Kwality Pharmaceutical Ltd, which has doubled its turnover to ₹500 crore in three years, has raised its FY27 revenue guidance to over ₹700 crore from ₹650 crore and is targeting more than ₹1,000 crore by FY29.
“Over the longer term, we continue to work toward doubling revenue over the next three years, with a goal of ₹1,000 crore plus in topline by FY29,” Managing Director Ramesh Kumar said in a letter to shareholders.
Growth target raised
The company expects profitability to scale alongside revenue, with further upside depending on the pace of approvals, registrations and commercialisation across priority markets.
In FY23, the pharmaceutical company reported revenue of ₹250 crore and had set a target of doubling the business by FY26. It closed FY26 with consolidated revenue from operations of ₹503 crore, achieving that target.
Revenue grows 36%
“That is the three-year story. Within a single year as well, on a year-on-year basis, FY26 revenue grew nearly 36% over FY25’s ₹370 crore. Profitability grew faster than revenue in FY26,” he said.
The growth was driven by a richer product mix, higher contribution from regulated and semi-regulated markets, operating leverage and stronger traction in registration-led business across key geographies.
Cash cycle improves
The company faced challenges during FY26 as the conflict in the Middle East and West Asia disrupted regional supply chains and delayed customer payments. Debtor days rose to 208 during the period.
“We responded by tightening inventory management and payables, which brought our overall cash conversion cycle down from 208 days to 170 days even while the external environment remained difficult. That cycle has improved further in Q1 FY27,” he said.
Biologics pipeline expands
During the year, the company initiated a bioequivalence programme covering more than 40 oral solid dosage molecules to support global filings and utilise existing capacity more effectively.
“We also took further steps into biologics, with development underway on three new monoclonal antibodies, all currently under global patent protection. We shall be among the first wave of generic entrants once these patents expire,” he said.
New capacity added
Erythropoietin, marketed as Kwalipoietin, is the company’s first biologic. It achieved successful pre-clinical outcomes during FY26 and is on track for a planned CY27 launch, subject to regulatory approvals.
Capital expenditure continued with a dedicated hormone manufacturing facility and capacity enhancement in oncology and biologics, supported by advanced automation.
Headquartered in Amritsar, Kwality Pharmaceutical produces finished pharmaceutical formulations across diverse dosage forms and complex therapeutic categories for domestic and international markets.