Symbiotec Pharmalab IPO

Mainboard • Equity • Fresh capital cum OFS

LISTEDMAINBOARDEquity

Symbiotec Pharmalab

Price band

₹938 – ₹988

Lot size

15 shares

Min investment

₹14,820

Issue size

₹1,757 Cr

About the company

Symbiotec Pharmalab Ltd was set up in 2002. It is a pharmaceutical and biotechnology company that develops and makes active pharmaceutical ingredients, known as APIs, along with nutritional ingredients and specialty products. APIs are the actual medicine content that goes into a tablet or injection, which other pharma companies then turn into finished medicines. The company started in 1995 as a small lab scale maker of steroidal hormone APIs and has grown into a large backward integrated manufacturer with more than 30 years of experience in the field. It is a global leader in corticosteroid and steroidal hormone APIs. Its plants are approved by the United States Food and Drug Administration, by European Union Good Manufacturing Practices and by the Ministry of Food and Drug Safety of Korea, among other regulators. As on 30 June 2025 it ran two industrial scale API plants with a chemical synthesis capacity of 584.67 metric tonnes and a fermentation capacity of 300 kilolitres. It sells both in India and abroad, in regulated as well as emerging markets.

Symbiotec Pharmalab Ltd makes active pharmaceutical ingredients, nutritional ingredients and specialty products, and is a global leader in corticosteroid and steroidal hormone APIs. It runs two API plants approved by the US FDA and EU-GMP, with chemical synthesis capacity of 584.67 MT and fermentation capacity of 300 kilolitres.

IPO details

Issue price: ₹988
Price band: ₹938 – ₹988
Face value: ₹2
Lot size: 15
Min investment: ₹14,820
Issue size: ₹1,757 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE, NSE
BSE scrip code: 7907
NSE symbol: SYMBIOTEC.NS
Employee discount: Rs 90.00 per share

Lot size & investment by category

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
B-HNI (Min)	68	1,020	₹10,07,760

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Offer
Retail	Not less than 35.00% of the Net Offer
NII	Not less than 15% of the Net Offer

Objects of the issue

1Prepayment and/or repayment, in full or in part, of all or a portion of certain outstanding borrowings availed by the Company112.50

2General corporate purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	1,780.79	1,579.65	1,294.79
Total Income	872.26	755.98	723.33
Profit After Tax	109.90	96.79	100.06
EBITDA	231.97	206.11	177.04
NET Worth	1,158.64	821.15	720.68
Reserves and Surplus	1,145.95	810.03	709.54
Total Borrowing	387.91	540.92	247.21

Key performance indicators

P/E Ratio

56.81

EPS (₹)

17.39

RoE

11.19%

RoCE

11.56%

RoNW

9.48%

PAT Margin

12.60%

EBITDA Margin

26.59%

NAV (₹)

184.69

✓ Strengths

• The company is a global leader in corticosteroid and steroidal hormone APIs, which is a specialised area with few makers worldwide.

• Its plants carry approvals from the US FDA, EU-GMP and the Korean drug regulator, which are hard to get and act as an entry barrier.

• Sales have grown every year, from Rs 723.33 crore in FY2024 to Rs 755.98 crore in FY2025 and Rs 872.26 crore in FY2026.

• EBITDA has improved steadily, from Rs 177.04 crore in FY2024 to Rs 206.11 crore in FY2025 and Rs 231.97 crore in FY2026.

• Borrowing was reduced sharply in the last year, from Rs 540.92 crore to Rs 387.91 crore, while net worth rose from Rs 821.15 crore to Rs 1,158.64 crore.

• The company is backward integrated and runs at industrial scale, with chemical synthesis capacity of 584.67 metric tonnes and fermentation capacity of 300 kilolitres.

• It has more than 30 years of experience in this line, having started as a lab scale steroid API maker in 1995.

• It sells into both regulated markets such as the USA and Europe and into emerging markets, so demand is not tied to one region.

⚠ Risks

• This is by far the most expensive issue in the current batch on earnings. At the upper band of Rs 988 the P/E is about 56.81 times on an EPS of Rs 17.39.

• Return ratios are low for that valuation. RoCE was 11.80% and RoNW was 11.79%.

• Profit has been almost flat for three years, at Rs 100.06 crore in FY2024, Rs 96.79 crore in FY2025 and Rs 109.90 crore in FY2026, even though assets grew from Rs 1,294.79 crore to Rs 1,780.79 crore over the same period.

• Very little of the issue money reaches the company. The stated objects account for only Rs 112.50 crore of borrowing repayment plus general corporate purposes, against a total issue of Rs 1,757 crore, which indicates that most of the issue is an offer for sale by existing shareholders.

• The pre issue and post issue promoter holding is not stated in the available data, so the extent of promoter dilution is not clear.

• API making is a regulated business. A negative inspection by the US FDA or the EU authorities at either plant can stop supply to those markets.

• The company is concentrated in steroid and corticosteroid APIs. A price fall or new capacity in that narrow segment would hit it directly.

• Borrowing is still sizeable at Rs 387.91 crore, and it had risen to Rs 540.92 crore in FY2025 before coming down, so the debt level has moved around a lot.

Promoters & holding

Anil Satwani, Kashish Satwani, Sushil Satwani and Satwani Holdings LLP

Pre-issue promoter holding

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Post-issue promoter holding

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Data refreshed 07 Nov 2026, 05:03 pm IST. GMP is unofficial market sentiment, not investment advice.