NSE: KILITCH · BSE: 524500
KILITCH DRUGS INDIA LTD
Manufactures pharmaceutical products and has entered the nutraceutical segment, earning Rs 235.47 crore in consolidated revenue in FY26. A new Nutraceutical Manufacturing Block at Maldev, Pen, Raigad, Maharashtra commenced commercial production on 17 June 2026, alongside a completed Greenfield pharmaceutical facility at the same Pen location. The company has an international footprint, with an Ethiopia plant whose revenue grew over 100% in FY26, and a foreign subsidiary, Kilitch Estro Biotech PLC, which remains unaudited. Raw materials are the largest cost, accounting for 53.1% of revenue (Rs 125.07 crore) in FY26, followed by other operating expenses at 24.8% and employee costs at 6.1%. The business is in a heavy expansion phase, with capex of Rs 99.51 crore (42.3% of revenue) in FY26, funded by increased borrowings and a Rs 49.92 crore Rights Issue completed in August 2025. No dividend was declared for FY26; instead, the company issued bonus shares in a 1:1 ratio in March 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Pharmaceuticals, Nutraceuticals. Pharmaceutical manufacturer in a heavy capex-driven expansion phase, with new nutraceutical entry and international operations
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 114 | 140 | 154 | 198 | 235 |
| EBITDA (ex other income) | 10 | 18 | 24 | 31 | 37 |
| margin % | 9.1 | 12.6 | 15.6 | 15.9 | 15.5 |
| Owners' profit | 7 | 10 | 15 | 27 | 30 |
| EPS, as reported (₹) | 4.73 | 6.71 | 9.17 | 16.60 | 8.91 |
| ROE % · ROCE % | 4.4 · 7.7 | 5.5 · 11.2 | 7.7 · 14.4 | 12.4 · 17.3 | 10.7 · 13.2 |
| Debt / equity (x) | 0.15 | 0.15 | 0.18 | 0.25 | 0.32 |
| Cash from operations | 6 | 3 | (0) | 18 | 24 |
| Capex | (8) | (4) | 0 | 0 | (100) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 47 | 56 | 61 | 43 | 49 | 54 | 90 | 45 |
| Profit before tax | 10 | 8 | 14 | 3 | 9 | 6 | 20 | 4 |
| Net profit | 9 | 6 | 10 | 2 | 8 | 4 | 15 | 2 |
| EPS (₹) | 5.36 | 3.71 | 6.47 | 1.88 | 4.97 | 2.50 | 4.24 | 0.83 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,21,821 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,56,096 | 87.7 | 15.28 | 66.1 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,55,015 | 73.2 | 8.82 | 38.5 | 12.2 | 8.0 | 11.8 | 33.1 |
| LAURUS LABS LIMITED | 1,21,232 | 110.8 | 22.32 | 67.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| ZYDUS LIFESCIENCES LTD | 1,18,522 | 26.5 | 4.01 | 15.3 | 17.3 | 18.0 | 12.4 | 25.2 |
| DR. REDDY S LABORATORIES | 1,11,890 | 34.6 | 2.93 | 14.9 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,690 | 32.5 | 3.18 | 16.8 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,01,982 | 49.9 | 6.16 | 28.1 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.7 | 30.2 | 39 of 158 | 76% |
| P/B | 2.6 | 3.1 | 72 of 163 | 56% |
| ROCE | 11.5 | 10.8 | 85 of 183 | 54% |
| ROE | 10.7 | 9.8 | 81 of 166 | 52% |
| Debt / Equity | 0.3 | 0.2 | 116 of 166 | 30% |
| EBITDA margin | 13.0 | 17.5 | 103 of 165 | 38% |
| Revenue growth | 4.0 | 16.3 | 115 of 161 | 29% |
| Profit growth | (13.0) | 30.9 | 113 of 158 | 29% |
| Market cap | 732 | 801 | 94 of 181 | 48% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Kilitch Drugs schedules EGM and electronic voting for 16 November 2026 | compliance | minimal | — | — |
| 23 Oct 2026 · Extraordinary meeting to approve Ethiopia subsidiary sale and debt conversion | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Kilitch proposes USD 14 million sale of Ethiopian subsidiary | compliance | low | — | — |
| 22 Oct 2026 · Kilitch approves sale of Kilitch Estro Biotech stake and INR 57 crore debt conversion into equity | strategic transactions | high | — | — |
| 21 Oct 2026 · Independent Director Venkita S. Rajan resigns effective October 21, 2026 | management changes | medium | — | — |
| 8 Oct 2026 · Quarterly compliance certificate for dematerialisation of shares filed | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 27 Aug 2026 · Kilitch Drugs 34th AGM voting results: All 4 resolutions approved | compliance | minimal | — | — |
| 27 Aug 2026 · Kilitch Drugs India holds 34th AGM, four resolutions transacted | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Monitoring Agency Report on Rs 49.92 crore Rights Issue for Q1 FY27 | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.