Stocks
Invest in Stocks
Invest in stocks, ETFs, IPOs with fast orders. Track returns on your stock holdings and view real-time P&L on your positions.
F&O
Anlon Healthcare IPO
Anlon Healthcare Ltd
₹14,104 /164 sharesMinimum Investment
Anlon Healthcare IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| BSE | ₹91.00 | ₹92.00 | ₹1.00 (1.10%) |
Anlon Healthcare IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 26 Aug ‘25 - 29 Aug ‘25 | ₹14,104 | 164 | ₹86 - ₹91 |
| Issue Size | IPO Doc |
|---|---|
| 121.03Cr | RHP PDF |
Subscription rate
As of 29 Aug'25, 04:01 PM
| Qualified Institutional Buyers | 1.06x |
| Non-Institutional Investor | 9.79x |
| Retail Individual Investor | 43.81x |
| Total | 6.65x |
About Anlon Healthcare
Founded in
2013
Managing director
Mr. Punitkumar R. Rasadia
Parent organisation
Anlon Healthcare Ltd
Anlon Healthcare Ltd IPO
https://www.youtube.com/watch?v=9Lnbol2aUZ0
Strengths & Financials of Anlon Healthcare
Strengths
Risks
Anlon Healthcare claims to have received DMF approvals from key international regulators, including Agência Nacional de Vigilância Sanitária, Brazil (ANVISA), and National Medical Products Administration, China (NMPA), for Loxoprofen Sodium Dihydrate, and Pharmaceuticals and Medical Devices Agency, Japan (PMDA), for both loxoprofen sodium dihydrate and loxoprofen acid.
The company states that it has further filed 21 DMFs with regulatory bodies in regions including the European Union, Russia, Japan, South Korea, Iran, Jordan, and Pakistan. The company claims that it is also in the process of filing for Ketoprofen in the USA and Dexketoprofen Trometamol in Spain, Italy, Germany, and Slovenia.
The company’s portfolio includes 65 commercialised products, 28 products at the pilot stage, and 49 products undergoing laboratory-scale testing.
Anlon Healthcare also has international clients and serves customers in more than 15 countries, including Italy, Germany, South Korea, China, Argentina, Chile, Colombia, Mexico, Egypt, Turkey, Japan, Brazil, the United Kingdom, and the United Arab Emirates.
The company claims that its facility consists of two dedicated manufacturing blocks for pharmaceutical intermediates and APIs, with a total installed capacity of 400 million tonnes per annum (MTPA). The company further states that it houses four in-house laboratories, storage facilities, and advanced equipment such as glass-lined and stainless-steel reactors (up to 4 KL capacity), along with filtration, centrifugation, and drying systems.
The company claims that it has strong testing, quality control, and quality assurance systems to ensure products meet industry standards and customer requirements. The company also states that it continuously improves processes to reduce impurities and achieve higher purity levels. For custom manufacturing, specialised laboratory tests are conducted to meet specific client requirements.
The company is ISO 9001:2015 certified for quality management systems. It also holds certifications such as good manufacturing practices (GMP), good manufacturing practices (GMP) by the World Health Organisation (GMP-WHO), and Halal. It is also a zero-liquid discharge facility with an in-house effluent treatment plant and multi-effect evaporator for wastewater treatment, reflecting the company’s focus on environmental responsibility, health, and safety.
Over the past few years, the company has observed a consistent growth in its profit after tax (PAT). It increased from Rs 5.82 crore in FY23 to Rs 9.66 crore in FY24 and Rs 20.52 crore in FY25.
The company’s manufacturing facility is often subject to audits and inspections by customers and regulatory authorities. In the past, an audit by the Brazilian Health Regulatory Agency for Loxoprofen Sodium Dihydrate resulted in several major and minor observations, although final approval was granted. While issues were successfully resolved, similar situations in the future could disrupt operations, adversely affect the financial performance, and strain customer relationships.
Anlon Healthcare was established in 2013 but began manufacturing only in 2017. With a relatively short track record, the company may lack full experience in understanding industry dynamics such as demand-supply trends and customer behaviour. This limitation could negatively impact its growth, financial results, and market position.
During FY23-24, the company’s manufacturing facility remained closed for nearly four months to implement corrective measures required for ANVISA approval. This suspension hurt production, sales, and financial performance. Any future disruptions due to audits could delay production, increase costs, affect supply chains, and weaken customer relationships.
The company’s top 10 customers accounted for Rs 93.46 crore (77.70 percent) of the company’s total revenue in FY25, Rs 50.41 crore (75.71 percent) in FY24, and Rs 87.91 crore (77.88 percent) in FY23. Any loss of any of these customers due to disputes during negotiations, contract renewals, or any decrease in demand from them could negatively impact the company’s operations and finances.
The company derives major portions of its revenue from 2 industry segments: active pharmaceutical ingredients (the company’s pharma intermediates with APIs are used in various pharmaceutical products that serve therapeutic areas such as antipyretic, antihistamine, analgesic, antipsychotic, and antidepressant, among others) and finished dosage formulation (FDF). API accounted for Rs 48.43 crore (40.27 percent) of the company’s total revenue in FY25, Rs 32.34 crore (48.57 percent) in FY24, and Rs 50.11 crore (44.39 percent) in FY23. Finished dosage formulation accounted for Rs 63.89 crore (53.12 percent) of the company’s total revenue in FY25, Rs 29.34 crore (44.07 percent) in FY24, and Rs 59.29 crore (52.53 percent) in FY23. Any adverse developments in these industries, a reduction in demand for the company’s products, or any sudden discontinuation of manufacturing of any products in the aforementioned therapeutic areas could adversely affect the company’s operations and financial health.
Given its portfolio of APIs, intermediates, nutraceuticals, personal care, and veterinary products, the company faces inherent risks of contamination, adulteration, or tampering during manufacturing, storage, or transport. Such incidents could lead to regulatory non-compliance, adversely affecting the company’s finances and causing reputational damage.
The company derives a significant portion of its revenue from sales in India. Domestic sales accounted for Rs 116.39 crore (96.76 percent) of the company’s total revenue in FY25, Rs 59.97 crore (90.07 percent) in FY24, and Rs 100.85 crore (89.35 percent) in FY23. Any disruption in the domestic market could negatively impact the company’s revenue and business.
The company witnessed a sudden increase in its trade receivables. It increased from Rs 36.70 crore in FY24 to Rs 69.60 crore in FY25. The company states that it generally extends the credit period for its customers or distributors, which leads to an increase in these receivables. Therefore, any consistent delays in collecting these receivables on time, a delay/default in receiving these dues, or if the company continues to extend the credit period, the company’s financial condition could face stress.
The company reported negative cash flows from operating activities amounting to Rs 22.55 crore in FY25, Rs 3.23 crore in FY24, and Rs 2.85 crore in FY23. If cash outflows continue to exceed inflows, the company may face liquidity challenges in the future.
The company’s top 10 suppliers accounted for Rs 74.95 crore (89.66 percent) of the company’s total purchases in FY25, Rs 27.21 crore (55.86 percent) in FY24, and Rs 40.54 crore (45.85 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
The company operates from a single facility in Rajkot, Gujarat. Any adverse political or economic development in this region could disrupt the manufacturing process and negatively affect the company’s operations and finances.
While Anlon Healthcare distributes its products across India and to international markets, its domestic sales are heavily concentrated in a few states. In FY25, Gujarat accounted for 30.96 percent of the company’s total revenue, Maharashtra 26.36 percent, Tamil Nadu 14.44 percent, and Telangana 11.53 percent. Together, they accounted for over 83 percent of the company’s domestic revenue. Any regulatory, political, economic, or logistical disruption in these states could adversely impact the company’s overall operations and financial performance.
In recent years, Anlon Healthcare’s export revenue has accounted for a small part of the overall revenues. Export income accounted for Rs 3.90 crore (3.24 percent) of the company’s total revenue in FY25, Rs 6.61 crore (9.93 percent) in FY24, and Rs 12.03 crore (10.65 percent) in FY23. For sustained growth in this competitive market, the company needs to expand its exports. That will also bring down the near-total dependence of the company on the domestic market for business.
As of FY25, Anlon Healthcare had a debt-equity ratio of 0.73, which is higher than many of its peers. This reflects greater reliance on borrowings for operations and growth. Although the company has taken steps to reduce leverage and improve its balance sheet position, there is no assurance that its debt levels will not increase in the future. This exposes the company to higher risks, which investors should carefully consider.
The company and its promoters are involved in certain tax-related legal proceedings. Any adverse judgment in any of these cases could adversely affect the company’s business prospects.
The company reported total indebtedness of Rs 66.74 crore as of FY25. Any failure to service or repay these loans can harm the company’s operations and financial position.
Anlon Healthcare Financials
*All values are in Rs. Cr
No Graph Data To Display
Application Details of Anlon Healthcare IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹86 - 91 | ₹2 Lakh |
| High Networth Individual | ₹86 - 91 | ₹2 - 5 Lakh |
For Anlon Healthcare IPO, eligible investors can apply as Regular.