Kopran API revenue was 66% from local sales in HY 2026-27

Kopran’s active pharmaceutical ingredients (APIs) business generated Rs 144.22 crore from local sales in the first half (HY) of 2026-27, equal to 66.0% of Rs 218.59 crore in total API revenue. Export sales were Rs 74.37 crore, while the anti-diabetic segment contributed Rs 127.36 crore.

What was Kopran’s API local and export revenue mix in HY 2026-27?

Kopran’s API business was weighted towards local sales in HY 2026-27, reporting Rs 144.22 crore locally and Rs 74.37 crore from exports. Local sales represented 66.0% of the Rs 218.59 crore API total, calculated from the disclosed market values, while exports represented 34.0%. Local API sales exceeded export sales by Rs 69.85 crore in the half year.

The presentation reports this market split as API revenue, separately from consolidated revenue from operations of Rs 365.26 crore in HY 2026-27. It also reports formulation sales of Rs 141.31 crore for the same period. The API total was Rs 77.28 crore higher than the formulation sales total, although the presentation does not provide a reconciliation between the two business disclosures and consolidated revenue.

Which API segment generated the most revenue for Kopran?

Kopran’s anti-diabetic API segment was the largest disclosed category in HY 2026-27, generating Rs 127.36 crore of the Rs 218.59 crore API total. This was 58.3% of half-year API revenue on a calculated basis, leaving Rs 91.23 crore across the other 10 values displayed in the segment chart.

The other HY 2026-27 segment-chart values ranged from Rs 2 lakh to Rs 33.08 crore. The presentation lists anti-diabetic, antibiotic-urological, anti-hypertensive, anti-thrombotic, non-steroidal anti-inflammatory drugs (NSAIDs), carbapenem, intermediate, anti-infective, macrolide, neuromodulator and central nervous system (CNS) categories.

The concentration of the anti-diabetic category can be compared with the market split, but the presentation does not connect the two disclosures. It does not state how much of the Rs 127.36 crore anti-diabetic revenue came from local sales or exports. It also does not disclose API volumes, selling prices, customer counts or segment-level margins for HY 2026-27.

How did Kopran’s API market mix change in Q2 FY 2026-27?

Kopran’s API sales were more locally weighted in the second quarter (Q2) of FY 2026-27 than in the half-year aggregate. Q2 local sales were Rs 87.45 crore and export sales were Rs 35.76 crore, making local sales 71.0% of the Rs 123.21 crore quarterly API total and exports 29.0%.

The calculated local-sales share of 71.0% in Q2 was about 5 percentage points above the 66.0% share for HY 2026-27. Q2 accounted for 56.4% of half-year API revenue, 60.6% of HY local sales and 48.1% of HY export sales. This means the second quarter supplied a greater proportion of local revenue than export revenue within the six-month result.

Anti-diabetic APIs again formed the largest disclosed Q2 segment at Rs 82.49 crore out of Rs 123.21 crore in API revenue. Other values shown in the Q2 segment chart included Rs 10.78 crore, Rs 9.56 crore, Rs 8.94 crore and Rs 7.43 crore. Kopran does not disclose a standalone Q1 FY 2026-27 API market split, so the local-export mix cannot be compared directly between Q1 and Q2.

How did Kopran’s API revenue compare with formulation sales?

Kopran reported Rs 218.59 crore of API revenue and Rs 141.31 crore of formulation sales in HY 2026-27. API revenue was therefore Rs 77.28 crore above formulation sales during the half year. The two separately disclosed totals were Rs 359.90 crore, compared with consolidated revenue from operations of Rs 365.26 crore.

The formulation business had a different reported product mix in HY 2026-27: pen plant sales were Rs 78.14 crore and non-pen plant sales were Rs 63.17 crore. Its largest disclosed region was South Africa at Rs 81.77 crore, followed by Africa at Rs 40.54 crore and Southeast Asia at Rs 14.94 crore. These are formulation-region disclosures and do not identify the destination markets for API exports of Rs 74.37 crore.

In Q2 FY 2026-27, API revenue of Rs 123.21 crore exceeded formulation sales of Rs 84.22 crore by Rs 38.99 crore. Consolidated revenue from operations was Rs 211.26 crore in Q2, compared with Rs 153.99 crore in Q1 FY 2026-27 and Rs 117.91 crore in Q2 FY 2025-26. The presentation does not attribute the Q2 API revenue mix to demand, pricing, product availability or geographic expansion.

What does the disclosed API mix show about Kopran’s business?

Kopran’s API disclosures show that local sales were the larger market component in HY 2026-27, at Rs 144.22 crore against Rs 74.37 crore in exports. The Q2 local share of 71.0% was above the 66.0% HY share, while anti-diabetic APIs supplied Rs 127.36 crore, or more than half of the Rs 218.59 crore half-year API total.

The presentation provides revenue values but not a market-by-product breakdown. As a result, it cannot establish whether the Rs 127.36 crore anti-diabetic category is mainly local or export-led, or whether its mix changed in Q2. It also provides no API margin by market, making it impossible to compare the profitability of the Rs 144.22 crore local-sales base with the Rs 74.37 crore export-sales base.

Conclusion

Kopran’s reported API revenue in HY 2026-27 had a clear local-sales tilt, with Rs 144.22 crore, or 66.0% of the Rs 218.59 crore total, generated locally. The Q2 share rose to 71.0%, and the Rs 127.36 crore anti-diabetic category was the largest disclosed contributor to the half-year API result.

The unresolved issue is the relationship between product categories and markets: the presentation does not allocate anti-diabetic or other API revenue between local and export sales. Kopran also discloses no API revenue target, export target, capacity plan, margin target or scheduled operating milestone, leaving future disclosures on market-by-segment sales as the relevant item to watch.