Mr. Ashish Gulati is the Managing Director and Promoter of the company and has been associated since its inception. A BSc graduate in Motorsport Technology from Oxford Brookes University (UK), he brings global exposure and leadership to the business. He previously served as Sales Director at Shinto Organics Pvt. Ltd. and now oversees all key functions including quality, production, marketing, and regulatory affairs. As MD, he plays a vital role in strategic planning and brand development, guiding the company’s long-term vision. Ms. Pooja Singh is the Executive Director of the company and has been on the Board since March 14, 2024. She began her journey with the company as Executive – QA in August 2021. A Bachelor of Pharmacy graduate from Dr. A.P.J. Abdul Kalam Technical University, she brings over 8 years of experience in the pharmaceutical industry. Ms. Singh started her career at Mediwell Healthcare and has been actively involved in quality assurance and regulatory compliance, ensuring adherence to industry standards. Mr. Pardeep Singh is the Executive Director of the company and has been associated since October 9, 2023. He holds a Diploma in Ayurvedic Pharmacy from the Punjab State Board of Technical Education (2008). With over 12 years of experience as a graphic designer, he has worked with Proton Pharma (2010–2016) and Shinto Organics Pvt. Ltd. (2016–2019). Currently, he leads the company’s operations and supply chain management, leveraging his diverse professional background to drive efficiency and growth.

IPO Recommendation: Astonea Labs Limited A. Business Overview: Astonea Labs is a pharmaceutical and cosmetic products manufacturer, primarily operating under a contract manufacturing model. Its product portfolio includes antibiotics, anti-cold, antihistamines, diabetic care, and dermatological products in forms like tablets, gels, lotions, and ointments. The company also markets its own brands like GlowUp and Regero on platforms such as Amazon and Tata 1MG. B. Financial Performance: 1. FY24 revenue stood at ₹80.19 Cr, up from ₹67.05 Cr in FY23. 2. PAT for FY24 is ₹3.81 Cr, a significant improvement from ₹0.66 Cr in FY23. 3. EBITDA margin improved to 14.60%, and PAT margin stood at 4.75%. 4. Revenue mix remains heavily tilted towards contract manufacturing (~95.75%) with limited own-brand traction. C. Use of IPO Proceeds: 1. The fresh issue proceeds will be used for: 2. Product registration in Bolivia, 3. Setting up an ointment manufacturing facility, 4. Advertising & branding, 5. Hardware/software procurement, 6. Working capital needs. D. Key Strengths: 1. Growing top-line and profit figures 2. WHO-GMP certified facility 3. Established presence in domestic and export markets 4. Strong EBITDA improvement with operational efficiency E. Risks: 1. 90%+ revenue dependence on contract manufacturing 2. Limited brand recognition in own-label products 3. Competitive industry dynamics with low entry barriers 4. High working capital requirement and increasing borrowings. F. Valuation Metrics: FY24 EPS = ₹5.01; M.cap is 140 Cr and P/E is 26x ( which looks on higher side ). RoE for FY24 stands strong at 37.86%; RoCE at 22.95%. G. InvestorZone View: Astonea Labs shows promising growth but is still in a transition phase from a contract manufacturer to a brand-oriented FMCG-pharma hybrid. Its valuation should reflect the inherent risks of low brand presence and concentration in B2B. Investors with moderate risk appetite may consider for listing gains or medium-term potential — subject to issue pricing. Avoid aggressive bids if P/E crosses ~30x.

Astonea Labs Ltd House No. 1358, 1st Floor, Sector-22B, Phone: +91 9888302323 Email: cs@astonea.org Website: https://www.astonea.org/