KPL

Kwality Pharmaceuticals share price & financials

Price
₹2,702
Market cap
₹3.4k Cr
Sector
Healthcare
Calls analysed
2
Latest concall · Q1 FY27 · call held 10 Aug 2026

Kwality Pharmaceuticals Limited Q1 FY27

Gross Margin 53%

What went well

  • FY27 total sales revenue expected to be plus INR700 crores, with EBITDA margins between 26% to 27%.
  • Expecting 6-7 new product registrations per quarter, driving continuous revenue growth.
  • Outlined a comprehensive capex plan of INR185-190 crores for strategic growth areas including hormone, oncology, bioequivalence, and biosimilar R&D.

What to watch

  • Q1 FY27 gross margins stood at 53%, which is a contraction compared to the previous quarter's 56-57% and an unspecified year-on-year basis.
  • Oncology registrations are experiencing delays, now anticipated by Q4 FY27 instead of earlier timelines.
Read the full call →

What Kwality Pharmaceuticals Limited does

Kwality Pharmaceuticals develops and manufactures complex generic formulations — tablets, capsules, injectables, oncology and biologic products — across six dedicated manufacturing units spread over its Amritsar and Himachal Pradesh campuses. It earns primarily through an asset-light out-licensing and supply model, registering and selling its formulations through 100+ partner clients across LATAM, MENA, Europe, Asia and Africa, supplemented by direct CDMO (contract development and manufacturing) partnerships for global pharma companies. Its plants hold EU-GMP, PIC/S and WHO-GMP accreditations, and it is expanding into biosimilars (starting with an erythropoietin biosimilar) and monoclonal antibodies through in-house R&D.

Segments

  • Out-Licensing & Supply
  • CDMO (Contract Development & Manufacturing)
Manufacturing units
6 dedicated units (General, Beta Lactam, Oncology, Cephalosporins, Biologics, Hormones-under construction) across 2 campuses (Amritsar & Himachal Pradesh)
EU-GMP approved units
4 of 5 operating manufacturing units
Employees
1,700+, including 80+ in R&D
Countries served (exports)
70+ countries
Product portfolio
1000+ formulations across 25+ therapeutic areas
Global out-licensing clients
100+ clients across LATAM, MENA, Europe, Asia & Africa
Founded 1983Headquarters Amritsar, Punjab, IndiaEmployees 1,700

Guidance record · Q1 FY27

what the last two calls moved 19 tracked 0 delivered 1 missed 18 open
  • Q1 FY27 Revenue went quiet said Q4 FY26 Promised: ₹150 crores to ₹160 crores Q1 FY27: The Q1 FY27 earnings summary did not provide the actual consolidated revenue figure for the quarter, making it impossible to verify if the guided range of ₹150-160 crores was met.
  • FY27 Revenue revised up said Q4 FY26 Promised: ₹650 crores Q1 FY27: Management revised the FY27 revenue guidance upwards to 'plus INR700 crores', citing strong performance expectations and new registrations.
  • FY27 PAT on track said Q4 FY26 Promised: ₹100 crores Q1 FY27: Management revised FY27 revenue guidance upwards to over ₹700 crores while maintaining the EBITDA margin guidance of 26-27%. While a new PAT target was not explicitly stated, the higher revenue base suggests the ₹100 crore PAT target remains achievable.

All 19 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 45.9%, net profit up 116.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue90 84 116 111 111 +23%123 +46%157 +35%162 +46%
EBITDA20 18 26 24 25 +25%30 +67%39 +50%41 +71%
Net profit8 9 14 12 14 +75%16 +78%25 +79%26 +117%
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 +276.6% 1Y

₹1.0k₹2.0k₹3.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q4 FY26 — 15 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹967.35 on 10 Sept 2025 → ₹3,643.3. High ₹3,661.4 (8 Sept 2026), low ₹838.2 (11 Nov 2025).

How the price took the results

close before → close after

Q1 FY27
+20.0%
10 Aug

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 27.9% a year over 2 years, FY24 to FY26. Operating margin widened to 23.5%.

Year endingFY24FY25FY26
Revenue₹307 Cr₹370 Cr₹502 Cr
Operating profit₹67 Cr₹81 Cr₹118 Cr
Operating margin21.8%21.9%23.5%
Interest₹10 Cr₹9 Cr₹11 Cr
Depreciation₹20 Cr₹19 Cr₹20 Cr
Net profit₹23 Cr₹39 Cr₹67 Cr
Net margin7.5%10.5%13.3%
Cash from operations₹43 Cr₹53 Cr₹17 Cr
Free cash flow₹18 Cr₹28 Cr₹-29 Cr
ROCE16.0%18.0%24.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr₹10 Cr
Reserves₹52 Cr₹172 Cr₹192 Cr₹216 Cr₹280 Cr₹323 Cr
Borrowings₹41 Cr₹54 Cr₹90 Cr₹98 Cr₹110 Cr₹130 Cr
Other liabilities₹65 Cr₹106 Cr₹71 Cr₹74 Cr₹77 Cr₹132 Cr
Total liabilities₹169 Cr₹343 Cr₹364 Cr₹398 Cr₹478 Cr₹596 Cr
Fixed assets₹56 Cr₹91 Cr₹120 Cr₹138 Cr₹144 Cr₹154 Cr
Capital work in progress₹3 Cr₹12 Cr₹14 Cr₹0 Cr₹0 Cr₹17 Cr
Investments₹9 Cr₹4 Cr₹4 Cr₹4 Cr₹0 Cr₹4 Cr
Other assets₹102 Cr₹236 Cr₹226 Cr₹256 Cr₹334 Cr₹421 Cr
Total assets₹169 Cr₹343 Cr₹364 Cr₹398 Cr₹478 Cr₹596 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, the public trimmed −3.41 pp while FIIs added +3.13 pp. The shareholder count grew 31% to 13,279.

Promoters
54.9%
FIIs
3.1%
DIIs
0.6%
Public
41.5%

Since Jun 2025

  • Public −3.41 pp
  • FIIs +3.13 pp
  • DIIs +0.23 pp

How it drifted, 12 quarters

Over this window the public fell from 45.2% to 41.5% — −3.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 54.8%, DIIs 0.0%, Public 45.2%.Dec '23: Promoters 54.8%, DIIs 0.0%, Public 45.2%.Mar '24: Promoters 54.8%, Public 45.2%.Jun '24: Promoters 54.8%, Public 45.2%.Sep '24: Promoters 54.8%, DIIs 0.0%, Public 45.1%.Dec '24: Promoters 54.8%, DIIs 0.0%, Public 45.1%.Mar '25: Promoters 54.8%, DIIs 0.3%, Public 44.9%.Jun '25: Promoters 54.8%, DIIs 0.3%, Public 44.9%.Sep '25: Promoters 54.8%, DIIs 0.3%, Public 44.8%.Dec '25: Promoters 54.8%, FIIs 0.5%, DIIs 0.3%, Public 44.3%.Mar '26: Promoters 54.9%, FIIs 2.8%, DIIs 0.4%, Public 42.0%.Jun '26: Promoters 54.9%, FIIs 3.1%, DIIs 0.6%, Public 41.5%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of Kwality Pharmaceuticals Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ramesh Arora 26.03%unchanged
Ajay Arora 13.60%unchanged
Aditya Arora 11.96%unchanged
Deepak Bansal 8.39%−0.85 pp
Manohar Devabhaktuni 4.98%unchanged
Ark Global Emerging Companies, Lp FPI fund2.11%unchanged
Kadayam Ramnathan Bharat 1.98%unchanged
Dheeraj Kumar Lohia 1.66%−0.20 pp
Jani Bhasha Shaik 1.45%unchanged
Anju Arora 1.31%unchanged
Onkar Singh 1.09%unchanged
Geeta Arora 1.07%unchanged

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.

What the price assumes

Attractive

To justify its price of ₹3643, this stock must grow earnings at 28% every year for 7 years. Our analysis caps realistic growth at ~68%. At that growth it is worth ₹21364 — upside of 486%.

Growth the price implies
28.2% a year
for 7 years, fading to 4%
It has actually compounded at
70.7% a year
net profit, FY24–FY26 · EPS 67.8%
The gap
-0.4 pp
486% downside if it only repeats history
Price today ₹3,643.3 Value at the reference growth ₹21,363.93

Change the assumptions yourself →

All earnings calls (2)

Read the Q1 FY27 call →

Learn to analyse Kwality Pharmaceuticals Limited

Guides on how to read this kind of business and the numbers that matter.