For investors, deciding whether the Sudeep Pharma IPO is a good investment can be quite challenging. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Sudeep Pharma IPO. This will help you analyze the strengths, risks, and financial details of the Sudeep Pharma IPO, making your investment decision better.
About Company
Incorporated in 1989, Sudeep Pharma Limited is one of the growing manufacturers of excipients and specialty ingredients for the pharmaceutical, food, and nutrition industries. Their business is basically structured into 2 verticals: 1) Pharmaceutical, food, and nutrition, which includes key mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, and copper, and 2) Specialty Ingredients includes micronutrient premixes, encapsulated ingredients, granulated minerals, and triturated blends.
To support innovation in their work, they use their own in-house technologies for encapsulation, spray drying, granulation, trituration, liposomal preparations, and mixing. Moreover, Sudeep Pharma runs six manufacturing facilities with a total production capacity of 50,000 MT. They aim to support the global healthcare ecosystem by serving their product to over 100 countries and supplying more than 200 products.
Strengths
- The company has global customers and long-term relationships with many important clients.
- Sudeep Pharma offers well-equipped factories and strong research and development capabilities.
- Over the last 5 years, the company’s profit has grown by about 50.4% every year.
- The firm consists of experienced promoters and a senior management team that has over 34 years of experience in the pharmaceutical industry.
Weaknesses
- The company generates most of its revenue from a limited number of customers. Meaning the loss of such customers happens, or they decide to stop buying, can negatively affect the business, cash flow, and overall performance.
- In case its manufacturing or R&D work slows down or faces any interruption, it can badly affect the profits, business, and cash flow.
- If they are unable to launch new products on time or if the products they launch do not work as expected can badly affect the business, profits, and cash flow.
- In the past, the company has witnessed negative cash flow. If it continued to do so could badly affect the business, cash flow, and financial condition.
Sudeep Pharma IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Capital Market | Neutral |
| Swastika Investmart Ltd | Apply |
Sudeep Pharma IPO Details
| IPO Open Date: | November 21, 2025 |
| IPO Close Date: | November 25, 2025 |
| Face Value: | ₹1 Per Equity Share |
| IPO Price Band: | ₹563 to ₹593 Per Share |
| Issue Size: | ₹895 Crores |
| Fresh Issue | ₹95 Crores |
| Offer-for-Sale | Up to 1,34,90,726 equity shares |
| Registrar | MUFG Intime India Pvt. Ltd. |
| IPO Lead Managers | ICICI Securities Ltd.IIFL Capital Services Ltd. |
| Basis of Allotment | November 26, 2025 |
| IPO Listing Date: | November 28, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Total Income | ₹130.08 Crores | ₹511.33 Crores | ₹465.38 Crores |
| EBITDA | ₹48.57 Crores | ₹199.28 Crores | ₹187.76 Crores |
| EBITDA Margin | 38.88% | 39.70% | 40.88% |
| Profit after Tax (PAT) | ₹31.27 Crores | ₹138.69 Crores | ₹133.15 Crores |
| PAT Margin | 24.66% | 27.63% | 29.00% |
| Net Worth | ₹688.32 Crores | ₹497.53 Crores | ₹359.07 Crores |
| Reserves and Surplus | ₹668.52 Crores | ₹481.11 Crores | ₹354.59 Crores |
| Total Borrowings | ₹135.97 Crores | ₹135.25 Crores | ₹75.03 Crores |
Peer Comparison with the Company
There are no peer group companies listed in India that are in the same line of business as the Company.
Promoters & Track Records, if any
- Sujit Jaysukh Bhayani, born on June 28, 1967, aged 59 years, is also the Managing Director and Chairman of the Company. He holds 27,471,220 Shares in the company, representing 24.67% of the paid-up Equity Share capital.
- Shanil Sujit Bhayani, born on December 29, 1992, aged 32 years, is also the Whole-time Director of the Company. He holds 5,775,000 shares, representing 5.19% of the paid-up Equity Share capital.
- Avani Sujit Bhayani, born on February 11, 1970, is aged 55 years. She is a designated partner at Star Pharmchem and is also a trustee in the Bhayani Family Trust. She holds 5,807,340 shares, representing 5.22% of the shares in the company.
- Sujeet Jaysukh Bhayani HUF (“SJB HUF”) holds 14,879,603 equity shares, representing 13.36% of the paid-up Equity share capital in the company.
- Riva Resources Private Limited holds 45,570,360 equity shares, representing 40.93% of the paid-up Equity share capital in the company.
Expansion
- The proceeds raised from the fresh issue will be used towards the procurement of machinery for the production line located at Nandesari Facility I.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
Sudeep Pharma IPO – Should You Apply or Not?
Sudeep Pharma IPO features a strong niche presence, diversified product portfolio, experienced management team, strong global customer relationships, and solid R&D capabilities that could drive future growth. However, high customer concentration, strong competition, and raw material price fluctuation are some of the major risks.
As of November 19, the GMP of the Sudeep Pharma IPO is ₹93, indicating a listing gain of around 14% to 16%. Short-term investors can apply for the IPO for listing gain, given the positive market sentiment. Long-term investors must analyze risks like high customer concentration and regulatory risks before subscribing.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
