Jagat Joshi
Encube Ethicals, a global pharmaceutical formulations platform, submits its DRHP with SEBI to raise ?3,000 crore via an Initial Public Offering (IPO).
The draft paper suggests that the issue will be entirely an Offer-for-Sale (OFS) worth ?3,000 crore with no fresh issue component. Meaning, the firm will not receive any funds and will go to the existing shareholders.
In the OFS component, promoters Mehul Madhusudan Shah and investor Frontier Investment Holdings Pte. Ltd will be selling their shares.
Encube Ethicals is one of the leading pharmaceutical formulations platforms with deep expertise in complex topical and transdermal dosage forms. They are one of the few companies globally that manufactures across nonsterile topical dosage forms, including creams, lotions, gels, pastes, solutions, non-aerosol sprays, transdermal patches and hormone products. Its products are served to over 50 countries in the United States, the UK, Europe, and India.
The firm operates its business via 3 business verticals: global generics, global contract development and manufacturing organisation, and India-branded formulations business. Moreover, its manufacturing facilities are certified by regulatory authorities, including the USFDA, EU GMP, EAEU, Japan PMDA, Health Canada, Brazil ANVISA and TGA Australia.
Encube Ethicals also mentioned that the listing of its Equity shares will help them to enhance their brand visibility and allow investors to participate in the company’s future growth.
JM Financial Limited, Axis Capital Limited, and Kotak Mahindra Capital Company Limited are the book-running lead managers to the issue. While MUFG Intime India Private Limited is the registrar to the IPO.
The Equity shares of the IPO are proposed to be listed on BSE Limited and NSE Limited.
Encube Ethicals IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Encube Ethicals Company Financial Report
Amount ? in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2024 | ?1098.20 | ?876.10 | ?156.10 |
| 2025 | ?1369.00 | ?1033.90 | ?249.60 |
| 2026 | ?1911.80 | ?1322.20 | ?436.70 |
Encube Ethicals IPO Valuation – FY2026
Encube Ethicals IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ?14.38 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 25.21% |
| Net Asset Value (NAV): | ?64.29 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Dr. Reddy’s Laboratories Limited | 50.41 | 22.79 | 11.75% | 453.98 | 33,700.20 Cr. |
| Lupin Limited | 116.75 | 20.73 | 26.90% | 489.98 | 27,958.00 Cr. |
| Zydus Lifesciences Limited | 50.09 | 22.49 | 19.74% | 269.43 | 27,148.40 Cr. |
| Aurobindo Pharma Limited | 60.34 | 26.17 | 9.94% | 652.39 | 33,653.10 Cr. |
| Glenmark Pharmaceuticals Limited | 48.26 | 46.30 | 14.07% | 372.33 | 16,982.50 Cr. |
| Alembic Pharmaceuticals Limited | 34.33 | 23.22 | 12.42% | 288.70 | 7,344.90 Cr. |
| Rubicon Research Limited | 15.52 | 97.49 | 26.97% | 77.10 | 1,754.00 Cr. |
| Gland Pharma Limited | 62.35 | 40.21 | 10.53% | 625.62 | 6,430.70 Cr. |
| OneSource Specialty Pharma Limited | (6.44) | NA | (1.26)% | 508.22 | 1,421.60 Cr. |
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