SM
Speciality Medicines
Book Building issueSMEBSE₹29.14 Cr issue
0.00%
Listing gain over issue price
Price band
₹117 – ₹124
Issue size
₹29.14 Cr
1 lot at cut-off
₹1,24,000
Lot size
1,000shares
Open
20 Mar 2026
Close
24 Mar 2026
Allotment
25 Mar 2026
Listing
30 Mar 2026
Listing performance
Issue price
₹124
Listed at
₹124
Listing-day close
₹125.90
Latest price
₹182.95
Listing gain
0.00%
Return since listing
+47.54%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹124 | ₹0 |
| 29 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹124 | ₹0 |
| 28 Mar 2026 | ₹0 | 0.00% | ₹0 | ₹124 | ₹0 |
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
- 20 Mar 2026 – 24 Mar 2026
- Listing date
- 30 Mar 2026
- Face value
- ₹10 per share
- Price band
- ₹117 – ₹124
- Issue price
- ₹124 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹29.14 Cr
- Market cap at offer price
- ₹109 Cr
- Promoter holding
- 59.28% → 43.44% pre-issue → post-issue
- ISIN
- INE0R0M01014
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- 913, One World West, S.No.396, FP 119, Village-Vejalpur, Ahmadabad City, 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 | 0 | — | — |
| Market maker | 1,50,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹124
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,24,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,48,000 |
| S-HNI (max) | 8 | 8,000 | ₹9,92,000 |
| B-HNI (min) | 9 | 9,000 | ₹11,16,000 |
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.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹124 per share
Valuation and performance
Valuation at offer price
₹124 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.38 | 11.82 |
| P/E (×) | 9.27 | 10.49 |
| Price to book (×) | 2.62 | — |
| Market cap | — | ₹109 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 28.30%
- ROCE
- 33.39%
- Debt / equity
- 0.17
- PAT margin
- 14.77%
- EBITDA margin
- 15.60%
- NAV per share
- ₹47.26
- Price to book
- 2.62
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Speciality Medicines
Speciality Medicines Limited (SML), incorporated in February 2021 and converted to a public company in June 2024, is engaged in the marketing and distribution of finished formulations of specialty pharmaceutical products. The company focuses on high-cost oral and injectable medications used in the treatment of complex and chronic medical conditions. SML operates through two integrated business models: manufacturing of approved finished formulations on a contract basis for international distribution, and marketing and distribution of specialty pharmaceutical products sourced from manufacturers. The company offers products across diverse therapeutic areas in various dosage forms including tablets, capsules, injections, inhalers, and syrups. As of October 31, 2025, SML exported to over 35 countries and generated approximately 70% of revenue from international markets, with remaining revenue from domestic sales. The company has a portfolio of over 900 products and has submitted regulatory dossiers for 60 products across international markets including Jordan, Ethiopia, Namibia, Uganda, and Peru.
Company Analysis
from RHPSpeciality Medicines Limited is a specialty pharmaceutical marketing and distribution company operating in oncology, immunology, neurology, and rare diseases across domestic and international markets.
Speciality Medicines Limited (SML), incorporated in February 2021 and converted to a public company in June 2024, is engaged in the marketing and distribution of finished formulations of specialty pharmaceutical products. The company focuses on high-cost oral and injectable medications used in the treatment of complex and chronic medical conditions. SML operates through two integrated business models: manufacturing of approved finished formulations on a contract basis for international distribution, and marketing and distribution of specialty pharmaceutical products sourced from manufacturers. The company offers products across diverse therapeutic areas in various dosage forms including tablets, capsules, injections, inhalers, and syrups. As of October 31, 2025, SML exported to over 35 countries and generated approximately 70% of revenue from international markets, with remaining revenue from domestic sales. The company has a portfolio of over 900 products and has submitted regulatory dossiers for 60 products across international markets including Jordan, Ethiopia, Namibia, Uganda, and Peru.
specialty pharmaceuticalspharmaceutical distributiononcologyimmunologyneurologyrare diseases
Objects of the Issue
- Setting up of Research and Development (R&D) Center ₹1,267.64 lakhs p.22
- Product registration and Development in the international markets ₹299.25 lakhs p.22
- Funding for Marketing and Brand Promotion Activities ₹165.61 lakhs p.22
- To Meet Working Capital Requirements ₹800.00 lakhs p.22
- General Corporate Purposes p.22
- Setting up of Research and Development (R&D) Centre at Revenue City Survey No. RV1/NA/61/1/50, Moje: Manda, Tal. Umargam, Dist. Valsad, Gujarat ₹1,267.64 lakhs p.87
- Product Registration in International Markets and Product Development for sale in international markets ₹299.25 lakhs p.87
- Funding for Marketing and Promotional Activities ₹165.61 lakhs p.87
- To Meet Working Capital Requirements ₹800.00 lakhs p.87
- General Corporate Purpose p.87
- Funding for marketing and promotional activities ₹165.61 lakhs (from Net Proceeds) + ₹2.85 lakhs (from internal accruals) p.107
- Funding for working capital requirements ₹800.00 lakhs p.107
- General corporate purposes Balance proceeds, subject to not exceeding 15% of gross proceeds or ₹1,000.00 lakhs, whichever is lower p.111
- Funding capex for the new Research & Development Centre at Mahadev Industrial Park, Valsad, Gujarat p.299
Issue Structure
- Total Issue
- Up to 23,50,000 Equity Shares of face value of ₹10/- each aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 23,50,000 Equity Shares of face value of ₹10/- each aggregating to ₹[●] Lakhs
- Offer for Sale
- Nil
- Price Band
- Floor Price: ₹[●] per Equity Share; Cap Price: ₹[●] per Equity Share (to be determined by the Company in consultation with BRLM)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter (to be decided in consultation with BRLM)
- Face Value
- ₹10/- per Equity Share
Business Model
SML operates through a marketing and distribution model for specialty pharmaceuticals, earning revenue primarily from the distribution of finished pharmaceutical formulations sourced from manufacturers, with a secondary model involving contract manufacturing of approved finished formulations for international distribution. The company generates revenue from both domestic unregistered products and international (export) sales of registered and unregistered products. Approximately 70% of revenue comes from exports while 30% comes from domestic sales.
Business Segments
Marketing and distribution of unregistered specialty pharmaceutical products in the domestic market
Marketing and distribution of unregistered specialty pharmaceutical products in international markets
Marketing and distribution of high-cost oral and injectable medications for oncology treatment
Marketing and distribution of specialty pharmaceutical products in immunology, neurology, rare diseases, anti-diabetes, and anti-hypertensive areas in multiple dosage forms
Sale of registered pharmaceutical formulations in the international market involving distributing pharmaceutical products that have received formal approval from regulatory authorities in their respective countries. These approvals confirm that each product meets established standards for safety, efficacy, and quality.
Under this vertical, the company sources existing Indian medicines from manufacturers and their authorized distributors. Distribution network comprises stockists, super stockists, institutional distributors, and regional wholesalers. These products are sold to domestic customers across India, sourced from WHO GMP-approved manufacturers.
The company supplies a broad range of quality pharmaceutical products to international markets, including medicines for both humans and animals, as well as vaccines and plasma products, sourced from trusted manufacturers who meet global standards such as EUGMP and PICS.
Medicines for prevention, control, or treatment of different types of cancers including solid tumours and blood cancers.
Preventive immunization products to protect humans and animals from viral and bacterial diseases.
High-urgency medicines used in intensive care units for life-saving interventions and severe medical conditions.
Therapies to manage blood glucose levels in patients with Type 1 and Type 2 diabetes.
Medicines for women's reproductive health, hormonal balance, and pregnancy-related conditions.
Treatments for chronic kidney diseases, dialysis support, and electrolyte management.
Medications for skin infections, inflammatory skin disorders, and dermatological maintenance.
Drugs to control high blood pressure and prevent related cardiovascular complications.
Medicines for the prevention and treatment of malaria caused by Plasmodium parasites.
Broad- and narrow-spectrum drugs to treat bacterial infections in humans and animals.
Targeted treatments for viral infections such as Hepatitis B, Hepatitis C, HIV, COVID-19, and Influenza.
Long-term disease management including thyroid disorders, arthritis, and autoimmune-related inflammation.
Treatments for eye conditions such as glaucoma, infections, and vision-related issues.
Multi-drug regimens for the treatment and eradication of tuberculosis.
Anti-inflammatory and immunosuppressive medicines used in acute and chronic conditions.
Drugs to prevent or treat fungal infections affecting skin, nails, and internal organs.
Herbal formulations and alternative medicines for wellness and therapeutic support.
Medicines to improve male sexual function and address erectile disorders.
Products for oral hygiene, dental infection control, and gum disease management.
Nutritional support products, including vitamin and mineral supplements, for overall health maintenance.
Supplies and consumables used in surgical procedures and hospital care.
Medicines to reduce fever, pain, and other common discomforts.
Sale of unregistered pharmaceutical products in the domestic Indian market
Sale of unregistered pharmaceutical products in international markets across 35+ countries
SWOT Analysis
Strengths
- • Specialty pharma portfolio across multiple therapeutic areas(p.22)
- • Diverse product offering in multiple dosage forms(p.22)
- • Integrated dual business model: manufacturing and distribution(p.22)
- • Significant international revenue contribution and geographic diversification(p.33)
- • Strong profitability and positive cash generation recently(p.24)
- • Established presence in specialty pharmaceuticals with diverse product portfolio across multiple therapeutic areas(p.89)
- • Dual integrated business model combining contract manufacturing with marketing and distribution(p.89)
- • Strong international market presence with regulatory dossiers submitted across multiple countries(p.96)
- • Consistent global exhibition participation demonstrating market presence and brand visibility(p.102)
- • Diversified global presence across 35+ countries reducing income concentration risk(p.157)
- • Diversified product portfolio across multiple therapeutic areas reducing single-category dependency(p.157)
- • Strong customer relationships built on consistent service delivery and repeat orders(p.156)
- • WHO-GMP and ISO 9001:2015 certified quality assurance(p.152)
- • Extensive product portfolio of 900+ SKUs with expansion to 281 registered products planned(p.154)
- • Experienced promoters with pharmaceutical expertise and track record(p.158)
- • ISO 9001:2015 Quality Management System certification and WHO-GMP compliance(p.158)
- • Strong customer retention and loyalty through quality service(p.158)
- • Diversified geographic presence across 34 countries(p.159)
- • Multiple suppliers and sourcing flexibility for raw materials(p.168)
- • Broad product portfolio across 22 therapeutic categories(p.159)
- • Growing customer base with increasing large-value clients(p.158)
- • Diverse pharmaceutical product portfolio across therapeutic areas(p.265)
- • Strong international distribution network across 35+ countries(p.222)
- • Dual integrated business models providing flexibility(p.265)
- • Strong financial position with improving profitability(p.266)
- • Low debt-to-equity ratio demonstrating financial stability(p.266)
- • Tax exemption benefits as startup enterprise(p.225)
- • Comprehensive drug licensing across multiple categories(p.288)
- • ISO 9001:2015 Quality Management System certification(p.288)
- • Good Distribution Practice compliance(p.289)
- • Strong net worth and tangible assets(p.303)
- • Consistent operating profitability(p.303)
- • Registered trademark portfolio with multiple brands(p.291)
Weaknesses
- • Promoter involved in ongoing criminal proceedings(p.29)
- • High customer concentration risk(p.29)
- • High supplier concentration risk(p.30)
- • Declining revenue from registered products(p.32)
- • History of negative operating cash flows(p.30)
- • R&D center not yet established despite being a key objective(p.34)
- • Leased office premises without long-term security(p.35)
- • Unregistered brand name and logo lacking IP protection(p.37)
- • Multiple instances of statutory and regulatory non-compliance(p.43)
- • Delayed payment of statutory dues including EPF, ESIC, GST, and Professional Tax(p.41)
- • Heavy reliance on third-party contract manufacturers limiting direct control over production(p.89)
- • Dependence on few major shareholders with significant promoter control(p.50)
- • Related party transactions creating potential conflicts of interest(p.50)
- • Proposed R&D facility location concentrated in a single geography (Valsad, Gujarat)(p.89)
- • Limited scale of current sales and marketing operations with only 4 personnel(p.102)
- • Limited manufacturing presence with primary focus on trading and distribution(p.152)
- • Nascent brand visibility compared to larger listed pharmaceutical companies(p.152)
- • Single-centre concentration limiting geographic warehousing capabilities(p.152)
- • Heavy dependence on top 10 customers for majority of revenue(p.164)
- • No in-house manufacturing capability; entirely dependent on contract manufacturers(p.160)
- • Limited in-house R&D; reliance on third-party product development(p.158)
- • Small employee base with limited organizational capacity(p.167)
- • Concentration of revenue in limited geographic markets(p.165)
- • Proposed R&D centre still under construction with no operational capacity yet(p.158)
- • High customer concentration risk with top 5 customers accounting for 56.26% of revenue(p.277)
- • Significant supplier concentration with top 5 suppliers at 54.54% of purchases(p.277)
- • Working capital intensive business with large inventory requirements(p.268)
- • Dependent on single office location for registered property security(p.262)
- • Pending criminal litigation involving promoters related to drug pricing allegations(p.280)
- • Promoter litigation - direct tax demands pending(p.281)
- • Pending penalty proceedings against promoter(p.281)
- • Additional tax demands for second promoter director(p.281)
- • Subsidiary GST liability related to fake invoices(p.282)
- • Many trademark applications in objected status(p.290)
- • High concentration of outstanding dues to few creditors(p.284)
Opportunities
- • Planned R&D center to develop proprietary products(p.22)
- • Expansion through international product registration(p.22)
- • India's dominant position in global pharmaceutical supply(p.22)
- • Significant working capital investment to support growth(p.22)
- • Marketing and brand promotion to expand market presence(p.22)
- • Expansion into controlled-release and specialized dosage forms for differentiated market positioning(p.90)
- • Growth in high-value therapeutic segments including anti-diabetics and oncology(p.90)
- • Geographic expansion to regulated markets including LATAM, Africa, and EMA territories(p.100)
- • Product registration across 164 products in 9 new international markets(p.99)
- • Revenue enhancement through in-house formulation development reducing cost of goods sold(p.90)
- • Intellectual property creation through proprietary formulation development(p.90)
- • Rising global demand for specialty drugs in oncology, biologics and rare diseases(p.152)
- • Expansion into new geographic markets in Africa, Latin America, and Middle East(p.152)
- • Growing institutional opportunities in NGO programs, clinical trials and bulk supply(p.152)
- • Setting up in-house R&D centre to reduce reliance on third-party developers and accelerate product launches(p.108)
- • Expanding reach in international markets through product registrations and distributor collaborations(p.108)
- • Planned in-house R&D and formulation development to reduce dependence on contract manufacturers(p.158)
- • Expansion of product registrations in existing and new international markets(p.159)
- • Strategic expansion into new geographic markets through partnerships and distributors(p.159)
- • Growing demand for specialty pharmaceutical products in developing markets(p.159)
- • Enhanced product development through differentiated dosage forms(p.158)
- • Operational efficiency improvements to increase profitability(p.159)
- • Expansion into new international geographies with strong growth potential(p.274)
- • Growing demand for specialty medicines in developing markets(p.275)
- • Scope for new product additions and therapeutic area expansion(p.273)
- • Potential to leverage contract manufacturing capability for new brands(p.265)
- • Expansion through multiple drug manufacturing and distribution licenses(p.289)
- • Growth through R&D centre establishment(p.300)
- • Export market access through Pharmaceuticals Export Promotion Council membership(p.289)
- • Potential migration to mainboard of stock exchange(p.320)
- • Access to SME platform capital markets(p.302)
Threats
- • Dependence on third-party suppliers with no long-term contracts(p.30)
- • Complex international regulatory requirements for exports(p.33)
- • Foreign exchange exposure affecting profitability(p.46)
- • Quality compliance requirements and product recall risk(p.29)
- • Regulatory approval delays for new products(p.35)
- • Intense pharmaceutical industry competition(p.50)
- • Transportation and logistics cost pressures(p.47)
- • Restrictive covenants in debt agreements limiting operational flexibility(p.45)
- • Intense pricing competition from multinational and domestic competitors with greater resources(p.50)
- • Volatility in global economic and political conditions impacting business operations(p.52)
- • Risk of natural disasters and pandemics disrupting operations and supply chains(p.52)
- • Regulatory and policy changes affecting pharmaceutical operations and market access(p.53)
- • Inflation and inability to pass increased costs to customers(p.53)
- • Foreign exchange fluctuation risks impacting export profitability(p.52)
- • Political instability and civil unrest in India or target export markets(p.53)
- • Intensifying competition from large well-capitalized distributors with scale advantages(p.152)
- • Vulnerability to supply chain disruptions from dependency on imported specialty drugs(p.152)
- • Margin compression from government pricing controls under NPPA regulations(p.152)
- • Risk of operational inefficiencies and competitive disadvantage from technology obsolescence(p.152)
- • US tariff uncertainty affecting India's largest pharmaceutical export market(p.144)
- • Intense competition from larger players with better financial positions and market share(p.168)
- • Rise of online pharmacies and e-commerce disrupting traditional distribution(p.168)
- • Risk of regulatory changes impacting competitive dynamics(p.168)
- • Vertical integration by larger players reducing demand for independent distributors(p.168)
- • Customer concentration risk with top 10 customers representing 79.56% of revenue(p.164)
- • Regulatory risk from complex drug approval and pricing regulations in multiple jurisdictions(p.265)
- • Intense competition from established pharmaceutical distributors and manufacturers(p.277)
- • Business seasonality affecting revenue consistency(p.277)
- • Exposure to currency fluctuations given significant export operations(p.271)
- • Drug pricing regulation risk and compliance with multiple jurisdictional laws(p.280)
- • Regulatory changes to pharmaceutical sector regulations(p.288)
- • Ongoing GST compliance issues at subsidiary level(p.282)
- • Potential changes to SME platform listing requirements and compliance burden(p.320)
- • Currency fluctuation risk for import of pharmaceutical raw materials(p.288)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Parth Goyani | Promoter | 28.83% | — |
| Sumit Goyani | Promoter | 28.21% | — |
| Parth Goyani | Promoter | 28.83% | [●]% |
| Sumit Goyani | Promoter | 28.21% | [●]% |
| Parth Goyani | Promoter | — | — |
| Sumit Goyani | Promoter | — | — |
| Parth Goyani | Promoter/Chairman & Managing Director | 28.83% | — |
| Sumit Goyani | Promoter/Whole-Time Director | 28.21% | — |
| Parth Goyani | Promoter | 30.38% | — |
| Sumit Goyani | Promoter | 29.76% | — |
| Parth Babubhai Goyani | Promoter cum Managing Director | — | — |
| Sumit Babubhai Goyani | Promoter cum Whole Time Director | — | — |
Leadership
Parth Goyani · Chairman and Managing Director (CMD)
Sumit Goyani · Whole-Time Director (WTD)
Kalpesh Bharatbhai Pipaliya · Chief Financial Officer (CFO)
Anita Kumawat · 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.