IOL Chemicals & Pharmaceuticals Ltd(IOLCP)

NSE: IOLCPBSE: 524164

₹ 163.4-4.72%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 4,796 crNext results: 30 Oct 2026Website: www. iolcp.comUpdated: 24 Oct 2026

About

IOL Chemicals & Pharmaceuticals Ltd manufactures active pharmaceutical ingredients (APIs) and industrial chemicals at its integrated site in Punjab, India. It is one of the world's largest producers of Ibuprofen and holds 14 DMFs with the USFDA and 21 CEPs with the EDQM.^[1][2][3]

API portfolio

Non-Ibuprofen APIs contributed 43% of pharma revenue in Q1 FY27, up from 36% in Q1 FY26 and 18% in FY21, with revenue growing 67% YoY; key products include Paracetamol, Clopidogrel, Pantoprazole, Metformin and Fenofibrate.^[3][4]
Minoxidil was commercialised in FY26 after receipt of its CEP; Pantoprazole capacity was expanded to 276 MTPA in FY26.^[4]
Chemical segment produces Ethyl Acetate and Acetic Anhydride; Ethyl Acetate capacity was expanded to 1,20,000 MTPA and ran at 98 - 100% utilisation in Q4 FY26; ~60% of Acetic Anhydride output is consumed captively for Paracetamol.^[4][5]

Manufacturing capacity and utilisation

Total installed API capacity stands at 30,726 MTPA as of Q1 FY27.^[3]
Paracetamol Unit 11 (10,800 MTPA, commissioned March 2025) ran at ~55% utilisation in Q1 FY27; management targets ~70% by end of FY27.^[3]
Core APIs - Ibuprofen, Metformin, Clopidogrel and Fenofibrate - averaged 85 - 95% capacity utilisation in Q4 FY26; apart from Paracetamol, most assets run at 80 - 95% in Q1 FY27.^[4][3]
A new CDMO formulations facility with capacity of ~1,500 million tablets per annum (or equivalent Direct Compressible Grade volume) has received EU GMP certification; commercialisation is targeted in Q3 FY27.^[3]
Triacetin production started May 2026 at 6,000 MTPA; the company is seeking regulatory approvals and expects steady-state revenue potential of ₹120 Cr/year.^[3]

Regulatory filings

The company holds 14 DMFs with the USFDA and 21 CEPs with the EDQM as of Q1 FY27.^[3]
NMPA (China) approved Clopidogrel in Q1 FY27, expanding the company's regulatory reach into the Chinese market.^[3]
EU GMP re-inspection in Q2 FY26 concluded with no major observations, only recommendations.^[5]
R&D spend was ₹26 Cr in FY26.^[3]

Customers and exports

Export contribution rose to 28.5% of revenue in Q1 FY27, up from 24.4% in Q1 FY26 and 24% for full-year FY26.^[3][4]
The new CDMO formulations business is customer-led by existing European anchor customers seeking bulk tablets rather than APIs; supply contracts are 3 - 5 years in duration.^[3]
IOL Pharmaxis UK, a wholly-owned subsidiary, was incorporated in October 2025 to strengthen proximity to European customers.^[5]

Expansion and capex

Ibuprofen capacity is being expanded by 6,000 MTPA to 18,000 MTPA total; the new fully backward-integrated facility carries capex of ~₹350 Cr and is targeted for commissioning by December 2027.^[3]
A dedicated specialty chemical facility is being built under a long-term tolling arrangement with a leading global chemical company; the product is new to IOL's portfolio.^[3]
The three strategic initiatives (Ibuprofen expansion, CDMO formulations, specialty chemical tolling) carry combined capex of ~₹500 Cr across FY27 - FY28, funded entirely through internal accruals; ~30% had been incurred as of Q1 FY27.^[3]
A 101-acre greenfield site on the Chandigarh-Bathinda highway is in development: most statutory approvals are secured and initial base work has started; total planned outlay is ₹1,200 - 1,400 Cr at ₹200 - 250 Cr/year over 4 - 5 years, separate from the ₹500 Cr announced above.^[3][4]
FY27 capex is guided at ₹200 - 250 Cr, of which ~60% is for growth and new products and ~40% for infrastructure and efficiency.^[3]

Recent developments

In Q1 FY27, IOL announced its entry into CDMO formulations, receiving EU GMP certification for the new tablet facility and targeting commercial sales in Q3 FY27.^[3]
Triacetin, a new product, began production in May 2026; the company is pursuing regulatory approvals and expects capacity ramp-up over 2 - 3 quarters.^[3]
FY26 capex of ₹160 Cr was funded entirely through internal accruals; net operating cash flow was ₹214.4 Cr in FY26 vs ₹178.7 Cr in FY25.^[4]

Market Cap

₹4,796 Cr

High / Low

₹224 / 67

Stock P/E

34.0

Price / Book

3.2

Book Value

₹61

EPS

₹4.7

No. of Shares

29.35 Cr

ROCE

11.2%

ROE

7.9%

OPM

9.0%

Debt / Equity

0.07

Sales

₹2,319 Cr

Net Profit

₹138 Cr

Promoter holding

62.3%

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IOL Chemicals & Pharmaceuticals Ltd(IOLCP)

About

API portfolio

Manufacturing capacity and utilisation

Regulatory filings

Customers and exports

Expansion and capex

Recent developments

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