| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹563 to ₹593 | 25 | 21st Nov, 2025 –25th Nov, 2025 | ₹895.00 Cr |
Sudeep Pharma Ltd
Sudeep Pharma is a technology-led manufacturer of excipients and specialty ingredients serving the pharmaceutical, food, and nutrition industries, with a strong focus on advancing the global healthcare ecosystem. Leveraging proprietary technologies across encapsulation, spray drying, granulation, trituration, liposomal preparations, and blending, the company drives innovation in ingredient performance and manufacturing efficiency. It has built a diversified global presence across the US, South America, Europe, the Middle East, Africa, and Asia-Pacific. As per the F&S Report, the company is among the largest producers of food-grade iron phosphate globally and, in 2024, one of India’s largest exporters of mineral ingredients by volume. It is also the only Indian player and one of nine globally with CEP and written confirmation for calcium carbonate API in the EU. The company is recognized as a pioneer in developing liposomal ingredients to enhance nutrient absorption. Since its inception in 1989, the company has scaled its portfolio to over 100 products. It operates through two primary verticals such: (1) Pharmaceutical, Food & Nutrition Ingredients, comprising refined mineral salts such as calcium, zinc, iron, potassium, magnesium, sodium, and copper used as excipients, APIs, and nutritional fortification agents; and (2) Specialty Ingredients, housed under Subsidiary SNPL, offering micronutrient premixes, encapsulated ingredients, liposomal and spray-dried ingredients, granulated minerals, and triturated blends for applications in dietary supplements, infant and clinical nutrition, functional foods, and FMCG. As of Q1FY26, the company has served over 1,100 customers, including Pfizer, Intas, Mankind, Merck, Alembic, Aurobindo, Cadila, Micro Labs, IMCD, and Danone, with strong, long-term relationships. Repeat business contributed ~78–83% of revenue in recent years, underscoring a sticky customer base. Manufacturing infrastructure comprises three facilities in Vadodara (combined capacity: 65,579 MT) and an additional facility in Ireland, acquired in May 2025 as part of the NSS acquisition. A strong emphasis on R&D underpins its competitive positioning, supported by two dedicated R&D centres and a 41-member technical team.
Objective of the Sudeep Pharma Ltd IPO
The net proceeds from the fresh issue will be used towards the following purposes:
- Capital expenditure towards procurement of machinery for production line located at Nandesari Facility I;
- General corporate purposes.
Rationale To Sudeep Pharma Ltd IPO
Market Leadership with a Diversified Portfolio in a High-Barrier Industry
The company is one of the leading manufacturers of pharmaceutical, food, nutrition, and specialty ingredients, with a production volume of approximately 1.2 million metric tons as of Q1FY26, and an emphasis on mineral-based products, including iron phosphate, according to the F&S Report. A comprehensive product portfolio reinforces the company’s market leadership. From an early focus on excipients, they have broadened their product range to include specialized ingredient solutions. As of Q1FY26, they have a diverse portfolio of over 100 products. According to the F&S Report, India’s food and nutritional ingredients market is expanding rapidly, driven by rising health awareness, higher disposable incomes, and growing demand for fortified foods, dietary supplements, and functional beverages. In the pharmaceutical space, excipients, despite being low-cost components, remain critical to product stability and efficiency, with the Indian excipient market offering significant headroom due to cost-efficient raw materials, skilled labour, and faster adoption of new technologies. The industry’s stringent regulatory requirements, long development cycles, and high R&D investment create substantial entry barriers, favouring established players with accredited facilities, proven regulatory compliance, and optimized manufacturing capabilities. Supported by its strong regulatory track record, broad product capabilities, and entrenched market position, the company is well placed to capitalize on sustained growth across the pharmaceutical, food, and nutrition ingredient markets.
Deep Global Customer Relationships Enhancing Revenue Visibility
The company’s diversified, globally entrenched customer base is a strong pillar of its investment appeal. As of Q1FY26, it has served over 1,100 customers across the pharmaceutical, food, nutrition, and FMCG sectors, including more than 40 blue-chip multinational companies and 14 global Fortune 500 clients. Long-standing relationships with marquee names such as Pfizer, Intas, Mankind, Merck, Alembic, Aurobindo, Cadila, IMCD, Micro Labs, and Danone underscore the company’s credibility, product quality, and regulatory strength. The depth of these partnerships is reflected in the stable contribution from key accounts ; its largest customer accounted for 8- 15% of revenues over FY23 and Q1FY26, and its top five customers have an average relationship tenure of over seven years. Such entrenched customer stickiness, combined with a broad geographic footprint, enhances revenue visibility, drives recurring business and provides a strong platform for scaling high-value specialty ingredients globally.
Valuation of Sudeep Pharma Ltd IPO
Sudeep Pharma is one of the largest manufacturers of excipients and speciality ingredients, catering to diverse industries. The company’s manufacturing facilities are approved by global institutions, including one approved by the USFDA, which has enabled a broader market reach. The company is in the process of establishing a manufacturing facility with 51,200 MT and ~71% of the current capacity to cater to the increasing demand. The company also aims to expand its speciality ingredients franchise through technology-led innovations in encapsulation, liposomal delivery, granulation, and spray drying. It continues to deepen penetration in global markets through regional sales offices in the US, Europe, the UK, and Latin America, coupled with stocking arrangements to strengthen last-mile delivery. Capacity augmentation across its Vadodara facilities and integration of the newly acquired Ireland unit will further support global scalability. The company is also increasing its R&D focus on particle engineering, nutrient bioavailability, shelf-life extension, and formulation efficiency enhancements to build high-value, application-specific ingredient platforms. The industry backdrop remains favourable, driven by growing demand for fortified foods, dietary supplements, functional beverages, and stable growth in pharmaceuticals and excipients. Rising global outsourcing of drug formulation to India, driven by higher costs in the US and Europe, further enhances long-term opportunities. With stringent regulatory processes creating high barriers for new entrants, established players like this company stand to benefit from market consolidation and increased wallet share among global customers. On the financial front, the company has demonstrated CAGR growth of 8%/46%/49% in Revenue/EBITDA/PAT between FY23–FY25, led by leadership in the niche segment and its future foray into high-growth businesses. Overall, the company’s strong regulatory credentials, diversified portfolio, innovation-led product pipeline, and expanding global reach position it for sustained revenue growth. At the upper price band of Rs. 593, the company is valued at a P/E multiple of 46.4x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.
What is the Sudeep Pharma Ltd IPO?
The initial public offer (IPO) of Sudeep Pharma Ltd offers an early investment opportunity in Sudeep Pharma Ltd . A stock market investor can buy Sudeep Pharma Ltd IPO shares by applying in IPO before All Sudeep Pharma Ltd shares get listed at the stock exchanges. An investor could invest in Sudeep Pharma Ltd IPO for short term listing gain or a long term.
How to apply for the Sudeep Pharma Ltd IPO through StoxBox?
To apply for the Sudeep Pharma Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Sudeep Pharma Ltd IPO open?
Sudeep Pharma Ltd IPO is opening on 21st Nov 2025. Apply Now
What is the lot size of the Sudeep Pharma Ltd IPO?
The Lot Size of Sudeep Pharma Ltd IPO is 25 equity shares. Login to your account now.
When is the Sudeep Pharma Ltd allotment date?
The allotment Date for Sudeep Pharma Ltd IPO is 26th Nov 2025. Login to your account now.
When is the Sudeep Pharma Ltd IPO listing date?
The listing Date for Sudeep Pharma Ltd IPO is 28th Nov 2025. Login to your account now
What is the minimum investment required for the Sudeep Pharma Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,825. Login to your account now
What is the maximum investment allowed for the Sudeep Pharma Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,92,725. Login to your account now
What are the risks associated with investing in the Sudeep Pharma Ltd IPO?
- The company derives a substantial portion of its revenue from the top 5 customers. Any loss of such customers or a decline in demand may adversely impact the business.
- The company has three manufacturing facilities and one R&D facility located in the single region of Vadodara, Gujarat. Any adverse developments in the area may impact operations.
- The company relies on third-party suppliers for raw materials, including calcium carbonate, phosphoric acid, and sorbic acid. It may experience an unanticipated increase in raw material costs due to fluctuations in supply and demand across domestic and international markets, which may adversely impact operations.
When will the Sudeep Pharma Ltd IPO shares be credited to my Demat account?
The Sudeep Pharma Ltd IPO be credited to the account on allotment date which is 26th Nov 2025. Login to your account now
Where can I find the Sudeep Pharma Ltd IPO prospectus?
The prospectus of Sudeep Pharma Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
