KWALITY PHARMACEUTICALS L

Manufactures and exports generic pharmaceutical formulations — oral solid dosages, oncology products, hormones, and biosimilars — to markets in MENA/GCC, Africa, Europe, Latin America and India. FY26 revenue was INR 503 crore, up 36% YoY, with oncology contributing INR 100-120 crore (~20-25% of mix). Four of five manufacturing units are EU-GMP approved, and German GMP registrations are expected within two months, opening access to high-regulated European markets. The pipeline spans 40+ OSD molecules, a Pembrolizumab biosimilar approved by CDSCO for pilot preclinical batches, an Erythropoietin biosimilar, and 3+ monoclonal antibodies. A bioequivalence programme covers 30+ molecules across oncology, cardiology, anti-diabetics and anti-hypertensives, with 55 regulatory submissions made in FY26 and ~10 approved. Materials account for 47.9% of revenue and employee costs 10.7%. Oncology capacity utilisation has moved from 30-35% to 65% following Annexure 1 compliance, and Unit 6 (hormones) is under construction with WHO GMP targeted for November 2026. Cash conversion cycle improved from 208 to 170 days.