Bio Medica Laboratories SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 29 May 2026 | −₹9 | −6.47% | ₹0 | ₹130 | −₹9,000 |
| 28 May 2026 | −₹9 | −6.47% | ₹0 | ₹130 | −₹9,000 |
| 27 May 2026 | −₹6 | −4.32% | ₹0 | ₹133 | −₹6,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 21 May 2026 – 25 May 2026
- Listing date
- 29 May 2026
- Face value
- ₹10 per share
- Price band
- ₹132 – ₹139
- Issue price
- ₹139 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹52.43 Cr
- Market cap at offer price
- ₹175 Cr
- Promoter holding
- 96.84% → 67.70% pre-issue → post-issue
- ISIN
- INE1BKA01015
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Narnolia Financial Services Ltd.
- Registered office
- Plot No.11B-11C, Sector-E, Sanwer Road, Industrial Area, Industrial Estate, Madhya Pradesh
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 | 0 | — | — |
| Market maker | 1,89,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹139
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,39,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,78,000 |
| S-HNI (max) | 7 | 7,000 | ₹9,73,000 |
| B-HNI (min) | 8 | 8,000 | ₹11,12,000 |
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
₹139 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.67 | 10.33 |
| P/E (×) | 13.03 | 13.46 |
| Price to book (×) | 8.66 | — |
| Market cap | — | ₹175 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 99.59%
- ROCE
- 48.20%
- Debt / equity
- 1.02
- PAT margin
- 25.64%
- EBITDA margin
- 39.83%
- NAV per share
- ₹16.05
- Price to book
- 8.66
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Bio Medica Laboratories SME
Bio Medica Laboratories Limited (formerly Bio Medica Laboratories Private Limited) was incorporated on August 14, 2015, and converted to a public limited company on October 24, 2024. The company is engaged in the manufacture and sale of pharmaceutical formulations and active pharmaceutical ingredients (APIs). It operates two manufacturing units in Indore, Madhya Pradesh, though Manufacturing Unit-1 has been suspended since August 23, 2023, due to regulatory non-compliances. The company generates revenue through the supply of pharmaceutical products to a limited number of clients, with its top five customers accounting for approximately 67.58% of revenues as of November 30, 2025. The company is dependent on imported raw materials and third-party logistics providers for its operations.
Company Analysis
from RHPBio Medica Laboratories Limited manufactures pharmaceutical formulations and APIs, primarily serving the domestic Indian pharmaceutical industry.
Bio Medica Laboratories Limited (formerly Bio Medica Laboratories Private Limited) was incorporated on August 14, 2015, and converted to a public limited company on October 24, 2024. The company is engaged in the manufacture and sale of pharmaceutical formulations and active pharmaceutical ingredients (APIs). It operates two manufacturing units in Indore, Madhya Pradesh, though Manufacturing Unit-1 has been suspended since August 23, 2023, due to regulatory non-compliances. The company generates revenue through the supply of pharmaceutical products to a limited number of clients, with its top five customers accounting for approximately 67.58% of revenues as of November 30, 2025. The company is dependent on imported raw materials and third-party logistics providers for its operations.
Objects of the Issue
- Capital expenditure for expansion and upgradation of manufacturing facilities p.49
- Repayment of borrowings ₹650 lakhs p.29
- General corporate purposes p.49
- Repayment of Loan ₹650.00 lakhs p.91
- Enhancement of existing production capabilities by setting up of new manufacturing facility at the existing premises ₹2,850.00 lakhs p.91
- General Corporate Purposes p.92
- Repayment of borrowings p.333
Issue Structure
- Total Issue
- Up to 37,72,000 Equity Shares of face value of ₹10/- each aggregating to Rs. [●] Lakhs
- Fresh Issue
- Up to 33,95,000 Equity Shares of face value of ₹10/- each aggregating to Rs. [●] Lakhs
- Offer for Sale
- Up to 3,77,000 Equity Shares of face value of ₹10/- each aggregating to Rs. [●] Lakhs
- Price Band
- [●] times and [●] times of the face value of the Equity Shares
- Lot Size
- 1,000 Equity Shares and in multiples of 1,000 Equity Shares thereafter
- Face Value
- ₹10/- each
Business Model
The company manufactures pharmaceutical formulations and APIs and sells them primarily to a limited number of pharmaceutical distributors and customers in India. Revenue is generated through the sale of pharmaceutical products. The company does not carry product liability insurance.
Business Segments
SWOT Analysis
- • Strong profitability and revenue growth trajectory(p.59)
- • High return on equity and net worth generation(p.116)
- • Solid EBITDA margins and operational efficiency(p.116)
- • Capable of rapid capacity expansion with concrete manufacturing plans(p.94)
- • Experienced management with 37+ years pharmaceutical industry experience(p.178)
- • GMP and GLP certifications from FDA Madhya Pradesh(p.178)
- • Multi-product manufacturing capability with 71 formulations(p.178)
- • Established long-term customer relationships(p.179)
- • Low employee attrition indicating workforce stability(p.179)
- • Experienced founding management with deep pharmaceutical sector expertise(p.231)
- • Consolidated financial performance with growing profitability(p.277)
- • Strong return on equity and capital efficiency(p.278)
- • Recent acquisition of subsidiary to expand operations(p.242)
- • Established board governance with independent directors(p.208)
- • Manufacturing capability for injectable formulations with GMP and GLP certifications(p.287)
- • FDA approvals for over 64 product licenses enabling manufacture of high-value products(p.294)
- • Advanced, fully automated machinery at Unit-2 reducing wastage and improving efficiency(p.300)
- • Competitive advantage from regulatory compliance while competitors faced closures(p.295)
- • Strong financial performance with profitability growth and improved margins(p.298)
- • Manufacturing Unit-1 suspension due to FDA non-compliances(p.26)
- • High customer concentration risk(p.26)
- • No product liability insurance(p.27)
- • Negative cash flows from operations and investing activities(p.28)
- • High historical debt-to-equity ratio(p.29)
- • No owned premises; all properties on lease(p.29)
- • Single geographic location concentration(p.28)
- • Delayed statutory filings and compliance lapses(p.31)
- • Outstanding legal proceedings involving promoters(p.30)
- • Dependence on third-party transportation(p.27)
- • High debt burden relative to equity(p.119)
- • Negative operating cash flow in recent periods(p.116)
- • High working capital requirements impacting liquidity(p.58)
- • Concentrated ownership and limited public float post-IPO(p.80)
- • Low cash position relative to obligations(p.58)
- • Heavy concentration on top customer representing 30.56% of revenue(p.180)
- • Dependence on single largest supplier for 58.17% of purchases(p.181)
- • Production suspension at Unit-1 affecting capacity(p.178)
- • Limited manufacturing facilities with only two units, one suspended(p.178)
- • High leverage with debt-to-equity ratio exceeding 2x(p.278)
- • Significant accumulated losses in subsidiary operations(p.243)
- • Heavy dependence on promoter financing through unsecured loans(p.263)
- • Concentration of shareholding with two promoters holding 96.84% pre-issue(p.233)
- • Working capital volatility with significant fluctuations in inventory and receivables(p.267)
- • Unit-1 suspension due to Schedule-M non-compliance requiring operational reorganization(p.299)
- • High debt burden with total borrowings of Rs. 2,669.65 lakhs and unsecured loans of Rs. 1,147.17 lakhs(p.306)
- • Litigation involving promoter for alleged assault on public servant(p.312)
- • Subsidiary Vitamax facing multiple litigations including criminal cases and employee disputes(p.314)
- • IPO to improve debt-to-equity ratio(p.29)
- • Expansion of manufacturing capacity(p.29)
- • India's strong economic growth supporting pharmaceutical sector expansion(p.128)
- • Rising per capita income driving pharmaceutical consumption(p.131)
- • Expansion of manufacturing capacity to serve growing market demand(p.111)
- • Strategic investment in advanced pharmaceutical manufacturing equipment(p.94)
- • Benefits from listing on NSE Emerge platform for market access and credibility(p.92)
- • Expansion of manufacturing capacity and infrastructure upgrade(p.179)
- • Growing domestic injectable drugs market at 6.90% CAGR through 2030(p.144)
- • Rising demand driven by chronic disease prevalence and aging population(p.151)
- • Export opportunities through merchant exporter channel(p.160)
- • Government support through PLI scheme and bulk drug parks(p.154)
- • Expansion through subsidiary company in pharmaceutical healthcare sector(p.242)
- • Growing revenue from operations demonstrating market traction(p.251)
- • IPO listing to strengthen capital base and reduce leverage(p.217)
- • Expansion of product portfolio through manufacturing and trading(p.270)
- • Capacity expansion through commissioning of Unit-2 with higher utilization potential(p.295)
- • Growth in high-value vial products with significantly higher revenue per unit(p.294)
- • Market opportunity from competitor compliance issues in pharmaceutical injectable sector(p.295)
- • B2B contract manufacturing model enabling partnerships with multiple pharma companies(p.287)
- • Potential for migration to main board with scale-up and profitability growth(p.350)
- • Regulatory changes in pharmaceutical industry(p.40)
- • Dependence on raw material imports subject to tariff changes(p.40)
- • Foreign exchange volatility affecting imported raw materials(p.40)
- • Competition from organized and unorganized players(p.45)
- • Economic slowdown could reduce demand(p.23)
- • Dependence on raw material suppliers without long-term contracts(p.39)
- • Natural disasters and external disruptions(p.53)
- • Inflation impact on cost structure(p.54)
- • Dependence on Indian economy and political stability(p.52)
- • Pharmaceutical sector cyclicality and competitive pressures(p.21)
- • Dependence on a limited customer base(p.21)
- • Regulatory and compliance risks in pharmaceutical manufacturing(p.21)
- • Raw material price volatility and supply chain disruptions(p.59)
- • Vulnerability to currency fluctuations affecting import costs(p.21)
- • Heavy dependence on raw material imports from China (42.45% of pharmaceutical imports)(p.150)
- • Regulatory compliance costs and evolving regulatory requirements(p.152)
- • Rising R&D costs and pricing pressure in competitive market(p.152)
- • Supply chain disruption risks affecting raw material availability(p.152)
- • Need for highly skilled workforce with specialized capabilities(p.152)
- • Significant interest burden from high debt levels(p.271)
- • Subsidiary company with persistent negative net worth and ongoing losses(p.243)
- • Risk of regulatory non-compliance in pharmaceutical manufacturing(p.254)
- • Volatile working capital requirements affecting cash flow(p.252)
- • Dependence on key customers and concentrated revenue sources(p.254)
- • Regulatory risk from Schedule-M compliance requirements affecting manufacturing operations(p.299)
- • Concentration risk in pharmaceutical injectable market with potential from regulatory changes(p.288)
- • Volatility in raw material and packaging material costs affecting profitability(p.289)
- • Foreign exchange exposure from raw material imports with unhedged currency risk(p.284)
- • Intense competition from existing and potential competitors in pharmaceutical sector(p.305)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mukesh Mehta | Promoter Selling Shareholder | 48.42% | — |
| Pradeep Mehta | Promoter Selling Shareholder | 48.42% | — |
| Mukesh Mehta | Promoter | 48.42% | 33.85% |
| Pradeep Mehta | Promoter | 48.42% | 33.85% |
| Pradeep Mehta | Promoter | — | — |
| Mukesh Mehta | Promoter | — | — |
| Pradeep Mehta | Promoter | 44,44,725 Equity Shares (48.42%) | — |
| Mukesh Mehta | Promoter | 44,44,816 Equity Shares (48.42%) | — |
| Pradeep Mehta | Promoter | — | — |
| Mukesh Mehta | Promoter | — | — |
| Mukesh Mehta | Promoter (Selling Shareholder) | — | — |
| Pradeep Mehta | Selling Shareholder | — | — |
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.