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Anlon Healthcare Limited IPO: Complete Details and Financials Review.
Hello friends, the market is flooded with new IPOs one after the other. Today we will talk about Enlon Healthcare Limited, a company making its presence felt in the pharmaceutical and chemical manufacturing sector, which is going to launch its IPO. The company produces active pharmaceutical ingredients (APIs) and intermediates, which are considered the core of the pharmaceutical industry. Enlon Healthcare not only exports its products to the domestic market but also to more than 15 countries including Italy, Germany and South Korea. In this article, we will analyze the company's IPO details, business model, strengths, risks and financial performance. Also, we will compare Enlon Healthcare with its peers and understand investors' opinion about the IPO. Our aim is to provide you with complete information so that you can make an informed investment decision.
The word “finance” originated from the French word “finer”, which means to end or pay. Finance is called “
IPO Type: 100% Fresh Issue
Issue Size: 1.33 crore equity shares, aggregating up to ₹121.03 crore
Price Band: ₹86 – ₹91 per share
Lot Size: 164 shares per lot
Minimum Investment (Retail Investors):
At ₹86 = ₹14,104 (164 shares × ₹86)
At ₹91 = ₹14,924 (164 shares × ₹91)
IPO Opening Date: August 26, 2025
IPO Closing Date: August 29, 2025
Allotment Date: September 1, 2025
Listing Date: September 3, 2025
Utilization of IPO Proceeds:
₹30.72 crore for manufacturing facility expansion
₹5 crore for repayment of secured borrowings
₹43.15 crore for working capital requirements
Remaining funds for general corporate purposes
Business Overview.
Before delving deeper into the story of Bajaj Financ
Anlon Healthcare Limited is a specialty API and intermediates manufacturing company. Its operations include:
High Purity Pharmaceutical Intermediates – key raw materials used for API production.
Active Pharmaceutical Ingredients (APIs) – the core components used in drug formulations such as tablets, capsules, and syrups.
The company has a diverse product portfolio catering to pharmaceuticals, nutraceuticals, personal care, and animal health products. A notable product is Loxoprofen Sodium Dihydrate, widely used for pain and inflammation management.
Anlon Healthcare also provides custom manufacturing services to meet client-specific requirements.
Industry Outlook.
India ranks 3rd globally by volume in the pharmaceutical sector.
Indian pharma industry revenue is projected to reach ₹7.33 lakh crore by FY 2030, growing at a CAGR of 10%.
API manufacturing contributes nearly 35% to the pharma market.
India holds an 8% global market share in APIs, making it the world’s third-largest producer
Strengths of Anlon Healthcare.
Diverse Product Portfolio
65 commercialized products, 28 at pilot stage, and 49 under laboratory testing.
Products comply with global pharmacopeia standards (IP, BP, EP, JP, USP).
Experienced Promoters
Chairman & MD Punit Kumar R Rasadia has 11+ years of pharma expertise.
Whole-time Director Atul Kumar Vachhani oversees strategy, finance, and sales.
High Entry Barriers
Complex approvals, Drug Master Files (DMF), and regulatory audits create strong barriers to entry.
Facility audited by 33+ customers and regulators.
Strong R&D and In-house Quality Control
34-member R&D team, 4 laboratories for product development and testing.
Expanding product base from 10 in FY18 to 65 in FY25.
Regulatory Approvals
Multiple DMF filings in Brazil, China, Japan, Europe, and USA for key APIs.
Risks and Weaknesses.
Limited Operating History – Operations began in 2017, making long-term sustainability uncertain.
Single Manufacturing Facility – Located in Rajkot, Gujarat. Any disruption can impact business severely.
Customer Concentration – Top 10 customers contributed 77.7% of revenue in FY25.
No Long-Term Agreements – Dependence on short-term supply and sales contracts.
Working Capital Intensive Business – Net working capital stood at ₹18.42 crore in FY25.
Geographical Concentration Risk – High dependency on Gujarat, Maharashtra, Tamil Nadu, Telangana, Italy, and Germany.
Rising Trade Receivables – Increased from ₹36.7 crore in FY24 to ₹69.6 crore in FY25.
Conflict of Interest – Promoters involved in other chemical trading businesses.
Financial Analysis.
Revenue:
FY23: ₹112.87 crore
FY24: ₹66.58 crore (41% decline due to 4-month shutdown during ANVISA audit)
FY25: ₹120.29 crore (80% recovery)
Profit Margins:
EBITDA Margin FY25: 26.88% (vs 23.35% in FY24)
PAT Margin FY25: 17.06% (vs 14.5% in FY24)
Return Ratios:
ROE: Dropped from 130.37% in FY24 to 40.45% in FY25 due to equity infusion.
ROCE: Improved from 16.29% in FY24 to 21.93% in FY25.
Debt-Equity Ratio: Improved from 9.0 (FY23) to 0.73 (FY25).
Cash Flows: Negative operating cash flow of ₹22.55 crore in FY25 due to higher inventory and receivables.
Peer Comparison
| Company | Revenue (FY25) | EBITDA Margin | PAT Margin | ROCE | ROE | D/E Ratio | P/E |
|---|---|---|---|---|---|---|---|
| Anlon Healthcare | ₹120.29 Cr | 26.88% | 17.06% | 21.93% | 40.45% | 0.73 | 23.57 |
| Supriya Lifesciences | ₹696 Cr | Higher | Higher | 27.4% | Lower | 0 | Higher |
| Kronox Lab Sciences | ₹— | Higher | Higher | 43.8% | Lower | 0 | Higher |
| Acutas Chemicals (AMI Organics) | ₹170 Cr | Comparable | Comparable | 19.9% | Lower | 0 | Higher |
Conclusion
The Anlon Healthcare IPO offers exposure to the growing API and intermediates market, backed by a strong product portfolio, experienced management, and high entry barriers. The company has improved its financial structure, reduced debt, and delivered strong recovery in FY25.
However, risks such as customer dependency, single manufacturing facility, and negative operating cash flows remain significant. Investors should carefully evaluate these factors before applying.
This review is for educational purposes only and should not be considered as a buy/sell recommendation. Always consult with a financial advisor before investing in IPOs.
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