Kwality Pharmaceuticals Ltd.

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kwalitypharma.comBSE: 539997NSE: KPL

Market Cap₹ 3,519 Cr.

Current Price

High / Low₹ 3,744 / 1,561

Stock P/E43.4

Book Value₹ 345

Price to Book4.08

Dividend Yield0.00 %

ROCE23.9 %

ROE22.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Company has delivered good profit growth of 34.3% CAGR over last 5 years
Latest quarter profit grew 114.8% YoY, showing strong momentum
Company comfortably covers its interest (9.2x coverage)
Company generates healthy free cash flow
Institutional investors have been accumulating - FII+DII up 3.4pp
Attractively priced for its growth - PEG of 0.8

CONS

Receivables are growing faster than sales - a possible quality concern
Valuation is stretched - P/E of 43.4 is well above its own 5-year median (20.1)
Recurring exceptional / one-off items are inflating headline profit
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcarePharmaceuticals & Drugs

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	SUNPHARMA	1933.00	38.34	463791.45	0.83	2901.23	26.53	15299.88	10.98	19.11	28.81
2.	DIVISLAB	9232.00	83.79	245080.59	0.33	902.00	65.50	3080.00	27.80	21.51	40.75
3.	TORNTPHARM	5004.40	87.28	190351.29	0.76	566.00	3.28	4921.00	57.32	19.27	33.81
4.	ZYDUSLIFE	1151.20	25.44	114832.64	0.09	990.20	-34.90	8017.00	23.97	21.39	24.54
5.	CIPLA	1413.15	33.87	114162.52	0.92	785.55	-39.18	7119.28	4.13	16.00	16.73
6.	LAURUSLABS	1863.00	92.06	100660.17	0.11	362.07	123.94	2026.31	29.10	18.20	31.50
7.	LUPIN	2152.60	17.80	98431.05	0.84	1416.98	16.01	8276.89	34.28	28.86	29.59
8.	MANKIND	2380.00	48.13	98304.73	0.04	574.09	29.12	4030.59	12.89	13.24	26.30
9.	DRREDDY	1161.00	30.07	96906.34	0.69	435.60	-69.10	8099.80	-5.21	13.75	10.63
10.	AUROPHARMA	1656.30	25.67	95299.84	0.24	1032.03	25.22	9150.35	17.44	12.76	20.54
11.	GLENMARK	2451.70	38.49	69193.02	0.10	482.83	927.88	4018.48	31.35	20.35	20.03
12.	KPL	3390.95	43.41	3518.52	0.00	256.22	2049.50	1623.52	1356.35	24.01	25.27

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	67	70	78	92	80	90	84	116	111	111	123	157	162
	54	54	61	71	63	70	67	90	87	86	93	118	129
Operating Profit	14	15	17	7	17	20	18	26	24	25	28	39	41
OPM %	20.47%	21.92%	21.38%	7.24%	21.68%	21.86%	20.73%	22.38%	21.69%	22.77%	22.92%	24.70%	25.27%
Other Income	0	0	1	1	0	0	1	1	0	1	1	1	1
Interest	2	2	3	3	2	3	2	2	3	3	2	3	3
Depreciation	5	5	5	5	4	5	5	5	5	5	5	5	5
	7	8	10	6	11	13	11	19	17	18	22	32	34
Tax %	24.72%	23.75%	21.17%	28.04%	24.87%	32.59%	25.15%	24.04%	29.99%	23.52%	28.41%	20.09%	24.61%
Net Profit	5	6	8	4	8	8	9	14	12	14	16	25	26
	5	6	7	4	8	8	8	14	12	14	15	24	2
Equity Capital	10	10	10	10	10	10	10	10	10	10	10	10	10
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	95	137	165	139	262	456	251	307	370	503	554
	87	125	150	125	232	284	190	241	290	385	427
Operating Profit	10	13	16	18	31	175	64	68	82	121	—
OPM %	11	9	10	13	12	38	25	22	22	24	—
Other Income	2	1	1	4	2	4	3	2	2	3	3
Interest	2	2	2	3	3	3	7	10	10	11	11
Depreciation	2	3	3	4	6	11	15	20	18	20	20
	6	8	11	11	22	162	26	31	54	89	106
Tax %	41	38	31	24	29	26	24	24	26	25	24
Net Profit	3	5	8	8	15	120	19	24	40	67	81
EPS	7	5	7	8	15	115	18	23	38	65	—
Dividend Payout %	9	0	0	0	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	3	5	7	8	15	116	19	23	38	65	—

COMPOUNDED SALES GROWTH

10 Years:: 21%
5 Years:: 14%
3 Years:: 26%

COMPOUNDED PROFIT GROWTH

10 Years:: 43%
5 Years:: 34%
3 Years:: 51%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 26%
5 Years:: 32%
3 Years:: 17%
Last Year:: 23%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	5	10	10	10	10	10	10	10	10	10
	21	21	28	37	52	172	192	216	255	323
	15	21	19	21	16	34	63	66	83	85
Trade Payables	13	22	17	23	26	35	35	44	56	102
	18	23	33	43	64	92	56	61	44	73
Total Liabilities	72	98	107	134	169	343	357	398	449	593
ASSETS	-	-	-	-	-	-	-	-	-	-
	14	15	22	42	56	91	120	138	144	154
Capital Work in Progress	1	4	6	0	3	12	14	0	0	17
	7	9	8	8	9	4	4	4	4	4
	14	15	11	22	17	53	86	78	83	78
	0	0	0	0	0	0	0	116	156	281
Cash & Bank	2	1	0	1	5	11	6	5	14	4
	34	54	59	62	79	172	127	56	47	55
Total Assets	72	98	107	134	169	343	357	398	449	593
Total Debt	19	26	28	35	41	54	90	98	112	130
Net Working Capital	11	12	14	21	28	89	82	92	115	181
Contingent Liabilities	2	3	5	1	1	0	1	0	37	37
Book Value per Share	49.22	29.15	36.46	44.62	59.47	175.17	193.93	216.98	255.44	320.51
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4	-0	13	6	26	59	42	43	53	17
Cash from Investing	-7	-6	-12	-17	-23	-63	-48	-26	-28	-35
Cash from Financing	5	5	-2	12	1	6	1	-17	-14	7
	1	-1	-1	1	4	2	-5	-0	10	-11
Free Cash Flow	-3	-6	1	-9	4	4	-2	21	28	-30
OCF / Net Profit	1.17	-0.02	1.72	0.67	1.71	0.49	2.17	1.81	1.32	0.25
Cumulative 5-Year FCF	0	0	0	0	-13	-7	-2	18	55	22

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	6.63	4.51	7.27	8.13	14.86	115.69	18.76	23.11	38.44	64.90
Book Value (₹)	49.22	29.15	36.46	44.62	59.47	175.17	193.93	216.98	255.44	320.51
Dividend per Share (₹)	0.60	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	5.60	7.26	10.22	12.36	21.06	125.95	33.14	41.92	56.04	83.98
PROFITABILITY
Operating Margin %	10.55%	9.20%	9.79%	13.01%	11.80%	38.42%	25.43%	21.69%	21.73%	23.50%
Net Margin %	3.61%	3.42%	4.57%	6.08%	5.89%	26.32%	7.76%	7.81%	10.78%	13.39%
ROE %	14.58%	16.76%	22.17%	20.05%	28.55%	98.61%	10.17%	11.25%	16.28%	22.54%
ROCE %	19.51%	19.37%	21.47%	18.53%	26.51%	97.19%	12.28%	13.62%	18.30%	23.90%
	5.53%	5.51%	7.37%	6.98%	10.17%	46.95%	5.57%	6.36%	9.42%	12.92%
EFFICIENCY
Debtor Days	81	80	84	91	48	43	105	112	134	159
Inventory Days	43	38	29	44	28	28	102	98	80	59
Payable Days	59	62	60	84	54	78	183	162	157	160
	65	56	53	51	21	-6	23	48	57	57
FINANCIAL HEALTH
Debt to Equity (x)	0.74x	0.85x	0.74x	0.76x	0.67x	0.30x	0.45x	0.44x	0.42x	0.39x
Interest Coverage (x)	4.10x	4.46x	5.93x	5.45x	9.33x	56.42x	4.90x	4.03x	6.49x	9.16x
	1.26x	1.20x	1.22x	1.31x	1.35x	1.64x	1.65x	1.60x	1.68x	1.80x
GROWTH
Revenue Growth %	25.63%	43.54%	20.70%	-16.03%	88.56%	74.43%	-44.97%	22.38%	20.52%	35.89%
Operating Profit Growth %	68.68%	25.21%	28.39%	11.58%	71.04%	468.01%	-63.58%	7.28%	20.30%	47.02%
Net Profit Growth %	82.42%	35.97%	61.41%	11.72%	82.83%	678.76%	-83.78%	23.19%	66.32%	68.83%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	23.19%	66.32%	68.83%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	17.71x	22.61x	20.13x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.89x	3.40x	4.08x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	7.56x	12.14x	12.24x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	54.83	54.83	54.83	54.83	54.83	54.83	54.83	54.87	54.86
	0.00	0.00	0.00	0.00	0.00	0.00	0.50	2.79	3.13
	0.00	0.02	0.03	0.32	0.33	0.33	0.33	0.36	0.56
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	45.17	45.15	45.14	44.86	44.84	44.84	44.34	41.98	41.44

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

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