Asston Pharmaceuticals Limited IPO
Asston Pharmaceuticals Limited is a pharmaceutical and nutraceutical manufacturing company that operates under the brand name “Asston.” Established in 2019, the company is engaged in the development, manufacturing, marketing, and export of a wide range of healthcare products including tablets, capsules, syrups, sachets, ointments, creams, gels, and lotions.
Business Operations
Asston caters to both domestic and international markets, with a strong presence in various African countries such as Sierra Leone, Mali, Liberia, and Ghana. The company operates primarily on a principle-to-principle basis and offers contract manufacturing/loan license services to multiple corporate clients and merchant exporters.
Manufacturing Facilities
The company has a dedicated manufacturing facility in Ambernath, Maharashtra. The plant is segregated into pharmaceutical and nutraceutical production floors to comply with respective FDA and FSSAI standards. Key production capacities include:
i) 8-9 crore tablets/month (current production: 5-6 crore)
ii) 37.5 KL/month syrup for nutraceuticals
iii) 30-40 lakh sachets/month
Product Portfolio
The company holds over 150 registered trademarks and offers Generic medicines, Pediatric formulations, Eye drops, Anti-TB (New to the Basket) treatments and Nutraceutical formulations.
Asston holds registrations for 147 products and has applied for 10 more in Cambodia. Its Ambernath facility is approved by regulators in Sierra Leone and Ghana.
Revenue Model
The revenue is generated through three channels:
a) Export Sales: WHO-GMP certified facility caters to African markets
b) Contract Manufacturing/Loan License via Merchant Exporters
c) Domestic Sales: Includes direct supply to distributors and pharmacies
Competitive Strengths
i) Formulation Expertise: Strong in-house QA/QC and regulatory capabilities
ii) Experienced Promoters: Deep domain knowledge and global market experience
iii) Diverse Product Range: Tablets, syrups, sachets, capsules, injectables, etc.
iv) Strategic Location: Near Mumbai ports and highways for efficient logistics
v) Skilled Workforce: 50+ team members managing manufacturing and exports
vi) Established Contract Manufacturing Network: Partnerships with 5 WHO-GMP manufacturers and 1 owned facility
vii) Competitive Pricing: Asset-light model and strategic outsourcing
Objects of the Asston Pharmaceuticals Limited IPO:
Asston Pharmaceuticals Limited IPO Details:
| Open Date: | Jul 09 2025 |
| Close Date: | Jul 11 2025 |
| Total Shares: | 22,41,000 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 27.56 Cr. |
| Lot Size: | 1000 Shares |
| Issue Price: | ₹ 115 -123 Per Equity Share |
| Listing At: | BSE SME |
Promoters And Management:
Financials of Asston Pharmaceuticals Limited IPO:
| Particulars | 31st May 2025 | FY 2024-2025 | FY 2023-2024 |
| Revenue from Operations | 6.18 | 25.03 | 15.58 |
| EBITDA | 1.92 | 6.15 | 2.54 |
| EBITDA Margins | 31.16% | 24.60% | 16.33% |
| PAT | 1.32 | 4.32 | 1.36 |
| PAT Margins | 21.37% | 17.27% | 8.73% |
| ROCE | 79.46% | 51.25% | 34.29% |
| Debt to Equity Ratio(In Times) | 0.65 | 0.68 | 1.07 |
| Operating Cash Flows | -0.39 | -0.16 | -3.8 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | D/E Ratio | MCap (in cr) | P/E |
| Asston Pharmaceuticals Limited(FY 25) | 25.03 | 24.60% | 17.27% | 0.68 | 104.7 | 24.24 |
| Bafna Pharmaceuticals Limited(FY25) | 146 | 8% | 4.32% | 0.33 | 204 | 32.4 |
| Shelter Pharma Limited(FY25) | 50.66 | 19.88% | 14.30% | 0.02 | 48.6 | 6.7 |
| Trident Lifeline Limited(FY25) | 50 | 19% | 12.10% | 0.84 | 310 | 29.6 |
| Note : Forwarded P/E is 13.21 on the basis of FY26 PAT | ||||||
Lead Manager of Asston Pharmaceuticals Limited IPO:
Registrar of Asston Pharmaceuticals Limited IPO:
Discussion on Asston Pharmaceuticals Limited IPO:
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