Speciality Medicines Ltd

Speciality Medicines Ltd IPO

Speciality Medicines Ltd

₹2,34,000 /2000 sharesMinimum investment

IPO details

Minimum investment
₹2,34,000
Price range
₹117 - ₹124
Lot size
1,000
Issue size
29.14 Cr
Face value
10
IPO document

Subscription rate

Data will be available soon

Schedule

20 Mar 2026
IPO open date
24 Mar 2026
IPO close date
25 Mar 2026
Allotment date
25 Mar 2026
Funds unblock or debit
30 Mar 2026
Tentative listing date

About

Speciality Medicines Limited is engaged in the marketing and distribution of finished formulations of speciality pharmaceutical products used in the treatment of complex and chronic medical conditions. These products are primarily used in therapeutic areas such as oncology, immunology, neurology, and rare diseases. The company offers a portfolio of speciality medicines available in multiple dosage forms, including tablets, capsules, syrups, injections, infusions, inhalers, creams, gels, ointments, eye drops, nasal sprays, oral solutions, and suspensions. Its operations follow two integrated models: contract manufacturing of approved finished formulations through third-party manufacturers in India for international distribution and marketing and distribution of speciality pharmaceutical products sourced from manufacturers. Under the distribution model, the company handles procurement, warehousing, and wholesale supply of medicines to healthcare providers and retailers. As of March 31, 2025, the company’s portfolio included more than 900 products, and its distribution network covered more than 20 states in India and over 35 countries globally.;
Founded in
2021
MD/CEO
Mr Parth Goyani
Parent organisation
Speciality Medicines Ltd

Speciality Medicines Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
23.1727.5258.27202320242025

Strengths & Risks

Strengths
Risks
Speciality Medicines Limited has a diversified presence across both domestic and international markets. The company operates in more than 35 countries, including markets in Asia, Europe, Africa, and the Middle East. This geographic spread allows the company to generate revenue from multiple regions rather than relying solely on the Indian market.
The company claims to maintain a diversified product portfolio within the pharmaceutical sector. As of March 31, 2025, its portfolio included more than 900 pharmaceutical products across several therapeutic categories such as chronic diseases, vaccines, critical care, and anti-infectives. These products are available in multiple dosage forms, including tablets, capsules, liquids, injectables, ointments, creams, and sachets.
The company operates through two integrated business models within the pharmaceutical supply chain. These include contract manufacturing of finished formulations through third-party manufacturers in India for international markets and the marketing and distribution of speciality pharmaceutical products sourced from other manufacturers. This structure allows the company to participate in both manufacturing coordination and distribution activities.
The company claims to have developed relationships with a number of customers and distributors across domestic and international markets. As per the DRHP, it reported nine clients generating revenue above Rs 1 crore during the financial year ended March 31, 2025, up from seven in FY24 and five in FY23. The company attributes repeat orders and customer retention to these ongoing client relationships.
Speciality Medicines Limited is ISO 9001:2015 certified for its quality management system. The company states that it follows internal procedures for checking orders at various stages, from receipt of customer orders to final delivery. It also claims that its third-party manufacturing partners hold the required regulatory accreditations for pharmaceutical production.
The company has seen a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 23.17 crore (standalone) in FY23 to Rs 27.52 crore (standalone) in FY24 to Rs 58.27 crore (consolidated) in FY25, while PAT increased from Rs 1.70 crore (standalone) in FY23 to Rs 2.93 crore (standalone) in FY24 to Rs 8.61 crore in FY25.
One of the company’s promoters and directors is involved in an ongoing criminal proceeding related to allegations under the IPC, the Drugs and Cosmetics Act, and the Essential Commodities Act. The case relates to allegations of price manipulation and black marketing of pharmaceutical products and is currently pending before the Gujarat High Court after interim relief was granted. Any adverse decision in this case could lead to penalties, reputational damage, and operational disruptions for the company.
The company depends heavily on a limited number of customers for a significant portion of its revenue. The top five customers contributed Rs 35.52 crore (60.95%), Rs 11.86 crore (43.09%), and Rs 13.54 crore (58.42%) to revenue from operations in FY25, FY24, and FY23, respectively, while the top 10 customers contributed Rs 43.64 crore (74.90%), Rs 16.89 crore (61.36%), and Rs 16.42 crore (70.86%) during the same period. Any failure to retain these key customers or a decline in business from them can adversely affect the company’s revenue and financial performance.
The company relies on a limited number of suppliers for its pharmaceutical products. The largest supplier accounted for purchases of Rs 12.15 crore (23.58%) in FY25, Rs 4.97 crore (22.95%) in FY24, and Rs 3.04 crore (14.90%) in FY23. Any disruption in supply, termination of supplier relationships, or inability to source products from alternate suppliers on similar terms could negatively impact operations.
The company does not have long-term supply agreements with its vendors and negotiates prices on a per-order basis. This exposes the business to risks such as price volatility, irregular supply, or sudden disruptions in procurement. Any such disruptions could affect the company’s ability to deliver products on time and maintain profitability.
The company recorded negative cash flow from operating activities in recent years, amounting to Rs 5.79 crore in FY25, Rs 4.80 crore in FY24, and Rs 3.65 crore in FY23. These negative cash flows were primarily due to significant increases in working capital requirements during the period. Changes in working capital amounted to Rs 15.52 crore in FY25, Rs 8.95 crore in FY24, and Rs 6.55 crore in FY23, along with finance costs and depreciation expenses during these years. Sustained negative operating cash flows may affect the company’s ability to meet working capital requirements, repay liabilities, and fund future growth.
A large portion of the company’s revenue is generated from exports. Export revenue contributed Rs 40.28 crore (69.13%), Rs 15.83 crore (57.50%), and Rs 16.56 crore (71.44%) to revenue from operations in FY25, FY24, and FY23, respectively. Any adverse regulatory changes, trade restrictions, or economic disruptions in these international markets could significantly impact the company’s revenue.
The company relies on third-party manufacturers and contract manufacturing arrangements for producing finished formulations. Any operational issues, regulatory non-compliance, or delays from these manufacturing partners could affect product availability and supply. Such disruptions may impact the company’s ability to meet customer demand.
As of August 31, 2025, the company had outstanding financial indebtedness of Rs 4.80 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.

Application details

For Speciality Medicines IPO, eligible investors can apply as Individual investor.

Apply asPrice bandApply rangeLot size
Individual investor₹117 - ₹124₹2 - ₹5 Lakhs1000

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