Galaxy Medicare
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 10 Sep 2025 – 12 Sep 2025
- Listing date
- 17 Sep 2025
- Face value
- ₹10 per share
- Issue price
- ₹54 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹22.31 Cr
- Market cap at offer price
- ₹81.93 Cr
- Promoter holding
- 99.57% → 72.43% pre-issue → post-issue
- ISIN
- INE09A801015
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Affinity Global Capital Market Pvt.Ltd.
- Registered office
- Plot No-2, Zone D, Phase A, Mancheswar Industrial Estate, Khurda, Odisha
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 | 2,08,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹54
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,08,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,16,000 |
| S-HNI (max) | 9 | 18,000 | ₹9,72,000 |
| B-HNI (min) | 10 | 20,000 | ₹10,80,000 |
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
₹54 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 2.84 | 2.22 |
| P/E (×) | 19.01 | 24.32 |
| Price to book (×) | 3.49 | — |
| Market cap | — | ₹81.93 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 18.35%
- ROCE
- 22.38%
- Debt / equity
- 0.25
- PAT margin
- 8.60%
- EBITDA margin
- 11.69%
- NAV per share
- ₹15.48
- Price to book
- 3.49
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Galaxy Medicare
Galaxy Medicare Limited was incorporated on July 23, 1992, in Bhubaneswar, Odisha as a public limited company. The company acquired a closed business unit from Odisha Industrial Infrastructure Development Corporation (IDCO) and Odisha State Financial Corporation under an investment promotion strategy and revived it to start manufacturing medical devices. The company manufactures, trades, and exports medical devices, plaster of Paris bandages, and other surgical dressings. The business encompasses: (1) Manufacturing and branding of products under brands like POP BAND, POP CAST, G CAST, GYPSOSOFT, GYPSOPLAST, CARETAPE, GYPSOCREPE, CARECREPE, and others; (2) Original Equipment Manufacturers (OEMs) ranging from sourcing components, designing, and manufacturing; (3) Institutional sales to government departments through GEM portal; (4) Exporting manufactured products to international markets; and (5) Trading of medical devices and surgical dressings. In FY 2024-25, the company generated total revenue of ₹3,920.16 lakhs with government sales contributing 11.36% and private sales contributing 88.64% of revenues.
Company Analysis
from RHPGalaxy Medicare Limited manufactures and exports medical devices including plaster of Paris bandages, surgical dressings, and wound care products across domestic, institutional, and international markets.
Galaxy Medicare Limited was incorporated on July 23, 1992, in Bhubaneswar, Odisha as a public limited company. The company acquired a closed business unit from Odisha Industrial Infrastructure Development Corporation (IDCO) and Odisha State Financial Corporation under an investment promotion strategy and revived it to start manufacturing medical devices. The company manufactures, trades, and exports medical devices, plaster of Paris bandages, and other surgical dressings. The business encompasses: (1) Manufacturing and branding of products under brands like POP BAND, POP CAST, G CAST, GYPSOSOFT, GYPSOPLAST, CARETAPE, GYPSOCREPE, CARECREPE, and others; (2) Original Equipment Manufacturers (OEMs) ranging from sourcing components, designing, and manufacturing; (3) Institutional sales to government departments through GEM portal; (4) Exporting manufactured products to international markets; and (5) Trading of medical devices and surgical dressings. In FY 2024-25, the company generated total revenue of ₹3,920.16 lakhs with government sales contributing 11.36% and private sales contributing 88.64% of revenues.
Objects of the Issue
- Funding Capital Expenditure requirement towards purchase of machinery for our existing manufacturing facility at Bhubaneswar, Odisha ₹488.76 lakhs p.40
- Funding the working capital requirements ₹893.96 lakhs p.40
- General Corporate Purposes p.40
- To meet the offer related expenses p.40
- Working Capital Gap to be funded by IPO ₹893.96 lakhs (for FY2026) p.66
- Capital expenditure for machinery installation p.102
- General corporate purposes and future growth opportunities p.75
- Funding Capital Expenditure requirement towards purchase of machinery for our existing manufacturing facility at Bhubaneshwar, Odisha ₹488.76 Lakhs p.166
- Funding the working capital requirements ₹893.96 Lakhs p.166
- General Corporate Purpose [●] p.166
- To meet the Offer expenses [●] p.166
- Not clearly stated in this part
Issue Structure
- Total Issue
- Up to 41,32,000 Equity Shares of face value of ₹10 each aggregating up to ₹[●] lakhs
- Fresh Issue
- Fresh Issue of up to 33,08,000 Equity Shares aggregating up to ₹[●] lakhs
- Offer for Sale
- Offer for Sale of up to 8,24,000 Equity Shares aggregating up to ₹[●] lakhs
- Price Band
- ₹51/- per Equity Share (Floor Price) to ₹54/- per Equity Share (Cap Price)
- Lot Size
- 4,000 Equity Shares (initial Bid Lot) and multiples of 2,000 Equity Shares thereafter; Lot Size 2,000 Equity Shares
- Face Value
- ₹10/- each
Business Model
The company earns revenue through: (1) Manufacturing and selling branded medical devices and surgical dressings products; (2) Contract manufacturing for brand owners on a principal-to-principal basis; (3) Institutional sales to government departments and authorities through tender participation on platforms like GEM Portal; (4) Export of manufactured products to international markets, particularly neighboring countries; and (5) Trading of medical devices and other surgical dressings. The company employs a mixed product orientation and production orientation approach using mechanized manufacturing to ensure lowest cost while focusing on quality and customer needs.
Business Segments
SWOT Analysis
- • Established manufacturing operations with multiple proprietary brands in medical devices(p.37)
- • Diversified revenue streams across domestic, government, and export markets(p.36)
- • Long operational history with stable founder-led management(p.36)
- • Strategic government supply expansion via GeM portal(p.66)
- • New product development capability(p.66)
- • Strong historical government supply track record(p.67)
- • ISO 13485:2016 certification and quality assurance(p.75)
- • Improved employee retention and workforce stability(p.73)
- • Established manufacturing facility with ISO 13485:2016 and CE certifications(p.236)
- • Diversified product portfolio with 27 registered trademarks across multiple medical device categories(p.236)
- • Long-standing customer relationships and market presence spanning three decades(p.236)
- • Revenue growth trajectory with 22.3% increase from FY2023 to FY2025(p.257)
- • Strong domestic distribution network with 81 distributors across 12 states(p.246)
- • Capacity utilization exceeding 100% for core product (POP Bandage at 105.45% in FY2025)(p.252)
- • Government recognition and awards for entrepreneurship and productivity(p.308)
- • One Star Export House Status designation(p.307)
- • Long-standing partnership with Fortune 50 company(p.309)
- • Established history and brand recognition through global partnerships(p.307)
- • Consistent raw material cost management over time(p.415)
- • Improved inventory management with reduced closing inventory(p.415)
- • Decreased finance costs through debt repayment(p.415)
- • Reduced repair and maintenance expenses indicating operational efficiency(p.415)
- • Strong trademark portfolio with 26 registered trademarks(p.441)
- • Diversified product revenue with export presence(p.417)
- • High customer concentration with top 5 customers representing over 50% of revenue(p.56)
- • High supplier concentration with top 10 suppliers representing over 65% of raw material supply(p.57)
- • History of delays in statutory compliance including GST, EPF, ESI, and TDS filings(p.60)
- • Outstanding tax demands against the company(p.59)
- • Working capital intensive operations with significant inventory and receivables(p.63)
- • Heavy dependency on key promoters and management personnel(p.64)
- • Significant working capital requirements for growth(p.65)
- • Geographic revenue concentration in western India(p.67)
- • History of corporate compliance filing delays(p.68)
- • Related party transactions concentration(p.72)
- • Promoters acquired shares at prices below offer price(p.70)
- • Dependence on long-term credit from government tenders(p.67)
- • Geographic concentration of sales in a few states; Maharashtra, Gujarat, and West Bengal account for majority of domestic revenue(p.262)
- • Limited IT infrastructure with single Dell server and manual processes(p.263)
- • Significant contract manufacturing dependence; 48.3% of FY2025 revenue from contract manufacturing(p.257)
- • Heavy reliance on imported raw materials (POP Powder from Thailand and various chemicals from multiple states)(p.264)
- • Limited skilled workforce; only 19 highly skilled and skilled workers against 93 total factory workers(p.266)
- • Dependence on related party transactions and promoter group companies(p.309)
- • Limited geographical presence and operational footprint(p.309)
- • Attrition in workforce despite improving trends(p.338)
- • Heavy dependence on top 10 customers for significant revenue share(p.425)
- • High dependence on top 10 suppliers for procurement(p.425)
- • Declining profit after tax despite revenue growth(p.415)
- • Margin compression from increased employee benefit expenses(p.415)
- • Outstanding tax demand and income tax proceedings(p.430)
- • Material outstanding dues to creditors(p.436)
- • Growing global plaster bandages market expanding at 5.60% CAGR through 2032(p.37)
- • Indian medical tapes and bandages market growing at 5.8% CAGR to reach INR 3,362 crore by 2028(p.37)
- • Strategic expansion into new export markets beyond existing geographies(p.65)
- • Opportunity to diversify customer base and reduce concentration risk(p.57)
- • Geographic diversification beyond western India(p.68)
- • Export market growth potential(p.73)
- • Enhanced government contract participation(p.66)
- • Expanded product portfolio strategy(p.81)
- • Improved manufacturing efficiency through cost optimization(p.65)
- • Indian wound care market projected to grow at 6.20% CAGR (2024-2029) to USD 373.40 million(p.231)
- • Indian surgical dressing market forecast to grow USD 798 million at 4.5% CAGR (2023-2028)(p.232)
- • Indian medical tapes and bandages market valued at INR 2,296 crore (2021) expected to reach INR 3,362 crore (2028) at 5.8% CAGR(p.230)
- • Rising sports injury treatment segment growing at 6.2% CAGR with supportive government initiatives(p.230)
- • Expansion of institutional sales through government e-tenders and GEM Portal with growing government healthcare spending(p.257)
- • International export growth with exports increasing from INR 727.32 lakhs (FY2023) to INR 932.91 lakhs (FY2025)(p.237)
- • Expansion of product portfolio and manufacturing capabilities(p.307)
- • Growing demand for medical devices with 100% FDI automatic route approval(p.295)
- • Export growth potential through duty drawback and RoDTEP schemes(p.296)
- • Expansion through contract manufacturing partnerships(p.270)
- • Expansion of export markets, particularly Nepal(p.417)
- • Growing demand for traded goods reflecting market diversification(p.417)
- • Migration to NSE Main Board following SME platform listing(p.477)
- • Introduction of new product categories and expanded manufacturing(p.425)
- • Exposure to geopolitical risks in key export markets disrupting supply and revenue(p.65)
- • Volatility in raw material prices impacting cost of production and profitability(p.65)
- • Risk of supply chain disruptions from limited supplier base(p.57)
- • Competition from look-alike and counterfeit products affecting market share and brand reputation(p.64)
- • Industry exposure to regulatory changes in medical device and healthcare sector(p.34)
- • Supply chain disruption risk for raw materials(p.65)
- • Foreign exchange rate volatility impact(p.73)
- • Geographic concentration of supplier network(p.73)
- • Regulatory approval delays and licensing requirements(p.75)
- • Indian economic slowdown and recession risk(p.82)
- • Inflation and wage pressure in India(p.83)
- • Intense competition from organized and unorganized players in medical device and healthcare industry(p.263)
- • Rising prevalence of chronic diseases driving surgical procedure volumes and dressing demand competition(p.232)
- • High healthcare cost remains a market challenge affecting product demand(p.232)
- • Regulatory changes including transition to new Medical Devices Rules 2017 and proposed Drugs Bill 2023(p.276)
- • Global trade uncertainties and tariff barriers impacting export competitiveness(p.225)
- • Raw material price volatility and supply chain disruptions from multiple geographic sources(p.264)
- • Strict environmental and pollution control regulations(p.291)
- • Hazardous waste management compliance obligations(p.292)
- • E-waste management and recycling compliance requirements(p.293)
- • Plastic waste management compliance and extended producer responsibility(p.292)
- • Regulatory requirements for public liability insurance(p.293)
- • Input material price fluctuations impacting margins(p.415)
- • Exposure to inflation affecting operational and staff costs(p.424)
- • Interest rate risk from outstanding borrowings(p.424)
- • Significant capital expenditure requirements for operations(p.422)
- • Contingent liabilities exposure(p.435)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dillip Kumar Das | Promoter/Managing Director | 17.80% | — |
| Subhasish Das | Promoter/Whole-time Director | 6.40% | — |
| Kiran Das | Promoter/Whole-time Director | 1.48% | — |
| D.K Das & Sons HUF | Promoter/Hindu Undivided Family | 20.61% | — |
| Industrial Designs & Services Private Limited | Corporate Promoter | 16.50% | — |
| Dillip Kumar Das | Promoter - Selling Shareholder | — | — |
| Mr. Dillip Kumar Das | Promoter/Selling Shareholder | 17.80% | — |
| D.K. Das & Sons (HUF) | Promoter Group | 20.61% | — |
| Industrial Design & Services Private Limited | Promoter Group | 16.50% | — |
| Mr. Subhasish Das | Promoter | 6.40% | — |
| Mrs. Kiran Das | Promoter | 1.48% | — |
| Dillip Kumar Das | Promoter | 17.80% | [●] |
| Kiran Das | Promoter | 1.48% | [●] |
| Subhasish Das | Promoter | 6.40% | [●] |
| D.K. Das & Sons HUF | Promoter | 20.61% | [●] |
| Industrial Designs and Services Private Limited | Promoter | 16.50% | [●] |
| Mr. Dillip Kumar Das | Promoter & Managing Director | — | — |
| Mr. Subhasish Das | Promoter | — | — |
| Mrs. Kiran Das | Promoter | — | — |
| Mr. Dillip Kumar Das | Promoter | 21,11,202 Equity Shares (17.80%) | — |
| Mrs. Kiran Das | Promoter | 1,75,578 Equity Shares (1.48%) | — |
| Mr. Subhasish Das | Promoter | 7,59,342 Equity Shares (6.40%) | — |
| M/s D. K. Das & Sons HUF | Promoter Group | 24,45,194 Equity Shares (20.61%) | — |
| Dilip Kumar Das | Promoter | 17.80% | — |
| D.K Das & Sons HUF | Promoter | 20.61% | — |
| Industrial Design & Service Private Limited | Promoter | 16.50% | — |
| Subhransh Das | Promoter | 6.40% | — |
| Karar Das | Promoter | 1.48% | — |
| Dillip Kumar Das | Promoter | — | — |
| Dillip Kumar Das | Promoter/Managing Director | — | — |
| D K Das & Sons HUF | Promoter | — | — |
| Industrial Design and Services Private Limited | Promoter | — | — |
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.