Sudeep Pharma Limited IPO

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Sudeep Pharma is a technology-driven manufacturer of excipients, mineral-based ingredients, and specialty nutritional solutions catering to the global pharmaceutical, food, and nutrition industries. Founded in 1989, the Company has evolved from producing basic excipients to offering a diversified portfolio of 100+ products, with a strong focus on innovation, quality, and global regulatory compliance.

Sudeep Pharma is one of the largest global producers of food-grade iron phosphate, widely used in infant and clinical nutrition, and a leading exporter of mineral ingredients from India. The Company has a total annual manufacturing capacity of 72,246 MT, and is among a select group of global players holding CEP and EU written confirmation approvals for calcium carbonate as an API—underscoring its high-barrier, compliance-driven business model.

Global Presence

Sudeep Pharma has established a strong international footprint, exporting to around 100 countries across the United States, South America, Europe, the Middle East, Africa, and Asia-Pacific. To support global demand, the Company operates dedicated regional sales offices in the US, Europe, UK, and Latin America, supported by stocking arrangements to enhance delivery speed and customer service.

Product Segments

1. Pharmaceutical, Food & Nutrition Ingredients

The Company produces refined mineral-based ingredients such as calcium, zinc, iron, magnesium, copper, sodium, and potassium, used as excipients, APIs (e.g., calcium carbonate), and nutritional fortifiers. These products support diverse applications including pharmaceuticals, dietary supplements, dairy, beverages, bakery, and infant nutrition.

2. Specialty Ingredients (via SNPL)

Through its subsidiary SNPL, Sudeep Pharma manufactures advanced, technology-driven specialty ingredients such as micronutrient premixes, encapsulated ingredients, liposomal formats, granulated minerals, triturated blends, and spray-dried systems. These solutions are designed to enhance bioavailability, nutrient stability, functionality, and manufacturability across food, nutrition, and FMCG industries.

Research & Development Capability

Sudeep Pharma’s R&D strength is a key differentiator. With two R&D facilities and a team of 41 specialists, the Company focuses on particle engineering, nutrient bioavailability, shelf-life enhancement, solvent-free processes, and formulation challenges. The R&D infrastructure, including spray dryers, fluidized bed coaters, tablet compression units, and advanced blending systems, enables continuous product innovation.

Customer Base

Sudeep Pharma serves over 1,100 global customers, including marquee names such as Pfizer, Intas, Mankind Pharma, Merck Group, Alembic, Aurobindo, Cadila, Micro Labs, IMCD Asia, and Danone. The Company enjoys strong customer loyalty, with 78–83% of revenue coming from repeat business in recent fiscals, and long-term relationships averaging 7+ years among its top clients.

Objects of the Sudeep Pharma Limited IPO:

Company proposes to utilize the Net Proceeds towards the following: (i) Capital expenditure towards procurement of machinery for production line located at Nandesari Facility I (₹75.8 cr) (ii) General corporate purposes

Sudeep Pharma Limited IPO Details:

Open Date: Nov 21 2025
Close Date: Nov 25 2025
Total Shares: 1,50,92,750
Face Value: ₹ 1 Per Equity Share
Issue Type: Book Building
Issue Size: 895 Cr.
Lot Size: 25 Shares
Issue Price: ₹ 563 - 593 Per Equity Share
Listing At: NSE,BSE
Listing Date: Nov 28 2025

Promoters And Management:

1. Sujit Jaysukh Bhayani, Managing Director and Chairman, oversees the Company’s daily operations. A B.Sc. (Chemistry) graduate from the University of Tulsa, he has 34 years of pharmaceutical industry experience and previously served as Director at Dinesh Remedies Ltd. He has been associated with the Company since April 30, 1991. 2. Shanil Sujit Bhayani, Whole-time Director, leads sales, marketing, product development and employee supervision. He holds a B.Sc. in Business Administration from Drexel University and has eight years of industry experience. He also serves as Director at Altmin Pvt. Ltd. and joined the Company as an Analyst in 2016 before becoming Whole-time Director. 3. Ajay Shrirang Kandelkar, Whole-time Director, manages strategy, financial planning and business diversification. A dairy technology graduate from Dr. Panjabrao Deshmukh Krishi Vidyapeeth, he has 23 years of experience in production and operations. He previously held senior roles at Food Service (India) Pvt. Ltd., Sudeep Nutrition, Drytech Processes, Taiyo Lucid and Warana Dairy. He joined the Company as Vice President – Operations in October 2023 before being appointed Whole-time Director.

Financials of Sudeep Pharma Limited IPO:

Particulars 3M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 125 502 459 429
EBITDA (Cr) 49 199 188 99
EBITDA Margins 38.88% 39.70% 40.88% 23.01%
PAT (Cr) 30.8 138.6 133.1 62.3
PAT Margins 24.66% 27.63% 29.00% 14.54%
ROCE 5.50% 29.82% 41.17% 29.40%
Debt to Equity Ratio(In Times) 0.14 0.20 0.17 0.32
Operating Cash Flows (Cr) -5 48.7 65.6 48.3

Comparison With Peers:

According to RHP their is no listed peers existed in the same company.

Lead Manager of Sudeep Pharma Limited IPO:

  1. ICICI Securities Limited
  2. IIFL Securities Ltd

Registrar of Sudeep Pharma Limited IPO:

  1. MUFG Intime India Private Limited

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