenue Growth%		-9.3	112.5	-24.6	16.7	44.5	25.8	14.2
Expenses ExpensesCr	121	111	225	169	192	289	376	372
Operating Profit Operating ProfitCr	13	10	32	25	34	38	35	45
OPM OPM%	9.7	8.4	12.5	13.0	15.0	11.5	8.5	10.9
Other Income Other IncomeCr	5	2	4	10	6	27	23	23
Interest Expense Interest ExpenseCr	1	1	3	5	2	2	4	4
Depreciation DepreciationCr	0	1	2	2	2	3	5	5
PBT PBTCr	16	11	31	28	36	60	48	60
Tax TaxCr	4	3	8	6	9	14	10	11
PAT PATCr	12	8	23	22	27	46	38	49
Growth PAT Growth%		-34.9	207.6	-7.4	25.2	70.7	-17.4	41.0
NPM NPM%	8.8	6.3	9.1	11.2	12.0	14.2	9.3	11.7
EPS EPS₹	44.5	29.0	7.3	6.7	8.4	14.3	10.0	13.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	3	3	3	32	44
Reserves ReservesCr	38	46	65	86	129	141	375
Current Liabilities Current LiabilitiesCr	83	77	101	122	135	225	252
Non Current Liabilities Non Current LiabilitiesCr	2	2	4	3	2	28	27
Total Liabilities Total LiabilitiesCr	124	126	172	214	269	427	699
Current Assets Current AssetsCr	110	113	147	181	241	314	559
Non Current Assets Non Current AssetsCr	14	12	25	33	28	113	139
Total Assets Total AssetsCr	124	126	172	214	269	427	699

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	3	3	3	32	44
Reserves ReservesCr	38	46	65	86	129	141	375
Current Liabilities Current LiabilitiesCr	83	77	101	122	135	225	252
Non Current Liabilities Non Current LiabilitiesCr	2	2	4	3	2	28	27
Total Liabilities Total LiabilitiesCr	124	126	172	214	269	427	699
Current Assets Current AssetsCr	110	113	147	181	241	314	559
Non Current Assets Non Current AssetsCr	14	12	25	33	28	113	139
Total Assets Total AssetsCr	124	126	172	214	269	427	699

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	64	-9	-3	-14	60	-36	0
Investing Cash Flow Investing Cash FlowCr	-19	4	-9	2	-30	-20	-112
Financing Cash Flow Financing Cash FlowCr	-23	6	8	12	-12	36	190
Net Cash Flow Net Cash FlowCr	22	1	-4	0	18	-20	78
Free Cash Flow Free Cash FlowCr	64	-9	-4	-14	59	-61	-4
CFO To PAT CFO To PAT%	543.8	-120.3	-11.3	-63.9	222.0	-77.8	1.2
CFO To EBITDA CFO To EBITDA%	494.6	-90.2	-8.3	-55.3	178.3	-95.9	1.4

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	64	-9	-3	-14	60	-36	0
Investing Cash Flow Investing Cash FlowCr	-19	4	-9	2	-30	-20	-112
Financing Cash Flow Financing Cash FlowCr	-23	6	8	12	-12	36	190
Net Cash Flow Net Cash FlowCr	22	1	-4	0	18	-20	78
Free Cash Flow Free Cash FlowCr	64	-9	-4	-14	59	-61	-4
CFO To PAT CFO To PAT%	543.8	-120.3	-11.3	-63.9	222.0	-77.8	1.2
CFO To EBITDA CFO To EBITDA%	494.6	-90.2	-8.3	-55.3	178.3	-95.9	1.4

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							620	589
Price To Earnings Price To Earnings							16.2	9.6
Price To Sales Price To Sales							1.5	1.4
Price To Book Price To Book							1.5	1.4
EV To EBITDA EV To EBITDA							13.8	9.7
Profitability Ratios Profitability Ratios
GPM GPM%	45.2	43.1	39.5	43.4	39.5	37.3	33.0	33.0
OPM OPM%	9.7	8.4	12.5	13.0	15.0	11.5	8.5	10.9
NPM NPM%	8.8	6.3	9.1	11.2	12.0	14.2	9.3	11.7
ROCE ROCE%	44.0	20.9	39.2	26.6	26.1	24.3	10.7	10.7
ROE ROE%	30.6	16.5	34.8	24.4	20.6	26.8	9.1	9.1
ROA ROA%	9.5	6.1	13.7	10.2	10.1	10.9	5.5	5.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr							620	589
Price To Earnings Price To Earnings							16.2	9.6
Price To Sales Price To Sales							1.5	1.4
Price To Book Price To Book							1.5	1.4
EV To EBITDA EV To EBITDA							13.8	9.7
Profitability Ratios Profitability Ratios
GPM GPM%	45.2	43.1	39.5	43.4	39.5	37.3	33.0	33.0
OPM OPM%	9.7	8.4	12.5	13.0	15.0	11.5	8.5	10.9
NPM NPM%	8.8	6.3	9.1	11.2	12.0	14.2	9.3	11.7
ROCE ROCE%	44.0	20.9	39.2	26.6	26.1	24.3	10.7	10.7
ROE ROE%	30.6	16.5	34.8	24.4	20.6	26.8	9.1	9.1
ROA ROA%	9.5	6.1	13.7	10.2	10.1	10.9	5.5	5.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	STCINDIA	PRABHATAM	UNIENTER	FABTECH	BMWVENTLTD	SATANIBRG	AUDROC
Market CapitalizationMkt CapCr	624	614	598	589	587	586	580
Close PriceClose₹	104.00	27.70	86.00	132.50	67.65	292.90	28.10
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	0.95		29.55	9.59	13.01
Price To SalesPS		2,789.38	22.88	1.41	0.24	14.27	232.11
RevenueRevenueCr	0	0	26	418	2,403	41	3
Revenue Growth TTMRev Gr TTM%			-77.1%	14.2%	18.5%
PAT Growth TTMPAT Gr TTM%	2,520.0%	-237.5%	6,431.3%	41.0%	20.4%	127.5%	146.8%

	STCINDIA	PRABHATAM	UNIENTER	FABTECH	BMWVENTLTD	SATANIBRG	AUDROC
Market CapitalizationMkt CapCr	624	614	598	589	587	586	580
Close PriceClose₹	104.00	27.70	86.00	132.50	67.65	292.90	28.10
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	0.95		29.55	9.59	13.01
Price To SalesPS		2,789.38	22.88	1.41	0.24	14.27	232.11
RevenueRevenueCr	0	0	26	418	2,403	41	3
Revenue Growth TTMRev Gr TTM%			-77.1%	14.2%	18.5%
PAT Growth TTMPAT Gr TTM%	2,520.0%	-237.5%	6,431.3%	41.0%	20.4%	127.5%	146.8%