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Sudeep Pharma IPO
Sudeep Pharma Ltd
₹14,075 /25 sharesMinimum Investment
Sudeep Pharma IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 21 Nov ‘25 - 25 Nov ‘25 | ₹14,075 | 25 | ₹563 - ₹593 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 895 Cr | RHP PDF | 26 Nov ‘25 | 28 Nov ‘25 |
| Face value | Issue type |
|---|---|
| 1 | EQUITY |
About Sudeep Pharma
Founded in
1989
MD/CEO
Mr Sujit Jaysukh Bhayani
Parent organisation
Sudeep Pharma Ltd
Strengths & Risks of Sudeep Pharma
Strengths
Risks
Sudeep Pharma claims to be a leading manufacturer of mineral-based pharmaceuticals, food, nutrition, and speciality ingredients in India, including iron phosphate and encapsulated preservatives such as sorbic acid and calcium propionate. The company reports having a portfolio of over 100 products, developed through its long-term focus on excipients and speciality ingredient solutions. Its presence in a regulated, high-barrier segment, supported by established manufacturing and compliance capabilities, positions it among the limited number of players operating at scale in this industry.
Sudeep Pharma claims to serve over 1,100 customers across the pharmaceutical, food, nutrition, and fast-moving consumer goods (FMCG) sectors, including more than 40 multinational companies as of June 30, 2025. The company reports that 14 Fortune 500 companies are part of its customer base, with long-term associations reflected in an average 7.08-year relationship with its five largest customers.
Sudeep Pharma operates four manufacturing facilities in Vadodara with 12 production lines and a combined annual capacity of 72,246 metric tonnes (MT) as of June 30, 2025. These facilities, equipped with automation systems and proprietary processes such as encapsulation, spray drying, granulation, and liposomal preparation, support the production of both mineral-based ingredients and speciality nutrition components. The company also reports holding 35 global accreditations and 10 product-specific approvals, including US Food and Drug Administration (USFDA) clearance for mineral-based food ingredients at one facility, along with access to 15 overseas warehouses that support storage and distribution.
Sudeep Pharma claims to operate a dedicated research and development (R&D) facility with 41 personnel as of June 30, 2025, equipped with machinery such as fluidised bed coaters, spray dryers, tablet compression systems, and industrial blenders. The company reports conducting over 420 R&D projects in the last three fiscal years and three months ended June 30, 2025, resulting in the commercialisation of 127 products, including new developments and variants of existing formulations. Its R&D work incorporates proprietary processes, such as encapsulation, spray drying, granulation, trituration, and liposomal preparation, which support efforts in particle engineering, nutrient bioavailability enhancement, and targeted ingredient delivery.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 428.74 crore in FY23 to Rs 459.28 crore in FY24 and Rs 502.00 crore in FY25. PAT increased from Rs 62.32 crore in FY23 to Rs 133.19 crore in FY24 and Rs 138.69 crore in FY25.
The top five customers accounted for Rs 42.57 crore (34.08 percent) of the company’s revenue for the period ended June 30, 2025; Rs 149.37 crore (29.76 percent) in FY25; Rs 124.50 crore (27.11 percent) in FY24; and Rs 149.20 crore (34.80 percent) in FY23. Furthermore, the top customer alone accounted for Rs 18.21 crore (14.58 percent) of the company’s revenue for the period ended June 30, 2025; Rs 40.92 crore (8.15 percent) in FY25; Rs 41.99 crore (9.14 percent) in FY24; and Rs 49.54 crore (11.55 percent) in FY23. Any failure to retain these key customers or a decline in business from them could adversely affect the company’s revenues, margins, and overall financial performance.
Sudeep Pharma derives a major share of its revenue from the pharmaceutical, food, and nutrition segment. This segment accounted for Rs 82.99 crore (66.43 percent) of the company’s revenue for the period ended June 30, 2025; Rs 330.50 crore (65.84 percent) in FY25; Rs 310.66 crore (67.64 percent) in FY24; and Rs 330.15 crore (77.01 percent) in FY23. Any adverse developments affecting this segment, including regulatory changes, demand shifts, or increased competition, can hurt the company’s business, financial performance, and cash flows.
Sudeep Pharma has four manufacturing facilities, out of which three are located in Vadodara, Gujarat. The company is also commissioning an additional facility in Nandesari, Gujarat, further increasing its geographic concentration. Any political, social, economic, or environmental disruptions in this region could impact production, delay operations, or require significant unplanned capital expenditure.
Export sales accounted for Rs 73.30 crore (58.68 percent) of the company’s revenue for the period ended June 30, 2025; Rs 297.54 crore (59.27 percent) in FY25; Rs 295.89 crore (64.43 percent) in FY24; and Rs 293.46 crore (68.45 percent) in FY23. This exposes the company to regulatory, tax, and compliance requirements across multiple regions, along with risks tied to currency fluctuations, trade barriers, and geopolitical developments. Operational challenges such as cross-border logistics constraints, differing market standards, and potential supply chain disruptions further heighten the complexity of managing international operations. Any adverse developments in these overseas markets could negatively impact the company’s business, profitability, and overall financial condition.
The cost of materials consumed accounted for Rs 57.63 crore (46.13 percent) of the company’s revenue for the period ended June 30, 2025; Rs 208.63 crore (41.56 percent) in FY25; Rs 153.74 crore (33.47 percent) in FY24; and Rs 200.15 crore (46.68 percent) in FY23. Any delay, interruption, or increase in the cost of these raw materials may disrupt production schedules or raise overall manufacturing expenses. This could negatively affect the company’s business, profitability, and cash flows.
The top supplier alone accounted for Rs 11.35 crore (19.69 percent) of the company’s total cost of raw materials for the period ended June 30, 2025; Rs 47.32 crore (22.68 percent) in FY25; Rs 21.87 crore (14.23 percent) in FY24; and Rs 51.93 crore (25.95 percent) in FY23. Furthermore, the company does not have long-term or exclusive arrangements with its suppliers, increasing the risk of supply prioritisation toward competitors or changes in pricing and availability. Any disruption in supplies from this vendor could hurt the company’s business and finances.
The company recorded negative cash flow from operating activities of Rs 5.48 crore for the period ended June 30, 2025. This was primarily driven by higher inventory levels, payments to creditors, and security deposits for land acquisition. Recurring negative operating cash flows may limit the company’s ability to fund working capital needs or support growth plans.
Sudeep Pharma extends credit to its customers and remains exposed to delays or defaults in payment. As of June 30, 2025, the company had trade receivables of Rs 187.59 crore, representing 150.17 percent of its revenue from operations. This is an increase from Rs 185.35 crore (36.92 percent) in FY25, Rs 144.57 crore (31.48 percent) in FY24, and Rs 93.71 crore (21.86 percent) in FY23. Sales outstanding days also increased to 135 as of June 30, 2025, compared to 133 days in FY25, 113 days in FY24, and 79 days in FY23, indicating lengthening collection cycles. Investors should keep this metric on their radar. Any inability to collect receivables on time may strain the company’s liquidity, adversely affecting its business, financial condition, and cash flows.
The company, its directors, promoters, and subsidiaries are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 135.24 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Sudeep Pharma Financials
*All values are in Rs. Cr
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Application Details of Sudeep Pharma IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹563 - 593 | Upto ₹2 Lakh | 25 |
| High Networth Individual | ₹563 - 593 | ₹2 - 5 Lakh | 25 |
For Sudeep Pharma IPO, eligible investors can apply as Regular.