Intimation of Revision in Credit Rating

ICRA Limited has upgraded Kwality Pharmaceuticals' credit rating from [ICRA]B+ (Stable) to [ICRA]BBB+ (Stable) for long-term facilities, and from [ICRA]A4 to [ICRA]A2 for short-term facilities. The ratings have been removed from the 'Issuer Not Cooperating' category after the company cooperated in concluding the rating exercise. The rated facility amount has been enhanced significantly from Rs. 65 crore to Rs. 200 crore. The upgrade reflects the company's strong operational track record of over four decades, 21% revenue CAGR between FY2023-FY2025, healthy operating profit margins of 22-23%, and comfortable debt protection metrics including total debt/OPBDITA of 1.1x and interest cover of 8.8x as of September 2025.