Symbiotec Pharmalab
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 172.03×
- Big non-institutionalbNII · above ₹10 lakh
- 82.92×
- Small non-institutionalsNII · ₹2–10 lakh
- 54.77×
- Retail individualRII · up to ₹2 lakh
- 12.56×
- Employeesreserved quota
- 15.04×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 01 Sept 2026 | ₹185 | +18.72% | ₹2,100 | ₹1,173 | ₹2,775 |
| 31 Aug 2026 | ₹185 | +18.72% | ₹2,100 | ₹1,173 | ₹2,775 |
| 30 Aug 2026 | ₹240 | +24.29% | ₹2,700 | ₹1,228 | ₹3,600 |
| 29 Aug 2026 | ₹240 | +24.29% | ₹2,700 | ₹1,228 | ₹3,600 |
| 28 Aug 2026 | ₹265 | +26.82% | ₹3,000 | ₹1,253 | ₹3,975 |
| 27 Aug 2026 | ₹270 | +27.33% | ₹3,100 | ₹1,258 | ₹4,050 |
| 26 Aug 2026 | ₹285 | +28.85% | ₹3,200 | ₹1,273 | ₹4,275 |
| 25 Aug 2026 | ₹352 | +35.63% | ₹4,000 | ₹1,340 | ₹5,280 |
| 24 Aug 2026 | ₹335 | +33.91% | ₹3,800 | ₹1,323 | ₹5,025 |
| 23 Aug 2026 | ₹409 | +41.40% | ₹4,700 | ₹1,397 | ₹6,135 |
| 22 Aug 2026 | ₹410 | +41.50% | ₹4,700 | ₹1,398 | ₹6,150 |
| 21 Aug 2026 | ₹345 | +34.92% | ₹3,900 | ₹1,333 | ₹5,175 |
| 20 Aug 2026 | ₹300 | +30.36% | ₹3,400 | ₹1,288 | ₹4,500 |
| 19 Aug 2026 | ₹220 | +22.27% | ₹2,500 | ₹1,208 | ₹3,300 |
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
- 24 Aug 2026 – 27 Aug 2026
- Listing date
- 01 Sept 2026
- Face value
- ₹2 per share
- Price band
- ₹938 – ₹988
- Lot size
- 15 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹1,757 Cr
- Fresh issue
- ₹150 Cr 15,21,261 shares
- Offer for sale
- ₹1,607 Cr 1,62,65,181 shares
- Market cap at offer price
- ₹6,244 Cr
- Promoter holding
- 36.39% → 33.28% pre-issue → post-issue
- ISIN
- INE899I01028
- CIN
- U24232MP2002PLC015293
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- 385/2, Pigdamber, Rau, Mhow, Indore – 453 331, Madhya Pradesh, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 37,39,872 | 28.57% | 28.49% |
| Anchor investor · within QIB | 53,25,909 | — | 40.58% |
| NII (HNI) | 28,04,904 | 21.43% | 21.37% |
| bNII > ₹10L · within NII | 18,69,936 | — | 14.25% |
| sNII < ₹10L · within NII | 9,34,968 | — | 7.12% |
| Retail (RII) | 65,44,776 | 50.00% | 49.87% |
| Employee | 35,377 | — | 0.27% |
| Market maker | 0 | — | 0.00% |
| Total issue | 1,31,24,929 | — | 100.00% |
Net offer to the public of 1,30,89,552 shares, out of a total issue of 1,31,24,929. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 15 shares per lot, in multiples, at ₹988
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 15 | ₹14,820 |
| Retail (max) | 13 | 195 | ₹1,92,660 |
| S-HNI (min) | 14 | 210 | ₹2,07,480 |
| S-HNI (max) | 67 | 1,005 | ₹9,92,940 |
| B-HNI (min) | 68 | 1,020 | ₹10,07,760 |
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
₹988 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 17.82 | 17.39 |
| P/E (×) | 55.44 | 56.81 |
| Price to book (×) | 6.58 | — |
| Market cap | — | ₹6,244 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 11.79%
- ROCE
- 11.80%
- PAT margin
- 12.80%
- EBITDA margin
- 27.26%
- NAV per share
- ₹150.17
- Price to book
- 6.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 872.26 | 755.98 | 723.33 |
| Revenue from operations | 869.15 | 751.55 | 716.25 |
| Other income | 3.11 | 4.42 | 7.09 |
| Total expenses | 709.9 | 608.85 | 590.99 |
| Operating profit | 162.36 | 147.13 | 132.34 |
| Operating margin | 18.61% | 19.46% | 18.30% |
| Profit before tax | 153.36 | 146.97 | 130.98 |
| Profit after tax | 109.9 | 96.79 | 100.06 |
| PAT margin | 12.60% | 12.80% | 13.83% |
| Balance sheet | |||
| Total assets | 1,780.79 | 1,579.65 | 1,294.79 |
| Current assets | 485.54 | 492.86 | 508.21 |
| Current liabilities | 527.56 | 472.6 | 351.21 |
| Total liabilities | 631.2 | 764.95 | 579.94 |
| Net worth | 1,149.59 | 814.71 | 714.84 |
| Current ratio | 0.92× | 1.04× | 1.45× |
| Return on equity | 9.56% | 11.88% | 14.00% |
| Cash flow | |||
| Operating cash flow | 174.59 | 47.26 | 187.5 |
| Investing cash flow | -226.93 | -306.52 | -206.41 |
| Financing cash flow | 35.99 | 278.16 | 21.85 |
| Net cash flow | -16.35 | 18.89 | 2.94 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Prepayment and/or repayment of outstanding borrowings ₹113 Cr
The company proposes to utilize the net proceeds towards prepayment and/or repayment, in full or in part, of certain outstanding borrowings to reduce overall indebtedness, debt servicing costs, and maintain favorable debt-equity ratio.
2 General corporate purposes —
The company proposes to utilize the balance net proceeds for general corporate purposes including meeting ongoing contingencies, business requirements, funding growth opportunities, and strategic initiatives as approved by the Board.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Symbiotec Pharmalab
Symbiotec Pharmalab Limited, incorporated in 2002 and headquartered in Indore, Madhya Pradesh, is a leading global manufacturer of active pharmaceutical ingredients (APIs) and contract development and manufacturing operations (CDMO) services. The company operates multiple manufacturing facilities including the Rau Facility and Pithampur Facility (both FDA-approved), and recently commissioned the Ujjain Facility for biologics manufacturing and the Mhow Facility for complex injectables. The company has a global presence with subsidiaries in Singapore, China, and the United States, serving over 200 customers across 40+ countries. In Fiscal 2026, APIs constituted 96.07% of revenue from operations, with revenue of ₹8,691.49 million and profit after tax of ₹1,099.03 million. The company holds 43 drug master files with the US FDA and 23 certificates of suitability from the European Directorate for the Quality of Medicines and HealthCare.
Management
Anil Satwani
MD
Rohit Mantri
Director
Sunita Kishnani
Director
Pratik Patel
Director
Pramod Kasat
Director
Strengths
As stated in the offer document
Global leadership in corticosteroid and steroidal-hormone APIs
The company holds a global leadership position with 38.2% market share in corticosteroid and 23.8% in steroidal-hormone APIs in Fiscal 2026, being the only company globally with presence across top 10 APIs in this category.
Long-standing relationships with domestic and global customer base
The company serves over 200 customers across 40+ countries with average relationship tenure of more than 10 years with top customers, demonstrating strong customer stickiness and retention capabilities.
Fully-invested, multi-scale, vertically integrated manufacturing platform with sustainable practices and clean regulatory track record
The company operates with 584.67 MT chemical synthesis capacity, 700 KL fermentation capacity, and 20 million vials complex injectables capacity, having completed 108+ inspections without critical observations from global regulators.
Continuous investment in R&D, with leading technological capabilities among Indian peers
The company invested 3.42% of revenue in R&D in Fiscal 2026 with 156 scientists across three platforms, enabling manufacturing of APIs with up to 400 synthesis steps validated under cGMP.
Ability to leverage science and existing competencies to increase total addressable market and deepen intellectual property-driven offerings
The company successfully expanded into classical fermentation APIs, CDMO services with take-or-pay contracts, and complex injectables commanding 20-50% price premium over conventional injectables.
Robust financials with strong gross margins, high capital efficiency and cash conversion
The company achieved revenue CAGR of 10.16% (Fiscal 2024-2026), gross margins of 63.70% in Fiscal 2026, and maintained CARE A+ credit rating across three consecutive fiscals.
Seasoned leadership team supported by strong pool of experienced management and marquee investors
The company is led by experienced management with 30+ years pharmaceutical experience, backed by marquee investors including Rosewood Investments, Motilal Oswal Alternates, and historically Actis and Franklin Templeton.
Risk factors
As stated in the offer document
High Revenue Concentration in APIs
The company derives almost all revenue from API sales (96.07%, 99.10%, and 100.00% in Fiscals 2026, 2025, and 2024 respectively), with top five APIs constituting 62.27%, 63.16%, and 60.37% of revenue. Any reduction in API demand or production disruption could severely impact business operations and financial performance.
Regulatory Compliance and Manufacturing Quality Risks
The company's manufacturing facilities are subject to periodic inspections by regulatory authorities and customers. Manufacturing or quality control failures may result in regulatory action, reputation damage, and business disruption. Recent US FDA inspections resulted in Form 483 observations requiring responses.
Significant Export Revenue Exposure
The company generates 67.04%, 55.19%, and 59.97% of revenue from external customers outside India in Fiscals 2026, 2025, and 2024 respectively. The company faces risks from foreign exchange fluctuations, geopolitical tensions, trade restrictions, and varying regulatory requirements across multiple jurisdictions.
Customer Concentration Risk
The company derives substantial revenue from key customers, with top ten customers accounting for 57.59%, 55.90%, and 61.65% of product sales in Fiscals 2026, 2025, and 2024 respectively. Loss of key customers or order reductions could significantly impact financial performance, especially given the lack of long-term contractual arrangements.
Geographic Concentration of Manufacturing Operations
All manufacturing facilities and R&D centers are located in Madhya Pradesh, India, creating vulnerability to regional disruptions. Any adverse developments affecting the state or surrounding regions, including natural disasters, political instability, or infrastructure failures, could severely impact business operations.
Supplier Dependency and Raw Material Supply Chain Risks
The company depends on key suppliers for raw materials, with top ten suppliers accounting for 25.50%, 18.41%, and 50.33% of total expenses in Fiscals 2026, 2025, and 2024 respectively. The company procures significant raw materials from China (23.88% of total expenses in Fiscal 2026), exposing it to supply chain disruptions and geopolitical risks.
Intense Market Competition
The company operates in highly competitive API manufacturing and CDMO markets, facing competition from established pharmaceutical companies with potentially greater resources. Competitors may have lower production costs, better market positioning, and superior technical capabilities, requiring continuous investment in R&D and manufacturing capabilities to remain competitive.
Working Capital and Financial Leverage Risks
The company requires substantial working capital with current ratio declining from 1.45 to 0.92 between Fiscal 2024 and 2026. Total borrowings amount to ₹3,879.14 million as of March 31, 2026, with financing agreements containing restrictive covenants that could limit operational flexibility and require additional capital for growth.
Company Analysis
from RHPSymbiotec Pharmalab Limited is a contract development and manufacturing organisation (CDMO) and active pharmaceutical ingredient (API) manufacturer specialising in complex fermentation and organic chemistry-based APIs across corticosteroids, steroidal hormones, and specialty pharmaceuticals.
Symbiotec Pharmalab Limited, incorporated in 2002 and headquartered in Indore, Madhya Pradesh, is a leading global manufacturer of active pharmaceutical ingredients (APIs) and contract development and manufacturing operations (CDMO) services. The company operates multiple manufacturing facilities including the Rau Facility and Pithampur Facility (both FDA-approved), and recently commissioned the Ujjain Facility for biologics manufacturing and the Mhow Facility for complex injectables. The company has a global presence with subsidiaries in Singapore, China, and the United States, serving over 200 customers across 40+ countries. In Fiscal 2026, APIs constituted 96.07% of revenue from operations, with revenue of ₹8,691.49 million and profit after tax of ₹1,099.03 million. The company holds 43 drug master files with the US FDA and 23 certificates of suitability from the European Directorate for the Quality of Medicines and HealthCare.
Objects of the Issue
- Repayment or prepayment of all or a portion of certain outstanding borrowings availed by our Company ₹1,500.00 million (Fresh Issue) p.138
Issue Structure
- Total Issue
- Up to ₹17,570.00 million
- Fresh Issue
- Up to ₹1,500.00 million
- Offer for Sale
- Up to ₹16,070.00 million
- Price Band
- [●] (to be determined)
- Lot Size
- [●] Equity Shares of face value of ₹2 each and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹2 each
Business Model
Symbiotec generates revenue primarily through the sale of active pharmaceutical ingredients (APIs), complex injectables, and contract development and manufacturing operations (CDMO) services. APIs are sold to pharmaceutical companies globally, with 67.04% of revenue from external customers outside India in Fiscal 2026. The company operates through a manufacturing-based model with multiple dedicated facilities across India, leveraging fermentation, organic chemistry, and biotechnology capabilities to manufacture complex APIs. Revenue is also generated from CDMO services, which commenced in Fiscal 2025.
Business Segments
SWOT Analysis
- • Market leadership in corticosteroids and steroidal hormone APIs(p.53)
- • Dominant market position in key products with 50%+ volume share(p.53)
- • Significant regulatory approvals and certifications(p.30)
- • Strong DMF and CEP portfolio providing market access(p.31)
- • Demonstrated revenue growth and profitability(p.70)
- • Skilled R&D team with advanced capabilities(p.37)
- • High dependency on a few customers(p.33)
- • Concentration of manufacturing facilities in single state(p.34)
- • Significant dependence on imported raw materials from China(p.37)
- • Reliance on external suppliers without long-term agreements(p.34)
- • Certain subsidiaries reporting negative net worth(p.62)
- • Complex facility requiring specific approvals for certain products(p.34)
- • Expanding biologics capacity to serve growing GLP-1 and Insulin demand(p.45)
- • Forward integration into high-value complex injectables(p.44)
- • Growth in CDMO business across diverse offerings(p.46)
- • Diversifying supplier base to reduce dependency on China(p.37)
- • Benefiting from government incentive schemes(p.46)
- • Regulatory compliance risks and stringent manufacturing standards(p.69)
- • US tariffs on pharmaceutical products and anti-outsourcing legislation(p.32)
- • Geopolitical tensions and trade disputes affecting supply chain(p.37)
- • Intense competition in API manufacturing and CDMO sectors(p.36)
- • Currency exchange rate volatility affecting export competitiveness(p.59)
- • Risk of product quality failures and regulatory action(p.30)
- • Seasonality and patent expiry risks in CDMO business(p.46)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Anil Satwani | Individual Promoter | 4.48% | — |
| Kashish Satwani | Individual Promoter | 4.38% | — |
| Sushil Satwani | Individual Promoter | 1.97% | — |
| Satwani Holdings LLP | Corporate Promoter | 17.97% | — |
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.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Symbiotec Pharmalab THIS ISSUE | 19.10 | 184.69 | 56.81, computed at the offer price | 6.58, computed at the offer price | 9.48% |
| 24.78 | — | 61.07 | — | 14.00% | |
Divi's Laboratories | 96.75 | 631.00 | 87.80 | 13.46 | 16.50% |
| 4.69 | — | 95.02 | — | 7.00% | |
| 16.47 | — | 109.36 | — | 16.80% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.