Curis Lifesciences Limited IPO

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Curis Lifesciences Limited, headquartered in Ahmedabad, Gujarat, is a pharmaceutical manufacturing company engaged in producing a wide range of formulations including tablets, capsules, oral liquids, external preparations, and sterile ophthalmic ointments. The company traces its roots to 2010, when it began as M/s Loreto Pharmaceuticals, a partnership firm involved in trading and marketing pharmaceutical products.

Business Model

Curis operates through three main manufacturing verticals:

1. Loan License Manufacturing – The company manufactures products using raw materials and formulations provided by domestic clients, functioning purely as a job-work partner.
2. Contract Manufacturing – Curis procures raw materials, manufactures products under clients’ brand names, and supplies to both merchant exporters (for international sales) and domestic suppliers.
3. Direct Export / Own Brand Manufacturing – The company manufactures and exports products under its own brands, currently active in Kenya and Yemen.

As of July 31, 2025, Curis has served over 100 clients for contract and loan license manufacturing, while direct exports contribute less than 1% of revenue.

Product Portfolio

Curis holds 943 approved products under two manufacturing licenses:

a) Form 25 – General drugs (tablets, capsules, syrups, ointments).
b) Form 28 – Specialized and Schedule X drugs (biologicals, sterile products, psychotropics).

This broad product base enables the company to serve both domestic and international markets effectively.

Clients and Markets

Curis supplies to reputed pharmaceutical marketers such as J.B. Chemicals & Pharmaceuticals, Troikaa Pharmaceuticals, Venus International, Centurion Healthcare, and Makers Laboratories. Its products reach markets across Asia, Africa, and Europe, through merchant exporters and direct distribution.

Competitive Strengths

1. Experienced Promoters – Led by Mr. Dharmesh Patel and Mr. Piyush Antala, each with over 15 years of pharma experience.
2. Diverse Product Range – 943 formulations catering to varied therapeutic segments.
3. Strategic Location – Proximity to industrial and logistics hubs in Gujarat.
4. Scalable Operations – Large manufacturing capacity with flexibility to expand.
5. Stringent Quality Standards – WHO-GMP certified facility and multiple international approvals.

Objects of the Curis Lifesciences Limited IPO:

The Net Proceeds from the Issue are proposed to be utilized for the following objects: 1.  Upgradation/Improvement of existing Manufacturing Facilities (₹2.44 cr) 2. Construction of a Storage Facility (₹3.62 cr) 3. Pre-payment/Repayment of outstanding Secured Loans (₹1.86 cr) 4. Product Registrations in other countries (₹2.69 cr) 5. Working Capital Requirements (₹11.25 cr) 6. General Corporate Purpose.
DRHP of Curis Lifesciences Limited IPO
RHP of Curis Lifesciences Limited IPO

Curis Lifesciences Limited IPO Details:

Open Date: Nov 07 2025
Close Date: Nov 11 2025
Total Shares: 21,50,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 27.52 Cr.
Lot Size: 1000 Shares
Issue Price: ₹ 120-128 Per Equity Share
Listing At: NSE Emerge
Listing Date: Nov 14 2025

Promoters And Management:

1. Mr. Dharmesh Dasharathbhai Patel (51) – Chairman and Managing Director, holds a B.Pharm from Saurashtra University and has over 15 years of experience in the pharmaceutical industry. A founding member, he oversees the company’s financial and administrative functions. He has also been associated with Loreto Pharmaceuticals, Macline Pharmaceuticals, and Biocare Formulations. 2. Mr. Piyush Gordhanbhai Antala (41) – Whole-Time Director, holds a B.Pharm from Rajiv Gandhi University of Health Sciences, Karnataka, with 15+ years of experience. A founding member, he manages manufacturing operations and has previously worked with Lincoln Pharmaceuticals. He has also been associated with Biocare Formulations and Macline Pharmaceuticals. 3. Mr. Jaimik Mansukhlal Patel (39) – Whole-Time Director, holds a B.Pharm from Rajiv Gandhi University and an M.Sc. in Pharmacology from the University of Hertfordshire, UK. A founding member, he brings rich experience in pharmaceutical product development and was formerly a partner at Medheal Pharmaceutical.

Financials of Curis Lifesciences Limited IPO:

Particulars 4M FY 2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 19.50 49.13 35.55 35.44
EBITDA (Cr) 4.23 9.53 8.38 3.27
EBITDA Margins 21.72% 19.41% 23.59% 9.24%
PAT (Cr) 2.87 6.1 4.86 1.87
PAT Margins 14.72% 12.43% 13.69% 5.29%
ROCE 11.65% 27.83% 33.57% 14.83%
Debt to Equity Ratio(In Times) 0.8 0.96 2.91 16.1
Operating Cash Flows 0.58 -1.76 0.28 3.35

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Curis Lifesciences Limited 49.13 19.41% 12.43% 27.83% 0.96 103.48 16.96
Sotac Pharmaceuticals Limited 96.3 14.06% 9.64% 15.10% 0.82 143 18.6
Lincoln Pharmaceuticals Limited 623 16% 13.16% 17.30% 0 1,063 12.3
Note: Forward P/E is 12.01 According to FY2026 PAT

Lead Manager of Curis Lifesciences Limited IPO:

  1. Finaax Capital Advisors Private Limited

Registrar of Curis Lifesciences Limited IPO:

  1. MUFG Intime India Private Limited

Discussion on Curis Lifesciences Limited IPO:

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