Kashmik Formulation, a pharmaceutical manufacturing company headquartered in Ahmedabad, has announced expansion plans aimed at increasing production capacity enhancing operational efficiencies through automation.
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Expansion concept.
The company has also set an ambitious revenue target of ₹100 crore for the financial year 2025–26, following a 100% year-on-year growth from ₹20 crore to ₹40 crore in FY24–25.
Currently operating at full capacity with a daily output of 1 crore tablets, the company is planning to undertake a 50% capacity enhancement to scale up production to 1.5 crore tablets per day. An investment of approximately ₹20 crore will be allocated towards this expansion, with infrastructure development already underway to support the planned growth.
Kashmik Formulation currently derives approximately 70% of its revenue from its own branded generics and 20–30% from contract manufacturing for reputed pharmaceutical clients. Exports account for 20% of the company’s revenue, and plans are in place to increase this share to 50% over the next few years. The company is in the process of registering its products in several semi-regulated international markets, including Myanmar, Latin America, and select African countries.
In a recent strategic move, Kashmik Formulation launched Dapagliflozin under the DAPNEC brand in the anti-diabetic segment. The product is priced significantly lower—up to 400% more affordable—than comparable brands, reinforcing the company’s commitment to accessible and cost-effective healthcare solutions.
Further, the company is investing ₹4–5 crore in the automation of its packaging operations, to enhance productivity and ensure compliance with evolving industry standards. Plans are also underway to establish a new R&D centre in Jammu, with a long-term vision to diversify into injectables within the next 3 to 5 years.
Commenting on the development, Mr. Nilesh Patel, managing director, Kashmik Formulation, said: “At Kashmik, we are focused on building scalable, efficient, and globally competitive pharmaceutical manufacturing capabilities. Our immediate goal is to expand capacity and international reach while maintaining our commitment to quality, affordability, and innovation. The strategic investments we are making today will shape the foundation for our long-term growth and global positioning.”
While the company is not currently raising external capital, it is actively exploring the possibility of an Initial Public Offering (IPO) within the next 2 to 3 years as part of its strategic roadmap.
Kashmik Formulation has identified continued dependence on Chinese Active Pharmaceutical Ingredients (APIs) as a key challenge for mid-sized pharmaceutical manufacturers in India. The company has expressed concern over cost-related constraints in diversifying sourcing but remains optimistic about industry growth, supported by favourable policy incentives for GMP compliance and R&D.