Kopran Limited (KOPRAN) AI Stock Analysis

• Market Cap: ₹5.69B
• Dividend Yield: 1.96%
• Average Volume (3M): 13.07K
• Price to Earnings (P/E): 19.4
• Beta (1Y): 1.27
• Revenue Growth: -6.96%
• EPS Growth: -66.75%
• Country: IN
• Employees: 842
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - General
• EPS (TTM): 1.93
• Shares Outstanding: 48,285,606
• 10 Day Avg. Volume: 27,236
• 30 Day Avg. Volume: 13,071
• PEG Ratio: -0.96
• Price to Book (P/B): 1.74
• Price to Sales (P/S): 1.44
• P/FCF Ratio: -67.21
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹122.00 ▼(-19.84% Downside)
• Action: Reiterated Date: 12/03/25
• Date: Action: Reiterated 12/03/25

Kopran Limited's overall stock score is primarily influenced by its financial performance, which shows strong revenue growth and operational efficiency but faces challenges in cash flow conversion. Technical analysis indicates a bearish trend, and valuation metrics suggest the stock may be overvalued. The lack of earnings call and corporate events data limits further insights.

Positive Factors

Strong capitalization and low leverage

An equity ratio of ~61% and D/E of 0.29 indicate a conservatively financed balance sheet that supports regulatory compliance and capacity investments. This durable strength provides financial flexibility to fund manufacturing upgrades, absorb demand shocks, and pursue export opportunities without heavy reliance on debt.

Improved operational margins

A 35.7% gross margin and a materially higher EBIT margin reflect sustainable cost control and manufacturing efficiency. These operating improvements suggest the company can maintain competitive unit economics across APIs and formulations, supporting cash generation potential as volumes normalize over the medium term.

Integrated API and FDF business with export reach

Vertical presence in both APIs and finished dosages plus domestic and international distribution provides diversification in revenue sources and customers. This structural business model helps mitigate single-market risks, enables internal supply advantages, and supports scaling of higher-margin regulated-market exports over time.

Negative Factors

Negative free cash flow conversion

Negative free cash flow and a -0.35 FCF/net income ratio show earnings aren’t converting into cash after capex. Persistently weak FCF limits the firm’s ability to self-fund growth, pay sustained dividends, reduce leverage, or absorb regulatory capex without new external financing over the medium term.

Declining net profit margin

A drop in net margin from 8.4% to 6.1% despite revenue gains signals margin pressure from pricing, mix shifts, or higher non-operating costs. If persistent, lower net margins erode retained earnings growth and constrain reinvestment capacity, undermining long-term return on equity and shareholder value creation.

Sharp EPS contraction

A roughly 65% decline in EPS growth indicates material volatility in reported earnings, possibly from one-offs, cost spikes, or lower margins. Such large EPS contractions reduce investor confidence, limit the company's ability to raise equity on favorable terms, and signal operational or financial pressures that can persist.

Kopran Limited Business Overview & Revenue Model

Company Description

Kopran Limited, an integrated pharmaceutical company, manufactures and sells active pharmaceutical ingredients and finished dosage forms in India and internationally. The company offers its products in various dosage forms, including tablets, capsules, dry powder, suspension, and injectables. It also provides active pharmaceutical ingredients in the categories of macrolide, antibacterial, anticonvulsant, anti-hypertensive, anti-helmentics, anti-histamine, anti-acne, anti-infective, urological, anti-thrombotic, antidiabetic, pain management, gastroenterology, and cardiovascular. The company was incorporated in 1958 and is headquartered in Mumbai, India.

How the Company Makes Money

Kopran Limited makes money primarily by selling pharmaceutical products across two broad categories: (1) active pharmaceutical ingredients (APIs) and (2) finished dosage formulations (FDFs). Revenue is generated through (a) sales of APIs to other pharmaceutical companies that use these inputs to manufacture medicines, and (b) sales of finished formulations (e.g., tablets/capsules and other dosage forms) that are marketed to distributors, hospitals, pharmacies, and other channels. The company’s earnings are influenced by product mix (APIs vs. formulations), pricing and volume in the domestic market, export sales to regulated and semi-regulated markets, and the ability to maintain manufacturing utilization and compliance standards. Specific information on major customer/partner concentration, named strategic partnerships, or the exact split of revenue by segment is null.

Kopran Limited Financial Statement Overview

Summary

Kopran Limited shows strong revenue growth and operational efficiency improvements. The balance sheet indicates a robust equity position and prudent debt management. However, challenges exist in converting profits to free cash flow, and there is a decline in net profit margin and return on equity.

Income Statement

Kopran Limited has demonstrated steady revenue growth with a notable increase from 2024 to 2025, showing a revenue growth rate of 3.2%. The gross profit margin for 2025 is 35.7%, reflecting efficient cost management. However, net profit margin declined to 6.1% in 2025 from 8.4% in 2024, indicating pressure on net profitability despite higher revenues. The EBIT margin improved significantly to 26.1% in 2025, suggesting enhanced operational efficiency. EBITDA margin decreased slightly to 11.6% in 2025, indicating some challenges in maintaining earnings before amortization and depreciation.

Balance Sheet

The balance sheet reveals a solid equity base, with equity ratio improving to 61.4% in 2025, indicating strong capitalization. The debt-to-equity ratio is 0.29, reflecting prudent leverage. However, the return on equity has decreased to 7.4% in 2025 from 10.4% in 2024, highlighting challenges in generating returns from equity. The overall stability is strong, but there is room for improvement in leveraging equity more effectively.

Cash Flow

Kopran Limited faces challenges in cash flow management, with free cash flow remaining negative in 2025 despite operating cash flow being positive. The free cash flow to net income ratio is -0.35, indicating inefficiencies in converting profits into free cash flows. The operating cash flow to net income ratio is 1.09, suggesting that operating cash flow supports net income, but capital expenditures weigh heavily on free cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.92B	6.30B	6.15B	5.48B	4.74B	4.81B
Gross Profit	2.09B	2.25B	2.09B	1.86B	1.90B	1.67B
EBITDA	485.63M	729.00M	868.18M	548.77M	980.11M	997.82M
Net Income	175.99M	385.52M	509.56M	272.33M	610.31M	616.06M
Balance Sheet
Total Assets	8.13B	8.44B	7.43B	6.50B	6.11B	4.39B
Cash, Cash Equivalents and Short-Term Investments	372.08M	258.64M	80.91M	73.97M	58.68M	9.35M
Total Debt	1.57B	1.48B	992.28M	752.38M	745.49M	663.02M
Total Liabilities	3.12B	3.26B	2.52B	2.10B	1.85B	1.94B
Stockholders Equity	5.01B	5.18B	4.91B	4.39B	4.26B	2.45B
Cash Flow
Free Cash Flow	234.30M	-134.46M	-133.56M	-270.22M	-757.47M	355.37M
Operating Cash Flow	553.87M	419.42M	432.58M	340.23M	-334.75M	599.51M
Investing Cash Flow	-335.65M	-564.28M	-435.52M	-126.50M	-844.15M	-252.79M
Financing Cash Flow	-107.78M	258.68M	9.88M	-198.44M	1.23B	-345.71M

Kopran Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 152.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KOPRAN, the sentiment is Negative. The current price of 152.2 is above the 20-day moving average (MA) of 125.09, above the 50-day MA of 133.55, and below the 200-day MA of 156.25, indicating a bearish trend. The MACD of -4.92 indicates Positive momentum. The RSI at 38.05 is Neutral, neither overbought nor oversold. The STOCH value of 19.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KOPRAN.

Kopran Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LINCOLN	78 Outperform	₹11.99B	8.47	―	0.37%	―	―
SAKAR	66 Neutral	₹11.84B	22.21	―	―	24.20%	55.01%
WANBURY	64 Neutral	₹8.68B	12.53	―	―	8.92%	-5.56%
ANUHPHR	62 Neutral	₹7.71B	14.99	―	1.92%	14.09%	-34.41%
KOPRAN	57 Neutral	₹5.69B	19.44	―	1.96%	-6.96%	-66.75%
KILITCH	57 Neutral	₹5.58B	34.53	―	―	32.95%	67.39%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Kopran Limited Corporate Events

Kopran Closes Trading Window Ahead of Q3 Results Under SEBI Norms

Kopran Limited has announced that its trading window for dealing in the company’s securities will be closed for directors, designated persons and their immediate relatives from 1 January 2026 until 48 hours after the announcement of its unaudited financial results for the third quarter ended 31 December 2025, in line with SEBI’s Prohibition of Insider Trading Regulations and the company’s internal code for handling unpublished price-sensitive information. The board meeting date to consider and approve these Q3 FY2025-26 results will be communicated later, and the move underscores the company’s adherence to regulatory norms aimed at safeguarding market integrity and preventing insider trading during sensitive financial disclosure periods.