CR
Corona Remedies
Book Building issueMainboardBSE₹655 Cr issue
+36.72%
Listing gain over issue price
Issue size
₹655 Cr
1 lot at cut-off
₹14,868
Lot size
14shares
Open
08 Dec 2025
Close
10 Dec 2025
Allotment
11 Dec 2025
Listing
15 Dec 2025
Listing performance
Issue price
₹1,062
Listed at
₹1,452
Listing-day close
₹1,438.40
Latest price
₹2,009
Listing gain
+36.72%
Return since listing
+89.17%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹342.50
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 15 Dec 2025 | ₹342.50 | +32.25% | ₹3,600 | ₹1,404.50 | ₹4,795 |
| 14 Dec 2025 | ₹342.50 | +32.25% | ₹3,600 | ₹1,404.50 | ₹4,795 |
| 13 Dec 2025 | ₹295 | +27.78% | ₹3,100 | ₹1,357 | ₹4,130 |
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
- 08 Dec 2025 – 10 Dec 2025
- Listing date
- 15 Dec 2025
- Face value
- ₹1 per share
- Issue price
- ₹1,062 per share
- Lot size
- 14 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹655 Cr
- Market cap at offer price
- ₹6,495 Cr
- Promoter holding
- 72.50% → 69.00% pre-issue → post-issue
- ISIN
- INE02ZQ01018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- CORONA House, C Mondeal Business Park, Near Gurudwara S.G.Highway, Thaltej, Gujarat
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 | 18,34,804 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 14 shares per lot, in multiples, at ₹1,062
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 14 | ₹14,868 |
| Retail (max) | 13 | 182 | ₹1,93,284 |
| S-HNI (min) | 14 | 196 | ₹2,08,152 |
| S-HNI (max) | 67 | 938 | ₹9,96,156 |
| B-HNI (min) | 68 | 952 | ₹10,11,024 |
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.
Shares allocated
18,34,804
Anchor portion
₹195 Cr
at ₹1,062 per share
Valuation and performance
Valuation at offer price
₹1,062 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 24.43 | 30.21 |
| P/E (×) | 43.47 | 35.15 |
| Price to book (×) | 10.71 | — |
| Market cap | — | ₹6,495 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 24.65%
- ROCE
- 41.32%
- Debt / equity
- 0.10
- PAT margin
- 12.49%
- EBITDA margin
- 20.55%
- NAV per share
- ₹99.14
- Price to book
- 10.71
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Corona Remedies
CORONA Remedies Limited was originally incorporated as a private limited company on August 27, 2004, and converted to a public limited company on December 16, 2024. The company is engaged in developing, manufacturing and marketing pharmaceutical formulations across multiple therapeutic areas. Its diversified product portfolio comprises 71 brands catering to women's healthcare (28.56% of domestic sales for MAT June 2025), cardio-diabeto (23.38%), pain management (11.79%), and urology (4.53%), among others. The company operates two manufacturing facilities in Bhayla, Ahmedabad (Gujarat) and Solan (Himachal Pradesh), with an established track record of building and scaling brands. Of its 71 brands, 27 'engine' brands accounted for 72.34% of domestic sales during MAT June 2025. The company derives 96.34% of its revenue from operations within India.
Company Analysis
from RHPCORONA Remedies Limited is an India-focused branded pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women's healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.
CORONA Remedies Limited was originally incorporated as a private limited company on August 27, 2004, and converted to a public limited company on December 16, 2024. The company is engaged in developing, manufacturing and marketing pharmaceutical formulations across multiple therapeutic areas. Its diversified product portfolio comprises 71 brands catering to women's healthcare (28.56% of domestic sales for MAT June 2025), cardio-diabeto (23.38%), pain management (11.79%), and urology (4.53%), among others. The company operates two manufacturing facilities in Bhayla, Ahmedabad (Gujarat) and Solan (Himachal Pradesh), with an established track record of building and scaling brands. Of its 71 brands, 27 'engine' brands accounted for 72.34% of domestic sales during MAT June 2025. The company derives 96.34% of its revenue from operations within India.
Branded pharmaceutical formulationsWomen's healthcareCardio-diabeto (cardiovascular and anti-diabetic)Pain managementUrologyPharmaceuticals
Objects of the Issue
- Undertake the Offer for Sale of up to [●] Equity Shares and achieve the benefits of listing the Equity Shares on the Stock Exchanges. Company will not receive any proceeds from the Offer. ₹6,553.71 million p.27
- Listing of Equity Shares on Stock Exchanges to enhance visibility, brand and provide liquidity to existing shareholders p.128
- Since the Offer is an Offer for Sale, the Company will not receive any proceeds p.128
- —
- Objects not specified in this document excerpt
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹10 each, aggregating up to ₹6,553.71 million
- Fresh Issue
- Not Applicable
- Offer for Sale
- Up to [●] Equity Shares of face value of ₹10 each aggregating up to ₹6,553.71 million by the Selling Shareholders
- Price Band
- [●] to [●] per Equity Share (Floor Price to Cap Price)
- Lot Size
- [●] Equity Shares (minimum bid lot)
- Face Value
- ₹10 per Equity Share
Business Model
CORONA Remedies manufactures pharmaceutical formulations and markets them through a distribution network of carrying and forwarding (C&F) agents who act as intermediaries between the company and stockists. The company does not have its own distribution network; instead, it engages 22 C&F agents for storage, transport and delivery to stockists, who then sell to retailers and hospitals. Revenue is recognized at the time of onward sale to stockists by the C&F agents. The company also relies on third-party suppliers for raw materials and finished goods, with total purchases aggregating 19.87% and 27.96% of total expenses for the three months ended June 30, 2025 and Financial Year 2025, respectively.
Business Segments
Products in women's healthcare therapeutic area
Products in cardiovascular and anti-diabetic areas
Products in pain management therapeutic area
Products in urology therapeutic area
Formulations and products in women's health and gynaecological therapeutic areas, including in-licensed products from Ferring Pharmaceuticals
Pharmaceutical products in cardiac and anti-diabetic therapeutic areas
Formulations for pain and analgesics, including the acquired brand Myoril from Sanofi
Pharmaceutical formulations in the anti-infective therapeutic segment
Pharmaceutical formulations in the gastro-intestinal therapeutic area
Formulations in respiratory therapeutics
Pharmaceutical formulations in dermatological therapeutic area
Nutritional and supplement products including acquired brands Vitneurin and Stelbid
Finished pharmaceutical products procured from third-party manufacturers and sold under Corona Remedies brand
Products in gynecological and related therapies
Products in cardiovascular and anti-diabetic therapies
Pain management products
Urological products
Includes gynaecological products, infertility management, pregnancy support, post-pregnancy care, and menstrual disorder management across brands including Eema, Trazer, Cor, Tricium, Obimet, and others.
Includes anti-diabetic and cardiovascular therapies for conditions such as hypertension, dyslipidemia, ischemic heart disease, type 2 diabetes, and insulin resistance.
Includes pain relief and analgesic products for conditions such as neuropathic pain, diabetic neuropathy, and general pain management.
Includes products for benign prostatic hyperplasia, overactive bladder, kidney stone management, and urinary tract infections.
Products across women's healthcare lifecycle from adolescence to infertility, pregnancy, post-pregnancy and pre- and post-menopause categories, including brands like C-HOP, COR-9, Trazer and others
Brands across different stages of diabetes treatment from insulin resistance, pre-diabetes to diabetes and diabetes-related complications, as well as cardiac disorders such as hypertension, dyslipidemia and ischemic heart disease
Four dosage forms in pain management formulations offered in tablets, capsules, sprays and injections for treatments associated with musculoskeletal spasms and diabetes neuropathy pain, including the acquired Myoril brand
Brand offerings across multiple urological disorders such as benign prostatic hyperplasia, overactive bladder, urinary tract infections and stone management
Comprises vitamins/minerals/nutrition (VMN), gastrointestinal and respiratory products including brands like Ulpan, Respicure and Vitneurin
Manufacturing, trading and marketing of pharmaceutical products including finished goods and contract manufacturing services
The company holds brands across the women's healthcare lifecycle, from adolescence to infertility, pregnancy, post-pregnancy and pre- and post-menopause categories
The company offers brands across different stages of diabetes treatment, ranging from insulin resistance, pre-diabetes to diabetes and diabetes-related complications, as well as cardiac disorders such as hypertension, dyslipidemia and ischemic heart disease
The company has four dosage forms in pain management formulations, which it offers in the form of tablets, capsules, sprays and injections for treatments associated with musculoskeletal spasms and diabetes neuropathy pain, among others. The company acquired a brand named "Myoril" from Sanofi in the Financial Year 2024
The company has brand offerings across multiple urological disorders, such as benign prostatic hyperplasia, overactive bladder, urinary tract infections and stone management
The company's portfolio includes VMN (vitamins, minerals, nutrients), gastrointestinal, respiratory and other therapeutic areas
SWOT Analysis
Strengths
- • Established track record of building and scaling brands with 27 core 'engine' brands generating 72.34% of domestic sales(p.37)
- • Strong market position in pain management segment with B-29 and Myoril brands commanding 17.30% combined market share(p.37)
- • Diversified product portfolio across multiple therapeutic areas reducing single-category dependency(p.26)
- • Strong capacity utilization at manufacturing facilities indicating efficient operations(p.50)
- • EU-GMP compliant manufacturing facility at Bhayla providing quality assurance and international standards compliance(p.50)
- • Strong revenue growth and market ranking improvements(p.56)
- • Significant revenue contribution from third-party manufacturing relationships(p.53)
- • Strategic acquisitions strengthening market position(p.59)
- • Strong field force engagement(p.61)
- • Second fastest growing company among top 30 pharma companies in Indian market(p.131)
- • Diversified portfolio with 71 brands across targeted high-growth therapeutic areas(p.131)
- • Strong R&D capabilities with high-performing new product introductions(p.132)
- • Pan-India marketing network targeting specialist doctors in urban and semi-urban areas(p.132)
- • Quality manufacturing facilities with strong installed capacity(p.132)
- • Experienced entrepreneurial management team with deep pharmaceutical industry expertise(p.132)
- • Strong financial performance with 65.11% PAT growth in FY 2025(p.135)
- • High EBITDA margin of 20.55% and improving profitability metrics(p.135)
- • GST exemption on women contraceptives (HSN code 3006)(p.156)
- • Eligibility for SGST reimbursement under Gujarat incentive scheme(p.156)
- • Eligibility for RoDTEP export benefits for pharmaceutical products(p.156)
- • Fastest growing company among top-30 IPM players (FY22-FY25)(p.186)
- • Highest improvement in market rank among top-30 players(p.189)
- • Strongest chronic segment growth among top-30 players(p.190)
- • High share of growing products vs IPM(p.204)
- • Strong brand acquisition track record with high growth(p.201)
- • Second fastest growing company among top 30 pharma companies in Indian pharmaceutical market by domestic sales(p.221)
- • Diversified portfolio with 27 engine brands contributing 72.34% of domestic sales(p.216)
- • Strong brand leadership with multiple market-leading brands(p.216)
- • Low exposure to National List of Essential Medicines reducing pricing pressure(p.222)
- • Quality-focused manufacturing with EU GMP and WHO GMP certifications(p.226)
- • Experienced entrepreneurial management team with deep pharmaceutical industry expertise(p.226)
- • Pan-India sales and distribution network with strong regional presence in West(p.225)
- • High share of new product launches with sales exceeding ₹50 million threshold(p.226)
- • Diversified portfolio of established pharmaceutical brands acquired from major companies(p.263)
- • Major brand acquisition capability demonstrated through significant trademark purchases(p.263)
- • Established product licensing relationships with reputed pharmaceutical companies(p.263)
- • Experienced founding promoters with deep industry expertise(p.267)
- • Strong financial performance with consistent profit growth(p.293)
- • Revenue growth trajectory across recent fiscal years(p.293)
- • Fastest growing company among top-30 IPM players by domestic sales(p.349)
- • Strong second-place growth ranking over 3-year period vs IPM(p.349)
- • Diversified portfolio of 71 brands across multiple therapeutic areas(p.349)
- • Strong core portfolio with 27 'engine' brands driving 72.34% of domestic sales(p.349)
- • Multiple market-leading brands with #1 rankings(p.349)
- • EU GMP-certified manufacturing facility and WHO GMP-approved facility(p.354)
- • Strong profitability growth with PAT margin of 12.49% in FY 2025(p.345)
Weaknesses
- • High dependence on few engine brands with 27 brands contributing 72.34% of domestic sales creating portfolio concentration risk(p.30)
- • Heavy reliance on carrying and forwarding agents with top 5 C&F agents accounting for 43.30-44.35% of revenue(p.30)
- • Dependence on third-party suppliers without long-term contracts for 19.87-27.96% of total expenses(p.30)
- • Multiple pending and opposed trademark applications creating intellectual property protection gaps(p.30)
- • Material regulatory approvals still pending for Solan Manufacturing Facility operations(p.44)
- • High dependence on third-party manufacturers for significant revenue portion(p.53)
- • Geographic concentration risk with major facility in Gujarat(p.55)
- • Lack of product liability insurance coverage(p.51)
- • Capacity utilization challenges and declining efficiency(p.50)
- • Outstanding legal proceedings involving promoters and directors(p.52)
- • Historical delays in statutory dues payment(p.60)
- • Dependence on domestic market with 96.33% of revenue from India(p.135)
- • Historical records and RoC filing discrepancies(p.67)
- • Limited working capital efficiency with 24.17 net working capital days(p.135)
- • Existing debt obligations with ₹466.95 million in current borrowings as of March 31, 2025(p.94)
- • High dependence on West zone (47.30% of total sales)(p.203)
- • Limited presence in rural markets (1.22% of sales)(p.203)
- • Relatively low market share in IPM (0.62%)(p.186)
- • Lower NLEM exposure indicating vulnerability to price controls(p.192)
- • Significant reliance on third-party manufacturers for 37.25% of revenue(p.237)
- • Dependence on La Chandra for hormone APIs without long-term contract guarantee(p.245)
- • Concentration in West zone with 47.30% of domestic sales from single region(p.225)
- • Limited trademark protection with 67 opposed or objected trademarks(p.245)
- • High concentration in therapeutic areas with women's healthcare, cardio-diabeto and pain management contributing 65.14% of Q1 FY26 revenue(p.230)
- • Concentration of shareholding among three individual promoters and related entities(p.283)
- • Dependence on key branded products with limited diversification(p.313)
- • Significant capital work-in-progress with extended implementation timelines(p.312)
- • Increased borrowing obligations relative to prior periods(p.292)
- • Lease liability obligations tied to related party premises(p.284)
- • Significant accumulated intangible assets representing substantial amortization burden(p.346)
- • Increasing provisions for expiry and breakage sales returns(p.320)
- • Elevated overdraft utilization against fixed deposits as of June 2025(p.321)
- • Declining current ratio from 1.41 to 1.25 due to debt maturity and overdraft increase(p.340)
- • Multiple ongoing drug quality regulatory complaints affecting company and key management(p.384)
- • Significant pending litigation with regulators over drug manufacturing standards(p.384)
- • Borrowings of ₹1,066.48 million with restrictive loan covenants(p.375)
- • Pending trademark infringement litigation(p.385)
- • Material trade payables concentration with one creditor(p.387)
Opportunities
- • Expanding women's healthcare, cardio-diabeto, and pain management segments with strong growth trajectory(p.24)
- • Indian domestic formulation market growing at 8-9% CAGR expected to reach ₹3.3-3.5 trillion by FY 2030(p.26)
- • International expansion opportunity with only 3.66-3.67% of current revenue from outside India(p.30)
- • Capacity to scale operations through increasing availability at manufacturing facilities(p.50)
- • Growing chronic and sub-chronic therapeutic segments representing 70.10% of domestic sales with sustained growth(p.30)
- • Expansion into high-growth therapeutic areas(p.56)
- • Growth through inorganic means and acquisitions(p.57)
- • International market expansion potential(p.74)
- • New manufacturing facility operationalization(p.57)
- • Hormone manufacturing facility establishment(p.65)
- • Indian domestic formulations market expected to grow at 8-9% CAGR through FY 2030(p.131)
- • Growth opportunity in high-growth therapeutic areas of women's healthcare, cardio-diabeto, pain management and urology(p.131)
- • New hormone manufacturing facility expansion planned for Q1 FY 2027(p.132)
- • Potential to expand market share through specialist doctor focus strategy(p.132)
- • High-growth women's health market with multiple lifecycle segments(p.195)
- • Significant growth in gynaecology therapy area(p.177)
- • Rising infertility prevalence in India at 10.7% lifetime prevalence(p.170)
- • Urology therapy area experiencing strong growth (16.75% CAGR for IPM FY25-FY30)(p.177)
- • Increasing female workforce participation (40.3% by FY2024)(p.176)
- • Rising health insurance penetration expected to reach 49% by FY2026(p.179)
- • Chronic therapies segment expected to grow at 8.5-9.5% CAGR (FY25-FY30)(p.173)
- • Indian domestic formulation market expected to grow at 8-9% CAGR through FY2030(p.221)
- • High growth in focused therapeutic areas - gynecology 8.5-9.5%, cardio-vascular/anti-diabetic 10-11%, urology 9-10% CAGR through FY2030(p.222)
- • Significant presence in high-growth chronic and sub-chronic segment at 70.10% of domestic sales(p.216)
- • Strategic expansion into urology with 59.56% CAGR between MAT June 2022-2025(p.228)
- • Opportunity to expand into additional therapeutic areas currently covering only 33.56% of IPM(p.228)
- • Strategic acquisition and in-licensing opportunities to strengthen portfolio(p.229)
- • International expansion leveraging EU GMP and WHO certifications across 20+ countries(p.229)
- • Expansion of licensed product portfolio from established pharmaceutical partners(p.263)
- • Associate company involvement in niche hormone API manufacturing(p.264)
- • Diversification into global pharmaceutical markets(p.280)
- • Strategic integration of acquired brands into existing commercial infrastructure(p.263)
- • Expansion in chronic segment products with higher margins and customer loyalty(p.352)
- • Significant growth in addressable therapeutic markets at multiples of IPM growth(p.352)
- • Backward integration opportunity through La Chandra API investment(p.354)
- • New hormone manufacturing facility at Ahmedabad proposed to be commissioned(p.354)
- • Strong cash generation capability enabling capex and growth investments(p.372)
Threats
- • Geographic concentration risk with 47.30% of domestic sales from West Zone (Gujarat, Maharashtra, Chhattisgarh, Goa, Madhya Pradesh)(p.30)
- • Heavy dependence on India market with 96.33-96.34% of revenue creating country concentration risk(p.38)
- • Rising competition from generic medications and government schemes like PMJAY and PMBJP pressuring pricing(p.38)
- • Chronic and acute therapeutic segment performance subject to market uncertainties and demand shifts(p.39)
- • Regulatory and licensing renewal risks requiring continuous compliance across multiple authorities(p.43)
- • Intense competition in pharmaceutical industry(p.50)
- • Pricing pressure from market and regulatory controls(p.50)
- • Government price controls on pharmaceutical products(p.54)
- • Dependency on China for API intermediaries(p.50)
- • Natural disaster and earthquake risks in Gujarat(p.55)
- • Supply chain disruptions and transportation dependencies(p.57)
- • Industry consolidation affecting competitive position(p.51)
- • Regulatory changes and evolving compliance requirements(p.63)
- • Competitive intensity in Indian pharmaceutical market(p.182)
- • Potential regulatory changes impacting pharmaceutical pricing and operations(p.30)
- • Currency and foreign exchange fluctuation risks affecting export business(p.135)
- • Commodity price volatility for raw materials and inputs(p.95)
- • Highly fragmented and competitive domestic pharmaceutical market(p.181)
- • Price control via DPCO affecting revenue (15-20% of market)(p.182)
- • Fixed-dose combination (FDC) drug bans from regulatory authorities(p.182)
- • High dependence on China for API intermediaries (70%)(p.181)
- • Bulk drug industry concentration and supply chain vulnerabilities(p.181)
- • Exchange rate fluctuation risk for exports and imports(p.181)
- • Regulatory compliance burden with Schedule M requirements(p.180)
- • Highly competitive pharmaceutical industry with major competitors like Mankind Pharma, Alkem Laboratories and Torrent Pharmaceuticals(p.245)
- • Regulatory pricing controls through DPCO and National List of Essential Medicines(p.249)
- • Product liability and regulatory compliance risks in pharmaceutical manufacturing(p.247)
- • Dependence on third-party suppliers without long-term contracts for raw materials(p.245)
- • Exposure to hazards including equipment failure, work accidents, fire and force majeure events(p.247)
- • Complex and evolving regulatory framework including Drugs Bill 2022 and labour code reforms(p.250)
- • Regulatory risk specific to pharmaceutical product licensing and approvals(p.281)
- • Potential expiry and obsolescence of existing inventory and product portfolio(p.296)
- • Competitive pressures in pharmaceutical manufacturing and distribution(p.298)
- • Associate company performance volatility affecting consolidated results(p.293)
- • Government price controls under NPPA's Drugs (Prices Control) Order covering 384 drugs(p.352)
- • High dependency on product expiry management and sales returns(p.321)
- • Intense competition in pharmaceutical industry with multiple market players(p.349)
- • Acute segment products carry lower margins and higher price sensitivity(p.352)
- • Regulatory enforcement actions and drug manufacturing compliance risks(p.385)
- • Dependence on obtaining and maintaining material regulatory approvals(p.392)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Kirtikumar Laxmidas Mehta | Promoter Selling Shareholder | 22.00% | — |
| Niravkumar Kirtikumar Mehta | Promoter | 22.00% | — |
| Ankur Kirtikumar Mehta | Promoter | 22.00% | — |
| Minaxi Kirtikumar Mehta | Promoter Group Selling Shareholder | 2.18% | — |
| Dipabahen Niravkumar Mehta | Promoter Group Selling Shareholder | 2.16% | — |
| Brinda Ankur Mehta | Promoter Group Selling Shareholder | 2.16% | — |
| Sepia Investments Limited | Investor Selling Shareholder | 25.99% | — |
| Anchor Partners | Investor Selling Shareholder | 0.97% | — |
| Sage Investment Trust | Investor Selling Shareholder | 0.54% | — |
| Dr. Kirtikumar Laxmidas Mehta | Promoter | — | — |
| Niravkumar Kirtikumar Mehta | Promoter | — | — |
| Ankur Kirtikumar Mehta | Promoter | — | — |
| Dr. Kirtikumar Laxmidas Mehta | Promoter | 22.00% | — |
| Niravkumar Kirtikumar Mehta | Promoter | 22.00% | — |
| Ankur Kirtikumar Mehta | Promoter | 22.00% | — |
| Minaxi Kirtikumar Mehta | Promoter Group | 2.18% | — |
| Dipabahen Niravkumar Mehta | Promoter Group | 2.16% | — |
| Brinda Ankur Mehta | Promoter Group | 2.16% | — |
| Sepia Investments Limited | Promoter Group Selling Shareholder | 25.99% | — |
| Dr. Kirtikumar Laxmidas Mehta | Promoter | — | — |
| Niravkumar Kirtikumar Mehta | Promoter | — | — |
| Ankur Kirtikumar Mehta | Promoter | — | — |
| Sepia Investments Limited | Promoter Group | — | — |
| Dr. Kirtikumar Laxmidas Mehta | Promoter | 22.00% | — |
| Niravkumar Kirtikumar Mehta | Promoter | 22.00% | — |
| Ankur Kirtikumar Mehta | Promoter | 22.00% | — |
| Mehta Kirtikumar Laxmidas | Promoter | — | — |
| Mehta Niravkumar Kirtikumar | Promoter | — | — |
| Mehta Ankur Kirtikumar | Promoter | — | — |
| Sepia Investments Limited | Selling Shareholder/Investor | — | — |
| Anchor Partners | Selling Shareholder/Investor | — | — |
| Sage Investment Trust | Selling Shareholder/Investor | — | — |
Leadership
Dr. Kirtikumar Laxmidas Mehta · Chairman and Non-Executive Director
Niravkumar Kirtikumar Mehta · Managing Director and Chief Executive Officer
Ankur Kirtikumar Mehta · Managing Director
Bhavin Naresh Bhagat · Chief Financial Officer
Chetna Prabhatkumar Dharajiya · Company Secretary and Compliance Officer
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.