IOL non-ibuprofen APIs reach 44% of mix in H1 FY27

IOL Chemicals & Pharmaceuticals Ltd reported that non-ibuprofen active pharmaceutical ingredients (APIs) represented 44% of its disclosed product mix in the first half of FY27 (H1 FY27), compared with 18% in FY21. Ibuprofen’s share declined to 56% from 82%, while pharmaceuticals accounted for 61% of segment revenue in H1 FY27.

How has IOL’s API product mix changed?

IOL’s disclosed API mix moved toward non-ibuprofen products, with other APIs rising by 26 percentage points to 44% in H1 FY27 from 18% in FY21. Ibuprofen’s share fell by the same 26 percentage points, to 56% from 82%, although it remained the largest disclosed product category.

The gap between ibuprofen and other APIs narrowed to 12 percentage points in H1 FY27 from 64 percentage points in FY21. IOL describes this as a strategic shift toward value-added APIs, supported by a pharmaceutical platform with 30,726 metric tonnes per annum (MTPA) of capacity and backward integration across key products.

IOL’s portfolio includes ibuprofen, ibuprofen lysinate, ibuprofen sodium and dex-ibuprofen, alongside metformin hydrochloride, paracetamol, clopidogrel, pantoprazole sodium, fenofibrate, levetiracetam, lamotrigine, losartan potassium and minoxidil. These products cover anti-diabetic, anti-cholesterol, analgesic, anti-epileptic, anti-platelet, anti-convulsant and anti-hypertensive uses.

Which non-ibuprofen APIs support IOL’s expanded portfolio?

Paracetamol has IOL’s largest specifically disclosed non-ibuprofen capacity at 10,800 MTPA, followed by metformin hydrochloride at 7,200 MTPA. The presentation describes the paracetamol operation as fully backward integrated and automated, with acetic anhydride identified as a major input.

IOL began commercial paracetamol production at 1,800 MTPA in 2022, increased capacity to 3,600 MTPA in 2023 and commissioned Unit 11 with 10,800 MTPA capacity in 2025. Its specialty-chemicals business includes 32,000 MTPA of acetic anhydride capacity, linking the chemical platform to paracetamol manufacturing without disclosing product-level sales.

Other disclosed dedicated capacities include pantoprazole sodium and fenofibrate at 276 MTPA each, clopidogrel bisulphate at 240 MTPA and minoxidil at 120 MTPA. Clopidogrel capacity increased to 240 MTPA from 180 MTPA in 2025, while pantoprazole capacity was enhanced to 276 MTPA in 2026.

Levetiracetam, lamotrigine and losartan potassium are listed as products made in multiproduct plants, for which IOL does not disclose individual installed capacities. The company also operates dedicated facilities for metformin, clopidogrel, fenofibrate and pantoprazole, as well as multiproduct units commissioned in 2021.

What regulatory filings does IOL list for non-ibuprofen APIs?

IOL lists 14 Drug Master Files (DMFs) with the United States Food and Drug Administration and 22 Certificates of Suitability (CEPs) with the European Directorate for the Quality of Medicines & HealthCare. Metformin hydrochloride and fenofibrate are listed with USDMF, CEP and ANVISA Good Manufacturing Practice approvals, while their China DMFs are shown as active.

The regulatory status differs by product. Paracetamol and levetiracetam have USDMFs under review, while clopidogrel, pantoprazole, lamotrigine and losartan have USDMFs filed. Clopidogrel has a China DMF approval, and minoxidil is listed with CEP approval.

IOL received ANVISA approval in May 2024 after a site inspection covering all 10 API manufacturing units, according to its presentation. It also states that some listed products are registered with other major authorities, including those in Korea, Taiwan and Russia, without providing a product-by-product registration breakdown.

The presentation identifies 11 dedicated production units across a diversified product range and 18 manufacturing plants across APIs and specialty chemicals. This footprint includes both dedicated assets, such as the 10,800-MTPA paracetamol unit, and multiproduct plants used for selected non-ibuprofen APIs.

How much of IOL’s segment revenue comes from pharmaceuticals?

Pharmaceuticals contributed 61% of IOL’s segment revenue in H1 FY27, while chemicals, net of intersegment sales, contributed 39%. The pharmaceutical contribution increased from 59% in FY24 and 58% in FY25, after reaching 60% in FY26.

The source provides this comparison at the pharmaceuticals-versus-chemicals segment level rather than by individual API. Therefore, the 61% figure establishes pharmaceuticals as the larger disclosed segment contributor in H1 FY27, but does not show revenue, volume or profitability for paracetamol, metformin or other products.

Chemicals’ segment share declined to 39% in H1 FY27 from 41% in FY24, although it was 42% in FY25. The change occurred alongside IOL’s disclosed increase in non-ibuprofen API mix, but the presentation does not quantify the revenue contribution of non-ibuprofen APIs within pharmaceuticals.

What manufacturing platform supports IOL’s API expansion?

IOL reports total installed capacity of 2,13,126 MTPA, comprising 30,726 MTPA of APIs and 1,82,400 MTPA of specialty chemicals. Its existing integrated manufacturing complex spans more than 180 acres, and the company has purchased 101 acres on the Chandigarh-Bathinda Highway for future site development.

IOL states that APIs are manufactured in batch operations, while intermediates and specialty chemicals use continuous production based on distributed control system technology. The company also lists a 17-megawatt captive co-generation plant and steam-generation capacity of 185 metric tonnes per hour.

The specialty-chemicals platform supplies inputs for both ibuprofen and paracetamol. IOL lists iso butyl benzene capacity of 12,000 MTPA, mono chloro acetic acid capacity of 7,200 MTPA and acetyl chloride capacity of 5,200 MTPA as inputs linked to ibuprofen, while its 32,000-MTPA acetic anhydride plant is identified as an input for paracetamol.

Conclusion

IOL’s disclosed mix shows a reduced reliance on ibuprofen rather than its replacement: non-ibuprofen APIs accounted for 44% in H1 FY27, up from 18% in FY21, while ibuprofen remained 56% of the mix. The shift coincided with pharmaceuticals contributing 61% of segment revenue and with expanded capacity in paracetamol, metformin, clopidogrel and pantoprazole.

What to watch next is execution of the disclosed capacity additions and regulatory processes. IOL commissioned its 10,800-MTPA paracetamol Unit 11 in 2025, increased clopidogrel capacity to 240 MTPA in 2025 and enhanced pantoprazole capacity to 276 MTPA in 2026, while USDMFs for paracetamol and levetiracetam remained under review in the presentation.