NSE: KPL · BSE: 539997
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Oncology formulations (22%), Other generic formulations (OSD, hormones, biosimilars). Export-heavy generic pharmaceutical formulations manufacturer shifting mix from semi-regulated to high-regulated markets; asset-heavy with ongoing capex into oncology, hormones and biosimilars.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 456 | 251 | 307 | 370 | 503 |
| EBITDA (ex other income) | — | 44 | 59 | 80 | 117 |
| margin % | — | 17.4 | 19.3 | 21.7 | 23.3 |
| Owners' profit | — | 19 | 24 | 40 | 67 |
| EPS, as reported (₹) | 115.64 | 18.16 | 22.76 | 38.36 | 64.90 |
| ROE % · ROCE % | — · 78.2 | 9.7 · 13.9 | 10.6 · 17.1 | 15.2 · 23.0 | 20.4 · 27.4 |
| Debt / equity (x) | — | 0.45 | 0.44 | 0.43 | 0.40 |
| Cash from operations | 64 | 41 | 43 | 53 | 17 |
| Capex | — | (48) | (30) | (23) | (45) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 80 | 90 | 84 | 116 | 111 | 111 | 123 | 157 |
| Profit before tax | 11 | 13 | 11 | 19 | 17 | 18 | 22 | 32 |
| Net profit | 8 | 8 | 9 | 14 | 12 | 14 | 16 | 25 |
| EPS (₹) | 8.04 | 8.15 | 8.21 | 13.95 | 11.49 | 13.60 | 15.42 | 24.39 |
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 | 4,22,229 | 34.9 | 5.03 | 22.6 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,48,067 | 84.9 | 14.80 | 64.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,270 | 73.8 | 8.89 | 38.8 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,10,978 | 24.8 | 3.75 | 14.4 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,07,937 | 98.6 | 19.87 | 60.1 | 16.4 | 17.2 | 7.2 | 32.0 |
| CIPLA LTD | 1,05,570 | 31.3 | 3.06 | 16.1 | 11.2 | 14.7 | 8.0 | 19.7 |
| DR. REDDY S LABORATORIES | 98,530 | 30.5 | 2.58 | 13.2 | 10.9 | 13.0 | 12.1 | 15.0 |
| MANKIND PHARMA LIMITED | 98,294 | 48.1 | 5.94 | 27.1 | 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) | 54.2 | 31.2 | 122 of 158 | 23% |
| P/B | 11.1 | 3.1 | 148 of 163 | 9% |
| ROCE | 24.4 | 10.8 | 16 of 183 | 92% |
| ROE | 20.4 | 9.8 | 18 of 166 | 90% |
| Debt / Equity | 0.4 | 0.2 | 123 of 166 | 26% |
| EBITDA margin | 25.3 | 17.5 | 51 of 165 | 70% |
| Revenue growth | 35.8 | 16.3 | 35 of 161 | 79% |
| Profit growth | 74.8 | 30.9 | 47 of 158 | 71% |
| Market cap | 3648 | 857 | 66 of 181 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 28 Sept 2026 · Trading Window to Close Ahead of September Quarter Results | compliance | minimal | — | — |
| 2 Sept 2026 · Independent Director regularized, WTD reappointed at Kwality Pharma | management changes | medium | — | — |
| 2 Sept 2026 · All 6 resolutions passed at 43rd AGM of Kwality Pharmaceuticals | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Kwality Pharmaceuticals 43rd AGM held; 6 resolutions voted on | board shareholder meetings | low | — | — |
| 13 Aug 2026 · Newspaper Publication of Unaudited Q1 FY27 Financial Results | compliance | minimal | — | — |
| 12 Aug 2026 · Investors/Analysts meet held on Aug 10, 2026, no UPSI shared | investor communications | low | — | — |
| 12 Aug 2026 · Q1FY27 call: INR700cr FY27 guidance, INR1500cr FY30 target | investor communications | medium | — | — |
| 12 Aug 2026 · Q1 FY27 Call: FY27 Revenue Hiked to INR 700 Crore, FY30 Target INR 1500 Crore | investor communications | medium | — | — |
| 10 Aug 2026 · Kwality Pharma Q1FY27 Presentation - FY27 Guidance Raised | investor communications | medium | — | — |
| 10 Aug 2026 · Kwality Pharma Q1 FY27: revenue up 46% YoY, PAT up 115%, margins expand | results | high | — | — |
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.