Key Metrics of Kwality Pharmaceuticals Limited
About Kwality Pharmaceuticals Limited
Sectors
Company details
- Listed
- NSE: KPL · ₹3,515.90
Operational Areas of Kwality Pharmaceuticals Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
PositiveUpgraded by ICRA on 07 May 2026 (from B+)
WatchIssuer not cooperating with ICRA (rating based on limited information)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 07 May 2026 | ICRA | Upgraded (from B+) | BBB+ | A2 | Stable | ₹200 Cr | View |
Credit strengths (ICRA, May 2026)
+ Established operational track record in the pharmaceutical industry
KPL has an established track record of operations in pharmaceutical formulations manufacturing.
+ Diversified geographical presence
KPL has a well-diversified geographical presence across semi-regulated markets including markets in Asia, Africa and Latin America.
+ Diversified product profile including healthy contribution from complex products
The company has a well-diversified product portfolio, having developed more than 1,000 formulations across more than 25 therapeutic areas with more than 600 regulatory filings across the globe.
+ Healthy financial profile
KPL has a healthy financial profile, characterised by comfortable coverage and leverage indicators and an adequate liquidity position.
Credit challenges
− Moderate scale of operations
The company remains a moderate-sized player in the formulations industry with an OI of Rs. 376.1 crore in FY2025 and Rs. 346.0 crore in 9M FY2026.
− High working capital intensity
Being in a growth phase in several semi-regulated markets, KPL offers a relatively longer payment period to its customers, resulting in a high debtor cycle.
Could lead to an upgrade
ICRA could upgrade KPL’s ratings if the company witnesses a healthy growth in revenue and earnings , driven by scaling up of its new product launches including the biosimilars, while maintaining adequate
Could lead to a downgrade
Negative pressure on KPL’s ratings could arise in case of considerable pressure on revenues and earnings and/or a higher-than expected debt-funded capex or further stretch in the working capital cycle results in deterioration in the company’s credit metrics. A specific metric that could cause a downgrade of KPL’s ratings is if the total debt/OPBDITA is above 2.5 times on a sustained basis.
Agency-reported financials (ICRA, 07 May 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Operating income (OI) | ₹309 Cr | ₹372 Cr | ₹346 Cr |
| PAT | ₹23.60 Cr | ₹39.80 Cr | ₹42.00 Cr |
| OPBDIT/OI | 22.0% | 22.0% | 23.0% |
| PAT/OI | 7.7% | 10.7% | 12.2% |
| Total outside liabilities/Tangible net worth (times) | 0.80× | 0.70× | — |
| Total debt/OPBDIT (times) | 1.40× | 1.40× | — |
| Interest coverage (times) | 6.50× | 8.30× | 9.80× |
| Revenue growth (YoY) | — | 20.4% | — |
| EBITDA (margin × income) | ₹67.91 Cr | ₹81.75 Cr | ₹79.58 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹95.07 Cr | ₹114 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹10.45 Cr | ₹9.85 Cr | ₹8.12 Cr |
Borrowings & rated debt
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term – Fund- () based term loans | Term loans | ₹22.0 Cr | ₹40.0 Cr | 81.8% | BBB+ (Stable) | Upgraded | ICRA |
| Long-term/Short-term – Fund-based/Non | Working capital & bank lines | — | ₹160 Cr | — | BBB+ / A2 (Stable) | Upgraded | ICRA |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Not cooperating since 07 May 2026 (5 months) |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 19% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 40% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 9.8×
- Issuer not cooperating with the rating agency
Rated limits by facility
Timeline
From the report
Its liquidity position is also adequate, aided by cash, cash equivalents and liquid investments of Rs. 34.1 crore and unutilised working capital limits of around Rs. 40 crore as on September 30, 2025. 2 The ratings, however, are constrained by KPL’s high working capital intensity of operations, with an NWC/OI of 50.2% in FY2025.
From the report
Liquidity position: Adequate KPL’s liquidity is Adequate, evidenced by its cash and liquid investments aggregating to approximately Rs. 34.0 crore as of September 30, 2025 and undrawn working capital limits of around Rs. 40 crore.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Kwality Pharmaceuticals Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Dr. Reddy's Laboratories |
Part of Dr. Reddy's Laboratories. | drreddys.com | 1984 | India |
 Aurobindo Pharma |
Part of Aurobindo Pharma. | aurobindo.com | 1986 | Hyderabad, India |
 Cipla |
Part of Cipla. | cipla.com | 1935 | Mumbai, India |
| Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | lupin.com | 1968 | India | |
 Glenmark Pharmaceuticals |
Part of Glenmark Pharmaceuticals. | glenmarkpharma.com | 1977 | Mumbai, India |
| Part of Biocon. | biocon.com | 1978 | Bangalore, India | |
 Alkem Laboratories Limited |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | alkemlabs.com | 1973 | Mumbai, Maharashtra, India |
 Torrent Pharmaceuticals |
Formulations & Contract Manufacturing · Pharmaceuticals & Healthcare | torrentpharma.com | 1959 | Ahmedabad, India |
| Aster DM Quality Care Limited | Discovered Companies · Other Industries | — | — | Hyderabad, Telangana, India |
 Thomas Cook India |
Part of Thomas Cook Group. | thomascook.in | 1978 | Mumbai, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Pharmaceuticals
Filings
No filings on record yet.