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Galaxy Medicare IPO
Galaxy Medicare Ltd
₹1,02,000 /2000 sharesMinimum Investment
Galaxy Medicare IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 10 Sep ‘25 - 12 Sep ‘25 | ₹2,04,000 | 2,000 | ₹51 - ₹54 |
| Issue Size | IPO Doc |
|---|---|
| 22.31Cr | RHP PDF |
Subscription rate
As of 12 Sep'25, 04:01 PM
| Qualified Institutional Buyers | 1.00x |
| Non-Institutional Investor | 1.59x |
| Retail Individual Investor | 1.99x |
| Total | 1.72x |
About Galaxy Medicare
Founded in
1992
Managing director
Mr Dillip Kumar Das
Parent organisation
Galaxy Medicare Ltd
Strengths & Financials of Galaxy Medicare
Strengths
Risks
Galaxy Medicare Limited claims to have a long-standing presence in the medical devices and surgical dressings sector, with established relationships across hospitals, diagnostic centres, dispensaries, and nursing homes. The company markets its products under several registered brand names, which have earned recognition in both domestic and international markets.
The company claims to have a diversified manufacturing facility that produces plaster of Paris bandages, medical tapes, adhesive bandages, absorbent gauze, sterile wound dressings, medical kits, absorbent cotton gauze, and face masks. This variety allows it to cater to different segments within the healthcare sector and achieve scale in production.
Galaxy Medicare Limited claims to maintain an in-house research and development (R&D) function supported by dedicated QC/QA laboratories. The team is engaged in product development, testing, and process refinements, with multiple quality checks across production stages to align with global standards.
The company is ISO 13485:2016 certified for its quality management system in medical device manufacturing and also holds CE certification under the Electrotechnical Commission (EC) International Standards.
The company has witnessed a consistent increase in revenue from operations. It increased from Rs 31.20 crore in FY23 to Rs 36.15 crore in FY24 and Rs 39.20 crore in FY25.
The top five customers accounted for Rs 20.28 crore (51.74 percent) of the company’s revenue in FY25, Rs 11.05 crore (42 percent) in FY24, and Rs 9.62 crore (39 percent) in FY23. Any failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
The top five suppliers accounted for Rs 8.51 crore (35.61 percent) of the company’s supply of raw materials in FY25, Rs 9.78 crore (41.92 percent) in FY24, and Rs 8.21 crore (38.68 percent) in FY23. Any disruption in supplies from one or more of these suppliers could adversely affect the company’s business and finances.
Galaxy Medicare’s cost of production is significantly exposed to fluctuations in the prices of its major raw materials. The cost of materials consumed accounted for Rs 23.26 crore (59.33 percent) of the company’s total revenue in FY25, Rs 21.25 crore (58.79 percent) in FY24, and Rs 21.09 crore (67.60 percent) in FY23. The company does not have long-term supply agreements with suppliers and primarily depends on the domestic market for sourcing. Any sharp increase in prices can materially impact profitability.
As of FY25, the company had trade receivables of Rs 6.89 crore, representing 47.36 percent of current assets. A major contributor to these receivables is government contracts, where payment delays are common due to the GeM portal's payment process, which can take up to 45 days after the Consignee Receipt and Acceptance Certificate (CRAC) is issued. This extended payment cycle results in working capital being tied up in trade receivables, potentially affecting the company’s cash flow and liquidity.
The company derives a significant portion of its revenue from the western region, specifically Maharashtra and Gujarat. Together, they accounted for Rs 16.65 crore (55.73 percent) of the company’s domestic revenue in FY25; Rs 15.96 crore (57.65 percent) in FY24; and Rs 6.31 crore (26.36 percent) in FY23. Any disruption in these regions could adversely affect the company’s revenues and profitability.
The company, its directors, and promoters are involved in certain ongoing tax proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Galaxy Medicare derives a significant portion of its revenue from exports. It accounted for Rs 9.33 crore (24 percent) of the company’s total revenue in FY25, Rs 8.47 crore (23 percent) in FY24, and Rs 7.27 crore (23 percent) in FY23. Any adverse financial, economic, or political developments in its international markets can negatively affect the company’s operations and revenue. It also exposes the company to foreign exchange risks, as fluctuations in currency rates can materially affect its results of operations, cash flows, and financial condition.
As of FY25, the company had financial indebtedness of Rs 4.61 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Galaxy Medicare Financials
*All values are in Rs. Cr
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Application Details of Galaxy Medicare IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Individual investor | ₹51 - 54 | ₹2 - 5 Lakh |
For Galaxy Medicare IPO, eligible investors can apply as Individual investor.