SP
Sudeep Pharma
Book Building issueMainboardBSE₹895 Cr issue
+23.77%
Listing gain over issue price
Issue size
₹895 Cr
1 lot at cut-off
₹14,825
Lot size
25shares
Open
21 Nov 2025
Close
25 Nov 2025
Allotment
26 Nov 2025
Listing
28 Nov 2025
Listing performance
Issue price
₹593
Listed at
₹733.95
Listing-day close
₹774.15
Latest price
₹857.20
Listing gain
+23.77%
Return since listing
+44.55%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹121
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 28 Nov 2025 | ₹121 | +20.40% | ₹2,300 | ₹714 | ₹3,025 |
| 27 Nov 2025 | ₹121 | +20.40% | ₹2,300 | ₹714 | ₹3,025 |
| 26 Nov 2025 | ₹97 | +16.36% | ₹1,800 | ₹690 | ₹2,425 |
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 Nov 2025 – 25 Nov 2025
- Listing date
- 28 Nov 2025
- Face value
- ₹1 per share
- Issue price
- ₹593 per share
- Lot size
- 25 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹895 Cr
- Market cap at offer price
- ₹6,698 Cr
- Promoter holding
- 89.37% → 76.15% pre-issue → post-issue
- ISIN
- INE0QPI01025
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- 129/1/A, GIDC Estate, Nandesari, 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 | 45,27,823 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 25 shares per lot, in multiples, at ₹593
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 25 | ₹14,825 |
| Retail (max) | 13 | 325 | ₹1,92,725 |
| S-HNI (min) | 14 | 350 | ₹2,07,550 |
| S-HNI (max) | 67 | 1,675 | ₹9,93,275 |
| B-HNI (min) | 68 | 1,700 | ₹10,08,100 |
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
45,27,823
Anchor portion
₹269 Cr
at ₹593 per share
Valuation and performance
Valuation at offer price
₹593 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.46 | 11.07 |
| P/E (×) | 47.59 | 53.57 |
| Price to book (×) | 12.93 | — |
| Market cap | — | ₹6,698 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 27.88%
- Debt / equity
- 0.20
- PAT margin
- 27.63%
- EBITDA margin
- 39.70%
- NAV per share
- ₹45.86
- Price to book
- 12.93
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Sudeep Pharma
Sudeep Pharma Limited was incorporated as a private limited company on December 21, 1989, and commenced operations on the date of incorporation. The company was converted to a public limited company in April 1995, then back to a private limited company in October 2014, and finally converted to a public limited company in October 2024. The company manufactures excipients and specialty ingredients serving pharmaceutical, food and nutrition sectors, with established presence in United States, South America, Europe, Middle East, Africa, and Asia-Pacific regions. The company operates three manufacturing facilities as of December 31, 2024, and generates revenue from the sale of these specialty chemical products to customers across global markets.
Company Analysis
from DRHPSudeep Pharma Limited is a technology-led manufacturer of excipients and specialty ingredients for the pharmaceutical, food and nutrition industries, operating across domestic and international markets.
Sudeep Pharma Limited was incorporated as a private limited company on December 21, 1989, and commenced operations on the date of incorporation. The company was converted to a public limited company in April 1995, then back to a private limited company in October 2014, and finally converted to a public limited company in October 2024. The company manufactures excipients and specialty ingredients serving pharmaceutical, food and nutrition sectors, with established presence in United States, South America, Europe, Middle East, Africa, and Asia-Pacific regions. The company operates three manufacturing facilities as of December 31, 2024, and generates revenue from the sale of these specialty chemical products to customers across global markets.
pharmaceutical excipientsspecialty ingredientsfood ingredientsnutrition ingredientsbattery chemicals/energy storage systems
Objects of the Issue
- Capital expenditure towards procurement of machinery for our production line located at Nandesari Facility I ₹758.14 million p.22
- General corporate purposes p.22
- Capital expenditure towards procurement of machinery for our production line located at Nandesari Facility ₹758.14 million p.46
- General corporate purposes p.63
- Capital expenditure towards procurement of machinery for our production line located at Nandesari Facility I ₹758.14 million p.117
- General corporate purposes p.117
- Capital expenditure towards procurement of machinery for production line located at Nandesari Facility for manufacturing precursor cathode active materials (pCAM) and battery-grade iron phosphate p.289
- Fresh Issue ₹950.00 million p.498
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹1 aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹1 aggregating up to ₹950.00 million
- Offer for Sale
- Up to 10,076,492 Equity Shares of face value of ₹1 aggregating up to ₹[●] million
- Price Band
- Price band of a minimum price of ₹[●] per Equity Share (i.e., the Floor Price) and the maximum price of ₹[●] per Equity Share (i.e., the Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹1 per Equity Share
Business Model
The company earns revenue from operations by manufacturing and selling excipients and specialty ingredients to pharmaceutical, food and nutrition companies. Revenue is generated primarily through direct sales to customers in India and international markets, with significant export sales representing 62.72% to 68.45% of revenue from operations in recent periods.
Business Segments
Manufacturing and sale of excipients and specialty ingredients for pharmaceutical, food and nutrition industries
Manufactures and supplies mineral salts including calcium salts, zinc salts, iron salts, potassium salts, magnesium salts, sodium salts, simethicone salts and copper salts for pharmaceutical, food and nutrition applications
Manufactures and supplies specialty ingredients for various applications
Manufactures pharmaceutical and food-grade minerals; currently manufacturing battery-grade iron phosphate on a pilot basis with plans to scale and commercialize the product and explore applications as precursor cathode active material for lithium manganese iron phosphate batteries in electric vehicles and energy storage systems
Manufactures pharmaceutical and food-grade minerals
Exclusively produces specialty ingredients for the food and nutrition industry
Manufactures pharmaceutical excipients and mineral actives used in pharmaceutical formulations, including key mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, and copper which act as excipients supporting the efficacy and stability of pharmaceutical formulations.
Produces fortifying agents and additives that enhance the nutritional value of confectionery, staple foods, beverages, baked goods, dairy products, infant nutrition, and dietary supplements. Products include encapsulated preservatives (sorbic acid, calcium propionate), encapsulated acidulants (malic, fumaric, citric acids), leavening agents (sodium bicarbonate, dicalcium phosphate), flavour enhancers (magnesium sulphate, magnesium oxide), fat powders (palm, soya, HOSO, MCT), emulsifiers (dimagnesium phosphate, tri-magnesium phosphate), and texture enhancers (dicalcium phosphate).
Manufactures specialty nutritional ingredients including liposomal ingredients (LIPOBOOST brand), microencapsulated ingredients (Novelcap range), granulated products (WEDRGRAN), spray-dried ingredients (CASPRA™), and triturated nutrients (Tritunova™). Produces a range of 13 liposomal ingredients including vitamin C, vitamin D3, vitamin B12, magnesium, calcium, iron, melatonin, docosahexaenoic acid, glutathione, and curcumin. Also pioneer in introducing liposomal nutrients in India.
Produces granulated mineral compounds including calcium carbonate, magnesium oxide, zinc citrate, and other mineral salts used in dietary supplements and pharmaceutical formulations. These materials enhance density, improve powder flow, and are used as intermediate processes in solid dosage manufacturing.
Manufactures pharmaceutical excipients including mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, simethicone and copper used in pharmaceutical formulations such as tablets, capsules, and syrups. Offers a comprehensive range of excipients tailored to various pharmaceutical needs.
Through subsidiary Sudeep Advanced Materials, produces battery-grade iron phosphate for lithium-ion battery cathode materials. Began production of iron phosphate in 2015 and is now one of the largest global producers with a capacity of 15,000 MT, utilizing a green process that reduces water consumption and gas emissions.
Focuses on providing refined, mineral-based single ingredients essential to pharmaceutical, food, and nutrition industries. Product portfolio includes key mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, and copper. Many minerals act as excipients, supporting efficacy and stability of pharmaceutical formulations. Also produces calcium carbonate used as an API for therapeutic applications. Minerals serve as fortifying agents and additives boosting nutritional value of staple foods, beverages, baked goods, dairy products, infant nutrition, and dietary supplements.
Conducted through subsidiary SNPL, committed to developing technology-driven, application-specific mineral and micronutrient systems. Produces customized ingredients designed to improve functionality, stability, and bioavailability across food and nutraceutical applications. Product portfolio includes micronutrient premixes, encapsulated ingredients, liposomal and spray-dried formats, granulated minerals, and triturated blends. Addresses needs in functional foods, dietary supplements, infant and clinical nutrition, FMCG and convenience food formulations. Includes Lipoboost line of liposomal ingredients and Novelcap encapsulated ingredients.
Manufacturing, developing, producing, buying, selling, importing, exporting, trading, agency, testing, distributing, consigning, stocking, registering, packing, marketing, refining, processing of and generally dealing in all types of pharmaceuticals, nutraceutical and nutrition products, food ingredients, mineral and vitamin blends or premixes for infant, human and animal nutrition, along with other chemical and healthcare products.
Marketing and selling of pharmaceutical and food ingredient products in the United States.
Importing, exporting, trading, distributing, supplying, selling and marketing pharmaceutical products, food ingredients and nutraceutical products to customers in Europe, and to warehouse these goods and products.
Manufacturing, trading, processing, servicing, installing, supplying, reconditioning, producing, assembling, altering, acquiring, building, constructing, converting, commercializing, dismantling, designing, developing, displaying, demonstrating, erecting, equipping, establishing, fabricating, finishing, holding, handling, hiring, letting on hire, leasing, repairing, maintaining, modifying, marketing, machining, owning, operating, protecting, saving, reconstructing, renovating, remodelling, importing, exporting, buying, selling, reselling, exchanging, turning to account and acting as agent, broker, financier, stockiest, turn key supplier, contractor, promoter, consultant, engineer, collaborator, or otherwise to deal in all types of anode and cathode active battery materials used in various batteries for electric vehicles and energy storage devices.
Provides refined, unrefined single ingredients essential to the pharmaceutical, food and nutrition industry
Manufacturing of specialty ingredients using advance technology solutions that enjoys functionality, stability, and consumer experience across various food and nutraceutical applications to produce efficient premises, encapsulated, spray-dried, and granulated minerals, and herbals
Manufacturing and selling of pharmaceutical excipients, functional food ingredients and nutraceutical products
Manufacturing and selling of specialty ingredients
SWOT Analysis
Strengths
- • Diversified product portfolio across pharmaceutical, food, and specialty ingredients segments(p.41)
- • Strong international presence with 62.72% of revenue from exports across multiple geographies(p.42)
- • Multiple regulatory approvals from global authorities including USFDA, BRC, EXCiPACT(p.42)
- • Revenue growth trajectory at 15.44% CAGR from Fiscal 2022 to Fiscal 2024(p.53)
- • Dedicated R&D facility enabling new product development(p.43)
- • NSS Acquisition enabling European manufacturing presence and customer approvals(p.44)
- • Market leadership with diversified product portfolio in high barrier industry(p.124)
- • Distinguished global customer base with long-standing relationships(p.124)
- • Well-equipped and regulatory compliant manufacturing facilities(p.124)
- • Strong research and development capabilities(p.124)
- • Experienced promoters and senior management team(p.124)
- • High profitability with strong EBITDA margins and consistent PAT growth(p.126)
- • Largest producer of food-grade Iron Phosphate for infant nutrition globally(p.168)
- • Pioneer in liposomal ingredients in India for enhanced nutrient absorption(p.172)
- • Leading exporter of specialty food and nutritional ingredients from India(p.185)
- • 35 years of expertise in vitamins and mineral chemistries(p.181)
- • Leading manufacturer of specialty food ingredients in India(p.176)
- • Rare CEP and WC certifications for calcium carbonate as API(p.200)
- • USFDA certification for mineral-based ingredients(p.201)
- • Leading supplier of pure mineral salts for infant and clinical nutrition(p.201)
- • Largest product portfolio for excipients among Indian enterprises(p.219)
- • Comprehensive excipient range meeting global standards(p.218)
- • Pioneer in battery-grade iron phosphate production(p.247)
- • Asia's largest mineral phosphates manufacturing facility(p.241)
- • Largest producer of food-grade iron phosphate with significant manufacturing capacity(p.282)
- • USFDA-approved manufacturing facility for mineral-based ingredients(p.282)
- • One of nine companies globally with CEP certification for calcium carbonate API(p.282)
- • Pioneer in liposomal ingredients for nutrient absorption and stability(p.282)
- • Diversified customer base with 1,100+ customers including 40 multinational companies(p.286)
- • Strong export presence with 62.72% of revenues from international markets(p.292)
- • Proprietary eco-friendly manufacturing process for battery-grade iron phosphate(p.288)
- • High repeat business rate indicating strong customer relationships(p.283)
- • Multiple manufacturing facility recognitions and awards(p.309)
- • US FDA certification and regulatory approvals(p.309)
- • Growing subsidiary revenues with strong profitability(p.310)
- • Direct US market presence with profitable operations(p.311)
- • Early mover in liposomal encapsulation technology(p.309)
- • Established manufacturing capabilities with advanced equipment(p.370)
- • Diversified product portfolio across pharmaceutical and specialty ingredients segments(p.402)
- • Significant international revenue generation(p.397)
- • Growing profitability and revenue trajectory(p.374)
- • Established customer base with strong relationships and export presence(p.445)
- • Significant export revenue contribution across multiple geographies(p.445)
- • Strong R&D capabilities with track record of product innovation(p.446)
- • Healthy profit margins and strong profitability metrics(p.458)
- • Significant manufacturing capacity expansion underway(p.445)
Weaknesses
- • High customer concentration with top 10 customers representing 37.13% of revenue(p.41)
- • High supplier concentration with top 10 suppliers representing 63.67% of raw material costs(p.45)
- • Significant dependence on pharmaceutical, food and nutrition segment (63.29% of revenue)(p.41)
- • Geographic concentration with all manufacturing facilities and R&D located in Vadodara, Gujarat(p.42)
- • High working capital requirements with net working capital days of 268(p.49)
- • Significant promoter pledge of shares with 77.46% of promoter shareholding pledged(p.57)
- • High employee attrition rate of 24.08% for permanent employees in nine months ended December 31, 2024(p.57)
- • Lack of orders for machinery procurement representing 100% of machinery to be purchased from IPO proceeds(p.47)
- • Dependence on a concentrated customer base with top 3 customers representing 708.51 million in nine months 2024(p.126)
- • Unable to trace certain corporate filings and secretarial forms with RoC(p.93)
- • Promoters' equity shares pledged as security for debentures, risking control dilution(p.98)
- • No machinery orders placed for 758.14 million capex (100% of planned machinery procurement)(p.119)
- • High employee attrition rate at 24.08% for nine months 2024(p.127)
- • High concentration of sales to pharmaceutical and FMCG sectors through Fortune 500 customers(p.180)
- • Heavy reliance on imports for excipients(p.223)
- • Limited scale relative to Tier I global competitors(p.205)
- • High customer concentration with largest customer representing 9.04% of revenue(p.286)
- • Significant supplier concentration with top supplier accounting for 23.72% of raw material costs(p.297)
- • Manufacturing facilities on leased premises with lease expiration risks(p.300)
- • Moderate capacity utilization at Nandesari Facility I at 49.96%(p.293)
- • Low capacity utilization at Poicha Facility at 27.18%(p.293)
- • Promoter shareholding heavily pledged to secure debentures(p.315)
- • Significant debt obligations at subsidiary level(p.310)
- • Corporate office and manufacturing facilities on leased premises(p.317)
- • Conflict of interest with related party raw material supplier(p.317)
- • Dependence on few large customers(p.404)
- • Significant capital work-in-progress with cost overruns(p.378)
- • Pending litigation affecting operations(p.399)
- • High leverage with significant borrowings(p.418)
- • Inventory concentration risk(p.385)
- • High dependence on cost of raw materials which constitutes largest expense component(p.445)
- • Significant concentration of revenue among top customers(p.445)
- • Significant reliance on a concentrated supplier base(p.446)
- • Material contingent liability from dispute(p.465)
- • Significant ongoing capital expenditure requirements(p.465)
- • Material tax litigation involving a Promoter(p.472)
- • Criminal proceedings against a Director involving alleged misappropriation and fraud(p.471)
- • Subsidiary criminal proceedings for dishonored cheque related to customer default(p.473)
- • Material outstanding dues to multiple creditors(p.474)
- • Significant outstanding dues to MSME suppliers(p.474)
Opportunities
- • Market expansion in pharmaceutical, food and nutrition sector(p.41)
- • Growing demand for specialty ingredients as segment grows from 16.61% to 36.71% of revenue(p.41)
- • Nandesari facility commissioning enabling capacity expansion(p.42)
- • European market consolidation through NSS Acquisition with access to novel formulations(p.44)
- • R&D investments to develop innovative products in high-growth segments(p.43)
- • Geographic expansion with 37.27% of revenue from India showing domestic market growth potential(p.43)
- • Scaling battery-grade iron phosphate production and commercialization(p.118)
- • Diversified applications for battery-grade iron phosphate as precursor cathode material for EV and energy storage(p.118)
- • Capacity expansion and modernization through 758.14 million capex in machinery(p.117)
- • Benefits of listing including enhanced visibility, brand enhancement, and public market creation(p.116)
- • Global nutritional ingredients market growing at 6.8% CAGR through 2029(p.165)
- • Vitamins and Minerals market growing at 7% CAGR through 2029(p.168)
- • India's nutritional ingredients market growing at 8.7% CAGR through 2029(p.178)
- • Rising demand for encapsulated ingredients with India market growing at 12% CAGR(p.196)
- • Strong growth in Asia-Pacific nutritional ingredients market at 9% CAGR(p.185)
- • Government mandates for staple fortification in India driving demand(p.183)
- • Acquisition of Ireland-based Nutrition Supplies Services strengthens global footprint(p.174)
- • Growing granulated minerals market with 7% CAGR(p.200)
- • Indian granulated minerals market expanding at 12% CAGR(p.201)
- • Cross-selling opportunities with food and nutrition clients(p.200)
- • India excipients market growing at 11% CAGR(p.218)
- • Fortification initiatives in Africa and Southeast Asia(p.200)
- • LFP battery market dominance creating demand for iron phosphate(p.238)
- • Government PLI scheme for excipient production(p.222)
- • Rising global EV and battery demand with projected 27% annual growth in Li-ion batteries(p.277)
- • Shift from NMC to LFP batteries due to lower costs and better performance in hot climates(p.261)
- • Significant government support for domestic EV and battery manufacturing in India(p.275)
- • India's large-scale public health fortification initiatives for nutritional ingredients(p.289)
- • Expansion opportunity into high-growth pCAM market for battery production(p.288)
- • Growing BESS market in India with projected 25-26% CAGR(p.263)
- • Expansion of regulated market access through USFDA approvals and direct market entry(p.288)
- • NSS acquisition providing European manufacturing presence and infant nutrition expertise(p.289)
- • Expansion into European market through new subsidiary(p.309)
- • Entry into battery materials business for EV market(p.309)
- • Strategic acquisition of Ireland-based nutrition premix manufacturer(p.309)
- • Growing demand recognition from global partners(p.309)
- • Expansion into specialty ingredients segment(p.402)
- • Growing global pharmaceutical and nutraceutical demand(p.402)
- • Acquisition of additional companies for growth(p.399)
- • Technological advancement through process intensification(p.402)
- • Market expansion through geographic diversification(p.404)
- • Strategic acquisition of NSS to strengthen European presence and product portfolio(p.446)
- • Expansion into infant nutrition and critical care segments through NSS acquisition(p.446)
- • Planned capacity expansion to support revenue growth(p.445)
- • Continued growth in specialty ingredients segment(p.457)
- • Strong repeat business from existing customer base(p.445)
Threats
- • Regulatory changes and compliance risks affecting product safety and market access(p.41)
- • Intense competition from domestic and international companies with greater resources(p.41)
- • Supply chain disruption risks from geopolitical tensions and natural disasters(p.41)
- • Raw material price volatility and scarcity impacting production costs(p.45)
- • Foreign exchange fluctuation exposure with 62.72% revenue from exports(p.54)
- • Regulatory compliance risks in international markets including tax and environmental regulations(p.43)
- • Technology obsolescence risk requiring continuous R&D investment(p.41)
- • India-China relationship tensions affecting machinery imports (40.81% from China)(p.47)
- • Pricing pressure from customers constraining margins(p.52)
- • Electricity, fuel and water supply disruptions impacting production(p.54)
- • Capacity underutilization at Nandesari Facility I at 49.96% for nine months 2024(p.127)
- • Variation in utilization of net proceeds requires shareholder approval through postal ballot(p.123)
- • Past performance may not indicate future growth; expansion strategy implementation risks(p.119)
- • Risk of business diversification failure beyond pharmaceutical sphere(p.119)
- • High net working capital cycle days at 268 days for nine months 2024(p.126)
- • Stringent regulatory requirements across multiple jurisdictions(p.173)
- • High competition from global players like DSM-Firmenich and BASF(p.168)
- • Increasing price sensitivity in developing markets limiting premium ingredient adoption(p.184)
- • Supply chain vulnerabilities affecting specialty ingredient procurement(p.173)
- • Risk of counterfeiting and low-quality products undermining market trust(p.184)
- • Global trade tensions and tariffs impacting export competitiveness(p.156)
- • Manufacturing compliance issues with Schedule M regulations in India(p.184)
- • Risk of product withdrawal due to compliance and quality failures(p.184)
- • China dominance in LFP production and cathode materials(p.241)
- • High development costs for novel excipients(p.215)
- • Stringent regulatory approval processes limiting novel excipient adoption(p.215)
- • Raw material price volatility impacting margins(p.203)
- • Regulatory gaps in India creating quality assurance challenges(p.222)
- • Global competition from established Tier I excipient manufacturers(p.205)
- • Intense price competition from Chinese manufacturers(p.241)
- • China dominates LFP battery production with proposed export ban on LFP technology(p.266)
- • High tariffs on imports from China, reaching 82% on lithium-ion batteries(p.267)
- • Stringent EU Rules of Origin requiring CAM to be produced locally by 2030(p.266)
- • Raw material price volatility affecting profitability(p.296)
- • Highly competitive fragmented market with many regional and global participants(p.299)
- • Regulatory compliance risks and changing emission standards(p.261)
- • Battery recycling emerging as competitive threat to virgin material demand(p.261)
- • Pledge invocation could trigger change of control and open offer(p.315)
- • Lack of information and disclosures from former joint venture partner entities(p.342)
- • Dependency on related party for office and facility premises(p.340)
- • No guarantees on future dividend payments(p.345)
- • Exposure to foreign exchange volatility(p.415)
- • Interest rate risk on floating-rate borrowings(p.415)
- • Credit risk from trade receivables concentration(p.413)
- • Regulatory compliance requirements(p.398)
- • Commodity and input price volatility(p.397)
- • Volatility in raw material prices and supply chain disruptions(p.446)
- • Import restrictions and tariff barriers affecting supply chain(p.446)
- • Dependence on global and Indian economic conditions(p.447)
- • Exposure to foreign exchange fluctuations affecting profitability(p.447)
- • Intensifying competitive conditions in pharmaceutical and food ingredients industry(p.467)
- • Regulatory licensing and approval requirements for manufacturing operations(p.476)
- • Pending regulatory approval for EU export of key product(p.478)
- • Expired environmental and waste management consent at manufacturing facility(p.478)
- • Material planning and building compliance issues at foreign subsidiary property(p.479)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sujit Jaysukh Bhayani | Promoter/Promoter Selling Shareholder | 24.67% | — |
| Avani Sujit Bhayani | Promoter/Promoter Selling Shareholder | 5.22% | — |
| Shanil Sujit Bhayani | Promoter/Promoter Selling Shareholder | 5.19% | — |
| Sujeet Jaysukh Bhayani HUF | Promoter/Promoter Selling Shareholder | 13.65% | — |
| Riva Resources Private Limited | Promoter | 40.93% | — |
| Bhayani Family Trust | Promoter | 0% | — |
| Sujit Jaysukh Bhayani | Promoter | — | — |
| Shanil Sujit Bhayani | Promoter | — | — |
| Riva Resources Private Limited | Promoter Group | — | — |
| Avani Sujit Bhayani | Promoter | — | — |
| Sujit Jaysukh Bhayani | Promoter | 24.67% | — |
| Sujeet Jaysukh Bhayani HUF | Promoter | 13.65% | — |
| Shanil Sujit Bhayani | Promoter | 5.19% | — |
| Avani Sujit Bhayani | Promoter | 5.22% | — |
| Riva Resources Private Limited | Promoter | 40.93% | — |
| Sujit Jaysukh Bhayani | Promoter and Managing Director | — | — |
| Shanil Sujit Bhayani | Promoter | — | — |
| Sujit Jaysukh Bhayani | Promoter | 24.67% | — |
| Shanil Sujit Bhayani | Promoter | 5.19% | — |
| Avani Sujit Bhayani | Promoter | 5.22% | — |
| Sujeet Jaysukh Bhayani HUF | Promoter | 13.65% | — |
| Riva Resources Private Limited | Promoter | 40.93% | — |
| Bhayani Family Trust | Promoter | — | — |
| Super Health Bhawan ILP | Promoter Group | 18.51% | — |
| Mrs Anita Biswanl | Promoter | 5.35% | — |
| Mr Suresh Jain Biswanl | Promoter | 5.21% | — |
| Mrs Jyoti Biswanl | Promoter | 3.21% | — |
| Sujit Jaysukh Bhayani | Promoter/Selling Shareholder | — | — |
| Sujeet Jaysukh Bhayani HUF | Selling Shareholder | — | — |
| Shanil Sujit Bhayani | Selling Shareholder | — | — |
| Avani Sujit Bhayani | Selling Shareholder | — | — |
| Sujit Jaysukh Bhayani (jointly with Avani Sujit Bhayani) | Promoter Selling Shareholder | — | — |
| Sujeet Jaysukh Bhayani HUF | Promoter Selling Shareholder | — | — |
| Shanil Sujit Bhayani (jointly with Sujit Jaysukh Bhayani) | Promoter Selling Shareholder | — | — |
| Avani Sujit Bhayani (jointly with Sujit Jaysukh Bhayani) | Promoter Selling Shareholder | — | — |
Leadership
Sujit Jaysukh Bhayani · Managing Director
Shanil Sujit Bhayani · Whole-Time Director
Ketan Jagdishchandra Vyas · Chief Financial Officer
Dimple Ashwinbhai Mehta · Company Secretary and Compliance Officer
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