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Quest Laboratories Ltd

QUESTLAB

NSE

₹90.20-2.17%19 Oct 2026

Reports

Pharma Formulations

Quest Laboratories Ltd

QUESTLAB

NSE

₹90.20

-2.17%

19 Oct 2026

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Pharma Formulations

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.

Quest Laboratories is a pharmaceutical factory that makes the pills, syrups and ointments you find in chemists’ shops and government hospitals - it was founded in 1998 in Pithampur, Madhya Pradesh, and listed on the NSE’s small-company platform in 2024. Everything the company does flows from a single manufacturing campus and a simple operating rhythm: hold regulatory approvals for a very wide catalogue of medicines, then route those products to customers through three distinct channels - franchise salespeople who carry the brand to doctors, bulk government tenders, and export traders - so that the same factory output reaches many different buyers without the company having to build its own consumer brand or retail network.

Business segments

A single manufacturing engine that makes over a thousand approved formulations, sold through three distribution channels - franchise, government tender and export - with an injectable facility under construction as its next act.

1. Pharmaceutical formulations: the factory that supplies everyone

One plant in Pithampur makes tablets, liquids, powders and ointments across more than a dozen therapy areas, then pushes them out through franchise partners, public-sector tenders and export traders - three routes that share the same production lines.

A catalogue built for breadth, not blockbusters - the company holds approvals for over 1,300 formulations and keeps 394-plus products active, manufacturing 250-300 different formulations each year depending on what the market is asking for. That means it can supply antibiotics, antimalarials, diabetes pills, antidepressants, respiratory medicines and antiallergics all from the same building, so no single drug or therapy makes or breaks the business.
Franchise reps carry the brand to doctors - under the Propaganda Cum Distribution (PCD) model, the company appoints regional franchise partners who promote Quest’s ethical and generic drugs to prescribing doctors in their territory, giving the company a sales force without putting one on its own payroll.
Government orders fill the plant with guaranteed volumes - the company bids for state and central government tenders, securing bulk orders for public hospitals and institutions at pre-agreed prices, which provides predictable production runs alongside the more variable franchise business.
Export traders buy from the factory gate - through the merchant export model, international buyers purchase finished medicines ex-works from Pithampur, so Quest gets foreign sales without having to register products abroad or manage overseas distribution itself. The company also makes medicines for other firms under contract manufacturing arrangements.
The plant runs on in-house testing and development - the factory houses its own formulation development, quality control and product stability labs, and the company puts 2% of revenue into R&D for formulation and dosage work, so it can develop new variants and test raw materials without outsourcing. Daily capacity stands at more than 9 million tablets and over 1,000 kg of ointments.

2. Injectable facility: the next factory line, built for regulated markets

A USFDA-compliant injectable plant is being built on the same Pithampur campus to add oncology vials, ampoules and dry injections - products that command higher barriers to entry and open doors to tightly regulated export markets.

Built, not bought - the company is constructing the injectable lines from the ground up at its existing site, with dedicated capacity for oncology drugs, ampoules, vials and dry injections, alongside a parallel capsule production line.
USFDA compliance is the whole point - the dry injection and ampoule line is being developed to meet United States Food and Drug Administration standards, which means the facility is designed from the start for markets where regulatory approval is the hardest to get and the most valuable once obtained.
Funded by the 2024 IPO - the capital expenditure for the injectable plant and other machinery is being drawn from the ₹26 crore raised in the public offering, of which roughly ₹2.7 crore had been spent by the end of FY25, leaving the bulk of the funds still to be deployed.

3. International exports: a Myanmar anchor deal and a scatter of African orders

Export sales began in 2025, anchored by a five-year exclusive distribution agreement in Myanmar and supplemented by spot orders from a dozen African and Southeast Asian countries - an early-stage push that uses a partner’s local legs rather than building Quest’s own.

Registration costs are shared, IP stays home - Quest pays the Myanmar FDA product registration costs (half upfront, half after dossier submission), but retains all intellectual property, formulation know-how and manufacturing processes; the distributor can only use that IP for registration and marketing in Myanmar.
African orders are small but multiplying - the company has received orders from Angola, Mali, Niger, Nigeria, Togo, Burkina Faso and Benin, and is developing markets in Kenya and East Africa, with a ₹2 crore order from Angola landing in May 2025.
Payment before dispatch - export orders require 30% advance on the purchase order and the remaining 70% before the goods leave the factory, or payment via an irrevocable letter of credit from a recognised international bank, so Quest carries minimal counterparty risk on these sales.

Group structure and partners

Quest Laboratories is a standalone company with no subsidiaries, associates or joint ventures - it operates a single factory, sells through arm’s-length franchise and export partners, and has no inter-company loans or investments.

The Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries, associates or joint ventures, and has not raised any loans during the year on the pledge of securities held in its subsidiaries, associates or joint ventures.
The sole international distribution partner is TOPS Co. Ltd. in Myanmar, appointed under a five-year exclusive agreement that is not a related-party transaction.
Shares are listed on the NSE SME Emerge Platform and held in dematerialised form with CDSL and NSDL; the registrar and share transfer agent is Bigshare Services Pvt Ltd.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹148Cr

Close Price

₹90.20

Industry

Pharma Formulations

Price To Earnings

9.86

Price To Sales

1.32

Revenue

₹112Cr

Rev Gr TTM

Revenue Growth TTM

7.61%

PAT Gr TTM

PAT Growth TTM

44.95%

Standalone

Numbers

Percentage

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue RevenueCr	15	27	15	46	23	26	31	32
Growth YoY Revenue Growth YoY%					52.0	-6.4	106.3	-30.3
Expenses ExpensesCr	13	19	14	46	19	22	24	28
Operating Profit Operating ProfitCr	2	9	1	1	4	3	7	4
OPM OPM%	11.7	32.1	4.5	1.7	16.4	13.2	22.5	12.8
Other Income Other IncomeCr	0	1	0	3	2	1	1	-1
Interest Expense Interest ExpenseCr	0	0	0	0	1	1	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0
PBT PBTCr	2	9	1	4	5	4	7	2
Tax TaxCr	0	3	0	2	1	0	3	0
PAT PATCr	1	6	1	2	4	4	4	3
Growth YoY PAT Growth YoY%					177.0	-33.7	416.7	47.9
NPM NPM%	9.7	22.1	5.3	4.2	17.7	15.7	13.2	8.9
EPS EPS₹	0.9	3.7	0.5	1.2	2.5	2.5	2.5	1.7

Quarter	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue RevenueCr	15	27	15	46	23	26	31	32
Growth YoY Revenue Growth YoY%					52.0	-6.4	106.3	-30.3
Expenses ExpensesCr	13	19	14	46	19	22	24	28
Operating Profit Operating ProfitCr	2	9	1	1	4	3	7	4
OPM OPM%	11.7	32.1	4.5	1.7	16.4	13.2	22.5	12.8
Other Income Other IncomeCr	0	1	0	3	2	1	1	-1
Interest Expense Interest ExpenseCr	0	0	0	0	1	1	0	0
Depreciation DepreciationCr	0	0	0	0	0	0	0	0
PBT PBTCr	2	9	1	4	5	4	7	2
Tax TaxCr	0	3	0	2	1	0	3	0
PAT PATCr	1	6	1	2	4	4	4	3
Growth YoY PAT Growth YoY%					177.0	-33.7	416.7	47.9
NPM NPM%	9.7	22.1	5.3	4.2	17.7	15.7	13.2	8.9
EPS EPS₹	0.9	3.7	0.5	1.2	2.5	2.5	2.5	1.7

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	30	59	62	83	104	112
Growth Revenue Growth%		95.9	3.6	33.9	25.9	7.6
Expenses ExpensesCr	29	53	54	67	88	94
Operating Profit Operating ProfitCr	1	6	8	16	16	18
OPM OPM%	4.7	10.9	12.7	18.9	15.4	16.3
Other Income Other IncomeCr	0	0	0	0	4	2
Interest Expense Interest ExpenseCr	0	0	1	1	1	2
Depreciation DepreciationCr	0	0	1	1	1	1
PBT PBTCr	1	6	7	14	19	18
Tax TaxCr	0	2	2	4	5	3
PAT PATCr	1	4	5	10	14	15
Growth PAT Growth%		526.7	22.9	100.1	34.4	9.6
NPM NPM%	2.2	6.9	8.2	12.2	13.1	13.3
EPS EPS₹	6.1	38.0	46.8	6.2	8.3	9.2

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	30	59	62	83	104	112
Growth Revenue Growth%		95.9	3.6	33.9	25.9	7.6
Expenses ExpensesCr	29	53	54	67	88	94
Operating Profit Operating ProfitCr	1	6	8	16	16	18
OPM OPM%	4.7	10.9	12.7	18.9	15.4	16.3
Other Income Other IncomeCr	0	0	0	0	4	2
Interest Expense Interest ExpenseCr	0	0	1	1	1	2
Depreciation DepreciationCr	0	0	1	1	1	1
PBT PBTCr	1	6	7	14	19	18
Tax TaxCr	0	2	2	4	5	3
PAT PATCr	1	4	5	10	14	15
Growth PAT Growth%		526.7	22.9	100.1	34.4	9.6
NPM NPM%	2.2	6.9	8.2	12.2	13.1	13.3
EPS EPS₹	6.1	38.0	46.8	6.2	8.3	9.2

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	12	16	16
Reserves ReservesCr	5	9	14	17	65	80
Current Liabilities Current LiabilitiesCr	11	23	29	30	37	14
Non Current Liabilities Non Current LiabilitiesCr	2	2	3	2	3	2
Total Liabilities Total LiabilitiesCr	18	35	47	61	122	112
Current Assets Current AssetsCr	12	27	34	50	107	93
Non Current Assets Non Current AssetsCr	6	8	13	10	15	20
Total Assets Total AssetsCr	18	35	47	61	122	112

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	1	1	1	12	16	16
Reserves ReservesCr	5	9	14	17	65	80
Current Liabilities Current LiabilitiesCr	11	23	29	30	37	14
Non Current Liabilities Non Current LiabilitiesCr	2	2	3	2	3	2
Total Liabilities Total LiabilitiesCr	18	35	47	61	122	112
Current Assets Current AssetsCr	12	27	34	50	107	93
Non Current Assets Non Current AssetsCr	6	8	13	10	15	20
Total Assets Total AssetsCr	18	35	47	61	122	112

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	3	4	3	-23	-11
Investing Cash Flow Investing Cash FlowCr	-1	-2	-4	-5	-41	35
Financing Cash Flow Financing Cash FlowCr	0	0	0	2	67	-24
Net Cash Flow Net Cash FlowCr	0	1	0	0	4	0
Free Cash Flow Free Cash FlowCr	0	2	1	2	-23	-16
CFO To PAT CFO To PAT%	159.9	84.2	76.9	29.9	-171.7	-71.6
CFO To EBITDA CFO To EBITDA%	73.8	53.4	49.5	19.4	-145.7	-58.3

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	1	3	4	3	-23	-11
Investing Cash Flow Investing Cash FlowCr	-1	-2	-4	-5	-41	35
Financing Cash Flow Financing Cash FlowCr	0	0	0	2	67	-24
Net Cash Flow Net Cash FlowCr	0	1	0	0	4	0
Free Cash Flow Free Cash FlowCr	0	2	1	2	-23	-16
CFO To PAT CFO To PAT%	159.9	84.2	76.9	29.9	-171.7	-71.6
CFO To EBITDA CFO To EBITDA%	73.8	53.4	49.5	19.4	-145.7	-58.3

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					168	171	148
Price To Earnings Price To Earnings					12.2	11.5	9.9
Price To Sales Price To Sales					1.6	1.5	1.3
Price To Book Price To Book					2.0	1.8	1.5
EV To EBITDA EV To EBITDA					12.4	9.8	8.7
Profitability Ratios Profitability Ratios
GPM GPM%	17.4	23.7	31.4	34.9	22.5	21.8	21.8
OPM OPM%	4.7	10.9	12.7	18.9	15.4	16.3	16.3
NPM NPM%	2.2	6.9	8.2	12.2	13.1	13.3	13.3
ROCE ROCE%	12.3	46.2	39.2	45.1	17.5	18.9	18.9
ROE ROE%	11.1	41.1	33.4	35.2	16.6	15.4	15.4
ROA ROA%	3.6	11.8	10.8	16.7	11.2	13.3	13.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					168	171	148
Price To Earnings Price To Earnings					12.2	11.5	9.9
Price To Sales Price To Sales					1.6	1.5	1.3
Price To Book Price To Book					2.0	1.8	1.5
EV To EBITDA EV To EBITDA					12.4	9.8	8.7
Profitability Ratios Profitability Ratios
GPM GPM%	17.4	23.7	31.4	34.9	22.5	21.8	21.8
OPM OPM%	4.7	10.9	12.7	18.9	15.4	16.3	16.3
NPM NPM%	2.2	6.9	8.2	12.2	13.1	13.3	13.3
ROCE ROCE%	12.3	46.2	39.2	45.1	17.5	18.9	18.9
ROE ROE%	11.1	41.1	33.4	35.2	16.6	15.4	15.4
ROA ROA%	3.6	11.8	10.8	16.7	11.2	13.3	13.3
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	BROOKS	CORALAB	MEDICO	QUESTLAB	PARNAXLAB	APL	MAKERSL
Market CapitalizationMkt CapCr	193	190	180	148	125	123	123
Close PriceClose₹	65.54	532.00	21.68	90.20	108.95	112.90	209.00
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	14.60	9.90	12.98	9.86	13.99	94.87	36.10
Price To SalesPS	2.32	1.97	0.76	1.32	0.50	4.84	0.83
RevenueRevenueCr	83	97	238	112	252	25	148
Revenue Growth TTMRev Gr TTM%	-7.7%	-5.4%	50.0%	7.6%	31.9%	1.7%	17.6%
PAT Growth TTMPAT Gr TTM%	550.7%	7.3%	33.8%	45.0%	-17.3%	0.4%	-13.3%

	BROOKS	CORALAB	MEDICO	QUESTLAB	PARNAXLAB	APL	MAKERSL
Market CapitalizationMkt CapCr	193	190	180	148	125	123	123
Close PriceClose₹	65.54	532.00	21.68	90.20	108.95	112.90	209.00
IndustryIndustry	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations	Pharma Formulations
Price To EarningsPE	14.60	9.90	12.98	9.86	13.99	94.87	36.10
Price To SalesPS	2.32	1.97	0.76	1.32	0.50	4.84	0.83
RevenueRevenueCr	83	97	238	112	252	25	148
Revenue Growth TTMRev Gr TTM%	-7.7%	-5.4%	50.0%	7.6%	31.9%	1.7%	17.6%
PAT Growth TTMPAT Gr TTM%	550.7%	7.3%	33.8%	45.0%	-17.3%	0.4%	-13.3%