KOPRAN
Kopran financials
- Market cap
- ₹1.1k Cr
- Sector
- Healthcare
- Calls analysed
- 1
Kopran Q3 FY25
What went well
- Merger expected to be EPS accretive to Kopran Limited and create value for shareholders.
- Entry into the fast-growing Indian diagnostic industry, projected to reach $25 billion by FY28 with a 14% CAGR.
- Kopran Laboratories' strong growth trajectory, with FY24 top line increasing by approximately 45% to INR 103 crores.
What to watch
- Kopran Laboratories' 9-month revenue for the current year (INR 68-69 crores) appeared broadly muted compared to its full FY24 revenue (INR 103 crores), though management clarified this is due to Q4 seasonality.
What Kopran Limited does
Kopran Limited, established in 1958, is an integrated pharmaceutical company engaged in the development, manufacturing and global supply of Finished Dosage Forms (FDFs) and Active Pharmaceutical Ingredients (APIs). Its formulations vertical (run directly by Kopran Limited) makes Penicillin-based and Non-Penicillin-based oral solid dosage forms — tablets, capsules, dry powder and suspensions — that are 100% export-oriented to regulated and non-regulated markets. Its API vertical, operated through wholly-owned subsidiary Kopran Research Laboratories Limited (KRLL), develops and manufactures APIs and advanced intermediates (including Atenolol, sterile Carbapenems, Cephalosporins and Macrolides) for both export and domestic customers. A Scheme of Amalgamation to merge a separate group entity, Kopran Laboratories Limited (which markets diagnostic equipment, consumables and automation products to path labs and hospitals), into Kopran Limited has been Board-approved and is pending NCLT sanction.
Segments
- Formulations (Kopran Limited)
- APIs (Kopran Research Laboratories Ltd, wholly-owned subsidiary)
- Manufacturing/R&D sites
- 3 (Formulation unit – Khopoli, Maharashtra; API unit – Mahad, Maharashtra; API/R&D unit – Panoli, Gujarat, under construction)
- API products commercialised (Mahad facility)
- 26
- Formulation dosage forms manufactured
- 100+ (Tablets, Capsules, Dry Powder, Suspension)
- Formulations export footprint
- 60+ countries (100% export-oriented)
- Formulation regulatory approvals
- 15 countries incl. MHRA (UK), SAHPRA (South Africa), Health Canada, FDA Philippines, TMDA Tanzania
- API regulatory accreditations
- US FDA, EU GMP, WHO GMP, ANVISA
Guidance record · Q3 FY25
what the last two calls moved 5 tracked 0 delivered 0 missed 5 open- EBITDA Margin open said Q3 FY25 Promised: EBITDA margin is around 28% to 30% Q3 FY25: Management established 28-30% as the target operating margin for the Labs business.
All 5 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 22.3%, net profit up 90.9% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 74 | 72 | 76 | 51 | 42 −42% | 94 +30% | 118 +55% | 63 +22% |
| EBITDA | 10 | 11 | 12 | 5 | -3 −133% | 18 +55% | 27 +116% | 8 +67% |
| Net profit | 7 | 7 | 9 | 4 | -4 −160% | 12 +64% | 19 +118% | 7 +91% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +28.8% 1Y
1Y: ₹182.72 on 10 Sept 2025 → ₹235.26. High ₹245.87 (7 Sept 2026), low ₹108.04 (30 Mar 2026).
Financials, as filed
Revenue fell 17.8% a year over 3 years, FY23 to FY26. Operating margin widened to 15.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹550 Cr | ₹337 Cr | ₹271 Cr | ₹306 Cr |
| Operating profit | ₹48 Cr | ₹37 Cr | ₹39 Cr | ₹46 Cr |
| Operating margin | 8.7% | 10.9% | 14.3% | 15.1% |
| Interest | ₹6 Cr | ₹4 Cr | ₹4 Cr | ₹4 Cr |
| Depreciation | ₹12 Cr | ₹5 Cr | ₹5 Cr | ₹5 Cr |
| Net profit | ₹27 Cr | ₹35 Cr | ₹27 Cr | ₹30 Cr |
| Net margin | 4.9% | 10.3% | 9.9% | 9.9% |
| Cash from operations | ₹17 Cr | ₹35 Cr | ₹23 Cr | ₹30 Cr |
| Free cash flow | ₹11 Cr | ₹24 Cr | ₹6 Cr | ₹4 Cr |
| ROCE | 9.0% | 11.0% | 9.0% | 9.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹43 Cr | ₹48 Cr | ₹48 Cr | ₹48 Cr | ₹48 Cr | ₹48 Cr |
| Reserves | ₹204 Cr | ₹331 Cr | ₹347 Cr | ₹369 Cr | ₹453 Cr | ₹400 Cr |
| Borrowings | ₹16 Cr | ₹37 Cr | ₹28 Cr | ₹23 Cr | ₹157 Cr | ₹46 Cr |
| Other liabilities | ₹61 Cr | ₹48 Cr | ₹82 Cr | ₹71 Cr | ₹155 Cr | ₹112 Cr |
| Total liabilities | ₹324 Cr | ₹464 Cr | ₹506 Cr | ₹511 Cr | ₹813 Cr | ₹606 Cr |
| Fixed assets | ₹47 Cr | ₹46 Cr | ₹47 Cr | ₹52 Cr | ₹235 Cr | ₹82 Cr |
| Capital work in progress | ₹3 Cr | ₹3 Cr | ₹4 Cr | ₹5 Cr | ₹114 Cr | ₹8 Cr |
| Investments | ₹159 Cr | ₹259 Cr | ₹260 Cr | ₹261 Cr | ₹0 Cr | ₹265 Cr |
| Other assets | ₹115 Cr | ₹155 Cr | ₹195 Cr | ₹193 Cr | ₹465 Cr | ₹252 Cr |
| Total assets | ₹324 Cr | ₹464 Cr | ₹506 Cr | ₹511 Cr | ₹813 Cr | ₹606 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −0.25 pp while the public added +0.25 pp. The shareholder count shrank 5% to 56,925.
- Promoters
- 44.4%
- FIIs
- 0.5%
- Public
- 55.1%
Since Jun 2025
- FIIs −0.25 pp
- Public +0.25 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Ownership split by quarter, oldest first. Sep '23: Promoters 44.5%, FIIs 0.4%, DIIs 0.3%, Public 54.8%.Dec '23: Promoters 44.5%, FIIs 0.5%, DIIs 0.1%, Public 54.9%.Mar '24: Promoters 44.5%, FIIs 0.8%, DIIs 1.2%, Public 53.5%.Jun '24: Promoters 44.5%, FIIs 0.7%, DIIs 0.1%, Public 54.7%.Sep '24: Promoters 44.5%, FIIs 1.3%, DIIs 0.2%, Public 54.0%.Dec '24: Promoters 44.5%, FIIs 0.9%, Public 54.7%.Mar '25: Promoters 44.4%, FIIs 1.1%, Public 54.5%.Jun '25: Promoters 44.4%, FIIs 0.8%, Public 54.8%.Sep '25: Promoters 44.4%, FIIs 0.6%, Public 55.0%.Dec '25: Promoters 44.4%, FIIs 0.4%, Public 55.2%.Mar '26: Promoters 44.4%, FIIs 0.6%, Public 55.0%.Jun '26: Promoters 44.4%, FIIs 0.5%, Public 55.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Oriental Enterprises (Surendra Somani) newly disclosed 3.65% held
- Zaki Abbas Nasser newly disclosed 1.34% held
The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Kopran Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Oricon Enterprises Ltd | 12.88% | unchanged |
| Panorama Finvest Pvt Ltd | 7.87% | unchanged |
| Sarvamangal Mercantile Co Ltd | 6.01% | unchanged |
| United Shippers Ltd | 4.56% | unchanged |
| Oriental Enterprises (Surendra Somani) | 3.65% | newly disclosed |
| Varun Surendra Somani | 3.57% | unchanged |
| Surendra Somani | 2.00% | −1.65 pp |
| Vandana Somani | 2.00% | unchanged |
| Parijat Shipping And Finale Ltd. | 1.89% | unchanged |
| Madhuri Madhusudan Kela | 1.72% | unchanged |
| Laxminarayan Vyapaar P Ltd | 1.56% | unchanged |
| Zaki Abbas Nasser | 1.34% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Kopran Limited
Guides on how to read this kind of business and the numbers that matter.