ET Intelligence Group: Symbiotec Pharmalab plans to raise ₹150 crore through a fresh issue to repay debt and ₹1,607 crore through an offer for sale. The promoter group’s stake will fall to 33.3% after the IPO from 36.4%. The company is engaged in the development and manufacturing of active pharmaceutical ingredients (APIs), nutritional ingredients, and specialty products.Over two-third of the revenue comes from international markets with Europe contributing nearly 30%. Top five products contribute nearly 63% to revenue, signalling product concentration. The valuation is attractive compared with peers. Given these factors and market leadership in some of the products, investors with high-risk appetite may apply for the long-term.

Business

Incorporated in 2002, Symbiotec Pharmalab has a global leadership position in corticosteroid and steroidal-hormone APIs in volume terms in FY26, with a global volume market share of 38.2% in corticosteroid and 23.8% in steroidal-hormone APIs According to Frost & Sullivan. It was the only company to have a presence across the top 10 corticosteroid and steroidal-hormone APIs in FY26. The company has a backward-integrated platform with approvals from the United States Food and Drug Administration (US FDA), European Union Good Manufacturing Practices (EU-GMP), Ministry of Food and Drug Safety, Korea and other global organisations. APIs continue to be the primary revenue driver, contributing more than 96% to total revenue in FY26, while newer initiatives such as complex injectables and contract manufacturing (CDMO) offerings make up the balance. As of FY26, the company operated two API manufacturing facilities and commissioned two additional plants, expanding fermentation capacity to 700 KL and adding complex injectables capacity of 20 million vials annually.

Financials

Between FY24 and FY26, revenue from operations grew 10.2% annually to ₹869.1 crore, operating profit before interest, tax, depreciation and amortization (EBITDA) increased 14.5% to ₹232 crore and net profit rose 4.8% to 109.9 crore. While EBITDA margin expanded to 26.6% in FY26 from 24.5% in FY24, operating cash flow remained volatile, rising to ₹174.6 crore in FY26 from ₹47.3 crore in FY25, compared with ₹187.5 crore in FY24. It reflects heavy capital expenditure and fluctuations in working capital, particularly inventory and trade payables.Read more: Pride Hotels steps up expansion, plans Rs 1,000-cr IPO by December

Valuation

Symbiotec lacks an exact listed peer due to a niche in steroidal hormones and advanced drug-device formulation. Considering the post-IPO equity and net profit for FY26, the company demands a price-earnings (P/E) multiple of up to 58. For other API or biotechnology manufacturers such as Concord Biotech, Divi’s Laboratories, Cohance Lifesciences and Laurus Labs, the P/E range is between 63 and 110.

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KOLKATA: The West Bengal government is preparing a comprehensive industrial promotion policy that blends budgetary outlays with off-balance-sheet incentive mechanisms, finance minister Swapan Dasgupta said.The government is exploring off-balance sheet incentives like soft loans to keep the weightage on budget-dependent industrial promotion lower, the finance minister said. Concession on power tariff is also being explored. On the budgetary side, a combination of capital subsidies and tax reimbursements are also being considered even as the state’s Rs 8 lakh crore outstanding debt keeps its finances on strain.

Growing up in Manchester, Mia Tanswell didn’t give her accent much thought – until her first week at university in Loughborough.

“I knew people were going to notice that I was northern and that I didn’t speak the ‘Queen’s English’,” the 22-year-old says.

“Definitely in seminars I would sometimes feel like my accent would sound a bit less intellectual than other people, especially if I was the only northern student in the classroom.”

She’s not alone. Fresh polling seen by the BBC suggests many workers still see so-called “accent bias” as a problem.

The survey found one in 10 people in Britain feel anxious or self-conscious about their accent in high stakes professional settings such as speaking up in a business meeting.

The research, conducted by the organisation More in Common of more than 3,300 adults across England, Scotland and Wales, found accent-related anxiety in work settings like these was highest among Geordies – from the region around Newcastle – and those with an east London – or Cockney – accent (at 19%), followed by people with a Welsh accent (at 18%).

Around 5% of respondents believed their accent had cost them a promotion, pay rise or senior role. “Brummies” – people from Birmingham – were the most likely to feel this, at 13%.

Respondents with a West Country accent reported the highest rate of having their accent mocked or criticised by colleagues, at 15%, followed by 13% of those with a Geordie accent.

The poll was commissioned by Common Ground, an organisation which aims to promote social cohesion. Its founder, Lara Newman, has worked in construction, property and the built environment industry for more than 30 years, and says she changed her own accent to get ahead in the workplace.

“I am incredibly realistic about what would have happened had I gone to university or gone into the workplace with a strong west country accent,” she says. “I felt like that was going to be an issue for me.”

Common Ground aims to support people from disadvantaged backgrounds into work but she says one of the layers creating a barrier to them is accent.

“I think there is a problem in the sense that [an accent] implies a level of education or otherwise. It implies class,” she says.

A review is being launched into the way business rates are calculated for pubs and hotels in England and Wales, and could lead to a reform of the system.

The Treasury says business rates expert Jerry Schurder will lead the review into rate valuations and report back in March 2027, with the government calling for the views of landlords, hoteliers and business owners to feed in to the process.

Last month, Andy Burnham announced a 20% cut in business rates for pubs, social clubs and live music venues in England, to come into effect in April.

Pub groups have argued they face disproportionately higher rates bills, but other businesses have called for a wider reform of the rates system.

According to the British Beer and Pub Association (BBPA), 161 pubs closed in the first three months of this year across England, Scotland and Wales, equating to the loss of around 2,400 jobs.

Rising business rates are cited as one issue facing the sector, although there have also been complaints that increases in National Insurance and the minimum wage have made staff costs more expensive.

James Murray, financial secretary to the Treasury, said the new review would look at “a rethink of valuations – so that we can build a fairer system for the future”.

Emma McClarkin, chief executive of the BBPA, said: “For years pubs have paid a disproportionately higher business rates bill which has ground down their ability to keep the doors open, so this review is sorely needed and hugely welcome.”

The BBPA says pubs are valued differently for rates than retail venues. Instead of being based just on floor area, they are judged by a measure called Fair Maintainable Trade – which means when a pub’s turnover increases, so does its rates bill.

Schurder is a former business rates policy lead at advisory firm Newmark UK, and his review will feed into the next rates revaluation in 2029.

His appointment was welcomed by Craig Beaumont of the Federation of Small Businesses (FSB) who said he would bring “crucial heavyweight business rates expertise into the Treasury”.

However, Beaumont said the government needed to address the wider business rates system and exempt more smaller firms by increasing the rates relief threshold for small businesses.

Tom Ironside from the British Retail Consortium also welcomed the review but said it was “vitally important that the needs of retailers are not overlooked”.

Shadow Chancellor Sir Mel Stride said the review was “far too late for a sector this Labour government has already done its best to kill off”.

“Tax hikes on business premises and jobs, alongside job-destroying regulation in the Employment Rights Act, have left many hospitality businesses on the brink,” he said.

Liberal Democrat Treasury spokesperson Daisy Cooper said reform of business rates was “long overdue”, but also called for an emergency VAT cut and a reverse to jobs tax changes “which have hammered hospitality in particular”.