Anondita Medicare
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Aug 2025 – 26 Aug 2025
- Listing date
- 01 Sep 2025
- Face value
- ₹10 per share
- Issue price
- ₹145 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹69.50 Cr
- Market cap at offer price
- ₹262 Cr
- Promoter holding
- 83.95% → 61.71% pre-issue → post-issue
- ISIN
- INE0VTV01012
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Flat No.704 Narmada Block, N6, Sec-D, Pkt-6 Vasant Kunj, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,50,000 | — | — |
| Market maker | 2,70,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹145
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,45,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,90,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,70,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,15,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.35 | 9.08 |
| P/E (×) | 11.74 | 15.97 |
| Price to book (×) | 15.07 | — |
| Market cap | — | ₹262 Cr |
Key performance indicators
- Return on net worth
- 41.71%
- ROCE
- 37.42%
- Debt / equity
- 0.70
- PAT margin
- 21.32%
- EBITDA margin
- 33.32%
- NAV per share
- ₹28.49
- Price to book
- 15.07
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Anondita Medicare
Anondita Medicare Limited was incorporated as a public limited company on March 12, 2024, and acquired the entire business of M/s Anondita Healthcare (a sole proprietorship run by promoter Mr. Anupam Ghosh since 1999) on April 1, 2024. The company manufactures male condoms with various flavors marketed under the flagship brand 'COBRA'. It operates a single manufacturing facility in Sector 80, Noida, Uttar Pradesh, with an installed production capacity of approximately 562 million condoms per annum. The company uses CNG as a clean, environmentally friendly manufacturing fuel. Its revenue model comprises sales to government procurement agencies and AIDS prevention societies under the Nirodh brand, sales through its subsidiary Anondita Healthcare & Rubber Products (India) Limited, stockist distribution, OEM/job work arrangements, and some export operations. For FY 2025, the company reported revenue from operations of Rs. 6,051.52 lakhs and profit after tax of Rs. 1,079.98 lakhs on a standalone basis.
Company Analysis
from RHPAnondita Medicare Limited is a manufacturer of male condoms with flavored varieties under the brand 'COBRA', operating in the pharmaceutical and consumer healthcare industries.
Anondita Medicare Limited was incorporated as a public limited company on March 12, 2024, and acquired the entire business of M/s Anondita Healthcare (a sole proprietorship run by promoter Mr. Anupam Ghosh since 1999) on April 1, 2024. The company manufactures male condoms with various flavors marketed under the flagship brand 'COBRA'. It operates a single manufacturing facility in Sector 80, Noida, Uttar Pradesh, with an installed production capacity of approximately 562 million condoms per annum. The company uses CNG as a clean, environmentally friendly manufacturing fuel. Its revenue model comprises sales to government procurement agencies and AIDS prevention societies under the Nirodh brand, sales through its subsidiary Anondita Healthcare & Rubber Products (India) Limited, stockist distribution, OEM/job work arrangements, and some export operations. For FY 2025, the company reported revenue from operations of Rs. 6,051.52 lakhs and profit after tax of Rs. 1,079.98 lakhs on a standalone basis.
Objects of the Issue
- Capital Expenditure 600.00 lakhs p.24
- Working Capital Requirement 3,500.00 lakhs p.24
- Unidentified Acquisition and General Corporate Purposes p.24
- Funding capital expenditure requirements for the purchase of equipment/machineries Rs. 600.00 lakhs p.101
- Funding the working capital requirements of our Company Rs. 3,500.00 lakhs p.101
- Unidentified Acquisition and General Corporate Purposes Not to exceed 35% of the amount raised; General corporate purposes not to exceed 25% of the amount raised p.101
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Issue Structure
- Total Issue
- 47,93,000 Equity Shares of Rs. 10/- each aggregating Rs. [●] Lakhs
- Fresh Issue
- 47,93,000 Equity Shares of Rs. 10/- each aggregating Rs. [●] Lakhs
- Offer for Sale
- NIL
- Price Band
- [●] times to [●] times of face value
- Lot Size
- 1,000 Equity Shares and multiples thereof
- Face Value
- Rs. 10/- each
Business Model
The company earns revenue through multiple channels: (1) sales to government procurement agencies and AIDS prevention societies (representing 57.08% of revenue in FY 2025), (2) sales through its subsidiary Anondita Healthcare & Rubber Products (India) Limited (17.55%), (3) distribution through stockists (14.09%), (4) OEM/job work arrangements (11.31%), and (5) historically through exports. The company operates on a manufacturing model with government and institutional contracts representing the majority of revenue.
Business Segments
SWOT Analysis
- • Established brand and market presence in condom manufacturing(p.24)
- • Significant revenue growth from government procurement channels(p.33)
- • Established operational history through promoter experience(p.43)
- • Environmentally sustainable manufacturing practices(p.24)
- • Strong profitability improvement trajectory(p.25)
- • Strong financial performance with 66% revenue growth and improving profitability(p.121)
- • High return on net worth demonstrating efficient capital deployment(p.122)
- • Quality certifications and rigorous production standards(p.107)
- • Experienced management team and founder-led organization(p.121)
- • Production capacity expansion underway to meet growing demand(p.107)
- • Experienced condom manufacturer with 25 years industry history and own manufacturing facility(p.162)
- • Established brand recognition and diverse product portfolio with multiple flavors(p.162)
- • Cost-effective manufacturing using environment-friendly CNG fuel(p.162)
- • High capacity utilization growth trajectory with 46.05% actual capacity in FY2025 vs 39.14% in FY2024(p.171)
- • Strong revenue growth (30% YoY in FY2025) and profitability improvement(p.182)
- • Subsidiary with established distribution network across India(p.179)
- • 25+ years healthcare products manufacturing experience(p.230)
- • Established manufacturing and distribution infrastructure(p.230)
- • Vertical integration with subsidiary (88.98% ownership)(p.238)
- • Growing profitability with FY25 PAT of Rs. 1,641.66 lakhs(p.259)
- • Strong EBITDA generation (Rs. 2,565.23 lakhs FY25)(p.273)
- • Improved return on equity (41.71% in FY25)(p.273)
- • Established manufacturing capacity for condom production(p.300)
- • Environmental sustainability through clean energy usage(p.300)
- • Established brand presence with product diversification(p.300)
- • 25+ years of promoter experience in healthcare sector(p.301)
- • Strong revenue growth trajectory(p.313)
- • Improved profit margins through operational efficiency(p.308)
- • Government sales expansion(p.305)
- • Heavy dependence on limited customer base(p.33)
- • Significant debt burden with history of payment delays(p.34)
- • Subsidiary has incurred losses historically(p.35)
- • Unregistered intellectual property and brand vulnerability(p.44)
- • Limited operational track record as newly incorporated entity(p.43)
- • Assets not transferred to company name(p.34)
- • Negative cash flows from operating activities in prior periods(p.32)
- • Significant working capital intensity with substantial funds tied up in receivables(p.114)
- • Dependence on government as major customer with extended payment cycles(p.113)
- • Limited geographic and customer diversification(p.114)
- • High leverage with significant short and long-term debt obligations(p.66)
- • Negative operating cash flow in consolidated financials despite profitability(p.125)
- • High dependence on few customers for majority of revenue(p.180)
- • Raw material supply chain dependency, particularly for centrifuged latex(p.184)
- • Female condom business still in early stages despite patent acquisition(p.183)
- • Limited international presence currently with only past export history(p.180)
- • High debt-to-equity ratio (0.70x in FY25)(p.273)
- • Significant working capital requirements with trade receivables of Rs. 2,675.33 lakhs(p.266)
- • Asset ownership not fully transferred; properties still in promoter/acquiree names(p.279)
- • Vehicles and fixed deposits held in acquiree entity names(p.279)
- • Recent company incorporation (March 12, 2024) with limited operational history(p.284)
- • High reliance on government tender business(p.305)
- • Significant outstanding disputed debt from single customer(p.334)
- • High financial leverage with significant borrowings(p.326)
- • Ongoing litigation regarding intellectual property disputes(p.333)
- • Concentrated production at single facility(p.300)
- • Expansion of manufacturing capacity and lines(p.24)
- • Growth in Indian condom market(p.24)
- • Leveraging global market expansion potential(p.24)
- • Strategic acquisitions and partnerships(p.41)
- • Expansion of product portfolio(p.53)
- • Working capital to support business growth(p.24)
- • Government's focus on healthcare and family planning expansion(p.102)
- • Capacity expansion to serve growing domestic and international demand(p.107)
- • Technology upgrading to enhance product quality and reduce production costs(p.107)
- • Acquisition and strategic expansion opportunities(p.117)
- • India's strong economic growth trajectory supporting healthcare sector expansion(p.139)
- • Exceptional Indian condom market growth at 13.7% CAGR (2025-2034) vs global 8.6%(p.154)
- • Large addressable market through India's young demographic (50% under 25 years)(p.155)
- • Government distribution expansion with 15,057 Jan Aushadhi Kendras operational(p.153)
- • E-commerce channel growth (28% of Indian condom sales) providing direct-to-consumer access(p.156)
- • UN qualification pathway enabling export expansion to Africa and Southeast Asia(p.183)
- • Premium product segment growth with consumers willing to pay for advanced features(p.157)
- • Revenue growth trajectory with FY25 sales of Rs. 7,699.07 lakhs (65.8% YoY growth)(p.259)
- • Expansion of manufacturing capacity with Rs. 649.61 lakhs capital work-in-progress(p.257)
- • Strategic group company network for distribution and supply chain(p.236)
- • Consolidation of healthcare products market through group companies(p.236)
- • Expansion of female condom production line(p.300)
- • Increased participation in government procurement tenders(p.318)
- • Growing demand for branded consumer condoms(p.300)
- • Market development through enhanced marketing efforts(p.322)
- • Risk of government tender debarment(p.33)
- • Intense industry competition(p.54)
- • Regulatory compliance and quality control risks(p.42)
- • Geographic concentration risk in revenue(p.38)
- • Dependence on third-party distribution networks(p.36)
- • Supply chain and raw material price volatility(p.50)
- • Exposure to government price controls(p.55)
- • Single manufacturing facility concentration risk(p.51)
- • Pandemic and contagious disease outbreak risks(p.61)
- • Economic slowdown impact on demand(p.62)
- • Volatile government tender-based business model subject to policy changes(p.114)
- • Commodity price volatility affecting input costs(p.142)
- • Global pharmaceutical industry competition and price pressures(p.142)
- • Regulatory and compliance requirements in healthcare sector(p.107)
- • Climate change impacts on agricultural inputs and supply chains(p.142)
- • Latex raw material price volatility creates cost pressures(p.184)
- • Intense competition with top five manufacturers controlling 75% market value(p.157)
- • Social stigma in rural and conservative communities limiting market penetration(p.158)
- • Price sensitivity constraining premiumization opportunities among large population segments(p.158)
- • Counterfeit products undermining consumer confidence and market integrity(p.158)
- • Export promotion capital goods scheme obligations over 8-year period(p.262)
- • Contingent litigation claims of Rs. 70.62 lakhs(p.271)
- • High finance costs (Rs. 291.09 lakhs in FY25) impacting profitability(p.268)
- • Reliance on secured lending with assets as collateral(p.264)
- • Raw material supply chain disruption from external sources(p.332)
- • Regulatory changes affecting pharmaceutical and medical device sector(p.301)
- • Intense competition in condom manufacturing(p.322)
- • Volatility in capital markets affecting business(p.301)
- • Dependence on import of critical raw materials(p.332)
- • Exposure to government procurement policy changes(p.318)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Anupam Ghosh | Promoter | 83.95% | 61.71% |
| Mrs. Sonia Ghosh | Promoter | Negligible | Negligible |
| Mr. Reshant Ghosh | Promoter | Negligible | Negligible |
| Mr. Anupam Ghosh | Promoter | 83.95% | 61.71% |
| Mr. Reshant Ghosh | Promoter | Negligible | Negligible |
| Mrs. Sonia Ghosh | Promoter | Negligible | Negligible |
| Ms. Anisha Ghosh | Promoter Group | Negligible | Negligible |
| Ms. Madhvi Sharma | Promoter Group | Negligible | Negligible |
| Mr. Anupam Ghosh | Promoter | 83.95% | — |
| Mrs. Sonia Ghosh | Promoter | Negligible | — |
| Mr. Reshant Ghosh | Promoter | Negligible | — |
| Mr. Anupam Ghosh | Promoter/Managing Director | 83.95% | — |
| Mrs. Sonia Ghosh | Promoter/Whole Time Director | 0.001% | — |
| Mr. Reshant Ghosh | Promoter/Whole Time Director | 0.001% | — |
| Anupam Ghosh | Promoter/Managing Director | 87.93% | — |
| Sonia Ghosh | Promoter Group | 0.00% | — |
| Reshant Ghosh | Promoter Group | 0.00% | — |
| Anupam Ghosh | Promoter/Managing Director | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.