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Symbiotec Pharmalab Ltd IPO
Symbiotec Pharmalab Ltd
₹14,070 /15 sharesMinimum investment
IPO listing details
Listed on
1 Sep '26
Issue price
₹988.00
Listing price
₹988.00
Listing gains
₹0.00 (0.00%)
Exchange
BSE
IPO details
Minimum investment
₹14,070
Price range
₹938 - ₹988
Lot size
15
Issue size
1,757 Cr
Face value
2
IPO document
Subscription rate
Qualified Institutional Buyers172.03x
Non-Institutional Investor73.61x
Retail Individual Investor12.86x
Employees15.31x
Total71.20x
As of 27 Aug'26, 05:00 PM
Schedule
24 Aug 2026
IPO open date
27 Aug 2026
IPO close date
28 Aug 2026
Allotment date
28 Aug 2026
Funds unblock or debit
1 Sep 2026
Tentative listing date
About
Founded in
2002
MD/CEO
Mr. Anil Satwani
Parent organisation
Symbiotec Pharmalab Ltd
Symbiotec Pharmalab Ltd IPO
https://www.youtube.com/watch?v=YEIu8gH8bGQ
Symbiotec Pharmalab Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company had a global volume market share of 38.2% in corticosteroid APIs and 23.8% in steroidal-hormone APIs in FY26, excluding androstenedione and hydroxyprogesterone caproate. It also had market shares of 80.1%, 76.4%, and 76.0% by volume in hydrocortisone, testosterone, and methylprednisolone, respectively, in FY26.
The company has a portfolio of over 60 corticosteroid and steroidal-hormone APIs across sterile and non-sterile formats. As of March 31, 2026, its portfolio covered approximately 90% of corticosteroid and steroidal hormone API products, and it had 43 drug master files registered with the US FDA and 23 certificates of suitability from the EDQM.
The company has a presence across domestic and international markets, with revenue from customers outside India at Rs 582.64 crore, Rs 414.78 crore, and Rs 429.52 crore in FY26, FY25, and FY24, respectively, accounting for 67.04%, 55.19%, and 59.97% of its revenue from operations. As of March 31, 2026, it served over 200 customers across more than 40 countries, including over 50 domestic customers and over 150 export customers.
The company claims to have a vertically integrated and multi-scale manufacturing platform. As of March 31, 2026, its facilities had an aggregate maximum chemical synthesis capacity of 584.67 MT, a fermentation capacity of 700 KL, and a complex injectable capacity of 20 million vials. It also claims that its backward integration allows it to make key starting materials for products representing over 80% of its revenue, reducing its dependence on externally sourced intermediates.
The company's Rau and Pithampur facilities have approvals from regulatory authorities including the US FDA, EU-GMP, and WHO-GMP.
The company claims to have R&D capabilities across organic chemistry, biotechnology, and complex injectables and operated three dedicated R&D centres in Indore as of March 31, 2026. Its R&D expenditure stood at Rs 29.69 crore, Rs 31.14 crore, and Rs 20.51 crore in FY26, FY25, and FY24, respectively, accounting for 3.42%, 4.14%, and 2.86% of its revenue from operations, respectively.
The company has seen an increase in revenue from operations, which stood at Rs 716.25 crore, Rs 751.55 crore, and Rs 869.15 crore in FY24, FY25, and FY26, respectively.
The company derives a significant portion of its revenue from the sale of APIs, which stood at Rs 716.25 crore, Rs 744.75 crore, and Rs 835.00 crore in FY24, FY25, and FY26, respectively, accounting for 100.00%, 99.10% and 96.07% of its revenue from operations, respectively. Its top five APIs contributed Rs 432.38 crore, Rs 474.65 crore and Rs 541.16 crore during the same periods, respectively, accounting for 60.37%, 63.16% and 62.27% of revenue from operations, respectively. A fall in demand for these products or disruption in their production could adversely affect its business, financial condition and cash flows.
The company's manufacturing facilities are subject to inspections and audits by regulatory authorities and customers. Its Rau and Pithampur facilities underwent two, four, and three regulatory audits and 36, 51, and 21 customer audits in FY24, FY25, and FY26, respectively. The company received Form 483 letters following US FDA inspections of its Pithampur and Rau facilities, while the US FDA inspection of the Pithampur facility concluded on August 14, 2026, with four observations. Failure to satisfactorily address regulatory observations could result in sanctions, withdrawal of approvals, product seizure, or interruption of operations.
The company derives a substantial portion of its revenue from international markets. Revenue from customers outside India stood at Rs 429.52 crore, Rs 414.78 crore, and Rs 582.64 crore in FY24, FY25 and FY26, respectively, accounting for 59.97%, 55.19%, and 67.04% of revenue from operations, respectively. Changes in foreign regulations, trade restrictions, geopolitical conditions, currency fluctuations, or sanctions could adversely affect its international business and financial performance.
The company is dependent on a limited number of customers, with revenue from its top 10 customers standing at Rs 400.95 crore, Rs 401.58 crore, and Rs 465.47 crore in FY24, FY25, and FY26, respectively, accounting for 61.65%, 55.90%, and 57.59% of revenue from the sale of products, respectively. The company does not maintain long-term contractual arrangements with its customers and primarily relies on purchase orders. Loss of key customers or cancellations, delays, or reductions in orders could hurt its revenue and cash flows.
All of the company's manufacturing facilities and dedicated R&D centres are located in Madhya Pradesh, with all its revenue generated from manufacturing operations conducted in the state. Any disruption caused by natural calamities, industrial accidents, machinery breakdowns, power or water shortages, or other regional developments could affect its operations. Further, certain products, including steroidal-hormone APIs, can only be manufactured at specifically approved facilities, making the company dependent on continued operations at those locations.
The company is dependent on certain suppliers for its raw material requirements, with purchases from its top 10 suppliers standing at Rs 297.43 crore, Rs 112.08 crore, and Rs 181.01 crore in FY24, FY25, and FY26, respectively, accounting for 50.33%, 18.41%, and 25.50% of total expenses, respectively. Since the company generally procures raw materials through purchase orders without long-term agreements, loss of key suppliers or an increase in raw material prices could affect production, margins, and cash flows.
The company imports a portion of its raw materials, with imports standing at Rs 327.56 crore, Rs 119.74 crore, and Rs 186.88 crore in FY24, FY25 and FY26, respectively, accounting for 55.43%, 19.67%, and 26.32% of total expenses, respectively. Of this, imports from China stood at Rs 311.98 crore, Rs 102.43, crore and Rs 169.52 crore, accounting for 52.79%, 16.82%, and 23.88% of total expenses during the same periods, respectively. Geopolitical tensions, trade restrictions, tariffs, or supply-chain disruptions could affect the availability and cost of raw materials.
The company has invested Rs 391.92 crore in its Mhow facility for its expansion into complex injectables. While the facility has been commissioned and has a capacity of up to 20 million double-chamber vials per annum, the company is still in the process of obtaining various regulatory approvals. Failure to receive approvals, optimise manufacturing, or acquire customers could affect the growth and profitability of its complex injectables business.
The company's operations involve hazardous materials, exposing it to risks of fires, explosions, injuries, and environmental damage. In 2023, a worker died in an accident in the effluent treatment plant area at its Pithampur facility. Similar incidents could result in suspension of operations, litigation, regulatory liabilities, and additional costs.
As of March 31, 2026, the company had outstanding borrowings of Rs 433.35 crore on a consolidated basis. Failure to service or repay these borrowings on time could adversely affect the company’s operations and financial position.
Application details
For Symbiotec Pharmalab IPO, eligible investors can apply as Regular & Employee.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹938 - ₹988 | Upto ₹2 Lakhs | 15 |
| Employee | ₹848 - ₹898 | Upto ₹5 Lakhs | 15 |
| High Networth Individual | ₹938 - ₹988 | ₹2 - ₹5 Lakhs | 15 |
About
Objectives of Symbiotec Pharmalab IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the company |
112.50 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Symbiotec Pharmalab IPO
|
Book Running Lead Manager |
JM Financial Limited, Avendus Capital Private Limited, Motilal Oswal Investment Advisors Limited, Nomura Financial Advisory and Securities (India) Private Limited |
|
Registrar to the Issue |
MUFG Intime India Private Limited |
Key Performance Indicators (KPIs) of Symbiotec Pharmalab Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
11.19 |
|
ROCE (%) |
11.56 |
|
EBITDA Margin (%) |
26.59 |
|
PAT Margin (%) |
12.60 |
|
Return on Net Worth (RoNW) (%) |
9.48 |
|
Net Asset Value (NAV) per Equity Share (₹) |
184.69 |
|
EPS (Pre-IPO) (₹) |
19.10 |
Symbiotec Pharmalab IPO Contact Details
|
Company Name |
Symbiotec Pharmalab Limited |
|
Registered Office |
385/2, Pigdamber, Rau, Mhow, Indore – 453 331, Madhya Pradesh, India |
|
Phone |
+91 731 667 6405 |
|
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|
Website |
Symbiotec Pharmalab IPO Registrar Contact Details
|
Company Name |
MUFG Intime India Private Limited |
|
Phone |
+91 810 811 4949 |
|
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Website |