Kwality Pharmaceuticals Ltd(KPL)

NSE: KPLBSE: 539997

₹ 3,599.7-0.60%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 3,735 crWebsite: www.kwalitypharma.comUpdated: 24 Oct 2026

About

Kwality Pharmaceuticals Ltd (KPL) is an Indian injectable-focused pharmaceutical company that develops and supplies complex injectables, oncology products, hormones and biologics to more than 50 countries across LATAM, MENA, GCC and Southeast Asia. In FY26 the company recorded revenue of ₹503 Cr, up 36% year-on-year, operating five dedicated manufacturing units in Amritsar and Himachal Pradesh. KPL's business model is predominantly out-licensing and supply, with 90% of revenue derived from these arrangements.^[1][2][3][4]

Business model and revenue mix

90% of revenue in FY26 came from out-licensing and product supplies; the remainder from domestic and other arrangements.^[3]
Geographic mix in FY26: LATAM ~30% (Mexico 65 - 70% of that segment), GCC including Iraq and Kurdistan ~25%, MENA ~20%, Southeast Asia 10 - 15%, India ~5%.^[2]
Algeria alone contributed ₹80 - 90 Cr in FY26.^[2]

Products and therapeutic portfolio

Core portfolio centres on complex injectables: Propofol Emulsion (20+ filed, 10+ approved globally), Amphotericin B Liposomal (10+ filed, 7+ approved), Leuprolide Depot (10+ filed, 4+ approved) and Paclitaxel Nano Albumin Bound (5+ filed, 2+ approved) as of Q4 FY25.^[4]
Regulatory filings grew from 75 in FY23 to 200 in FY26.^[3][2]
Biologics pipeline includes Erythropoietin (EPO) in clinical trials, with clinical data submission targeted Oct - Nov 2026 and India registration targeted by end CY26; Etanercept POC established with clinical trials targeted Q1 FY27.^[2][4]
Three monoclonal antibodies - Pembrolizumab (Keytruda biosimilar), Nivolumab and Pertuzumab - under development with Algerian partner Hikma Pharma as of Q4 FY26.^[2]
Peg Asparaginase was launched in India with partners as of Q4 FY25.^[4]

Manufacturing and regulatory approvals

Five dedicated manufacturing units in Amritsar and Himachal Pradesh covering Generic, Beta Lactam, Cephalosporins, Oncology and Biologics as of Q4 FY25.^[4]
Oncology and Cephalosporin units hold EU GMP approval; SFDA approval obtained for Generic and Beta Lactam units as of Q4 FY25.^[4]
EU GMP, Russian and Ukraine audits completed by Q3 FY26, enabling supplies to Mexico and South Africa.^[3]
New hormone manufacturing facility (Unit 6) under construction as of Q3 FY26, with commencement expected in H2 FY26.^[3]

Key operating numbers

Oncology capacity utilisation jumped from 35% to 65% in FY26, driven by EU Annexure 1 guideline changes that redirected demand to KPL.^[2]
Gross margin was ~49% in FY26; in-house R&D spend was ₹5 - 6 Cr annually in FY26.^[2]
Cash conversion cycle improved to 170 days in FY26 from 208 days in FY25.^[2]
R&D team comprised 80+ personnel as of FY25 - FY26, with 40+ bioequivalence programmes ongoing as of Q3 FY26.^[4][3]
Revenue CAGR over three years FY23 - FY25 was 21.4%.^[4]

Customers and distribution

KPL supplies to 50+ countries; no single named non-partner customer disclosed. Algerian partner Hikma Pharma named for MAB co-development as of Q4 FY26.^[2]
Initiated first supplies to the regulated markets of Mexico and South Africa in Q3 FY26.^[3]
₹60 - 70 Cr in delayed receivables from Middle Eastern markets was outstanding in FY26; approximately 40% (~₹25 Cr) had been recovered by Q4 FY26.^[2]

Expansion and capex

₹50 Cr oncology expansion underway to add new lyophilizer lines, with no stated completion date as of Q4 FY26.^[2]
Total planned capex of ₹260 - 270 Cr across hormones, oncology, biosimilars and R&D; ₹90 Cr earmarked for FY27 and ₹90 - 100 Cr for FY28.^[2]
EPO filing planned in 50 countries in Q4 FY27 following India commercialisation.^[2]
Seven to eight EU regulated-market registrations targeted before end CY2027; first four expected from Germany.^[2]

Recent developments

ICRA upgraded KPL's credit rating to BBB+ during FY26.^[2]
Alteplase was dropped from the biologics pipeline in FY26 due to patient availability constraints and replaced by Pembrolizumab.^[2]
KPL plans to onboard KPMG as auditor within one to two quarters from Q4 FY26 (targeted by end CY2026).^[2]
36 additional bioequivalence studies planned for FY27, including 10 hormonal BE products.^[2]

Market Cap

₹3,735 Cr

High / Low

₹3,848 / 829

Stock P/E

43.5

Price / Book

10.6

Book Value

₹320

EPS

₹64.9

No. of Shares

1.04 Cr

ROCE

24.3%

ROE

22.6%

OPM

20.0%

Debt / Equity

0.39

Sales

₹503 Cr

Net Profit

₹67 Cr

Promoter holding

54.9%

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