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HomeIPOSudeep Pharma

About Sudeep Pharma

Incorporated in 1989, Sudeep Pharma Limited is a manufacturer of pharmaceutical excipients, food-grade minerals, and specialty nutrition ingredients serving over 100 countries.It has six manufacturing facilities that have a combined production capacity of 50,000 MT, manufacturing minerals such as calcium, iron, magnesium, zinc, potassium, and sodium.The company supplies over 200 products to a wide customer base across the pharma, food, and nutrition sectors.The company has strong R&D capabilities comprising in-house labs and pilot-scale facilities for mineral salts and excipients.Product Portfolio:Pharmaceutical, Food and Nutrition BusinessSpecialty Ingredients BusinessTriturates As of 31 December 2024, the company had 704 permanent employees.

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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Sudeep Pharma

Sudeep Pharma

Open Date

21 Nov 2025

Close Date

25 Nov 2025

listed

Min Investment

₹14825

Lot Size

25 Shares

Issue Size

₹895 Cr

Price Range

₹563 - ₹593

Listing Date

Nov 28, 2025

IPO Doc

RHP PDF

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹112.5(+18.55%)GMP
18.97%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Sudeep Pharma IPO - Issue Objectives

₹75.81 crore will be used for machinery procurement (capex) at the Nandesari Facility. Part of the IPO proceeds will be used for general corporate purposes.

Capital expenditure

79.7%

General corporate purposes

20.3%

1

Capital expenditure

₹75.81 crore will be used for machinery procurement (capex) at the Nandesari Facility.

79.70%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes.

20.30%

IPO Subscription Status

QIB
213.08x
NII
116.72x
Individual
15.65x
Total
93.71x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Sudeep Pharma

In Cr.

Key Performance Indicator30-Jun-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue130.08511.33465.38438.26
EBITDA48.57199.28187.7698.64
Expenses
Profit After Tax31.27138.69133.1562.32
Assets922.26717.17513.87420.11
Net Worth688.32497.53359.07226.29
Reserves668.52481.11354.59221.88
Borrowing135.97135.2575.0382.26

Sudeep Pharma - Promoter(s)

Sudeep Pharma

Sujit Jaysukh Bhayani

Avani Sujit Bhayani

Shanil Sujit Bhayani

Sujeet Jaysukh Bhayani

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Market leadership and diversified product portfolio

The company is a leading manufacturer of pharmaceutical, food, nutrition, and speciality ingredients in terms of production volume as of June 30, 2025, with a strong focus on mineral-based products and iron phosphate. It has a diversified portfolio of 100+ products, supported by a stable revenue mix where pharma/food/nutrition contributed 66.43% and speciality ingredients 33.57% in Q1FY26.

02

Long-standing global customer base

As of June 30, 2025, the company has served 1,100+ customers, including 40+ blue-chip MNCs and 14 Fortune 500 clients, demonstrating strong global acceptance. Key customers include Pfizer, Merck, Danone, Intas, and Aurobindo. The top five customers contributed 34.08% of revenue as of June 2025, with an average relationship tenure of 7.08 years, indicating high stickiness.

03

Well-equipped manufacturing facilities

The company operates four manufacturing facilities, including one in Ireland, with a combined annual production capacity of 72,246 MT across 12 lines. Facilities hold 35 global accreditations, including USFDA, EXCiPACT, WHO-GMP, and ISO certifications. Notably, its Nandesari Facility I became the first and only Indian company certified by the USFDA for mineral-based food ingredients. Ongoing capex of ₹12.95 crore and the upcoming 51,200 MT facility by Q4FY26 provide clear visibility for capacity-driven growth.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High customer concentration

The company derives a significant share of revenue from a limited customer base. Its top five customers contributed 34.08% in Q1FY26 and 29.76% in FY25, while the top 10 accounted for 42.10% and 40.78% respectively. The largest customer accounted for 14.58% in Q1FY26 and 8.15% in FY25. A slowdown, order loss, or pricing pressure from any of these key accounts could materially impact revenue and margin visibility.

02

Heavy dependence on certain segments

The pharmaceutical, food & nutrition segment contributes the majority of business with 66.43% of revenue in Q1FY26, 65.84% in FY25, 67.64% in FY24, and 77.01% in FY23. A regulatory change, slowdown in global nutraceutical demand, or pricing pressure in this segment can significantly compress overall topline growth.

Contact Details

Sudeep Pharma

129/1/A, GIDC Estate, Nandesari, Vadodara, Gujarat, 391340

+912652840656
cs.sudeep@sudeepgroup.com
https://www.sudeeppharma.com/

Registrar Contact Details

MUFG Intime India Pvt Ltd

+91-22-4918 6270
sudeeppharma.ipo@in.mpms.mufg.com
https://in.mpms.mufg.com/Initial_Offer/public-issues.html

Sudeep Pharma IPO - FAQs

Sudeep Pharma IPO is a Mainboard IPO. The issue is priced at ₹563-593 per equity share. The minimum order quantity is 25 Shares. The IPO opens on 21 Nov, and closes on 25 Nov. MUFG Intime India Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2025-11-19
  • Bidding Starts2025-11-21
  • Bidding Ends2025-11-25
  • Allotment Finalisation2025-11-26
  • Release of Funds2025-11-27
  • Demat Transfer2025-11-27
  • Listing2025-11-28
04

Strong R&D capabilities

With two dedicated R&D centres and a team of 41 specialists, the company has executed 420+ R&D projects over the last 3 years, commercialising 127 products, including Lipoboost (liposomal ingredients) and Novelcap (encapsulated ingredients). R&D spending has scaled to ₹10.04 crore in FY25 and ₹2.67 crore (2.06% of revenue as of June 2025), reflecting sustained focus on formulation enhancement, particle engineering, improved bioavailability, and targeted release.

03

High exposure to export markets

Exports contributed 58.68% in Q1FY26, 59.27% of revenue in FY25, and 64.43% in FY24 exposing the company to FX volatility, geopolitical risk, and regulatory shifts in overseas markets. The firm's dependency on developed markets like North America (23.19% in FY25) and Europe (9.59%) heightens vulnerability to trade restrictions and tariff changes.

04

Supply chain concentration and raw material price risk

Raw material costs constitute a significant portion of operations with 46.13% in Q1FY26 and 41.56% of revenue in FY25. Further, top 5 suppliers accounted for 52.02% of total raw material costs in Q1FY26, indicating supplier concentration risk. The absence of long-term supply contracts and dependence on imported inputs (18.57% as of June 2025) make the company vulnerable to supply disruptions and commodity price swings.