Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Quest Laboratories Ltd. (QUESTLAB)
SME CapPharma stocks · SME cap · NSE
Quest Laboratories Ltd. manufactures pharmaceutical formulations including antibiotics, antimalarials, antispasmodics, and diabetes treatments, available as tablets, liquid orals, and ointments. It operates across 16 Indian states and 2 UTs, with international presence in Myanmar, Cambodia, Thailand, and recent order from Angola. The company focuses on in-house R&D and quality control.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals11 Oct 2026 · screener
Latest result01 Jun, 07:57 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
67BullishSMA20 +8.0% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 47
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
QUESTLABD candles · FIT view-28.2%Latest close ₹90.20 on 2026-10-19
Bar
+0.0%
RSI
50
MACD hist
-0.18
52W pos
26%
2026-10-19O ₹90.20H ₹90.20L ₹90.20C ₹90.20Vol 1,200 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
QUESTLABNifty PharmaNifty 500
- QUESTLAB
- -7.1%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- -1.5 pp
Chart stats
19 Oct 2026- From 52W high
- -40.9%
- 52W range position
- 26%
- ATR (14)
- 5.8%
- Volume vs 20D
- 0.03x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹68.6 - ₹104
₹152.6
₹68.6 - ₹152.6
₹5.2
Latest completed session
20-session average
106.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED70
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average50
Revenue -30.3% · PAT +47.9% YoY
Technical
Bullish67
Price trend and sector-relative-strength timing.
Valuation
Legacy model+77.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Average · 50/100Rev -30% YoY · PAT +48% YoY · margin expansion · +6% QoQ · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32.4 Cr | -30.3% | +5.8% |
| EBITDA | ₹4.1 Cr | NDF | -40.1% |
| Operating margin | 12.8% | NDF | -979 bps |
| PAT | ₹2.9 Cr | +47.9% | -28.8% |
| PAT margin | 8.9% | NDF | -431 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 11.30
- P/B
- 1.74
- EV/EBITDA
- 9.32
- Market Cap
- 169.00Cr
Profitability
- ROE
- 16.60%
- ROCE
- 18.30%
- ROA
- 13.39%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 86.00%
- Revenue 3Y
- 22.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 9.00×
- Altman Z
- 8.84
- Book Value
- 59.10
Cash Flow
- FCF Yield
- 14.20%
- FCF Positive Y
- 2/5
- OCF
- -11.00 Cr
- EPS TTM
- 9.07
Shareholding
- Promoter Hold
- 66.78%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 112+7.7% vs prev
Net Profit
₹ CrLatest: 15.0+7.1% vs prev
Return on Equity
%Latest: 15.6-8.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~7.4% over last month) — short-term momentum positive.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 41% off 52W high · 31% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
50
RS percentile
Stage 4 Downtrend
1M return
+21.5%
3M return
-7.0%
6M return
-25.2%
1Y return
+1.0%
RS 1D
-3
RS 20D
+39
Sector rank
#1
Industry rank
#11
Stage evidence
- Price is 10.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.6%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
256 observations
19 Oct 2026Value 97.84-1.15%
RS vs Nifty 50098
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 70 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · UNDERVALUEDValuation26/30
Growth22/25
Quality9/20
Balance Sheet13/15
Cash Flow5/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
70
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
70/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 14.2%.
- Fair-value margin of safety is positive at 77.9%.
- Growth contributes 22/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
11.3
PB
1.7
EV/EBITDA
9.3
ROE
16.6%
ROCE
18.3%
FCF Yield
14.2%
Debt/Equity
0.1
MoS
+77.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
70
Previous: 70
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+77.9%
Previous: +77.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
70
70
70
70
70
70
70
70
70
70
70
70
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹109.82
+17.9% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹408.15
+77.9% MoS
PEG
0.16
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CURIS
SME
Curis Lifesciences Ltd.
Pharmaceuticals
match 164
33
30.0
—
+57%
WATCHLIST
ACCPL
SME
Accretion Pharmaceuticals Ltd.
Pharmaceuticals
match 164
58
22.2
27.6%
+51%
FAIR VALUE
SOTAC
SME
Sotac Pharmaceuticals Ltd.
Pharmaceuticals
match 163
55
17.5
10.1%
+62%
FAIR VALUE
ZENITHDRUG
SME
Zenith Drugs Ltd.
Pharmaceuticals
match 162
75
6.9
26.3%
+84%
DEEP VALUE
ARISTO
SME
Aristo Bio-Tech and Lifescience Ltd.
Pharmaceuticals
match 161
77
8.5
17.6%
+81%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-22T07:20:26.977Z
Management commentary snapshot
Q1 FY26 revenue grew 52% YoY to INR 23.18 Cr, but declined 50.1% QoQ. EBITDA surged 114.3% YoY to INR 3.81 Cr, with margin expanding 470 bps to 16.4%. PAT increased 178% YoY to INR 4.10 Cr. Significant sequential declines raise questions about quarterly consistency.
While Q1 FY26 showed strong YoY growth in revenue and profitability, the substantial QoQ decline across all key financial metrics is concerning. Management's focus on capacity expansion and new product lines is positive, but the execution and ramp-up of these initiatives are critical to stabilize sequential performance and achieve stated margin recovery targets.
Current business mix
Product wise Revenue Bifurcation - FY25
Latest issuer-disclosed distribution across 5 reported categories.
Tablets64.0%
Liquid Syrup9.0%
Ointment8.0%
ORS Powder10.0%
Dry Syrup9.0%
Growth engines
Export Market Expansion
Initiated export sales in 2025, expanding domestic sales to achieve 30% growth. Expecting ₹25 crore annual business from Myanmar. Recently secured a ₹2.0 crore order from Angola.
Injectable Facility
USFDA-compliant injectable facility under construction with oncology, ampoule, vial & dry injection lines, targeting domestic and export markets.
Capsule Production Line
Capsule Production Line setup is in progress, with expected revenue of 10 to 12 Cr in the current year.
New Product Lines
Launching a new collagen product line to diversify the portfolio and meet growing market demand.
Capacity and execution
Injectable Facility
USFDA-compliant injectable facility under construction with oncology, ampoule, vial & dry injection lines. Land acquired at Plot 44, Pithampur on April 7, 2025.
Capsule Production
Capsule Production Line setup is in progress, with a capacity of 1 Million+ capsules per day from Q2 FY26.
Capex Plan
INR 30-35 crore total capex over 3 years, enhancing manufacturing capacity and efficiency.
Tailwinds
Global Demand for Indian Pharma
India's pharmaceutical exports reached US$ 27.9 billion in FY24, growing 9.7% YoY, reflecting strong global demand.
Cost Efficiency
India's pharma sector benefits from low manufacturing costs (30%-35% lower than US/Europe) and cost-efficient R&D.
Government Initiatives
Government initiatives like PLI scheme (Rs. 15,000 crore outlay) and schemes for bulk drug parks boost manufacturing and investment.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison highlights the company's growth trajectory against the previous year, which is important for a growing business. However, QoQ comparison is crucial to assess sequential momentum and the significant drop in revenue and profits from Q4 FY25 to Q1 FY26.
Sector KPIs management disclosed
Domestic Formulations Growth
Revenue from Operations increased 52.0% YoY in Q1 FY26.
Export Growth
Initiated export sales in 2025. Expecting ₹25 crore annual business from Myanmar. Recently received a ₹2.0 crore order from Angola (May 2025).
Launch Pipeline
20 cardiovascular and diabetic drugs are under registration. R&D is in progress for 6 collagen products and other formulations. Launching a new collagen product line.
Approvals & Certifications
Holds FDA Approvals for more than 900 formulations. Has 1300+ licensed products. Certified with GMP, GLP, ISO 9001:2015, and MSME Zed Bronze.
Management forward view
Manufacturing Capacity Expansion
Expanding manufacturing capacity with the addition of two new Advanced Manufacturing Systems, enhancing efficiency through cutting-edge technology and R&D.
EBITDA Margin Recovery
Focused expansion, aimed at driving EBITDA margin recovery back to the 18–20% range through enhanced capacity and product mix.
International Market Expansion
Initiating order engagements in Cambodia, Angola, Kenya, Nigeria, Benin, Togo, Niger, Mali, Burkina Faso and neighboring regions to expand market presence.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| QoQ Revenue Growth | Q1 FY26 revenue declined 50.1% QoQ. | Stabilization and sequential growth in revenue, indicating effective market penetration and order execution. |
| Injectable Facility Progress | Land acquired, pharma consultant engaged for plant design. | Timely commissioning and ramp-up of the USFDA-compliant injectable facility and its contribution to revenue. |
| Capsule Production Revenue | Expected revenue of 10-12 Cr in current year. | Achievement of stated revenue targets from the new capsule production line. |
| EBITDA Margin | Q1 FY26 EBITDA Margin at 16.4%. | Progress towards management's target of 18-20% EBITDA margin recovery. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 54th percentile within Pharma. Main check: results consistency is weak at 50/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Pharma: 54th pctile, median 70 · SME: 85th pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
62
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
50
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 66.8%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 17.1%.
- ▸Debt/equity is 0.08.
Trust risks
- ▸Operating cash flow is negative at ₹-11 Cr.
- ▸ROCE trend is -15.6%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 30.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Quest Laboratories Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementMar 2026
Mar 2026 · Analysts/Institutional Investor Meet/Con. Call Updates 2 March 2026 - Quest Laboratories to present at Arihant Capital Bharat Connect Conference on 6 Mar 2026 via video conference","checklist":["Review announcement content and context","Assess materiality and market sensitivity","Classify …
Source: Nse
AnnouncementFeb 2026
Feb 2026 · Outcome of Board Meeting 13 February 2026 - Unaudited Q3/9M results to 31-Dec-2025: Total income Rs3,118.41 lacs; PAT Rs402.62 lacs; limited review unmodified.
Source: Nse
Investor presentationJul 2025
Jul 2025 · PPT
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationDec 2024
Dec 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.