Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Kilitch Drugs (India) Ltd

KILITCH
Pharma - Formulators

Kilitch Drugs (India) Ltd is coiled. The quarters are improving, yet the P/E sits at the 3rd percentile of its own 8-year range — the business is moving before the market.

The sharpest disagreement: profits are rising, but only 58% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.

The price is in a confirmed uptrend (4 weeks in) while the P/E sits at the 3rd percentile of its own 8-year range. Underneath, the last four quarters read improving — profit +50.0% year on year, and 58% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.

Stage
Mixed
partial read
Price
₹182
−17.4% 1Y
P/E
20.9×
3rd pctile
of its own 8-year range
Revenue (Mar 26)
₹90.0 Cr
+47.5% YoY
Profit (Mar 26)
₹15.0 Cr
+50.0% YoY
Operating margin
25.0%
+1.0 pp YoY
ROCE
14%
FY26
ROIC
9.0%
vs WACC 12.0% → −3.0 pp
Cash conversion
58%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Kilitch Drugs (India) Ltd trades at ₹182, in a confirmed uptrend and 4 weeks into that stage. That is +5.4% against its own 200-day average. It sits at 70% of a 52-week range of ₹128 to ₹206. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 4 of stage 2, confirmed. At ₹182 it trades +5.4% versus its 200-day average and sits at 70% of its 52-week range (₹128–₹206).

Jul 26: ₹182 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+5.4% versus the 200-day line, week 4 of stage 2
Price50-day avg200-day avg
S2S4S2S4₹238₹198₹157₹116₹74.9₹182₹173Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2S4₹238₹198₹157₹116₹74.9₹182₹173Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (546 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +365% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 3rd percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Kilitch Drugs (India) Ltd trades at 20.9× P/E, near the bottom of its own range — cheaper only 3% of the time. Its long-run median P/E is 39.6×, measured across 7.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 20.9× is near the bottom of its own range — cheaper only 3% of the time, against a long-run median of 39.6× measured over 7.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 20.9× vs a 39.6× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 7.8-year window; loss-period spikes above 119× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 3% of the time
P/EMedianEPS (TTM) (quarterly)
126.9×₹9.397.5×₹7.068.0×₹4.738.5×₹2.39.1×₹0.0×20.90×₹9Sep 18Apr 21Feb 23Nov 24Jul 26
126.9×₹9.397.5×₹7.068.0×₹4.738.5×₹2.39.1×₹0.0×20.90×₹9Sep 18Feb 23Jul 26
P/E
20.9×
3rd percentile of 8y

Why the multiple sits where it does: over the past year annual EPS moved +13.1% against a −17.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +18.1%/yr price move, ~+51.2%/yr came from earnings growth and ~−33.1 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Kilitch Drugs (India) Ltd reads as mixed on its fundamental arc. Mixed — revenue growth is rising at +47.5% (single-quarter readings) while profit growth is decelerating from its peak at +50.0% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
82%224%57%137%32%50%7.2%−37%−18%−124%%%47.5%50%14.9%Jun 23Sep 24Mar 26
82%224%57%137%32%50%7.2%−37%−18%−124%%%47.5%50%14.9%Jun 23Sep 24Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
16%15%13%11%9.5%%14%FY23FY24FY26
16%15%13%11%9.5%%14%FY23FY24FY26
Revenue growth
Rising
latest +47.5% · span −10.8% to +47.5%
Profit growth
Rolling over
latest +50.0% · span −100.0% to +100.0%
ROCE
Stuck low
latest 14.0% · span 10.0%–16.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +18.7% in FY26, profit +20.0% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
99%330%63%221%27%111%−9.3%0.0%−45%−109%%%18.7%20%FY16FY21FY26
99%330%63%221%27%111%−9.3%0.0%−45%−109%%%18.7%20%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+19.8%) with the last 8 annualized (+23.4%).
revenue rolling over, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
40%156%30%118%20%80%9.8%42%0.0%4.5%%%19.8%16%Jun 23Sep 24Mar 26
40%156%30%118%20%80%9.8%42%0.0%4.5%%%19.8%16%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+18.7%+18.8%+28.1%+27.3%
Profit+20.0%+55.4%+49.6%
EPS+13.1%+41.0%+51.3%
Share price−17.4%+27.6%+18.1%+26.5%
Revenue YoY (Mar 26)
+47.5%
latest quarter vs a year ago
Profit YoY (Mar 26)
+50.0%
latest quarter vs a year ago
Revenue 10y
27.3%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

53.7/100 — rank 20 of 43 in Pharma - Formulators · 83% evidence confidence

Kilitch Drugs (India) Ltd scores 53.7 out of 100 against the 43 companies it is compared with in Pharma - Formulators, ranking 20. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19 + 11.2 + 14.2 + 9.3 = 53.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Kilitch Drugs (India) Ltd reported ₹90.0 Cr of revenue in the Mar 26 quarter, +47.5% year on year. Over 10 years it has compounded at 27.3% a year. The last full year, FY26, came in at ₹235 Cr. The last four reported quarters add to ₹236 Cr.

Kilitch Drugs (India) Ltd reported ₹90.0 Cr of revenue in the Mar 26 quarter, +47.5% year on year. Over 10 years it has compounded at 27.3% a year. The last full year, FY26, came in at ₹235 Cr. The last four reported quarters add to ₹236 Cr.

FY26 revenue came in at ₹235 Cr (+18.7% on the year), capping 10 years at 27.3% compound. The latest quarter (Mar 26) printed ₹90.0 Cr, +47.5% year on year.

FY26 revenue ₹235 Cr (+18.7% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
27.3% a year over 10 years
RevenueYoY growth
25499%19063%12727%63−9.3%0−45%₹ Cr%₹23518.7%FY16FY21FY26
25499%19063%12727%63−9.3%0−45%₹ Cr%₹23518.7%FY16FY21FY26
Mar 26: ₹90.0 Cr (+47.5% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
9782%7357%4932%247.2%0−18%₹ Cr%₹9047.5%Jun 23Sep 24Mar 26
9782%7357%4932%247.2%0−18%₹ Cr%₹9047.5%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +19.6% growth against the decade's 27.3% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +19.8% over the last 4 quarters against +23.4%/yr over the last 8 — rolling over; TTM profit +16.0% vs +43.9%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 25.0% this quarter (+1.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Kilitch Drugs (India) Ltd's operating margin is 25.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −19.0% to 16.0%. The current quarter is running above every full year in that window.

Kilitch Drugs (India) Ltd's operating margin is 25.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged −19.0% to 16.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 25.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −19.0%–16.0%, and FY26's 16.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.9 pp year on year while gross margin went −2.4 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 16.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a −19.0–16.0% band over 13 years
operating marginYoY change (pp)
19%20%8.7%9.0%−1.5%−2.0%−12%−13%−22%−24%%%16%0%FY12FY20FY26
19%20%8.7%9.0%−1.5%−2.0%−12%−13%−22%−24%%%16%0%FY12FY20FY26
Mar 26: 25.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
27%11%21%4.6%15%−1.5%9.2%−7.6%3.4%−14%%%25%1%Jun 23Sep 24Mar 26
27%11%21%4.6%15%−1.5%9.2%−7.6%3.4%−14%%%25%1%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +50.0% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Kilitch Drugs (India) Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter, +50.0% year on year. Full-year FY26 profit was ₹30.0 Cr. That is 16.7% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr.

Kilitch Drugs (India) Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter, +50.0% year on year. Full-year FY26 profit was ₹30.0 Cr. That is 16.7% of the quarter's revenue. The same quarter a year earlier earned ₹10.0 Cr.

Mar 26 profit was ₹15.0 Cr, +50.0% year on year. On the full year, FY26 printed ₹30.0 Cr (+20.0%).

FY26 profit ₹30.0 Cr (+20.0% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
33330%21221%10113%−20.0%−14−105%₹ Cr%₹3020%FY16FY21FY26
33330%21221%10113%−20.0%−14−105%₹ Cr%₹3020%FY16FY21FY26
Mar 26: ₹15.0 Cr (+50.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
16224%12137%850%4−37%0−124%₹ Cr%₹1550%Jun 23Sep 24Mar 26
16224%12137%850%4−37%0−124%₹ Cr%₹1550%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +47.5% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +1.9% vs revenue +19.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 58% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 58% of Kilitch Drugs (India) Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹24.0 Cr of operating cash against ₹30.0 Cr of profit. After ₹100 Cr of capital spending, ₹−76.0 Cr was left as free cash.

FY26: operating cash of ₹24.0 Cr against reported profit of ₹30.0 Cr, leaving free cash of ₹−76.0 Cr after ₹100 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 58% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹24.0 Cr vs profit ₹30.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY19/FY22 reflects an acquisition year — point shown clipped.
58% of 3-year profit arrived as cash
Operating cashNet profitFree cash
5620−15−50−86₹ Cr₹24₹30₹−76FY16FY21FY26
5620−15−50−86₹ Cr₹24₹30₹−76FY16FY21FY26
FY26: CFO = 80% of profit (three-year rate 58%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
325%234%143%52%−39%%80%FY16FY21FY26
325%234%143%52%−39%%80%FY16FY21FY26

🚨 Why conversion sits at 58%: the cash cycle stretched 356 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 356 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the −11-day cycle, in money terms.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Kilitch Drugs (India) Ltd's cash conversion cycle runs −11 days in FY26, up from −367 days in FY21. Capital spending ran ₹149 Cr over the last 3 years. At FY26 sales of ₹235 Cr each day of that cycle holds about ₹0.6 Cr, so roughly ₹−7.0 Cr sits inside the business at any moment.

FY26: debtors at 186 days, inventory at 33 days — roughly 1.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −11 days, looser than FY21's −367.

The full loop: cash goes out to suppliers and production on day 0; stock waits 33 days to sell; customers pay about 186 days after that; and suppliers themselves are paid at 230 days — netting out to the −11-day cycle.

In money terms: at FY26 sales of ₹235 Cr, each day of the cycle holds about ₹0.6 Cr — so the −11-day loop keeps roughly ₹−7.0 Cr sitting inside the business at any moment.

FY26: a −11-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+356 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
59633879−180−438days−11d33d186d230dFY12FY17FY20FY23FY26
59633879−180−438days−11d33d186d230dFY12FY20FY26

On the investment side: capital spending of ₹149 Cr over the last 3 fiscal years against ₹10.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹140 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹100 Cr, work-in-progress ₹140 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
1531055810−38₹ Cr₹100₹140FY16FY18FY21FY23FY26
1531055810−38₹ Cr₹100₹140FY16FY21FY26

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 14% and the ROIC − WACC spread is −3.0 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Kilitch Drugs (India) Ltd earns a ROCE of 14% in FY26. That is up from a trough of −10% in FY16. Return on invested capital clears the cost of that capital by −3.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 12.8% net margin on 0.51× asset turns.

FY26 ROCE is 14%, recovered from a FY16 trough of −10% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 12.8% net margin × 0.51× asset turns × 1.64× balance-sheet leverage ≈ 10.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 9.0% − 12.0% = a −3.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 14% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 12-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY16's −10%
ROCEROIC (annual)WACC
18%11%3.0%−4.5%−12%%14%10.3%FY12FY20FY26
18%11%3.0%−4.5%−12%%14%10.3%FY12FY20FY26
Q4 FY26: ROCE 9.8% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
14%12%10%8.7%6.9%%9.8%10.2%Q1 FY24Q2 FY25Q4 FY26
14%12%10%8.7%6.9%%9.8%10.2%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.32.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Kilitch Drugs (India) Ltd carries total debt of ₹89.0 Cr against shareholder equity of ₹277 Cr as of Mar 26, a debt-to-equity of 0.32. On the annual view that ratio went from 0.14 in FY22 to 0.32 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹89.0 Cr against shareholder equity of ₹277 Cr — a debt-to-equity of 0.32. On the annual view, debt-to-equity went from 0.14 (FY22) to 0.32 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹89.0 Cr at 0.32× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
960.33×720.28×480.23×240.18×00.13×₹ Cr×₹890.32×FY22FY24FY26
960.33×720.28×480.23×240.18×00.13×₹ Cr×₹890.32×FY22FY24FY26
Mar 26: debt ₹89.0 Cr, debt-to-equity 0.32 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
960.33×720.28×480.23×240.19×00.14×₹ Cr×₹890.32×Jun 23Sep 24Mar 26
960.33×720.28×480.23×240.19×00.14×₹ Cr×₹890.32×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Promoters cut 5.5 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 5.5 points of Kilitch Drugs (India) Ltd over 8 quarters, the biggest move on the register. That takes promoters to 63.8% of the company. Foreign institutions moved +0.1 points over the same window, to 0.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −5.5 points over 8 quarters to 63.8%; Foreign institutions: +0.1 points over 8 quarters to 0.1%.

🚨 Why the register moved: promoters drove it (−5.5 points) — distribution into the market’s bid.

Fiscal-year ends: promoters −5.5 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Public
75%55%35%15%−5.5%%63.8%0%36.2%Mar 24Mar 25Mar 26
75%55%35%15%−5.5%%63.8%0%36.2%Mar 24Mar 25Mar 26
Promoters cut 5.5 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Public
75%55%35%15%−5.5%%63.8%0.1%36.1%Jun 23Dec 24Jun 26
75%55%35%15%−5.5%%63.8%0.1%36.1%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Kilitch Drugs (India) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Pharma - Formulators Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Kilitch Drugs (India) Ltd this page20.9×₹629 CrMixed
Sun Pharmaceutical Industries Ltd37.5×₹4.7L CrImproving
Torrent Pharmaceuticals Ltd86.1×₹1.9L CrConsistent
Cipla Ltd31.8×₹1.1L CrDeteriorating
Zydus Lifesciences Ltd20.4×₹1.1L CrConsistent
Lupin Ltd19.1×₹1.1L CrConsistent
Mankind Pharma Ltd51.4×₹1L CrTurning around
Dr Reddys Laboratories Ltd29.8×₹96,130 CrDeteriorating
Aurobindo Pharma Ltd25.1×₹88,979 CrMixed
Biocon Ltd182.0×₹70,672 CrDeteriorating
Alkem Laboratories Ltd27.6×₹67,357 CrMixed
Glenmark Pharmaceuticals Ltd21.0×₹61,858 CrNo read
Ipca Laboratories Ltd37.9×₹44,720 CrConsistent
Ajanta Pharma Ltd37.3×₹42,097 CrConsistent
J B Chemicals & Pharmaceuticals Ltd53.8×₹38,677 CrTopping out
Emcure Pharmaceuticals Ltd37.7×₹35,679 CrMixed
Wockhardt Ltd106.0×₹30,048 CrNo read
Rubicon Research Ltd102.0×₹25,141 CrNo read
ERIS Lifesciences Ltd30.7×₹19,409 CrTurning around
Caplin Point Laboratories Ltd29.2×₹18,753 CrConsistent
Natco Pharma Ltd11.6×₹16,504 CrTopping out
Alembic Pharmaceuticals Ltd21.4×₹15,678 CrTurning around
Corona Remedies Ltd64.7×₹12,923 CrNo read
Marksans Pharma Ltd26.7×₹11,161 CrConsistent
Akums Drugs & Pharmaceuticals Ltd40.3×₹10,818 CrNo read
Strides Pharma Science Ltd16.6×₹9,402 CrNo read
Suven Life Sciences Ltd₹8,929 CrNo read
FDC Ltd22.6×₹6,723 CrTurning around
Bliss GVS Pharma Ltd37.4×₹4,927 CrTurning around
RPG Life Sciences Ltd44.3×₹4,858 Cr
Gufic BioSciences Ltd59.2×₹3,799 CrNo read
Kwality Pharmaceuticals Ltd42.5×₹2,886 CrConsistent
Kwality Pharmaceuticals Ltd36.6×₹2,483 CrConsistent
Sai Parenterals Ltd166.0×₹2,366 Cr
Indoco Remedies Ltd₹2,247 CrNo read
Fredun Pharmaceuticals Ltd45.4×₹1,480 CrNo read
Amrutanjan Health Care Ltd22.8×₹1,472 CrMixed
Accent Microcell Ltd27.1×₹1,187 CrNo read
Lincoln Pharmaceuticals Ltd13.2×₹1,162 CrTurning around
Bajaj Healthcare Ltd19.3×₹1,088 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Kilitch Drugs (India) Ltd's share price today?

Kilitch Drugs (India) Ltd trades at ₹182, −17.4% over the past year. The company is valued at ₹629 Cr. The stock sits at 70% of its 52-week range of ₹128–₹206, +5.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 4 weeks in. — as of 24 July 2026.

What were Kilitch Drugs (India) Ltd's latest quarterly results?

Kilitch Drugs (India) Ltd reported revenue of ₹90.0 Cr and net profit of ₹15.0 Cr for the Mar 26 quarter. Revenue rose 47.5% and profit rose 50.0% year on year. Earnings per share were ₹4.15. The operating margin was 25.0%, 1.0 pp higher than a year earlier. — as of 24 July 2026.

What is Kilitch Drugs (India) Ltd's revenue?

Kilitch Drugs (India) Ltd reported revenue of ₹90.0 Cr in the Mar 26 quarter, +47.5% year on year. For the full FY26 fiscal year, revenue was ₹235 Cr (+18.7%). Over the last 10 years revenue compounded at 27.3% a year. — as of 24 July 2026.

What is Kilitch Drugs (India) Ltd's profit?

Kilitch Drugs (India) Ltd earned ₹15.0 Cr of net profit in the Mar 26 quarter, +50.0% year on year. Full-year FY26 profit was ₹30.0 Cr. The operating margin ran 25.0% in the latest quarter. — as of 24 July 2026.

What is Kilitch Drugs (India) Ltd's market cap?

Kilitch Drugs (India) Ltd's market capitalisation is ₹629 Cr at a share price of ₹182. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Kilitch Drugs (India) Ltd's P/E ratio?

Kilitch Drugs (India) Ltd trades at a P/E of 20.9×, at the 3rd percentile of its own 8-year range, against a long-run median of 39.6×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Kilitch Drugs (India) Ltd pay a dividend?

Not in its latest year — Kilitch Drugs (India) Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 3 of its last 13 reported fiscal years, so there is a history but no current dividend. — as of 24 July 2026.

Is Kilitch Drugs (India) Ltd overvalued?

On its own history, Kilitch Drugs (India) Ltd looks cheap against its own history: its P/E of 20.9× has been cheaper only 3% of the time in 8 years (long-run median 39.6×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Kilitch Drugs (India) Ltd growing?

Yes — Kilitch Drugs (India) Ltd is growing: latest-quarter revenue +47.5% year on year, profit +50.0%, and the margin +1.0 pp at 25.0%. The earnings engine currently reads: improving — as of 24 July 2026.

How is Kilitch Drugs (India) Ltd performing?

Kilitch Drugs (India) Ltd is in a confirmed uptrend, 4 weeks in. Its latest quarter's revenue rose 47.5% and profit rose 50.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 1 week. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Kilitch Drugs (India) Ltd in?

Mixed — revenue growth is rising at +47.5% (single-quarter readings) while profit growth is decelerating from its peak at +50.0% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +47.5% latest, profit growth +50.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Kilitch Drugs (India) Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 4 of stage 2), trading +5.4% versus its 200-day average and at 70% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Kilitch Drugs (India) Ltd beating the market?

Not lately — on a trailing-13-week view Kilitch Drugs (India) Ltd is currently behind the NIFTY 500 (1 week and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +365% against the NIFTY 500's +274% — ahead of the index over the full window. — as of 24 July 2026.

Will Kilitch Drugs (India) Ltd's share price go up?

This page publishes no price forecast for Kilitch Drugs (India) Ltd. What it measures instead: the share price is ₹182, the price is in a confirmed uptrend 4 weeks in. Its P/E of 20.9× sits at the 3rd percentile of its own 8-year range. — as of 24 July 2026.

Who owns Kilitch Drugs (India) Ltd?

Promoters hold 63.8% of Kilitch Drugs (India) Ltd, foreign institutions 0.1%, domestic institutions null% and the public 36.1% (latest quarter). The biggest move on the register over the last two years: Promoters cut 5.5 points over 8 quarters. — as of 24 July 2026.

Does Kilitch Drugs (India) Ltd have too much debt?

It is moderate — Kilitch Drugs (India) Ltd's debt-to-equity is 0.32, and operating profit covers the interest bill 6×. FY26 borrowings were ₹89.0 Cr against equity of ₹280 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Kilitch Drugs (India) Ltd's capex?

Kilitch Drugs (India) Ltd spent ₹149 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹100 Cr, with ₹140 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Kilitch Drugs (India) Ltd's cash flow?

Kilitch Drugs (India) Ltd generated ₹24.0 Cr of operating cash flow in FY26 and ₹−76.0 Cr of free cash flow after ₹100 Cr of capital spending. Reported profit that year was ₹30.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Kilitch Drugs (India) Ltd's profit real cash?

Not fully — over the last 3 fiscal years, 58% of Kilitch Drugs (India) Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹24.0 Cr against reported profit of ₹30.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.

Where is Kilitch Drugs (India) Ltd in its business cycle?

Kilitch Drugs (India) Ltd's FY26 operating margin was 16.0%, against a 13-year band of −19.0%–16.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 25.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Kilitch Drugs (India) Ltd story?

The sharpest disagreement: profits are rising, but only 58% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Kilitch Drugs (India) Ltd a stock worth studying right now?

This is not investment advice. The machine read: Kilitch Drugs (India) Ltd is coiled. The quarters are improving, yet the P/E sits at the 3rd percentile of its own 8-year range — the business is moving before the market. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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